We recently conducted a full review of the IA Europe (excluding UK) sector, analysing all funds and assessing performance and charges. It is a highly competitive sector, featuring a large number of high-quality managers with strong track records.
Cédric de Fonclare has managed the fund since July 2005. While it has delivered good returns over his tenure, it has only marginally outperformed the benchmark and the peer group over the last five years. The fund has underperformed our other favoured managers with a full track record in this sector over the period, and our analysis suggests little value has been added through stock selection in recent years.
Performance of the Jupiter European Special Situations Fund over five years
Past performance is not a guide to future returns. Lipper IM* to 02/03/2015
|Annual percentage growth|
| Mar 10 -
| Mar 11 -
| Mar 12 -
| Mar 13 -
| Mar 14 -
|Jupiter European Special Situations||13.0%||-6.7%||20.2%||11.4%||6.6%|
|IA Europe ex UK||11.4%||-8.4%||19.4%||13.8%||5.9%|
|FTSE World Europe ex UK||10.4%||-8.4%||17.9%||12.2%||8.3%|
In addition, the Jupiter European Special Situations Fund has relatively high fees, and is one of the most expensive Wealth 150 funds in this sector. Where we feel a fund is exceptional, it can be worth paying a higher management charge, otherwise we generally prefer funds with lower fees.
Cédric de Fonclare is an experienced European fund manager and we believe his focus on quality companies, backed by a strong management team and good earnings growth could see this concentrated fund fare well over the long term. That said, we hold the remaining Wealth 150 fund managers in higher regard, while most funds also have lower management charges.