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- Jupiter Absolute Return - Rating upgraded
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Standard Life UK Equity Income Unconstrained - New rating
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Investec UK Alpha - New rating
Rating upgraded
Jupiter Absolute Return - Rating upgraded
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Invesco PowerShares FTSE RAFI US 1000 - New rating
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Battle Against Cancer Investment Trust - New rating
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Foresight Solar Fund - New rating
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Lindsell train global equity
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Aviva Investors US Equity Income Fund 2 - New rating
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RENN Universal Growth - Downgraded
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Fidelity global enhanced income
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Martin Currie North America - Rating suspended
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Invesco perpetual global targeted returns
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Old Mutual UK Dynamic Equity - Downgraded
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Franklin Mid Cap Fund - Downgraded
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AXA Framlington UK Mid Cap - New rating
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The Renewables Infrastructure Group (TRIG) - New rating
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BlackRock Frontiers Investment Trust - New rating
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Bluefield Solar Income - New rating
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GAM Star GAMCO US Equity - New rating
Rating upgraded
AXA US Short Duration High Yield - Rating upgraded
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Jupiter Absolute Return - Downgraded
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Polar Capital Global Financials Trust - New rating
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Cazenove European - Rating suspended
New launch
Jupiter Global Equity Income
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Henderson European Focus - New rating
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Baring Europe Select - New rating
Rating downgraded
Neptune European Opportunities - Downgraded
Rating downgraded
JPM European Smaller Companies - Downgraded
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Morant Wright Nippon Yield - New rating
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Blackrock UK Income - Downgraded
Rating downgraded
Fidelity UK Smaller Companies - Downgraded
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BlackRock UK Dynamic and UK Absolute Alpha - Rating suspended
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Greencoat UK Wind Investment Trust - New rating
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Schroder UK Alpha Plus and Schroder UK Growth IT - Rating suspended
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TwentyFour Income fund
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Doric Nimrod Air Two - New rating
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Aberdeen Emerging Markets - Rating downgraded
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Henderson Asian Growth Investment Trust - New rating
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Newton Higher Income - New rating
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Blackrock UK Income - New rating
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Threadneedle European Smaller Companies - New rating
New launch
JO Hambro CM Global Opportunities
Rating upgraded
Jupiter Absolute Return - Rating upgraded
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.