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.

Sólo para inversores profesionales en LATAM

Los resultados pasados no son una guía de los resultados futuros y pueden no repetirse. La inversión implica un riesgo. El valor de las inversiones y los ingresos derivados de las mismas pueden bajar o subir y los inversores pueden no recuperar la cantidad invertida originalmente. Por ello, un inversor no tiene la certeza de obtener beneficios de una inversión y puede perder dinero. Los tipos de cambio pueden hacer subir o bajar el valor de las inversiones en el extranjero.

 Aviso legal para residentes en la República Argentina: Este documento incluye una invitación privada a invertir en valores. Se dirige únicamente a usted de forma individual, exclusiva y confidencial, y su copia, divulgación o transferencia no autorizada por cualquier medio está absoluta y estrictamente prohibida. Jupiter Asset Management Limited no facilitará copias de este documento, ni proporcionará ningún tipo de asesoramiento o aclaración, ni aceptará ninguna oferta o compromiso de compra de los valores aquí mencionados por parte de personas distintas del destinatario. La oferta aquí contenida no es una oferta pública y, como tal, no está ni estará registrada ante la autoridad de aplicación ni autorizada por ella. La información aquí contenida ha sido recopilada por Jupiter Asset Management Limited, que asume la responsabilidad exclusiva de la exactitud de los datos aquí divulgados.

Aviso legal para residentes en Brasil: Los Fondos no pueden ser ofrecidos o vendidos al público en Brasil. En consecuencia, los Fondos no han sido ni serán registrados en la Comisión de Valores Mobiliarios de Brasil (la «CVM»), ni han sido sometidos a la aprobación de dicho organismo. Los documentos relativos a los Fondos, así como la información contenida en los mismos, no podrán ser suministrados al público en Brasil, ya que la oferta no es una oferta pública de Fondos en Brasil, ni utilizados en relación con ninguna oferta de suscripción o venta de Fondos al público en Brasil.

Aviso Legal para Residentes en Chile: Esta oferta privada se inicia el día según lo establecido en el título y se acoge a las disposiciones de la norma de carácter general nº 336 de la Superintendencia de Valores y Seguros. Esta oferta versa sobre valores no inscritos en el registro de valores o en el registro de valores extranjeros que lleva la Superintendencia de Valores y Seguros, 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.

Aviso legal para residentes en México: Los valores no han sido ni serán inscritos en el Registro Nacional de Valores, mantenido por la Comisión Nacional Bancaria y de Valores de México y, en consecuencia, no podrán ser ofrecidos o vendidos públicamente en México. El fondo y cualquier suscriptor o comprador podrán ofrecer y vender los valores en México en base a una colocación privada a Inversionistas Institucionales y Acreditados de conformidad con el artículo 8 de la Ley del Mercado de Valores de México.

Aviso legal para residentes en Paraguay: Las Acciones no han sido registradas en la Comisión Nacional de Valores de Paraguay (CNV), ni en la Bolsa de Valores de Asunción (BVPASA) y se están colocando mediante una oferta privada. La CNV y la BVPASA no han revisado la información proporcionada al inversor. Este documento es sólo para uso exclusivo del inversionista específico en Paraguay y no es para distribución pública.

Aviso legal para residentes en Perú: Los fondos no han sido registrados ante la Superintendencia del Mercado de Valores (SMV) y están siendo colocados mediante una oferta privada. La SMV no ha revisado la información proporcionada al inversionista. Este documento es para uso exclusivo de inversionistas institucionales en el Perú y no es de distribución pública.

Aviso legal para residentes en Uruguay: La venta de los valores califica como una colocación privada de acuerdo con el artículo 2 de la ley uruguaya 18.627. Los valores no deben ser ofrecidos o vendidos al público en Uruguay, excepto en circunstancias que no constituyan una oferta o distribución pública bajo las leyes y regulaciones uruguayas. Los valores no están ni estarán registrados en la Superintendencia de Servicios Financieros del Banco Central del Uruguay. Los valores corresponden a fondos de inversión que no son fondos de inversión regulados por la ley uruguaya 16.774 del 27 de septiembre de 1996 y sus modificaciones.