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Jupiter Global Value Equity Class X - Income (GBP)

Sell:50.86p Buy:50.86p Change: 0.39p (0.77%)
Prices as at 17 January 2020
Change: 0.39p (0.77%)
You can buy or sell holdings in this fund through an ISA, Lifetime ISA, SIPP or Fund & Share Account
Prices as at 17 January 2020
Change: 0.39p (0.77%)
Prices as at 17 January 2020
You can buy or sell holdings in this fund through an ISA, Lifetime ISA, SIPP or Fund & 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 features on our Wealth 50 list of what we believe are the best funds in each sector.

Often, it's the courage to look at the world differently, or stand apart from the crowd, that separates the great investors from the good. The discipline to invest against the herd has delivered time and again, so long as you're patient and accept it could be a bumpy ride.

Few have the discipline to be great contrarian investors, but in our opinion Jupiter's Ben Whitmore has mastered the craft. He's invested in unloved and undervalued UK companies for almost two decades. This fund, launched in March 2018, applies the same successful approach to companies globally.

Investing globally will present challenges. We don't find many fund managers able to do it successfully. Even though Ben Whitmore's global track record is short, his wider experience and disciplined approach lead us to believe he stands a great chance of success. Adventurous investors prepared to back him early could be well rewarded, but this fund will perform differently from his previous ventures.

Our view on the sector

It's natural for UK investors to focus on funds investing in their home market. But as the world has become more connected, so has the investment landscape. There are lots of funds investing across the globe, and these can be a great way to diversify an investment portfolio. Funds in the global sector can invest anywhere in the world. But they go about this in different ways. They vary in how much they can invest in certain types of companies, sectors, countries, or regions. Some focus on developed markets or large multinational corporations, while others invest more in higher-risk emerging markets or smaller companies. Some target companies with higher-growth expectations and others search for unloved companies with the potential to recover.

Performance Analysis

Ben Whitmore has almost two decades experience investing in undervalued and out of favour companies. He's included overseas companies in his Jupiter UK Special Situations fund since 2011. He started managing a global fund for Jupiter in November 2016 and then launched the Jupiter Global Value Equity Fund in March 2018. The chart to the right shows the performance of these two global funds. Please remember past performance is not a guide to the future.

Investing in unloved companies (often called 'value investing') has a long history of delivering good performance. It requires patience though as it doesn't work all the time. Sometimes investors have a preference for companies with clear and obvious growth potential. These might include trendsetters that disrupt existing industries using new technology. Others grow consistently by providing products and services we know and love.

When these companies are in vogue a value-focused approach is likely to do less well. Different investment styles come in and out of favour though, so we think it's best to invest in a mix of funds.

Investment Philosophy

Ben Whitmore starts with companies not many other investors want to touch. They're usually out of favour because something has gone wrong. Perhaps managers have made some bad decisions, or the company's operating in an unfashionable area.

Crucially, the business must have some redeeming factors. A strong brand, plenty of loyal customers, and low debt can help a company survive while any problems are fixed.

Process and Portfolio Construction

Investors often overreact to news, information, and research. This means they over or underestimate companies' true value. Ben Whitmore aims to capitalise on this.

He looks for companies where the true value might be significantly underappreciated. This means that as well as having a low valuation the company must typically be in good financial health, be profitable, and have a strong brand or franchise. If a company doesn't have these qualities then it's likely to deserve a low valuation and it won't have the recovery potential Ben Whitmore looks for.

He's used this method to uncover plenty of companies with untapped potential at bargain prices. He gets more right than wrong and his track record is superb, but it doesn't work every time and he's not guaranteed to repeat his past successes.

Investments are made in a range of companies across different industries. This is so the fund doesn't depend on the fortunes of a single area. He'll invest in relatively few companies, typically 35-45, so each can contribute significantly to performance, though this increases risk. So does the flexibility to invest in smaller companies and emerging markets.

question mark Manager Track Record Based on HL Quantitative Research

  • Jupiter Global Value Equity X Acc
  • Jupiter Global Value L GBP A Inc
  • FTSE All World TR GBP

Fund Track Record

17/01/15 to 17/01/16 17/01/16 to 17/01/17 17/01/17 to 17/01/18 17/01/18 to 17/01/19 17/01/19 to 17/01/20
Annual return n/a n/a n/a n/a 7.05%

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 photo
Manager Name: Dermot Murphy
Manager start date: 27 March 2018
Manager located in: London

Dermot joined Jupiter at the start of 2014 and is a Fund manager in Jupiter's Value team working with Ben. Prior to joining Jupiter, Dermot worked at Fidelity where he was an equity analyst. Dermot holds a BA in Commerce from the National University of Ireland, Galway.

manager photo
Manager Name: Ben Whitmore
Manager start date: 27 March 2018
Manager located in: London

Ben joined Jupiter in October 2006. He manages the Jupiter UK Special Situations Fund (Unit Trust), Jupiter Income Trust (Unit Trust) and institutional assets. Prior to joining Jupiter, Ben worked at Schroders, managing both retail and institutional portfolios and some £2bn of assets - including the £281m Schroder Recovery Fund - establishing an excellent track record as a value-driven, contrarian fund manager. Ben gained a degree in Geography from Cambridge University.

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 an ISA, Lifetime ISA, SIPP or Fund & Share Account