Jupiter Asian Income

Well-known Asian income manager Jason Pidcock combs the breadth of the Asia Pacific market in search of large companies with reliable dividends that can deliver both income and growth for investors. Jupiter Asian Income fund aims to capitalise on the opportunities of today, as well as the potential of tomorrow, and is not afraid to hold much more or less of certain countries than its benchmark in pursuit of this aim.

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Our Opinion

Jupiter Asian Income fund’s higher developed market holdings, notably in Australia, as well as its income mandate, make it a relatively defensive Asia Pacific option. Jason is well versed on the politics and economics of every country within his remit, and he makes carefully considered stock choices. Long-term UK investors looking for exposure to the region’s enticing demographics, both now and into the future, may find the focus on dividend yield and dividend growth opportunities particularly attractive.

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Jason Pidcock

Jason joined Jupiter in 2015 and is now the Head of Strategy for Asian Income, managing the Jupiter Asian Income Fund and the Jupiter Asia Pacific Income Fund. Before Jupiter, he worked at Newton from 2004, where he managed an Asian equity income fund until 2015. Prior to that, Jason handled stock selection and asset allocation for the Asia ex-Japan region for the BP Pension Fund. He began investing in the Asia Pacific region (excluding Japan) in 1993.

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Jason Pidcock

Jason joined Jupiter in 2015 and is now the Head of Strategy for Asian Income, managing the Jupiter Asian Income Fund and the Jupiter Asia Pacific Income Fund. Before Jupiter, he worked at Newton from 2004, where he managed an Asian equity income fund until 2015. Prior to that, Jason handled stock selection and asset allocation for the Asia ex-Japan region for the BP Pension Fund. He began investing in the Asia Pacific region (excluding Japan) in 1993.

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Talking Factsheet

Talking Factsheet

Jupiter Asian Income

Jason Pidcock

Quote from the Fund Manager

Politicians and central bankers may erode your savings via taxation and inflation. I do my best to increase them.

Jason Pidcock

Jason Pidcock

Lead Manager

Investment process

Jason will predominantly look for large companies that are leaders in their markets, from the more developed countries in the Asia Pacific region, including Australia and New Zealand. The fund’s construction is primarily driven by stock selection, though Jason believes it is crucial to understand the economic context and does a lot of reading and studying of the region. The process will predominantly look for companies with a higher dividend yield, but has scope for up to 20% in stocks that offer dividend growth opportunities which will help increase the fund’s dividend over time. With this strategy, Jason aims to yield 20% more than the respective benchmark. The portfolio is typically high conviction with between 30-50 stocks held.

Risk

Asian equities generally carry more risks than UK or other developed stock markets and regional currency fluctuations add to risk levels. However, Jupiter Asian Income fund does have exposure to a range of different currencies which should help with stability. It also diversifies across different sectors. The income focus has helped to make the fund less volatile than its peers and its benchmark. Jason is also very aware of liquidity risk and being able to trade his stocks at reasonable levels, a risk he factors in when building portfolios.

ESG

ESG - Limited  

The primary goal of this fund is to provide strong, long-term returns for investors from a combination of income and capital growth. Jason considers ‘stewardship’ to be an integral part of the process, which includes the consideration of all risks the portfolio is exposed to, such as ESG factors. He incorporates this on a case-by-case basis, with each company’s individual position addressed in isolation. Each stock is reviewed for the potential ESG exposure it offers the fund, and whether or not this risk is priced in to the stock’s valuation. The outcome of this analysis will affect the investment decision, including the position size, the engagement strategy with the management should Jason feel there could be improvement, or a sell decision should the situation change going forward.

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