Video
An introduction to the Jupiter Merlin Portfolios
John Chatfeild-Roberts provides an overview of the Jupiter Merlin Portfolios.
The Jupiter Merlin range of portfolios comprises different solutions tailored to meet different risk profiles, spanning from those catering to cautious investors, at one end of the spectrum, all the way up to predominantly equity-based portfolios for the more adventurous investor.
Each is structured to be a standalone, diversified, performance-focused investment strategy.
The Jupiter Merlin Portfolios follow a multi-manager approach, meaning that each is populated with a hand-picked selection of funds to provide a broad range of securities that ensures diversification, with asset allocation tailored to the risk tolerance of each portfolio.
The success of the Jupiter Merlin Portfolios has been built on five key beliefs, which are as strongly held today as they were when the team started over 25 years ago.
Firstly, the belief that active managers can maximise the opportunity to outperform markets, but only the best are worth paying for.
Secondly, that to beat the market you must be different to the market. So be concentrated in your best ideas.
Thirdly, that taking a long term approach is vital to avoid being buffeted by market volatility, and fees should be justified by performance, not trading activity.
Fourthly, that the greatest risk is the permanent loss of capital. So strive to lose less when markets fall.
Fifthly, that there is no substitute for experience and there are few teams that have run money for as long as we have.
The Jupiter Merlin funds are one-stop investment solutions which invest in a variety of funds managed by some of the best and most experienced professional investors. The range comprises ten funds designed for different risk profiles, from cautious strategies to those with a greater focus on equities.
The long-running, highly successful, and award-winning “Signature” range consists of four funds, while the “Select” range, with a greater bias towards Jupiter funds to keep overall fund charges low, has six funds. Our team carefully selects funds to provide broad exposure to securities, with asset allocation tailored to each portfolio’s risk profile.
What we offer
For more than 25 years, five key beliefs have guided the Jupiter Merlin team:
- Active managers can maximise the opportunity to outperform markets, but only the best are worth paying for.
- To beat the market, you must be different to the market, so be concentrated in your best ideas.
- Taking a long-term approach is vital to avoid being buffeted by market volatility. Fees should be justified by performance, not trading activity.
- The greatest risk is the permanent loss of capital, so strive to lose less when markets fall.
- There is no substitute for experience, and there are few teams that have run money for as long as we have.
Expert investors at your service
Multi-manager portfolios are run by dedicated teams that research, select and monitor funds, then blend them together in diversified portfolios to suit a variety of risk profiles. Over time your clients may have accumulated funds that no longer meet their investment goals or may simply be underperforming. Dedicated multi-manager portfolios can bring balance, focus and performance potential back to your client’s investments.
A simple, high quality way to invest
A multi-manager fund provides the opportunity to own a diversified portfolio of funds within one straightforward investment wrapper. A dedicated team of professionals monitors the market and can adjust the portfolio to changing market conditions. What is more, the team can use its buying power and professional status to give your clients access to investments that may not be available to private investors.
Analysis that is about more than just numbers
Jupiter’s Independent Funds team conducts thorough analysis of the investment environment, aiming to identify key turning points in the market, alongside rigorous analysis of funds. To help the team understand the people behind the numbers, it holds a significant number of meetings throughout the year. These meetings typically cover a manager’s interpretation of the economic environment and its impact on their fund, its asset class and related strategies, as well as an in-depth analysis of the manager’s investment philosophy, process and style.
ESG & stewardship
The Jupiter Independent Funds team knows that investing in shares and bonds comes with responsibilities. The team encourages the managers of the funds in which it invests to exercise their duties as asset owners or financiers to best effect. This includes considering environmental, social and governance (ESG) factors and incorporating good stewardship principles when investing, engaging with companies and voting, with a view to delivering the best outcome for all stakeholders.
A straightforward and tax-efficient choice
Investing in a multi-manager portfolio can dramatically reduce the amount of paperwork and time you spend on administration. Multi-manager portfolios can potentially be UK tax efficient too, as the trades made within the portfolio do not trigger a capital gains tax liability for your client so growth can compound more rapidly. This is based on our understanding of current UK tax laws and may be subject to change. Please note that Jupiter is not permitted to provide tax advice.
Merlin Signature | Merlin Select | Merlin Signature | Merlin Select | Merlin Select | Equity | Defaqto | Dynamic | IA Sector |
|---|---|---|---|---|---|---|---|---|
Signature Worldwide |
| 1.51% |
|
| 100% | 9 | 7 | Global |
Signature Growth |
| 1.50% |
| 100% | 8 | 7 | Flexible | |
| Select Growth |
| 0.71% | 0.56% | 100% | 8 | 8* | |
Signature Balanced |
| 1.46% |
|
| 85% | 7 | 6 | 40–85% |
| Select Balanced |
| 0.69% | 0.54% | 85% | 7 | 6* | |
| Select Income & Growth |
| 0.66% | 0.51% | 75% | 6 | 5 | |
Signature Income |
| 1.38% |
|
| 60% | 5 | 5 | 20–60% |
| Select Income |
| 0.65% | 0.50% | 60% | 5 | 5 | |
| Select Monthly Income |
| 0.65% | 0.50% | 50% | 4* | 5* | |
| Select Conservative |
| 0.65% | 0.50% | 35% | 3 | 4 | 0–35% |
Source: Jupiter, 02.11.26. Select Growth and Select Balanced were launched on 12.08.26. (Defaqto ratings for the two funds as of 01.09. 26.). Defaqto ratings for all other funds as of July 2026. Dynamic Planner rating as of Q3 2026. *Expected rating.
Meet the team
The Jupiter Independent Funds team (from left): Venetia Campbell, Alastair Irvine, John Chatfeild-Roberts, Amanda Sillars, David Lewis and George Fox
Fund Specific Risks
The following risks are associated with investing in the Jupiter Merlin funds. For a more detailed explanation of risk factors, please refer to the relevant fund’s Key Investor Information Document (KIID) and governing disclosure documentation.
Risks applicable to all Jupiter Merlin funds
- Currency (FX) Risk – The Fund can be exposed to different currencies and movements in foreign exchange rates can cause the value of investments to fall as well as rise.
- Pricing Risk – Price movements in financial assets mean the value of assets can fall as well as rise, with this risk typically amplified in more volatile market conditions.
- Counterparty Default Risk – The risk of losses due to the default of a counterparty, for example on a derivatives contract, or a custodian safeguarding the Fund’s assets.
All Jupiter Merlin funds are also exposed to derivative risk, as described below.
Derivative Risk
Jupiter Merlin Select Conservative, Jupiter Merlin Select Income, Jupiter Merlin Select Balanced, Jupiter Merlin Select Growth, Jupiter Merlin Signature Income, Jupiter Merlin Signature Balanced, Jupiter Merlin Signature Growth and Jupiter Merlin Signature Worldwide
The Fund may use derivatives to reduce costs and/or the overall risk of the Fund (this is also known as Efficient Portfolio Management or “EPM”). Derivatives involve a level of risk; however, for EPM they should not increase the overall riskiness of the Fund.
Jupiter Merlin Select Income and Growth and Jupiter Merlin Select Monthly Income
The Fund may use derivatives to reduce costs and the overall risk of the Fund. Using derivatives can involve a higher level of risk. A small movement in the price of an underlying investment may result in a disproportionately large movement in the price of the derivative investment.
Additionally, Jupiter Merlin Select Conservative, Jupiter Merlin Select Monthly Income, Jupiter Merlin Select Income, Jupiter Merlin Select Income & Growth, Jupiter Merlin Select Balanced, Jupiter Merlin Select Growth, Jupiter Merlin Signature Income and Jupiter Merlin Signature Balanced have the following fund risk:
- Interest Rate Risk – The Fund can invest in assets whose value is sensitive to changes in interest rates (for example bonds) meaning that the value of these investments may fluctuate significantly with movement in interest rates e.g. the value of a bond tends to decrease when interest rates rise.
- Credit Risk – The issuer of a bond or a similar investment within the Fund may not pay income or repay capital to the Fund when due.
Furthermore, Jupiter Select Balanced, Jupiter Select Growth, Jupiter Merlin Select Conservative, Jupiter Merlin Select Monthly Income, Jupiter Merlin Signature Income, Jupiter Merlin Signature Balanced and Jupiter Merlin Select Income & Growth have the following fund risk:
- Charges from capital – Some or all of the Fund’s charges are taken from capital. Should there not be sufficient capital growth in the Fund this may cause capital erosion.
Jupiter Merlin Signature Balanced and Jupiter Signature Growth have the following fund risk:
- Liquidity Risk – Some investments may be 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.
Additional risks applicable to certain Jupiter Merlin funds
Interest Rate Risk and Credit Risk
These risks apply to Jupiter Merlin Select Conservative, Select Balanced, Select Growth, Select Income, Select Income and Growth, Select Monthly Income, Signature Income and Signature Balanced.
- Interest Rate Risk – The Fund can invest in assets whose value is sensitive to changes in interest rates (for example, bonds), meaning that the value of these investments may fluctuate significantly with movements in interest rates. For example, the value of a bond tends to decrease when interest rates rise.
- Credit Risk – The issuer of a bond or a similar investment within the Fund may not pay income or repay capital to the Fund when due.
Charges from Capital Risk
This risk applies to Jupiter Merlin Select Conservative, Select Balanced, Select Income, Select Income and Growth, Select Monthly Income, Signature Income and Signature Balanced.
Some or all of the Fund’s charges are taken from capital. Should there not be sufficient capital growth in the Fund, this may cause capital erosion.
Liquidity Risk
This risk applies to Jupiter Merlin Signature Balanced and Signature Growth.
Some investments may be 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.
These disclosures are not exhaustive. Investors should refer to the relevant fund’s KIID and Scheme Particulars for further information about the risks of investing.
Important Information
Marketing communication. This document is intended for investment professionals and is not for the use or benefit of other persons, including retail investors. The value of investments and income may go down as well as up and investors may not get back amounts originally invested. Exchange rate changes may cause the value of investments to fall as well as rise. The views expressed are those of the author(s) at the time of preparation, are not necessarily those of Jupiter as a whole and may be subject to change.
Every effort is made to ensure the accuracy of any information provided but no assurances or warranties are given. Awards and Ratings should not be taken as a recommendation.
Issued by Jupiter Unit Trust Managers Limited (JUTM), registered address: The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ, which is authorised and regulated by the Financial Conduct Authority.
No part of this document may be reproduced in any manner without the prior permission of JUTM.