Please bear in mind that all investments involve risk and the value of, and any potential income from, your investment may fluctuate and are not guaranteed.
Change of lead manager
The Board announced on May 10 that Dan Nickols, head of Jupiter’s UK Small and Mid-Cap (“SMID”) equities team and current co-manager of Rights and Issues Investment Trust (the “Company”), has informed Jupiter of his intention to retire with effect from 30 June 2024.
Following Dan’s retirement Matt Cable, who currently acts as co-manager, will become lead manager of the Company’s portfolio, thereby ensuring continuity of the investment services provided by Jupiter to the Company. Mr Cable will be supported as manager by Tim Service who has been promoted by Jupiter to serve as head of the SMID equities team following Mr Nickol’s retirement. Dr Andrew Hosty, Chairman commented “Whilst we are sorry to learn of Dan’s intention to retire, we have full confidence in the team’s succession plan and look forward to continuing the Company’s relationship with Jupiter.
Read more here: Investment Management Personnel Changes
Investment objective & policy
The Board’s objective is to exceed the benchmark index over the long term whilst managing risk. The benchmark of the Company is the FTSE All Share in Index.
The Company invests in equities with an emphasis on smaller companies. UK smaller companies will normally constitute at least 80% of the investment portfolio. UK smaller companies include both listed securities and those quoted on the Alternative Investment Market (“AIM”).
The investment portfolio will normally lie in the range of 80% to 100% of shareholders’ funds. The Company will continue with its policy of not employing leverage.
In January 2021 the Board reviewed the performance of the Company in the context of the investment objective, the investment policy and the continuation of the Company. The Directors unanimously supported the continuation for a minimum period of five years to 2026.
The trust’s investment focus and strategy - Top down and bottom-up process
Matt and Tim operate a blended top down and bottom-up approach to stock selection. They use a macroeconomic framework which considers key UK and global economic indicators, which then determines their thematic and sectorial exposure over time.
Their stock selection process is embedded in fundamental bottom-up research of companies, utilizing their own primary and third-party investment bank research to understand and assess the prospects for companies.
They are focussed on investing in companies which are operated by high quality management teams with strong track-records of execution, and which are fundamentally mispriced.
Style agnostic
The investment management team are style agnostic, which means they build portfolios of companies which exhibit both growth and value characteristics across the small and mid-cap universe.
Portfolio construction
They are seeking to build a high conviction, concentrated portfolio of companies, providing investors with exposure to high-quality, innovative businesses that have developed best-in-class business models. This allows the team to take a longer-term view, holding companies which are less liquid than they would hold in an open-end fund, and which they can commit to holding for a long period of time.
The principal risks are as follows:
- Market risk – the portfolio will be invested predominantly in listed equities and therefore will be exposed to a range of market risks including economic conditions, market disruptions, accuracy of company information, global health crises, competition and volatility
- Idiosyncratic risk – the portfolio will be concentrated and therefore will be exposed to the idiosyncratic risks of each underlying investment
- The portfolio will be exposed to liquidity risk given the focus on smaller companies.
- The portfolio will be exposed to interest rate risk both as a consequence of any financial leverage within the underlying investments and as a consequence of the impact of interest rates on the market valuation of companies.
- Currency exposure – The portfolio may invest in companies whose revenues, profits and / or balance sheets may have exposure to foreign currencies.
- New issues – The AIFM on behalf of the Company may invest in new issues which can pose additional risks related to transient illiquidity, lack of trading history and concentration of ownership.
- Corporate management and financial reporting risk – The AIFM relies on financial information made available by the companies in which it invests. This information may not be independently verified by the AIFM. Corporate mismanagement, fraud and accounting irregularities relating to the underlying investments may result in material losses.
Important Information
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.
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.
Investment trust companies are traded on the London stock exchange, therefore the ability to buy or sell shares will be dependent on their market price, which may be at a premium or discount to their net asset value.
Before making an investment decision, please read the PRIIPS Key Information Document which is available from Jupiter on request and at www.jupiteram.com.
Past performance is no guide to the future.
Company examples are for illustrative purposes only and are not a recommendation to buy or sell.
The Company currently conducts its affairs so that its shares can be recommended by Financial Advisers to ordinary retail investors in accordance with the Financial Conduct Authority’s (FCA) rules in relation to non-mainstream pooled investment products and intends to continue to do so for the foreseeable future. The Company’s shares are excluded from the FCA’s restrictions which apply to non-mainstream pooled investment products because they are shares in an investment trust.
This website provides links to third party websites over which Jupiter has no control. These links are provided for your convenience and Jupiter accepts no responsibility for the content of such websites.
Security Alerts
Rights and Isses Investment Trust Public Limited Company
Jupiter Unit Trust Managers Limited (122488) is the investment manager and AIFM for the Rights And Issues Investment Trust PLC and we have been made aware of a scam website (https://rightsandissuestrustplc.com).
The website has been set up claiming to be associated with the genuine Rights and Issues Investment Trust PLC. To add legitimacy to this scam, the website displays the correct Companies House reference number (00736898) and the correct registered office address (Hamilton Centre Rodney Way, Chelmsford, CM1 1BY) for the Rights and Issues Investment Trust PLC . However, the telephone number and contact email details on the scam website are incorrect. The legitimate webpage for the Rights and Issues Investment Trust PLC is www.jupiteram.com/uk/en/individual/rights-and-issues-investment-trust-plc/.
If you believe you have been contacted by individuals affiliated with this website, please contact Jupiter directly using the details provided on this webpage.