Jupiter Merlin Income Portfolio
Jupiter Merlin Income fund is managed by one of the most respected multi-manager teams in the industry. It has been designed to provide an immediate and growing income, with the potential for capital growth too.
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Fund Managers
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John Chatfeild-Roberts, Co-Manager John is an Investment Manager in the Independent Funds/Merlin team. He was Jupiter's Chief Investment Officer and a director of Jupiter Fund Management PLC from 2010 until September 2015, and he stepped down from the director role in November 2016 to focus on portfolio management. Prior to joining Jupiter, John worked at Henderson and Lazard Asset Management. He began his investment career in 1990 and is a Fellow of the Chartered Institute for Securities and Investment.
George Fox, Co-Manager George joined Jupiter in November 2018 as an Analyst in the Jupiter Independent Funds team, which manages the Jupiter Merlin portfolios. He was promoted to Assistant Investment Manager in June 2021 and then to Investment Manager in July 2022. Prior to joining Jupiter, George graduated with First Class Honours in History from the University of Bristol. He has been a CFA charterholder since April 2022 and also holds the CFA Certificate in ESG Investing.
David Lewis, Co-Manager David joined Jupiter in 2008, initially as a portfolio assistant in the Private Client & Charities Team and later as an assistant fund manager in February 2010. In May 2011, he moved to the Jupiter Independent Funds Team, which manages the Jupiter Merlin Portfolios. Prior to Jupiter, David worked at IFA Bestinvest as an assistant investment manager in its Discretionary Investment Management department. He is a Chartered Member of the Chartered Institute for Securities & Investments and a CFA charterholder.
Amanda Sillars, Co-Manager Amanda Sillars joined Jupiter in 2011 and is a fund manager in the Jupiter Independent Funds Team, overseeing the Jupiter Merlin Portfolios. Before Jupiter, she spent five years at JP Morgan Asset Management as an investment director and executive director, where she also led the Corporate Governance team for Emerging Markets, Europe, and Asia (EMEA). Prior to that, Amanda was a fund analyst and vice president at JP Morgan Private Bank and Flemings for ten years. She is a Fellow of the Chartered Institute for Securities & Investments and holds several other financial certifications.
John Chatfeild-Roberts, Co-Manager John is an Investment Manager in the Independent Funds/Merlin team. He was Jupiter's Chief Investment Officer and a director of Jupiter Fund Management PLC from 2010 until September 2015, and he stepped down from the director role in November 2016 to focus on portfolio management. Prior to joining Jupiter, John worked at Henderson and Lazard Asset Management. He began his investment career in 1990 and is a Fellow of the Chartered Institute for Securities and Investment.
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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. Jupiter is a strong proponent of active management and therefore gives its managers the freedom to run their funds their way, without having to adhere to a 'house' view. In July 2020, Jupiter completed its acquisition of Merian Global Investors.
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Talking Factsheet
Quote from the Fund Manager
Finding good fund managers is art, not science, although a robust framework helps!
John Chatfeild-Roberts
Co-Manager
Investment process
The investment process can be summarised in four steps. Firstly, the team analyses the macroeconomic environment, using research from a variety of sources. There is a particular focus on identifying key turning points (such as a turn in the interest rate cycle) in an accurate and timely manner. Secondly, the team identifies fund managers most likely to perform in a given macro environment, using ongoing quantitative and qualitative analysis. Thirdly, the team uses this analysis to construct high-conviction portfolios, based on what the members foresee in terms of macroeconomic conditions going forward. Benchmarks are used as performance targets, rather than restrictions. Fourthly, the team monitors and modifies portfolios to ensure ongoing enhanced returns. When a change is required, the members are not afraid to make it; they believe all holdings in a portfolio should be ‘working hard’.
Risk
Jupiter Merlin Income's investment mandate allows for a considerable allocation towards bonds and cash, which will lower its risk profile. As it is a multi-manager fund, there are a large number of underlying holdings to help diversify risk. This results in the fund being about one third as volatile as the UK stock market.
ESG
ESG - Limited
The Jupiter Independent Funds team encourages the managers of funds in which it invests to exercise their duties as asset owners or financiers to best effect. This includes considering ESG factors and incorporating stewardship principles when investing and engaging with companies.
The team employs numerous structural drivers which form the backbone of its stewardship profile. This includes its strong focus on active management, as the team feels active stewardship has been a huge component in delivering value. The team also conducts 1-2-1 interviews with all of their underlying managers every six months – something they feel provides unique insight into each fund, including their engagement at a company level.
As a company, Jupiter also has dedicated resources devoted to stewardship – such as the Jupiter ESG Hub, a proprietary data science-led platform which synthesises MSCI Analytics and Rep Risk data, delivering a dashboard of pertinent ESG data at the stock level for funds.
The information, data, analyses, and opinions contained herein (1) include the proprietary information of FundCalibre, (2) may not be copied or redistributed without prior permission, (3) do not constitute investment advice offered by FundCalibre, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a fund, and (5) are not warranted to be correct, complete, or accurate. FundCalibre shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Elite Fund rating is subjective in nature and reflects FundCalibre’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, FundCalibre does not guarantee that a fund will perform in line with its FundCalibre benchmark. Likewise, the Elite Fund rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund nor of its underlying securities and should not be used as the sole basis for making any investment decision. FundCalibre disclaims any responsibility for trading decisions, damages or other losses resulting from any use of the Elite Fund rating. All performance data, as well as fund size, OCF, AMC, annual income (historic), share price discount or premium, is sourced directly from FE Analytics, and will change periodically.