Last Word
Perspective
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strategy directly from the fund managers themselves.
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research and market views together with an explanation of the
The Jupiter Merlin Portfolios are a well-regarded range of six multi-manager funds. The range is run by expert fund selectors, takes an active risk-aware and long-term approach, and is diversified by asset class, geography and investment style.
Axis analyses the fund from four perspectives to bring you insight,
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Review By Nicola Brittain
COMPANY_ Last Word
At almost £8bn, the Jupiter Merlin Portfolios Range of six concentrated funds is one of the best known in the market. Each portfolio invests in between 10 and 20 underlying managers, with considerable overlap between the portfolios and a blend of styles and approaches. Between 50% and 78% of the portfolios are represented by the top five holdings and there is a very low turnover. The funds predominantly invest in highly-liquid long-only bond and equity funds that may be traded on a daily basis.
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“Jupiter’s Merlin Portfolios Range is designed to deliver long-term performance while maintaining a low downside capture ratio.”
JOB TITLE_ Investment Writer
YEARS IN INDUSTRY_ 17
LOCATION_ London
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NICOLA BRITTAIN
Managers use straightforward and well-tested investment approach
COMPANY_ Square Mile Investment
To view Square Mile Investment Consulting and Research Ltd's disclosure on their involvement on this site, please click here.
JOB TITLE_ Head of client relationships
D_
“While the wider world of multi-asset and multi-manager is becoming increasingly complex, the investment approach used by the team at Jupiter remains straight-forward and well-tested.”
The Jupiter Merlin Portfolios Range is a range of six multi-manager funds each with differing objectives, risk profiles and maximum equity ranges. The fund range is managed by a well-regarded team headed by John Chatfeild-Roberts, one of the most experienced fund of funds managers in the market.
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YEARS IN INDUSTRY_ 23
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DIANE EARNSHAW
Last Word
Perspective
Jupiter’s Merlin Portfolios Range invests in long-only, equity and bond funds, and is one of the longest standing fund ranges in the UK’s highly competitive multi-manager space. The team members running the range – the Jupiter Independent Funds team – each has an average of over 23 years’ industry experience, benefiting from continuity of culture and a loyal customer base. The range comprises the Conservative, Real Return, Income, Balanced, Growth and Worldwide fund, offering solutions to clients with a wide range of risk profiles.
John Chatfeild-Roberts, Head of Strategy, Independent FundsHead of Strategy, Independent Funds, John Chatfeild-Roberts, began managing funds 27 years ago following a brief stint in the army. He currently balances his career with hobbies that include cricket and singing. Management of the Jupiter Merlin Portfolios Range is based on several fundamental principles, according to John: “We try to buy the right quantity, of the right people, at the right time,” he said.
John explained that the team’s experience gives them a competitive edge since they have been able to see the fruit (or otherwise) of any fund manager’s promises over time. It can also mean they are slightly more conservative than less experienced fund managers.
John moved to Jupiter from Lazard Asset Management in March 2001 with Algy Smith-Maxwell and Peter Lawery (who has since retired) and continues to oversee all the team’s decisions. “In short, the buck stops with me,” he said.
David Lewis, Fund ManagerDavid, a softly-spoken Scot, is the youngest member of the team. He is also recently married, and a sports fanatic (with five marathons already under his belt). He started his career in 2006 with IFA Bestinvest where he worked as an assistant investment manager, then joined Jupiter in 2008, and the Jupiter Independent Funds team in May 2011.
David explained that although the team are generalists, he probably has a more technical leaning. “I spend much of my time screening and analysing deals, I am very quantitative and data driven,” he said. David also spends more time looking at fixed income than the other team members who tend to be more equities oriented.
Alastair Irvine, Product SpecialistLike his colleagues, Alastair has an active social life. He enjoys military history, and charity work – he is also trustee of several causes including the Royal Airforce Benevolent Fund.
Alastair works closely with John and the team but unlike them does not select fund managers directly. Rather, he is a product specialist, the principal marketeer, and spends much of his time talking to or writing reports for the IFA client base. He is an expert on the global political and economic climate and helps intermediaries understand market movements and how they relate to investments.
Concentrated range delivered by highly-experienced fund managers
AUTHOR_ NICOLA BRITTAIN
Algy Smith-Maxwell, Fund ManagerWhen describing Algy, John said: “He is so good with people, he half knows what they’re thinking before they do.” Since the team relies so heavily on its rich network of contacts and the art of finding talent, this is an invaluable characteristic.
Like John, Algy puts considerable emphasis on limiting downside damage for Jupiter’s clients. “John and I,” Algy said, “are of the belief that private investors are effectively absolute return investors. They want to lose as little as possible while increasing the purchasing power of their savings.”
Amanda Sillars, Fund ManagerAmanda Sillars joined Jupiter in 2011 from JP Morgan, where she was an investment director and executive director. Amanda enjoys sailing and is kept busy by three teenagers, but this active home life does not diminish her energy or passion for fund management. She spends much of her time sifting through data in a bid to understand what it is in a manager, team, or investment process that has generated ongoing alpha.
Amanda argued that a key differentiator for the Jupiter Merlin Portfolios Range is its client focus, and this point was reiterated by other team members. “The average investor holds their money with us for a considerable amount of time. We are being entrusted with their life savings in many cases. The whole team feels the responsibility of this very keenly and we are arguably more cautious than our peers as a result.”
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Kames Global Diversified Income Fund
Fund
Vincent McEntegart has been managing the Kames Global Diversified Income Fund for six years and is well-versed to the changeable financial climate. Curabitur blandit tempus porttitor. Aenean lacinia bibendum nulla sed consectetur.
Manager
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The range offers a suite of six multi-manager funds, four of which sit within each of the IA Mixed Investment sectors. There is also Jupiter Merlin Real Return that sits in the IA Targeted Absolute Return Sector and a global equity offering, the Jupiter Merlin Worldwide Portfolio, that sits in the IA Global Sector. We have a preference for the Jupiter Merlin Income, Jupiter Merlin Balanced and Jupiter Merlin Growth Portfolios, each of which is rated by Square Mile with an AA rating. We think these multi-manager mandates play better to the team’s strength in asset allocation as well as their fund selection skills across the asset-class structure.
We do note however that the range is expensive when compared to the broader peer group. This is not unexpected as fund of funds tend to be more expensive strategies to implement.
The Jupiter Merlin Portfolios Range has been a hugely successful franchise for Jupiter. As with any mature asset base, it does face outflows from some of the Portfolios within the range. However, the funds remain of significant size and scale and we think they offer investors looking for a fund of funds a good option for a one-stop shop portfolio managed by a dedicated and experienced team of investors.
AUTHOR_ DIANE EARNSHAW
"The Jupiter Independent Funds team have proven their ability to select high-quality managers and successfully navigate the ups and downs of investment markets over multiple cycles. While there have been some personnel changes over the years we continue to believe the team can continue to deliver competitive total returns for investors."
While the wider world of multi-manager and multi-asset is becoming increasingly complex, the investment approach used by the team at Jupiter remains straight-forward and well-tested. We like the focus on delivering competitive performance while wanting to deliver long-term capital preservation. However, this has never meant that they shy away from taking high conviction positions. Indeed, this is an unconstrained approach and high conviction positions when taken are done so in a considered manner and with acknowledgment of their retail client investor base. While the team look to outperform their appropriate IA sector peers, the managers are not driven by sectors or indices when making their asset class calls and these funds have always been managed with more of an absolute return mindset. We think this approach aligns with the objectives of most investors who care more about the absolute returns a fund can deliver than a diverse and non-homogenous peer group.
The Jupiter Independent Funds team is one of the most experienced fund of funds teams in the industry. John Chatfeild-Roberts, head of the team and Algy Smith-Maxwell have worked together for over 19 years and through a number of investment cycles. They previously worked together at Lazard Asset Management before they moved to Jupiter essentially taking their fund assets with them. Despite the departure of their long-standing colleague and co-manager, Peter Lawery in 2014, they have maintained a consistent approach. They have made some sensible hires to bolster resources and ensure they remain among the best in the market.
Amanda Sillars brings a wealth of fund knowledge and David Lewis focuses on quantitative research as well as fund selection efforts. Both are now very established within the team structure. We like the breadth, depth and experience the team has to offer. They are surrounded by many talented fund managers across the wider group, and their regular conversations with these colleagues add to the already considerable market insights from external contacts.
Experienced team takes high-conviction positions on fund managers
Alex Farlow, Head of risk-based solutions research, Square Mile Investment Consulting and Research Limited
Square Mile
Perspective
Fund buyers' perspective
The Jupiter Merlin Portfolios Range is straightforward and well-tested. Its broad appeal means it is suitable for many different types of fund buyer.
Market Reaction
Next
Jonathan Woo_ investment research_ Santander Asset Management
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“There has been considerable structural reform in giant markets like India, China and the Pacific Tiger economies. It’s a time of change from investment in infrastructure to innovation. Baillie Gifford looks for superior growth, meaning its style is suited to this change. They make some debatable valuations but are valiant investors and can spot businesses with great fundamentals early. They are picking the sort of businesses that have the potential to steam ahead and accrue multiple years of earnings growth for investors.”
Scott Spencer_ Investment Manager_ F&C Multi-manager solutions, BMO Global Asset Management
“The key rationale behind Income Maximiser is the delivery of a 7% yield. The use of derivatives in the portfolio means the upside is therefore limited but we find the fund is a lower beta way of getting equity exposure as well as some downside protection.”
“The fund managers of Schroder Income [Nick Kirrage and Kevin Murphy] pick the stocks, and the derivatives for Income Maximiser are then written accordingly. We like the fact that derivatives provide a diversification element and we have a great deal of confidence that the derivatives are run by a separate team. It is a very different skill set and is a USP of theirs.”
Richard Philbin_ CIO_ Wellian Investment Solutions
Mona Shah_ head of collectives_ Rathbones
“After years of lacklustre performance, Asia and the emerging world experienced a resurgence last year, driven by rising commodity prices and a fundamental shift in favour of more cyclical sectors like financials, energy and materials. But many of the fortunes of Asia and emerging markets are driven by sentiment from the West, which was negatively affected by the US election in November. While markets have regained their initial losses, we’ve had no more clarity on what Donald Trump’s policies will mean with regards to global trade and protectionism. For this reason, we believe that diversification should offer benefits in a period where markets are likely to be volatile. In addition, the economies in Asia-Pacific are showing increasing dependence on domestic demand, and we believe funds exposed to growing demand from consumers in China, for example, may be better placed to withstand headwinds from the US.”
Robert Shepherd_ Director_ Bright & Co.
We were on the lookout for something different and, let’s face it, 4% or lower is the norm in this environment. So this is attractive”
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Achievable, sustainable, reliable
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Fund
Manager
Perspective
Fund Buyer
Perspective
This demo version has been optimised for desktop, laptop and tablet. Smartphones, iPhones will be supported in the next version.
to bring you insight, research and market views
together with an explanation of the strategy
directly from the fund managers themselves.
Axis analyses the fund from four perspectives
Review By Nicola Brittain
“Jupiter’s Merlin Portfolios Range is designed to deliver long-term performance while maintaining a low downside capture ratio. ”
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The Jupiter Independent Funds team are among the most experienced in the industry. With, on average, more than 23 years of experience in the industry each, they bring a wealth of fund manager knowledge to the portfolio.
Five team members provide insight
The Jupiter Independent Funds Team
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The Jupiter Merlin Portfolios Range is a range of six multi-manager funds each with differing objectives, risk profiles and maximum equity ranges. The fund range is managed by a well-regarded team headed by John Chatfeild-Roberts, one of the most experienced fund of funds managers in the market.Scroll down to read more...
“The Jupiter Independent Funds team have proven their ability to select high-quality managers and successfully navigate the ups and downs of investment markets over multiple cycles. While there have been some personnel changes over the years we continue to believe the team can continue to deliver competitive total returns for investors.”
Alex Farlow, Head of risk-based solutions research,
Square Mile Investment Consulting and Research Limited
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Axis interrogates the fund from four perspectives
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At almost £8bn, the Jupiter Merlin Portfolios Range of five concentrated funds is one of the best known in the market. Each portfolio invests in between 10 and 20 underlying managers, with considerable overlap between the portfolios and a blend of styles and approaches. Between 50% and 78% of the portfolios are represented by the top five holdings and there is a very low turnover. The funds predominantly invest in highly-liquid long-only bond and equity funds that may be traded on a daily basis.
Review By Nicola Brittain at Last Word
Jupiter’s Merlin Portfolios Range invests in long-only, equity and bond funds, and is one of the longest standing fund ranges in the UK’s highly competitive multi-manager space. The team members running the range – the Jupiter Independent Funds team – each has an average of over 23 years’ industry experience, benefiting from continuity of culture and a loyal customer base. The range comprises the Conservative, Income, Real Return, Balanced, Growth and Worldwide fund, offering solutions to clients with a wide range of risk profiles.
John Chatfeild-Roberts, Head of Strategy, Independent FundsHead of Strategy, Independent Funds, John Chatfeild-Roberts, began managing funds 27 years ago following a brief stint in the army. He currently balances his career with hobbies that include cricket and singing. Management of the Jupiter Merlin Portfolios Range is based on several fundamental principles, according to John: “We try to buy the right quantity, of the right people, at the right time,” he said.
John explained that the team’s experience gives them a competitive edge since they have been able to see the fruit (or otherwise) of any fund manager’s promises over time. It can also mean they are slightly more conservative than less experienced fund managers.
John moved to Jupiter from Lazard Asset Management in March 2001 with Algy Smith-Maxwell and Peter Lawery (who has since retired) and continues to oversee all the team’s decisions. “In short, the buck stops with me,” he said.
Click for sound
years of experience in the industry each, they bring a wealth of fund manager knowledge to the portfolio.
The Jupiter Independent Funds team are among the most experienced in the industry. With, on average, more than 23
The Jupiter Merlin Portfolios Range is a range of six multi-manager funds each with differing objectives, risk profiles and maximum equity ranges. The fund range is managed by a well-regarded team headed by John Chatfeild-Roberts, one of the most experienced fund of funds managers in the market. Disclaimer »
“I have always been impressed with Jupiter's ability to attract free thinking fund managers, like the members of the Merlin team. The Merlin team has a tried and tested investment philosophy and I trust their expertise in selecting the best underlying managers; they know all the right questions to ask of them. I value the simplicity of the range which makes it easy to explain to clients - it is important that they understand what it is they are investing in. I have been recommending the Jupiter Merlin Portfolios for more years than I care to remember because they look to both generate top quartile performance and minimise losses. ”
Ben Walters_ Principal_ Portland Financial Planning
Iain McDonald_ Riverpark Investments
"For approximately 12 years, I have been investing in Jupiter Merlin funds for my clients and myself; with the Income fund as a core holding. Regular meetings with the fund managers are enlightening, and have occasionally provided very valuable insights. I particularly value the strong defensive qualities of the funds during market downturns."
Sebastian Lyle_ Independent Financial Adviser_ The Family Office
“Early on in my career, I came to the conclusion that no one firm had a monopoly of investment talent and that there are pockets of expertise across a range of investment managers. I felt that there was a moral obligation to the client to manage both asset allocation and fund selection in an active manner, particularly in falling markets. I realised that the Financial Adviser's skills and capabilities did not lie in the selection, continuous monitoring and amendment of a range of funds. It was a more efficient and effective use of an adviser’s time to capture this talent via unfettered fund-of-funds, run by experienced professionals. This freed me to focus on financial planning, where I could add far more value to my clients than in investment management. I have greatly valued the Merlin team’s multi-award winning, outstanding track record in both bull and bear markets. They deliver an easy to understand range of multi-manager portfolios, concentrated to approximately 15 underlying funds.”
Nick Barker DipFA MIFS_ Managing Director_ Charlwood Leigh
“Charlwood Leigh have been involved with the Jupiter Multi Manager team since the very beginning. As a firm we have never felt that we have the ability to asset allocate either geographically or stock wise, so came to the decision some years ago that the Multi Manager concept was right for the majority of our clients. We have predominantly invested in the medium to lower risk Merlin funds over the years which served our clients very well during the financial crisis of 2008/9. We see great value in a team that has worked together over many years and are pleased to see some young blood joining them.”
Jupiter Merlin
Portfolios
Range
and market views together
Axis analyses the fund
strategy directly from the
from four perspectives to
bring you insight, research
fund managers themselves.
with an explanation of the
Review By Nicola Brittain
at Last Word
Click for sound
Alex Farlow, Head of risk-based solutions research, Square Mile Investment Consulting
and Research Limited
“I have always been impressed with Jupiter's ability to attract free thinking fund managers, like the members of the Merlin team. The Merlin team has a tried and tested investment philosophy and I trust their expertise in selecting the best underlying managers; they know all the right questions to ask of them. I value the simplicity of the range which makes it easy to explain to clients - it is important that they understand what it is they are investing in. I have been recommending the Jupiter Merlin Portfolios for more years than I care to remember because they look to both generate top quartile performance and minimise losses.”
Sebastian Lyle_ Independent Financial Adviser_
The Family Office
"Charlwood Leigh have been involved with the Jupiter Multi Manager team since the very beginning. As a firm we have never felt that we have the ability to asset allocate either geographically or stock wise, so came to the decision some years ago that the Multi Manager concept was right for the majority of our clients. We have predominantly invested in the medium to lower risk Merlin funds over the years which served our clients very well during the financial crisis of 2008/9. We see great value in a team that has worked together over many years and are pleased to see some young blood joining them."
Scroll down to see what the Fund Managers have to say...
Scroll down to see what the Fund Buyers have to say...
in 10 years
Source: FE Analytics
to 29 August 2018
Note: FE Analytics showed cumulative not rolling figures. Because Axis is a Last Word product, we must be Mifid compliant, not the client.
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“For approximately 12 years, I have been investing in Jupiter Merlin funds for my clients and myself; with the Income fund as a core holding. Regular meetings with the fund managers are enlightening, and have occasionally provided very valuable insights. I particularly value the strong defensive qualities of the funds during market downturns. ”
““I have always been impressed with Jupiter's ability to attract free thinking fund managers, like the members of the Merlin team. The Merlin team has a tried and tested investment philosophy and I trust their expertise in selecting the best underlying managers; they know all the right questions to ask of them. I value the simplicity of the range which makes it easy to explain to clients - it is important that they understand what it is they are investing in. I have been recommending the Jupiter Merlin Portfolios for more years than I care to remember because they look to both generate top quartile performance and minimise losses. ”
“For approximately 12 years, I have been investing in Jupiter Merlin funds for my clients and myself; with the Income fund as a core holding. Regular meetings with the fund managers are enlightening, and have occasionally provided very valuable insights. I particularly value the strong defensive qualities of the funds during market downturns.”
Jupiter Merlin Portfolios: Market participation (net of fees)
vs. FTSE World
Data from 30 Nov '02 to 31 July '18
Source: Jupiter Merlin
Jupiter Merlin Portfolios: Market participation (net of fees) vs. FTSE World
100
60
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Jupiter Merlin Balanced
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40
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Jupiter Merlin Worldwide
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Data from April 2002 - August 2018
Jupiter Merlin Growth Portfolio vs IA Flexible Investment (rolling 5yr monthly returns)
Source: FE Analytics
‘07
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‘04
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8.9
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Jupiter Merlin Growth Portfolio | Acc - IA Flexible Investment
13.5
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31/07/2016
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31/07/2018
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31/07/2017
‘10
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vs IA Flexible Investment (rolling 5yr monthly returns)