Calliper

Value Assessment

Our 5th Assessment of Value report for our UK unit trust and OEIC funds is now available.
Jupiter assessment of value

Assessment of value

Our 5th Assessment of Value report (as of 31 March 2024) for our UK unit trust and OEIC funds is now available.

Download here

What is the Assessment of Value?

The Financial Conduct Authority (FCA) has asked all managers of UK-domiciled funds to complete an Assessment of Value annually for each of the ranges they manage. This includes a requirement for firms to carry out and publish an ‘Assessment of Value’ for each fund and class within these ranges.

We continue to give our full support to this FCA initiative. We believe it represents an opportunity to better communicate directly with our clients, allowing us to set out how effectively we believe we have met the range of expectations we set for our products, whether that is regarding the performance we generate, the services we offer, and what and how we charge for them.

What have we published for our Assessment of Value findings?

We have published an Assessment of Value report which summarises our overall findings across the fund ranges. We have also published individual fund value statements summarising our findings and conclusions for each class to provide more detailed information for clients on their specific investments with us (both reports can be found in the links on this page).

Why is the report relevant?

This Assessment of Value report provides a comprehensive review of the funds we have available in our UK ranges. For our clients, reviewing the products they own to ensure they are relevant and competitive will afford more control when it comes to making important decisions that will affect both their own, and their family’s future.

How is Jupiter approaching the Assessment of Value?

Value has been assessed in-line with the FCA’s seven key criteria (pillars), with findings and recommendations reviewed, challenged and approved by the highly experienced Directors of the Jupiter Unit Trust Managers board;

1

Fund Performance

The first stage of our assessment considers a fund’s investment objective.

The objective will often be to outperform a market index – also referred to as a ‘benchmark’- while some of our funds aim to beat the average return of a peer group. A peer group is usually the fund’s investment ‘sector’, which comprises similar funds and is administered by the UK industry body, the Investment Association (IA). We also consider a fund’s peer group ranking in our evaluation of fund performance. This provides a more comprehensive, holistic, and independent view.

2

Quality of Service

Service quality is evaluated in a variety of ways, using a number of key measures.

These include looking at the timeliness and accuracy of our fund factsheets, monitoring and ensuring that funds are being managed in line with our disclosures, and assessing the processes and systems through which the confirmation and settlement of our investments are conducted. We also assess services qualitatively, for example looking at any services that have won awards for the quality of the information and materials we provide to you. This year a number of measures were assessed and rated for the quality of service provided across fund management, distribution, operations and risk.

3

Costs of the Authorised Fund Manager

We have evaluated if the costs charged to the AFM for services rendered on their behalf are appropriate by examining the various aspects of our service provision to our funds and clients.

These services include those provided by the wider Jupiter Group as well as those delegated to third parties who undertake services on our behalf. These range from account maintenance, client service and trade administration through to the placing of investments and the oversight of these various services. Most, if not all, of these activities will be common to all investment management firms. We routinely benchmark the costs for services sourced internally and from our third-party service providers against alternatives available to us. This allows investors to continue to benefit from market-competitive rates for these services over time.

4

Economies of Scale

We have looked at the costs incurred across the whole of Jupiter’s business, including those within JUTM, and assessed how they are incurred with regard to each fund.

This included looking at how our fixed costs differ between funds investing in different asset classes as well as those at different stages of their development cycle of client usage and assets under management. These asset levels can change within individual funds, whether that be through new investors entrusting their money to us, existing investors moving it elsewhere, or through changes in the value of the underlying investments. Our analysis then searched for patterns in the rate of these costs declining by virtue of rising AUM levels. We also considered the overall level of assets managed by the Jupiter Group, looking in comparison at the Group’s fixed and variable costs.

5

Comparable market rates

While rates will inevitably vary on a fund-by-fund and class basis, our aim is to charge fees that are in line with the fund’s investment opportunities, performance aims and the services we provide.

Where our Fixed Annual Charge figures are above the average for the peer group, we believe that they reflect the active, high-conviction investment opportunities to which we give our investors access and the resources we commit towards providing them. There are also instances where our funds’ fees are below their competitors’ averages. This may occur for a number of reasons, but we do not believe it is necessary to propose any increases to any of these funds and we keep our fees under constant review.

6

Comparable services

In order to assess whether the fees charged by our unit trusts and OEICs are consistent with comparable services offered by Jupiter,

we first identify where we offer multiple ways to access a particular Jupiter investment strategy, and then assess the extent to which the fees are consistent across these different methods of access. Where differences do exist, we evaluate if they are reasonable.

7

Classes of units

In our evaluation, we have assessed the following:
  • The level of Fixed Annual Charges you pay if invested in our unit trusts or OEICs
  • The characteristics of our investor base
  • The features and entry requirements of the classes we offer

Do clients need to do anything?

The Assessment of Value is a means of informing you of how we have been meeting the expectations we have set for your investment with us. You don’t need to do anything, although this document may help you and your adviser to review if the chosen investment strategy is still aligned with your financial goals.

If you are unsure which share class you are invested in, please:

  • Check your latest bi-annual statement or equivalent
  • Contact us in the way you would normally get in touch, or
  • Consult with your financial adviser.

Individual clients invested in our unit trust or OEIC funds, can also log on to Jupiter’s ‘My Account’ online service or call our customer services team on 0800 561 4000 between 9:00a.m. and 5:30p.m., Monday to Friday excluding public holidays in England.

Related

Value statements

Jupiter Unit Trust Managers Limited is the Authorised Fund Manager, also known as ‘the AFM’ of this fund. The role of the AFM is primarily to manage, operate and administer Jupiter’s UK funds, whilst acting in your interests at all times. We conduct an annual ‘Value Assessment’, as outlined in the main ‘Assessment of Value Report’, of whether overall value has been delivered to you as a client. As part of this, we detail in the links below, our Value Assessment for your fund and unit or share class investment with us.

Consumer Duty

The Financial Conduct Authority (FCA) introduced Consumer Duty with the intention of creating a higher standard of consumer protection in retail markets and to reduce the level of harm to retail consumers.

Learn more

Historical assessment of value reports

View our historical assessment of value reports.

Learn more