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Jupiter European Class I - Income (GBP)

Sell:3,352.28p Buy:3,352.28p Change: 18.09p (0.54%)
Prices as at 15 August 2025
Sell:3,352.28p
Buy:3,352.28p
Change: 18.09p (0.54%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
Prices as at 15 August 2025
Sell:3,352.28p
Buy:3,352.28p
Change: 18.09p (0.54%)
Prices as at 15 August 2025
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
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 »

This fund aims to grow investors’ money over the long run and ahead of its benchmark, the FTSE World Europe ex UK index. The fund’s managers favour larger European businesses, which they believe offer long-term growth potential.

Chris Legg and Chris Sellers took over management of the fund in February 2025, with Niall Gallagher joining in May. They previously ran European funds together at GAM Asset Management and have worked together since 2017.

The fund doesn’t currently feature on the Wealth Shortlist as, while the managers have prior experience, we’d like to monitor the fund, its performance, and how the managers settle at Jupiter for a longer period. There are also other managers in this sector of whom we currently have a more positive view.

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

During the time the previous managers, Mark Heslop and Mark Nichols, ran this fund from October 2019 to February 2025, the fund grew 32.39% compared with 48.81% for the average fund in the IA Europe ex UK sector. The fund’s quality growth investing style was out of favour for much of this time. Past performance isn’t a guide to future returns.

During Gallagher’s time at GAM, from December 2009 until January 2025 the GAM Star Continental European Equity fund grew 281.41% compared with 215.72% for the sector. Our analysis shows the managers have good stock-picking abilities, which means they’ve done well at choosing companies that have gone on to perform well regardless of their investment style or the sectors in which they invest.

Gallagher, Legg and Sellers have only managed this fund for a short period so far. We expect the fund to lag the market when more value-focused sectors are in favour, and the reverse is also true.

Investment Philosophy

The managers look for companies that sustainably make profits above the costs required to run the business. They also seek companies that reinvest profits sensibly to grow the business further, acquire other businesses that contribute to sustainable profit growth, or return profits to shareholders through dividends or share buybacks (where a company buys back its own shares and returns the money to shareholders).

Process and Portfolio Construction

The managers start by looking for companies that have made attractive profits in the past. Alongside their own company analysis, they consider the research of ‘expert networks’. Here, they consult with regulators, customers, competitors and other industry experts – the aim is to get a competitive edge over other investment analysts. It also means they get a range of views, helping them to avoid potentially biased views from within a company.

While the managers’ style may be typically defined as a ‘growth’ investment approach, it has elements of ‘value’ investing too. This means they need to be confident a share price is considered good value based on a range of metrics, and that it doesn’t yet reflect the future potential for sustainable profits.

Overall, the managers invest in a relatively small number of companies, which means each one can have a noticeable impact on performance, though this increases risk.

question mark Manager Track Record Based on HL Quantitative Research

  • CT Select European Equity 1 Acc
  • CT European Select Retail Acc GBP
  • Jupiter European Fund L Class...
  • IA Europe (Excluding UK)
FROM: TO:


Source: Refinitiv Lipper

Fund Track Record

15/08/20 to 15/08/21 15/08/21 to 15/08/22 15/08/22 to 15/08/23 15/08/23 to 15/08/24 15/08/24 to 15/08/25
Annual return 20.65% -12.39% 6.23% 7.24% 5.18%

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: Chris Legg
Manager start date: 17 February 2025
Manager located in: TBC

Chris joined Jupiter in February 2025 as Investment Manager of European Equity funds. Prior to joining Jupiter, he was Co-Manager and Senior analyst of European Equity funds at GAM for seven years 2017-2024. Previously, he was an analyst at AC Limited in Dubai, and also in London at PIMCO, Nevsky Capital and Credit Suisse. He began his career at PwC where he received the ACA qualification. Chris holds an MSci in Mathematics from Bristol University.

Manager Name: Christopher Sellers
Manager start date: 17 February 2025
Manager located in: TBC

Christopher joined Jupiter in February 2025 as Investment Manager of European Equity funds. Prior to joining Jupiter, he was Co-Manager and Senior analyst of European Equity funds at GAM for ten years 2014-2024. Previously, he was a member of Morgan Stanley’s Equity Research department in London. He began his career there in 2010 as an analyst. Christopher holds a MA in Classics from the University of Oxford

Manager Name: Niall Gallagher
Manager start date: 12 May 2025
Manager located in: TBC

Niall joined Jupiter in May 2025 as Lead Investment Manager of European Equity funds. Prior to joining Jupiter, he was Lead manager of GAM European funds from 2009 to 2024. Previously he worked as a portfolio manager managing Continental and pan-European Equities at T. Rowe Price for two years and Blackrock for nine years. Niall holds a BA in Economics from Manchester Metropolitan University, an MSc in Economics and Finance from Warwick University, and is a CFA Charterholder.

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
Invest now