fund
This is one of our rated funds. They’re the ones our experts believe will do well for investors over the longer term. Top of the class!
Jupiter UK Special Situations I
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193.09p
Price (Inc)
These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.
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263.55p
Price (Acc)
These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?
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0.00%
Initial chargeSome funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!
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0.75%
Annual management charge
This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).
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0.76%
Ongoing charges
This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.
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1.80%
Yield
How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…
The fund targets capital growth through investment in a fairly concentrated portfolio of large and mid-cap UK equities. Selected overseas companies are also included. The fund's manager, Ben Whitmore, adopts a contrarian, value, investment style to uncover good companies whose share prices do not reflect their full potential and worth. Unusually for a value manager he also looks for quality characteristics such as strong balance sheets, aiming to reduce the risks associated with value investing.
Fund summary
| Sector | UK All Companies |
| Structure | UNIT TRUST |
| Launched | |
| Size | £2,113m |
| Yield | 1.80% |
| Charging basis | Income |
| Dividends paid | 31 May, 30 Nov |
Charges
| Standard initial charge | 0.00% |
| Initial charge via Bestinvest | 0.00% |
| Annual management charge | 0.75% |
| Ongoing charges figure | 0.76% |
Allocation
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Investment process
Ben Whitmore is a bottom-up stock picker who adopts a clear value, contrarian investment style. Investing primarily in large and mid-cap UK equities, he seeks out of favour stocks trading on low valuations. However, he also looks for “quality” characteristics such as a high return on operating assets, a strong balance sheet so they can cope with unfavourable conditions, and profitability that closely mirrors cash flow over time. Companies are discovered through the use of two screens: a Graham & Dodd 10-year P/E measure (value) and a Greenblatt screen (value and quality). The two screens are largely complementary, although stocks from the Greenblatt screen feature more often at times when the dispersion between quality and value is relatively low, indicating quality is relatively cheap. The search for value is, in Whitmore’s view, opportunistic so he has no pre-set size or sector biases, investing wherever he sees value in the broader market, although the bulk of the portfolio is typically made up of larger companies. Whitmore seeks portfolio investments to be as uncorrelated as possible, not only at the fund level but also at the sector level in order to mitigate the risk of any particular sector being a ‘value trap’.
Value investing is typically associated with significant levels of volatility and considerable drawdowns, but the Jupiter Special Situations fund is anything but. Since taking on the product in 2006 manager Ben Whitmore has consistently achieved levels of volatility significantly lower than the broader market and other managers operating in the UK value space, whilst having offered protection during stressed market environments. Solid stock picking, controlling for factor exposures with the portfolio and opportunistic use of cash have all added considerable value over time.
Manager research
Average monthly relative returns
- 16/17 0.00%
- 17/18 0.00%
- 18/19 0.00%
- 19/20 0.00%
- 20/21 0.00%
Bestinvest MRI
- 3 years 0.00%
- 5 years 0.00%
- Career 0.00%
- 3 years 0.00%
- 5 years 0.00%
- Career 0.00%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
Track record
Periods of worst performance
| Absolute | 0.00% () |
| Relative | 0.00% () |
About the MRI
Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.
Allocation
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Sector breakdown
| Financials | 22.00% |
| Consumer Services | 16.00% |
| Consumer Goods | 14.00% |
| Industrials | 12.00% |
| Basic Materials | 12.00% |
| Health Care | 11.00% |
| Telecommunications | 7.00% |
| Oil & Gas | 3.00% |
| Money Market | 2.00% |
Portfolio
Normally between 30-50 stocks.