Jupiter Asian Income: August 2026 fund update

• Jason Pidcock is a highly experienced fund manager who has been investing across Asia for over 30 years

• This is a concentrated portfolio of financially robust, income-paying companies

• Performance over the long and short term has been strong, with the fund holding up well in falling markets

• This fund features on our Wealth Shortlist of funds chosen by our analysts for their long-term performance potential

How it fits in a portfolio

The Jupiter Asian Income fund aims to deliver income and capital growth over the long term by investing in companies across Asia. The fund mainly focuses on larger businesses in developed Asian countries, such as Australia and Singapore, though excludes Japan.

We think the fund could form part of a portfolio invested to generate an income or help to diversify the Asian portion of a broader global portfolio. Unlike many Asia funds, this one doesn’t currently invest in China, so it could blend well with other funds that do.

Manager

Jason Pidcock started investing in Asian companies in 1996 having spent three years prior to this analysing companies in the region. In 2005 he launched BNY Mellon Asian Income (previously Newton Asian Income) where he built a strong reputation, before leaving in 2015 to set up Jupiter Asian Income. We hold Pidcock in high regard and view him as a diligent investor with a focus on the finer details.

Pidcock is supported by co-manager Sam Konrad, who joined Jupiter in October 2022. Prior to this he spent 17 years at UBS as an analyst, gaining experience across all major global markets. Konrad has been based in Singapore for the past two years, where he’s been able to conduct on-the-ground research and meet companies within Asia. He continues to work closely with Pidcock on the day-to-day management of the fund and will return to working in London in early 2027.

We’ve been impressed by Konrad’s skills as an investor. We believe his investment style aligns with Pidcock and he offers a good source of challenge and debate. That said, our key conviction continues to lie with Pidcock.

Process

This fund aims to provide an income at least 20% higher than the fund's benchmark while also achieving capital growth. The managers aim to do this by investing in companies that offer an attractive yield today and have the potential to grow dividends over time. They also invest in some companies that pay a lower income but have greater potential to grow their share price.

Their stock-picking process seeks companies that make plenty of cash, have low levels of debt, and are in good financial health. These businesses are typically industry leaders with advantages that are hard to replicate. They also look for robust management teams and expect regular contact with them as part of the investment process.

Unlike many fund managers, Pidcock and Konrad pay close attention to wider economic factors, as well as the prospects of individual companies, when making investment decisions. These factors include a country’s political landscape, which they believe has a bearing on economic outcomes. For this reason, the managers continue to have no direct investments in China due to concerns surrounding the health of the economy and government intervention. The fund retains some exposure to the Chinese economy through companies that are based elsewhere and sell into the country.

The managers’ research process results in a portfolio of around 25-30 companies, with the fund currently investing in 25. The small number means each one can have a significant impact on performance, both positively and negatively, so is a higher risk approach.

Larger businesses in developed Asian markets form the foundations of the fund but it can also invest in higher-risk emerging markets. Nearly 90% of the fund is invested in companies from Taiwan, Australia, South Korea and Singapore. A further 9.8% is invested in India. On a sector basis, technology and financial companies make up just over half of the fund.

The managers typically don’t make many changes to the fund. However, earlier this year the fund invested in leading Korean technology business SK Hynix. The company has performed well recently as increased spending on memory chips to drive artificial intelligence (AI) products has fuelled demand for its products. The fund also sold its investment in gold miner Newmont as the managers see better prospects in Australia’s Evolution Mining, which was added to the fund.

Culture

The fund managers at Jupiter are given autonomy to invest the way they see fit. They believe this will benefit investors over the long run, as long as it comes with an appropriate level of challenge from others in the business. This business setup allows Pidcock and Konrad to focus their time on fund management.

Both managers invest their own money in this fund, and we think they’re incentivised in a way that could maximise long-term performance, meaning their interests should be aligned with those of investors.

ESG Integration

Jupiter’s approach to ESG (environmental, social, and governance) factors is fund manager led, so the fund managers themselves are responsible for implementing ESG in their investment decisions. They typically approach ESG issues with a materiality-based approach, meaning they focus on ESG risks most material to each company. The firm also subscribes to several third-party data providers, which offer information that fund managers can use in their research. Where red flags are raised, the managers investigate. Fund managers work closely with central ESG experts on ESG integration, engagement, and proxy voting and the fund managers’ commitment to these topics is a consideration in their annual appraisals.

We like that engagement is not delegated to a separate department. Instead, the fund manager who made the decision to invest in the company leads engagement activity directly, allowing more meaningful and relevant engagement. More information about the firm’s ESG policies and engagement case studies can be found in its annual Stewardship report.

The firm offers a small number of exclusions and sustainability-focused funds, including the longstanding Jupiter Ecology fund, and there is a controversial weapons exclusion applied to all Jupiter funds. The firm makes all voting records available on its website, complete with a rationale for votes against management recommendations.

This fund adopts a ‘best in class’ approach to ESG issues. While ESG factors are integrated into company research, the fund isn’t managed to a sustainable mandate. It currently includes a number of companies, such as miners, that may carry greater ESG risk.

Cost

The fund has an annual ongoing charge of 0.98%, but we’ve secured HL clients an ongoing saving of 0.29%. This means you’ll pay a net ongoing charge of 0.69%.

The fund discount is achieved through a loyalty bonus, which could be subject to tax if held outside of an ISA or SIPP. Our platform charge of up to 0.35% per year also applies, except in the HL Junior ISA where no platform fee applies.

Both a buy and sell instruction will be subject to HL dealing charges. Find out more about our charges.

Performance

Pidcock has built up an impressive track record during his fund management career. Since launching this fund in March 2016, it’s returned 278.4%*. This is ahead of both the fund’s benchmark and the IA Asia Pacific ex Japan sector, where the average fund returned 183.4%. Past performance isn’t a guide to future returns.

The managers’ focus on quality, dividend-paying companies means we expect the fund to hold up relatively well when markets fall. This won't necessarily happen all the time though.

Over the 12 months to the end of July 2026, the fund’s returns of 45.6% beat the average peer, with the IA Asia Pacific ex Japan sector returning 32.8%. Investments in technology businesses contributed to performance, with companies in the fund like Samsung Electronics and MediaTek at the centre of the AI theme. Singaporean financial company DBS Group also performed strongly, led by growth in its wealth management business.

As the fund doesn’t invest in China, which is a large part of the broader Asian market, performance can look different to the wider sector. The Chinese stock market has been weaker over the past 12 months, which has been a benefit to the fund. However, there will be times when China performs well and the fund may struggle to keep up. Of course, there are no guarantees.

At the time of writing, the fund yields 2.91%. Dividends are variable with yields not guaranteed, so this isn’t a guide to future income. Investors should be aware that charges are taken from capital, which can increase the yield but reduces the potential for capital growth.