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Jupiter Income Class U1 - Income (GBP)

Sell:624.18p Buy:624.18p Change: 2.59p (0.42%)
Prices as at 20 May 2024
Change: 2.59p (0.42%)
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 20 May 2024
Change: 2.59p (0.42%)
Prices as at 20 May 2024
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.

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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 »

After taking over the fund in April 2024, we expect the fund to evolve in the coming months to suit Gosden and Morrison's investment philosophy and style. Like the fund's previous manager, they too are value focused, contrarian investors but have historically invested more in smaller and medium-sized companies, which are higher risk than larger firms.

While we think Gosden and Morrison are capable and experienced investors, we don't currently have the required conviction in them to feature on the Wealth Shortlist.

Our view on the sector

Equity income funds are popular with investors. Most aim to generate a rising income, and increase the value of your original investment, over the long term. The income can be paid out, or reinvested in the fund to boost long-term growth. Different fund managers take different approaches to income investing. Some focus on larger companies that are seen to be more stable and have paid regular dividends for many years. Others invest in higher-risk small and medium-sized companies. These might pay a lower income to start with, but have more growth potential. We think carefully chosen equity income funds can form the cornerstone of almost any portfolio.

Performance Analysis

At the beginning of April 2024, Adrian Gosden and Chris Morrison became managers of this fund, replacing existing manager Ben Whitmore. While they too are value focused, contrarian investors, they have historically invested more in higher risk smaller and medium-sized companies, than some peers.

Gosden is an experienced investor and has run UK equity income funds for over two decades

Dividends are important for investors who require income, but can also be relevant for those seeking capital growth. If not required now, dividends can be reinvested to increase the number of shares held, from which more dividends can be taken at a later date. Repeating this process over a long period (known as compounding) is a way to grow capital, though there are no guarantees.

Investment Philosophy

The managers' philosophy is based on the belief that dividends are a key driver of total shareholder returns over the long term. This is due to the powerful effect of compounding on reinvested income. They invest the fund to benefit from the effect of reinvested income through an approach that's focused on identifying stable, cash-generative companies capable of paying a robust and growing dividend.

Process and Portfolio Construction

The managers look for cash generative companies with strong balance sheets and the ability to pay dividends to shareholders. This includes understanding the industries they operate in, and understanding their relationships with customers, suppliers, regulators and the competitive landscape.

The managers place a lot of importance on meeting with company management to get a good understanding of the business, its ambitions and its prospects. They also assess its valuation and consider if the current share price is reflective of the true value of the business.

The manager runs a concentrated portfolio of 35-45 stocks, so each position can influence performance for good or bad which can increase risk.Charges are taken from capital rather than income generated, which could boost income, but reduces the potential for capital growth.

question mark Manager Track Record Based on HL Quantitative Research

  • Schroder Recovery A Acc
  • IA UK All Companies
  • Jupiter UK Special Situations...
  • Jupiter Income Trust L Inc
  • IA UK All Companies
  • IA UK Equity Income

Source: Refinitiv Lipper

Fund Track Record

20/05/19 to 20/05/20 20/05/20 to 20/05/21 20/05/21 to 20/05/22 20/05/22 to 20/05/23 20/05/23 to 20/05/24
Annual return -23.26% 33.98% 8.18% 5.37% 15.10%

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.

Information about the fund

Fund manager biography

manager photo
Manager Name: Ben Whitmore
Manager start date: 1 January 2013
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 a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account