In July 2013 former manager Philip Gibbs announced his retirement from managing the Jupiter Absolute Return fund, at which point we put the fund onto a two-star HOLD rating. James Clunie took over management of the fund from 1 September 2013 and he has now re-aligned the portfolio to match the successful strategy he ran for the SWIP UK Flexible Strategy fund, which he left in mid 2013.
We have followed Clunie for some time and have been waiting for him to settle into a stable group structure where his long-short investment strategy can flourish. We are comfortable that he has found such a home at Jupiter.
The fund now targets a 6% return per annum from a mix of long and short positions in large cap equities with a bias to UK companies.
The fund is an open-ended unit trust with daily dealing and is on fund platforms run by Cofunds, FundsNetwork and our own Online Investment Service. Unusually for an absolute return fund this has no performance fee, which it dropped on 1 November 2013.
We have increased the rating of this fund from two to four stars and it will now appear on our Premier Selection list of top-rated funds.
The value of investments can go down as well as up, and you can get back less than you originally invested. Targeted Absolute Return funds do not guarantee a positive return and you could get back less than you invested, as with any other investment. Additionally, the underlying assets of these funds generally use complex hedging techniques through the use of derivative products, which can carry additional risks which may not be immediately apparent.
Fund manager
James Clunie
Date
Fund rating
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