Jupiter Merlin Growth Portfolio

Jupiter Merlin Growth is a high-conviction, multi-manager fund of funds run by one of the most respected teams in London. The majority of the portfolio is often held in the top five fund holdings, although underlying stocks remain plentiful and diversified.

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Our Opinion

The team has a simple process and share our bias towards fund managers who are resilient in tough times. This means there tends to be a high number of Elite Rated funds in its portfolios. We like the fact that the team is willing to back underlying managers with conviction.

Fund Managers

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Fund Managers

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John Chatfeild-Roberts, Co-Manager 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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George Fox, Co-Manager 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.

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David Lewis, Co-Manager 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.

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Amanda Sillars, Co-Manager 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 Chatfeild-Roberts, Co-Manager 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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George Fox, Co-Manager 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.

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David Lewis, Co-Manager 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.

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Amanda Sillars, Co-Manager 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.

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Talking Factsheet

Talking Factsheet

Jupiter Merlin Growth Portfolio

David Lewis & George Fox

Quote from the Fund Manager

The most important lesson I have learnt is that people are what makes the difference in fund management. In the final analysis, there is no substitute for seeing the whites of someone’s eyes.

John Chatfeild-Roberts

Co-Manager

Investment process

The investment process is simple: the team assesses the macroeconomic environment, identifies the best people, constructs the portfolio, then monitors and modifies. The team uses its collective expertise to select who it believes are the best fund managers in each area, with the aim of producing the best possible returns in any given macroeconomic environment. It strives to buy the right quantities of the right fund manager at the right time.

Risk

Jupiter Merlin Growth fund is less volatile than the UK stock market. As it is a multi-manager fund, it will hold a number of underlying investments that will diversify the portfolio and significantly reduce any single company risk. Investors should also be aware of the currency risk.

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.