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Jupiter Strategic Bond

Elite Rated by FundCalibre

This flexible, “go anywhere” bond fund allows the manager considerable freedom to exploit opportunities across global bond markets. Ariel aims to achieve a high income, but with the prospect for capital growth, although in practice he is prepared to sacrifice the yield in order to preserve capital. He is quite cautious in his approach and emphasises limiting the downside in tough markets.

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.

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Fund Manager

Ariel Bezalel joined Jupiter in 1997 as a member of the Fixed Interest and Multi Asset team and currently manages the fixed interest portion of the Jupiter High Income fund and Jupiter Monthly Income fund. He has also managed the Jupiter Strategic Bond fund and the Jupiter Dynamic Bond SICAV, both since launch. Ariel has a degree in economics from Middlesex University.

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Human emotions are very much involved when managing people’s money. That’s where you’ve got to try and step away from that and ignore a lot of the day to day noise and just be quite rigid in how you approach investing and stick to those principles.

Ariel Bezalel - Fund Manager

The Investment Process

Ariel’s primary concern is understanding the macroeconomic environment. He conducts his own research by analysing global monetary policy and data relating to economic activity. He will also use third party research. Once he has formulated his views he will then decide in which bonds to invest, in terms of which maturities, geographic regions and credit quality. Ariel then uses stock selection-based fundamental research to populate the portfolio. He uses derivatives extensively and does take short positions to profit from falling bond prices.

Risk

This fund is significantly less volatile than the UK stock market, which is consistent with its mandate. Over recent years the manager’s cautious approach has seen the fund score favourably on various risk metrics, such as volatility, when compared with its sector.

Our Opinion

Since launch Ariel has demonstrated that he has an aptitude for reading the economic cycle. This, combined with some solid stock picking, has seen the fund perform well. However, his emphasis on controlling the downside has seen the fund post some exceptional risk-adjusted performance figures, and it is this that sets this fund apart from many of its peer group.

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