Marketing Communication for professional and institutional investors only. Not for retail investors.

Markets are facing many unknowns and potential headwinds this year. In early August, we saw a sharp sell-off in global stock markets, mainly driven by a realisation that the US economy is slowing quite rapidly and concerns the US Federal Reserve may be behind the curve in cutting interest rates, even though inflation numbers have been loath to reach target. However, these sharp sell-offs were followed by a broad and rapid recovery in the days that followed.
Uncertainty and moments of heightened volatility are not unusual for investors. Instead, they are a reminder of the importance of following a robust investment process with a long-term investment horizon and a well-diversified portfolio.
Top-down stock pickers
The macroeconomic framework is a key driver of our portfolio construction, but ultimately, we are stock pickers. We consider a myriad of information, such as political systems, geopolitics, bond yields and global economic forces to help us decide which countries and sectors we want more or less exposure to, as well as those areas we want to avoid investing in. We are high-conviction investors and not index huggers.
A “quality income” style
We do not identify as growth or value investors, instead looking for a combination of the two. We focus on companies with earnings and dividend drivers, strong balance sheets, and adaptable management teams, with shares that are highly liquid. Compared to the fund’s benchmark, the MSCI AC Asia Pacific ex Japan Index, our portfolio typically has higher margins and return on equity (ROE), lower price-to-earnings and lower price-to-book multiples.

Our portfolio is diversified: we have exposure to both developed and emerging markets, investing in some businesses with revenues that are highly connected to the global economy, as well as others that are more “remote”. We choose to hold some cyclical stocks, as well as stocks that have very defensive business models. We hold some higher yielding, lower growth, more value-orientated stocks, as well as some lower yielding, higher growth stocks.

Long-term investors, with low turnover rates
We are not traders; instead, we make long-term investments with low turnover rates. We expect our annual average turnover to be no more than 20% over a rolling five-year period. If new information makes us change our minds about a position, our focus on high liquidity does allow us to change our positioning accordingly, however.
Highly experienced team
We have a combined 50 years’ relevant experience working in Asian markets. Our team size means we are flexible, nimble and dynamic, and we are the key decision makers. We are focused solely on the Jupiter Asian Equity Income strategy – we manage no other strategies. Jason has managed Jupiter’s Asian Equity Income strategy since its inception in March 2016, and Sam joined Jupiter as a co-manager on the strategy in 2022.
Solid performance
The Jupiter Asia Pacific Income Fund (IRL) is now top decile in its peer group over all time periods: one month, three months, year-to-date, one year, three years and five years. Since we took over management of the fund in March 2023, our low beta strategy has outperformed a rising market, with less volatility than the benchmark or peers.
Jupiter Asia Pacific Income Fund (IRL)
(performance as of 31.07.24)

Cumulative performance (%)

Rolling 12-month performance (%)

Past performance is no indication of current or future performance and does not take into account commissions and costs incurred on the issue/redemption of shares. Returns may increase or decrease as a result of currency fluctuations. Source: Morningstar, NAV to NAV, gross income reinvested, net of fees, in USD, to 31.07.24. Fund inception: 13.09.00. *Since fund manager inception: 22.03.23. Peer group: EAA Fund Asia-Pacific ex-Japan Equity. Benchmark: MSCI AC Asia Pacific ex Japan NR USD. In March 2023 the fund changed its investment objective. The performance before this date was achieved under circumstances that no longer apply.

Fund-specific risks
  • Investment risk – there is no guarantee that the Fund will achieve its objective. A capital loss of some or all of the amount invested may occur.
  • Geographic concentration risk – a fall in the Asia Pacific markets may have a significant impact on the value of the Fund because it primarily invests in these markets.
  • Company shares (i.e. equities) risk – the value of Company shares and similar investments may go down as well as up in response to the performance of individual companies and can be affected by daily stock market movements and general market conditions.
  • REITs risk – REITs are investment vehicles that invest in real estate, which are subject to risks associated with direct property ownership.
  • Stock Connect risk – Stock Connect is governed by regulations which are subject to change. Trading limitations and restrictions on foreign ownership may constrain the Fund’s ability to pursue its investment strategy.
  • Concentration risk (number of investments) – the Fund may at times hold a smaller number of investments, and therefore a fall in the value of a single investment may have a greater impact on the Fund’s value than if it held a larger number of investments.
  • Currency risk – the Fund is denominated in USD but holds assets denominated in other currencies. The value of your shares may rise and fall as a result of exchange rate movements.
  • Emerging markets risk – less developed countries may face more political, economic or structural challenges than developed countries.
  • Liquidity risk – some investments may become hard to value or sell at a desired time and price. In extreme circumstances this may affect the Fund’s ability to meet redemption requests upon demand.
  • Derivative risk – the Fund may use derivatives (i.e. financial contracts whose value is linked to the expected price movements of an underlying investment) with the aim of reducing the overall costs and/or risks of the Fund.
  • Capital erosion risk – all or part of the share class charges may be taken from capital. Should there not be sufficient capital growth in the Fund this may cause capital erosion.

For a more detailed explanation of risks, please refer to the “Risk Factors” section of the prospectus.

The value of active minds: independent thinking

 

A key feature of Jupiter’s investment approach is that we eschew the adoption of a house view, instead preferring to allow our specialist fund managers to formulate their own opinions on their asset class. As a result, it should be noted that any views expressed – including on matters relating to environmental, social and governance considerations – are those of the author(s), and may differ from views held by other Jupiter investment professionals.

Important information

This is a marketing communication. Please refer to the latest sales prospectus of the sub-fund and to the Key Information Document (KID) (for investors in the EU)/ Key Investor Information Document (KIID) (for investors in the UK), particularly to the sub-fund’s investment objective and characteristics including those related to ESG (if applicable), before making any final investment decisions.
An investment constitutes the acquisition of shares in the sub-fund, not in the sub-fund’s underlying assets. We recommend you discuss any investment decisions with a financial adviser, particularly if you are unsure whether an investment is suitable. Jupiter is unable to provide investment advice. This communication is for informational purposes only and is not investment advice. Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested. Initial charges are likely to have a greater proportionate effect on returns if investments are liquidated in the shorter term. Past performance is not a guide to future performance. Company/Holding/Stock examples are for illustrative purposes only and are not a recommendation to buy or sell. Quoted yields are not a guide or guarantee for the expected level of distributions to be received. The yield may fluctuate significantly during times of extreme market and economic volatility. Awards and Ratings should not be taken as a recommendation. Every effort is made to ensure the accuracy of the information provided but no assurance or warranties are given. This is not an invitation to subscribe for shares in the Jupiter Asset Management Series plc (the Company). The Company is an investment company with variable capital established as an umbrella fund with segregated liability between sub-funds which is authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended. Registered in Ireland under registration number 271517. Registered office: 33 Sir John Rogerson’s Quay, Dublin 2, Ireland. The sub fund may be subject to various other risk factors, please refer to the latest Prospectus for further information. Prospective purchasers of shares of the sub fund of the Company should inform themselves as to the legal requirements, exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile. Subscriptions can only be made on the basis of the latest Prospectus and the Key Information Document (KID/ Key Investor Information Document (KIID), accompanied by the most recent audited annual report and semi-annual report. These documents are available for download from www.jupiteram.com. The Manager may terminate marketing arrangements. Information on sustainability-related aspects is available www.jupiteram.com.

For professional investors in LATAM only

Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money. Exchange rates may cause the value of overseas investments to rise or fall.

Legal Notice for Residents in the Republic of Argentina: This document includes a private invitation to invest in securities. It is addressed only to you on an individual, exclusive, and confidential basis, and its unauthorised copying, disclosure, or transfer by any means whatsoever is absolutely and strictly forbidden. Jupiter Asset Management (Europe) Limited, will not provide copies of this document, or provide any kind of advice or clarification, or accept any offer or commitment to purchase the securities herein referred to from persons other than the intended recipient. The offer herein contained is not a public offering, and as such it is not and will not be registered with, or authorised by, the applicable enforcement authority. The information contained herein has been compiled by Jupiter Asset Management (Europe) Limited, who assumes the sole responsibility for the accuracy of the data herein disclosed.

Legal Notice for Residents in Brazil: The Funds may not be offered or sold to the public in Brazil. Accordingly, the Funds have not been and will not be registered with the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários, the “CVM”), nor have been submitted to the foregoing agency for approval. Documents relating to the Funds, as well as the information contained therein, may not be supplied to the public in Brazil, as the offering is not a public offering of Funds in Brazil, nor used in connection with any offer for subscription or sale of Funds to the public in Brazil.

Aviso Legal para Residentes en Chile: ESTA OFERTA PRIVADA SE INICIA EL DÍA SEGUN LO ESTABLECIDO EN EL TITULO Y SE ACOGE A LAS DISPOSICIONES DE LA NORMA DE CARÁCTER GENERAL Nº 336 DE LA SUPERINTENDECIA DE VALORES Y SEGUROS, HOY COMISIÓN PARA EL MERCADO FINANCIERO. ESTA OFERTA VERSA SOBRE VALORES NO INSCRITOS EN EL REGISTRO DE VALORES O EN EL REGISTRO DE VALORES EXTRANJEROS QUE LLEVA LA COMISIÓN PARA EL MERCADO FINANCIERO, POR LO QUE TALES VALORES NO ESTÁN SUJETOS A LA FISCALIZACIÓN DE ÉSTA; POR TRATAR DE VALORES NO INSCRITOS NO EXISTE LA OBLIGACIÓN POR PARTE DEL EMISOR DE ENTREGAR EN CHILE INFORMACIÓN PÚBLICA RESPECTO DE LOS VALORES SOBRE LOS QUE VERSA ESTA OFERTA; ESTOS VALORES NO PODRÁN SER OBJETO DE OFERTA PÚBLICA MIENTRAS NO SEAN INSCRITOS EN EL REGISTRO DE VALORES CORRESPONDIENTE.

Legal Notice for Residents of Colombia: This is not an offer of securities in Colombia or to any Colombian national, citizen or resident of Colombia or a corporation or partnership organized under the laws of Colombia or having a principal place of business in Colombia (“Colombian Residents”). All information, statistics, data and projections provided herein (the “Information”) along with the prospectus of each one of the funds (the “Prospectus”) are not intended for distribution, promotion or marketing purposes to Colombian Residents. Both the Information and Prospectus: (i) have been drafted, prepared and listed for investment professionals and are not intended to be addressed to any individual investor or to the general public in Colombia; and (ii) does not constitute a public offer under the current provisions of Colombia as they are not being offered or addressed to an undetermined amount of people or to more than one hundred individually identified potential investors. The Information and Prospectus listed herein are not an invitation to subscribe for units in funds or any other fund managed by Jupiter (the “Funds”). Funds’ units mentioned in this Prospectus have not been, and will not be, registered under any applicable securities laws in Colombia. Therefore, they may not be publicly offered in Colombia or to or for the benefit of a Colombian Resident (as defined above). The Funds may not be distributed, promoted or marketed in Colombia or to Colombian residents, unless such promotion and marketing is performed by an authorized distributor in compliance with Part 3 of Decree 2555 of 2010 and any other applicable rules and regulations related to the promotion of foreign funds in Colombia as amended from time to time. The Information and Prospectus is listed for general guidance only, and it is the responsibility of any person or persons in possession of this documentation to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Potential applicants for Fund’s units should inform themselves of any applicable legal requirements, exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile.

Legal Notice for Residents of Mexico: The securities have not been and will not be registered with the National Registry of Securities, maintained by the Mexican National Banking and Securities Commission and, as a result, may not be offered or sold publicly in Mexico. The fund and any underwriter or purchaser may offer and sell the securities in Mexico on a private placement basis to Institutional and Accredited Investors pursuant to Article 8 of the Mexican Securities Market Law.

Legal Notice for Residents of Paraguay: The Shares have not been registered with the Commision Nacional de Valores of Paraguay (CNV), neither with the Stock Exchange of Asuncion (BVPASA) and are being placed by means of a private offer. CNV nor BVPASA has not reviewed the information provided to the investor. This document is only for the exclusive use of specific investor in Paraguay and is not for public distribution.

Legal Notice for Residents of Peru: The funds have not been registered before the Superintendenciadel Mercado de Valores(SMV) and are being placed by means of a private offer. SMV has not reviewed the information provided to the investor. This document is only for the exclusive use of institutional investors in Peru and is not for public distribution.

Legal Notice for Residents of Uruguay: The sale of the securities qualifies as a private placement pursuant to section 2 of Uruguayan law 18,627. The securities must not be offered or sold to the public in Uruguay, except in circumstances which do not constitute a public offering or distribution under Uruguayan laws and regulations. The securities are not and will not be registered with the Financial Services Superintendency of the Central Bank of Uruguay. The securities correspond to investment funds that are not investment funds regulated by Uruguayan law 16,774 dated September 27, 1996, as amended.