Jupiter Merlin Balanced Portfolio
Jupiter Merlin Balanced is a multi-manager fund which can have between 40-85% in equities and aims to provide capital growth and a decent level of income. The team seeks to take advantage of short-term market movements that create opportunities and also take defensive measures where appropriate.
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John is an Investment Manager in the Independent Funds/Merlin team. He was Jupiter's Chief Investment Officer and a director of Jupiter Fund Management PLC from 2010 until September 2015, and he stepped down from the director role in November 2016 to focus on portfolio management. Prior to joining Jupiter, John worked at Henderson and Lazard Asset Management. He began his investment career in 1990 and is a Fellow of the Chartered Institute for Securities and Investment.
George joined Jupiter in November 2018 as an Analyst in the Jupiter Independent Funds team, which manages the Jupiter Merlin portfolios. He was promoted to Assistant Investment Manager in June 2021 and then to Investment Manager in July 2022. Prior to joining Jupiter, George graduated with First Class Honours in History from the University of Bristol. He has been a CFA charterholder since April 2022 and also holds the CFA Certificate in ESG Investing.
David joined Jupiter in 2008, initially as a portfolio assistant in the Private Client & Charities Team and later as an assistant fund manager in February 2010. In May 2011, he moved to the Jupiter Independent Funds Team, which manages the Jupiter Merlin Portfolios. Prior to Jupiter, David worked at IFA Bestinvest as an assistant investment manager in its Discretionary Investment Management department. He is a Chartered Member of the Chartered Institute for Securities & Investments and a CFA charterholder.
Amanda Sillars joined Jupiter in 2011 and is a fund manager in the Jupiter Independent Funds Team, overseeing the Jupiter Merlin Portfolios. Before Jupiter, she spent five years at JP Morgan Asset Management as an investment director and executive director, where she also led the Corporate Governance team for Emerging Markets, Europe, and Asia (EMEA). Prior to that, Amanda was a fund analyst and vice president at JP Morgan Private Bank and Flemings for ten years. She is a Fellow of the Chartered Institute for Securities & Investments and holds several other financial certifications.
John is an Investment Manager in the Independent Funds/Merlin team. He was Jupiter's Chief Investment Officer and a director of Jupiter Fund Management PLC from 2010 until September 2015, and he stepped down from the director role in November 2016 to focus on portfolio management. Prior to joining Jupiter, John worked at Henderson and Lazard Asset Management. He began his investment career in 1990 and is a Fellow of the Chartered Institute for Securities and Investment.
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Company Description
Founded in 1985, Jupiter Asset Management has grown from a specialist investment boutique to a global fund management company. It provides a range of products from bond and equity funds to multi-asset strategies for both retail and institutional clients. Jupiter is a strong proponent of active management and therefore gives its managers the freedom to run their funds their way, without having to adhere to a 'house' view. In July 2020, Jupiter completed its acquisition of Merian Global Investors.
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Talking Factsheet
Quote from the Fund Manager
If you think about life, it’s about people. As with schoolteachers – there were good ones and bad ones. The good ones really inspired you, imparted an enthusiasm for their subject and increased your understanding; in classes with the bad ones, you never learned a thing. It’s the same in fund management.
John Chatfeild-Roberts
Co-Manager
Investment process
The team believes asset allocation is a moral obligation and that it is vital not only to capture opportunities but also to avoid pitfalls. The investment process can be summarised in four steps. Firstly, the team analyses the macroeconomic environment, using research from a variety of sources. Secondly, it identifies fund managers most likely to perform in a given macroeconomic environment, using ongoing quantitative and qualitative analysis. Thirdly, it uses this analysis to construct high-conviction portfolios, based on what it foresees in terms of macroeconomic conditions going forward. The final step sees the team monitor and modify the portfolio to ensure ongoing enhanced returns. When a change is required, the team is not afraid to make it as it believes all holdings in a portfolio should be ‘working hard’.
Risk
It's in the team’s DNA to protect investors when markets are falling, so it endeavours to minimise losses and to make the most of gains. With 40-85% in equities at any one time, the Jupiter Merlin Balanced fund's risk profile can vary greatly.
ESG
ESG - Limited
The Jupiter Independent Funds team encourages the managers of funds in which it invests to exercise their duties as asset owners or financiers to best effect. This includes considering ESG factors and incorporating stewardship principles when investing and engaging with companies.
The team employs numerous structural drivers which form the backbone of its stewardship profile. This includes its strong focus on active management, as the team feels active stewardship has been a huge component in delivering value. The team also conducts 1-2-1 interviews with all of their underlying managers every six months – something they feel provides unique insight into each fund, including their engagement at a company level.
As a company, Jupiter also has dedicated resources devoted to stewardship – such as the Jupiter ESG Hub, a proprietary data science-led platform which synthesises MSCI Analytics and Rep Risk data, delivering a dashboard of pertinent ESG data at the stock level for funds.
The information, data, analyses, and opinions contained herein (1) include the proprietary information of FundCalibre, (2) may not be copied or redistributed without prior permission, (3) do not constitute investment advice offered by FundCalibre, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a fund, and (5) are not warranted to be correct, complete, or accurate. FundCalibre shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Elite Fund rating is subjective in nature and reflects FundCalibre’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, FundCalibre does not guarantee that a fund will perform in line with its FundCalibre benchmark. Likewise, the Elite Fund rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund nor of its underlying securities and should not be used as the sole basis for making any investment decision. FundCalibre disclaims any responsibility for trading decisions, damages or other losses resulting from any use of the Elite Fund rating. All performance data, as well as fund size, OCF, AMC, annual income (historic), share price discount or premium, is sourced directly from FE Analytics, and will change periodically.