Wake up to UK Equities.

The Jupiter UK Dynamic Equity Strategy seeks to deliver clients idiosyncratic and through cycle returns from a portfolio of business transformation investments. In doing so, we seek to give clients exposure to four things. Firstly, truly active asset management. We employ a focused, engaged, active ownership approach. Secondly, the best of value and growth disciplines. We cherry pick the best capital growth opportunities, but from a subset of undervalued dividend paying stocks.

Thirdly, we take a business owner approach. We own companies over the long term. We don't rent stocks. And lastly highly idiosyncratic returns. The strategy is heavily weighted towards idiosyncratic stock selection.

So how do we put this philosophy into practice? Firstly, on idea generation we look for uncertainty. We focus on underperforming companies. Event breakdowns, strategic missteps and evidence of behavioral biases affecting share prices negatively. Secondly, on valuations we look for low points. We look for adjusted P/Es (price/earnings) and price to books at low points of historic ranges. But dividend yields and free cash flow yields at higher ends.

Thirdly, we then focus on change, on the opportunities to do better. Management led operational turnarounds, strategy reviews, active cash flow and balance sheet management. And of course, reinvestment for growth. Then fourthly, we are still disciplined and highly selective. We do not want impaired businesses. We have an ownership mindset. So we want established advantaged but under managed businesses, businesses with latent potential hidden or strategic value.

And finally, for downside protection, we think about value plus the combination of valuation, discipline management and strategic change driving better capital allocation discipline and favorable business characteristics, driving stock selection discipline and all coming together to build your margin of safety.

Our differentiation can be linked to four, maybe five different aspects. It starts with our ownership mentality that drives deeper understanding, stricter company selection, more focused portfolio construction. This is then linked to the way we engage. We are fundamentally interested in the way investments are being managed. We want to understand the cause and effect of capital allocation decisions. We seek knowledge based competitive advantage that drives conviction position sizing.

Then it's about our focus on self-help, idiosyncratic returns based on better management. Better capital allocation decisions can be delivered regardless of the wider economic and market cycle. Then, not to ignore the critical importance of our patience, our ability to look long term means that we are able to benefit from the inherent biases that can lead to short term mispricings.

And finally, I guess we are always learning. We understand that markets are continually adapting and evolving, and therefore so must we. We learn from our experiences and evolve our best practice in order to stay fit for purpose.