Funds gaining and losing their ratings this summer
FundCalibre’s research team has a formal investment committee meeting twice a year. During...
Jupiter Asset Management has announced that Alexander Darwall will step back from the management of Jupiter European fund before the end of this year and that Mark Nichols, currently co-manager of Threadneedle European Select (also Elite Rated), will take over the reins.
Commenting on the news, Darius McDermott, managing director of FundCalibre, said:
“This is obviously a big change for Jupiter: Alexander has successfully run the European fund since 2001, producing outstanding returns for investors.
“Finding a replacement for Alexander will have been difficult, but Mark Nichols is probably among the best Jupiter could have found. He has co-managed Threadneedle European Select with David Dudding since 2016, and we have been very impressed with him.
“Mark has a very similar investment style and philosophy in that he looks for quality growth companies. However, while both funds have a similar number of holdings, the Jupiter fund is a lot larger and a lot more concentrated: the top ten holdings account for some 61%* of assets while the top ten of the Threadneedle fund account for 45%*.
“Jupiter European fund will lose its Elite Rating when the manager change occurs later this year, but it will then move to our Elite Radar. We like Mark, and will want to see how he settles in post the move and if the fund retains its concentrated mandate going forward. Once he has gained his three-year track record, we will re-evaluate the fund to see if a full Elite Rating is attainable.”
“As Alexander will continue to run the Jupiter European Opportunities Trust, it will retain its Elite Rating.”
*Source: fund fact sheets, 28 February 2019