The Jupiter Absolute Return fund has now delivered flat returns since launch in 2009. Over this period the manager has restricted his positions mainly to currency bets, with limited exposure to equity and bonds markets.
The manager has stated he is struggling to find high conviction opportunities, whilst at the same time he has been wary of more illiquid market conditions in other asset classes.
The manager has a strong longer-term track record but we question whether the current market backdrop is suited to his skill set. We have reduced our fund rating to two stars. The Jupiter Absolute Return fund will no longer feature on our Premier Selection list of rated funds. Investors seeking an alternative fund may wish to consider the Threadneedle UK Absolute Alpha Fund rated five stars.
Investors should be aware that Absolute funds do not guarantee a positive return and you could get back less than you invested much like any other investment. Additionally, the underlying assets of Absolute funds generally use complex hedging techniques through the use of derivative products.
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