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Jupiter UK Special Situations

Elite Rated by FundCalibre

Managed with a distinct contrarian and value-based approach, this fund offers investors access to a reasonably diversified portfolio of large and mid-cap UK stocks. The manager, Ben Whitmore, is hugely experienced and has had considerable success in running this type of mandate.

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

Ben manages the Jupiter UK Special Situations fund, the Jupiter Income Trust fund (since 1 January 2013) and institutional assets. Prior to joining Jupiter, Ben worked at Schroders, managing both retail and institutional portfolios and some £2bn of assets – including the Schroder Recovery fund.

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I’m a stock selection-focused contrarian investor who buys out of favour and lowly priced shares in companies that are well run, or have the potential to be.

Ben Whitmore - Fund Manager

The Investment Process

Ben follows a methodical and well defined investment philosophy. In essence, he looks to buy stocks that are out of fashion with the market. He identifies these companies by screening to find cheap stocks, by looking at the share price-earnings ratio, which has been calculated using 10-year average earnings. Suitable candidates are then subjected to rigorous fundamental analysis, with Ben looking to weed out businesses with weak balance sheets and poor competitive positions.

Risk

Despite the fund having an allocation to mid-cap stocks and the highly stylistic nature of the investment process, it has historically been about two thirds as volatile as the FTSE 100. However, the investment style could move out of favour as the business cycle evolves, leading to increased volatility in the future.

Our Opinion

The investment process follows a classical value approach and has been well executed by the experienced and skilled Ben Whitmore. The fund is highly stylistic in nature and the style will fall in and out of fashion as the business cycle evolves. That said, this has led to long-term outperformance and there is a lot to recommend this fund, especially if you are looking for a value-driven strategy.

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