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Jupiter UK Dynamic Equity Class I - Income (GBP)

Sell:473.11p Buy:473.11p Change: 1.52p (0.32%)
Prices as at 16 May 2022
Change: 1.52p (0.32%)
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 16 May 2022
Change: 1.52p (0.32%)
Prices as at 16 May 2022
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 »

This fund invests in UK companies of all sizes, although it's focused towards small and medium-sized businesses. Manager Luke Kerr can also invest the fund to benefit from falling share prices.

We hold Kerr and the UK equities team at Merian in high regard and are impressed with the fund's long-term performance, although this is not a guide to the future.

The number of units the fund can issue is capped to prevent it growing too big and compromising the manager's investment approach. This, combined with the fund's relatively high charges and performance fee, means it doesn't currently feature on the Wealth 50.

Our view on the sector

The UK stock market is home to lots of world-class companies. From international giants to a diverse array of smaller businesses. This provides a rich hunting ground for fund managers in this sector. They all try to grow investors' money over the long term, but each goes about it in a different way. Some focus on larger companies in the FTSE 100 index, others invest in medium-sized or smaller companies, and some have the flexibility to invest in any company, regardless of size. Some aim to match or deliver a return similar to the broader UK stock market. Others have the freedom to try and make as much money as possible for investors and take more risks. That could mean investing in only a small number of companies, for instance. A fund that invests in UK shares is normally the first port of call for UK-based investors. But with such a variety on offer, investors should make sure a fund is right for their circumstances before investing.

Performance Analysis

Kerr has extensive fund management experience. Before the Merian UK Dynamic Equity Fund launched in June 2009, he ran an institutional version of the same fund, which beat the FTSE 250 Index over his tenure. The Merian UK Dynamic Equity fund has also performed strongly and our analysis puts this down to the manager's ability to invest in companies with bright futures ahead of them, regardless of what size they are or sector they're in.

Investment Philosophy

The manager scrutinises analyst forecasts and does his own analysis to understand whether other investors are over or underestimating a company's potential. He focuses mainly on small and medium-sized companies which have greater growth prospects than their larger counterparts, although they are higher-risk.

Process and Portfolio Construction

This fund combines the best ideas from the UK small and medium-sized companies team at Merian. It mainly invests in shares the team think will increase in price, this is known as taking a 'long' position. But the manager also has the flexibility to benefit from falling share prices by betting against a stock, known as taking 'short' positions, although this is a higher-risk approach. The 'long' exposure is determined by the team's view on stock market conditions and the amount of attractive investment opportunities. Up to 30% of the portfolio can be invested in 'short' positions.

The fund also has some exposure to unquoted companies, which aren't yet listed on a stock market. The manager only invests in those that have already achieved a degree of success and are generating revenues, but this exposure does add risk. More recently, Merian has reached the stage where it would rather hold fewer unquoted companies in its open-ended funds. Therefore we expect the amount of unquoted companies in this fund to reduce and in time be sold completely.

Details about the fund's performance fee can be found in the Key Information Document. As it's an offshore fund you are not normally entitled to compensation through the UK Financial Services Compensation Scheme.

question mark Manager Track Record Based on HL Quantitative Research

  • IA UK All Companies
  • Old Mutual UK Dynamic Equity A...
  • Jupiter UK Dynamic Equity Fund L...
  • FTSE 250 Mid (X It) TR

Fund Track Record

16/05/17 to 16/05/18 16/05/18 to 16/05/19 16/05/19 to 16/05/20 16/05/20 to 16/05/21 16/05/21 to 16/05/22
Annual return 12.94% -6.97% -16.82% 53.74% -22.12%

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: Luke Kerr
Manager start date: 30 June 2009
Manager located in: London

Luke is a Fund Manager in the UK Small & Mid Cap team. Before joining Jupiter, Luke worked at Merian Global Investors as a UK equity portfolio manager focusing on medium-sized and smaller companies. Prior to this, he was a consultant at Arthur Andersen. He began his investment career in 1997. Luke has a BA in Chemistry. He is ACA-qualified 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