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Jupiter European Class I - Accumulation (GBP)

Sell:2,894.52p Buy:2,894.52p Change: 53.43p (1.81%)
Prices as at 24 September 2020
Change: 53.43p (1.81%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Prices as at 24 September 2020
Change: 53.43p (1.81%)
Prices as at 24 September 2020
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund does not feature on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. This is not a recommendation to sell; however, if you are thinking of adding to your investments, we believe the Wealth Shortlist is a good place to start. View funds on the Wealth Shortlist »

Mark Nichols and Mark Heslop took over management of this fund on 1 October. They look for quality European companies with the potential for sustainable growth, with a competitive advantage that others struggle to replicate.

The managers were previously part of Threadneedle's European equities team. We think they have a respectable track record investing in Europe and the potential to deliver good returns for investors. They work as part of a smaller team at Jupiter, compared with their previous team at Threadneedle. This means they have less resource, but we like the autonomy fund managers have at Jupiter, and believe they're well-incentivised to perform.

The fund isn't currently on the Wealth 50. We currently have greater conviction in other managers in the Europe sector, who have longer track records and delivered impressive levels of outperformance. Nichols and Heslop are also still in the process of building their team, so we'd like to see how things progress once the team's set up and settled.

Our view on the sector

Europe has been blighted by political issues in recent years. And some European economies are struggling with high levels of debt and unemployment. But it's important to disconnect a region's economic prospects from its stock market prospects. Europe is home to lots of successful businesses that make money across the globe - from the US to high-growth areas like Asia and emerging markets. That means their prospects aren't heavily reliant on Europe's economy. Some investors have overlooked the region in recent years. But we think Europe is a great place to invest for the long term and there are plenty of high quality fund managers to choose from.

Performance Analysis

The chart to the right shows Mark Nichols' track record. He ran the F&C European Growth & Income Fund from November 2011, and subsequently joined Threadneedle in 2015 where he co-managed the European Select fund alongside David Dudding. We think he made a meaningful contribution to stock selection on this fund. Throughout his fund management career he's performed broadly in line with the European stock market. Past performance isn't a guide to future returns.

Mark Heslop's background is in European smaller companies. He was previously lead manager of the Threadneedle European Smaller Companies Fund from 2013 until he left the group in 2019.

Overall we expect this fund not to lose as much when the market falls, and capture most of the growth of a rising market.

Investment Philosophy

The managers look for quality companies with superior growth potential. They like companies with a sustainable advantage, which makes it difficult for competitors to do better than them over the long term. A company might achieve this by having access to unique information, having a strong brand that customers remain loyal to, or owning a large share of the market.

Process and Portfolio Construction

Nichols and Heslop invest in a fairly small number of around 40 companies. This means each one can have a significant impact on performance, though it increases risk. They're happy to invest in companies for the long term in order to benefit fully from any potential earnings growth, rather than trying to make short-term guesses and gains. This keeps buying and selling to a minimum, and trading costs low.

We expect the managers to focus on areas such as consumer companies. Some are traditionally seen to have more "defensive" characteristics, which have tended to hold up a bit better when the broader market stumbles. This is because they often sell products that consumers want to buy again and again, regardless of what's going on in the world around them.

The fund mainly invests in larger companies, but the managers also have the opportunity to invest in some slightly smaller companies, which offers greater growth potential but adds risk. Here they can take advantage of Heslop's experience of investing in smaller firms.

question mark Manager Track Record Based on HL Quantitative Research

  • BMO Select European Equity 1 Acc
  • Threadneedle European Select Ret...
  • Jupiter European Inc
  • FTSE World Europe ex UK TR GBP

Fund Track Record

24/09/15 to 24/09/16 24/09/16 to 24/09/17 24/09/17 to 24/09/18 24/09/18 to 24/09/19 24/09/19 to 24/09/20
Annual return 20.47% 17.28% 20.42% 3.30% 9.77%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Fund Management Group Comment

Launched in 1985 as a specialist boutique, Jupiter has grown to be one of the UK's most successful and respected investment management groups. Jupiter currently manages assets spread across a range of UK and offshore mutual funds, multi-manager products, hedge funds, institutional mandates and investment companies. Jupiter has gained a reputation for achieving outperformance across a broad variety of portfolios specialising in different markets, including UK equities, Europe and bonds.

Information about the fund

Fund manager biography

Manager Name: Mark Nichols
Manager start date: 1 October 2019
Manager located in: UK

Mark Nichols joined Jupiter in July 2019 to manage the Jupiter European Fund (Unit Trust) and the Jupiter European Growth fund (SICAV). Prior to joining Jupiter, Mark managed European equity portfolios at Columbia Threadneedle and before that at BMO Global Asset Management (F&C). He began his investment career in the European equities team at Invesco in 2001. Mark has an undergraduate degree in Philosophy, Politics and Economics from Oxford University and a postgraduate degree in Contemporary History & Politics from London University.

Manager Name: Mark Heslop
Manager start date: 1 October 2019
Manager located in: UK

Mark Heslop joined Jupiter in September 2019 as a European equity manager and smaller companies specialist. Prior to joining Jupiter, Mark was an equity fund manager at Colombia Threadneedle for 11 years where he managed a global smaller companies fund and a European smaller companies fund. He began his investment career as a chemicals and industrials analyst at Citi in 1999. Mark has a degree in Chemistry from Durham University and is also a Chartered Accountant.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account