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Jupiter Asian Income

Elite Rated by FundCalibre

Well-known Asian income manager Jason Pidcock combs the breadth of Asia Pacific markets in search of large companies with reliable dividends that can deliver both income and growth for investors. The fund aims to capitalise on the opportunities of today, as well as the potential of tomorrow, and is not afraid to hold much more or less of certain countries than its benchmark in pursuit of this aim.

Company Description

Founded in 1985, Jupiter Asset Management has grown from a specialist investment boutique to a global fund management company. It provides a range of products from bond and equity funds to multi-asset strategies for both retail and institutional clients.

Factsheet_jupiter_4_colour

Fund Manager

Jason Pidcock has been investing in Asia Pacific stocks since 1993 and ran the successful, formerly Elite Rated Newton Asian Income fund for ten years until he left to join Jupiter in 2015. He launched Jupiter Asian Income with a very similar mandate to his previous fund, and is also responsible for expanding the firm’s Asian income strategy. Prior to his role at Newton, Jason worked at BP Investment Management and Henderson Investment Management.

Factsheet_jason_pidcock_-_jupiter_asian_income

Politicians and central bankers may erode your savings via taxation and inflation. I do my best to increase them.

Jason Pidcock - Fund Manager

The Investment Process

Whereas many income funds require each stock in the portfolio to have a minimum yield, this fund is more flexible, enabling Jason to invest diversely. For example, Australia is a currently strong source of returns for the fund, while emerging markets such as the Philippines are held for their growth potential. From a sector standpoint, the key exposures are infrastructure, tourism and real assets like car parks, warehouses and malls. Oil, mining and commodity stocks are avoided. Jason concentrates primarily on company research, but will also pay attention to economic factors affecting the region (including US movements), to build a tight portfolio of around 40 to 50 stocks that meet his criteria.

Risk

Asian equities generally carry more risks than UK or other developed stock markets and regional currency fluctuations add to risk levels. To help mitigate this, the fund is exposed to a basket of different currencies including the Australian and New Zealand dollar, which should help with stability. It also diversifies across different sectors. The income focus has helped to make the fund less volatile than its peers and than its benchmark.

Our Opinion

This fund’s higher developed market holdings, notably in Australia, as well as its income mandate, make it a relatively defensive Asia Pacific option. Jason is well versed on the politics and economics of every country within his remit, and he makes carefully considered stock choices. Long-term UK investors looking for exposure to the region’s enticing demographics, both now and into the future, should find the focus on dividend yield and dividend growth opportunities particularly attractive.

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