020 7189 9999

JUPITER EUROPEAN I

JUPITER EUROPEAN I - Overview

Overview of JUPITER EUROPEAN I Buy in Investment Account

This fund targets long-term capital growth by investing in 30-40 large and mid-cap continental European equities. Manager Alexander Darwall looks for “special” companies, that offer superior, differentiated products or services and can deliver sustainable growth regardless of the economic backdrop. These businesses will typically be the beneficiaries of long-term global trends such as population growth. He most commonly finds such companies in the media, technology, industrials and health care sectors. In April 2019 Jupiter announced that Darwall would be stepping down from the fund later that year.

  • Standard Initial Charge 0.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector Europe Excluding UK
Structure UNIT TRUST
Launched September, 2011
Size £1m
Yield 0.5%
Charging basis Income
Dividends paid 31 Aug

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 1.03%

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Information Investor Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

Alexander Darwall has built a formidable track record since taking over this fund in 2001. He has a distinctive investment style and pays little regard to the benchmark, instead focusing on identifying high quality European companies then benefitting from their growth over the long-term. The consistency of such companies means the fund has a defensive performance profile, often offering a degree of protection from falling markets but lagging rising markets. However the concentrated portfolio means returns are highly stock-specific, and can deviate sharply from those of the market as a whole. Investors also have the option of investing in his Jupiter European Opportunities Investment Trust, which is similar but includes UK stocks.

Portfolio

Allocation Proportion(%)
Equity 98
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 2
Allocation Proportion(%)
UK 6
Europe 93
North America 1
Japan 0
Pacific 0
Emerging Markets 0
Allocation Proportion(%)
Large Caps 80
Mid Caps 18
Small Caps 2
View all performance data for this fund

Investment process

The trust invests mainly in large and mid-cap European (including UK) equities. Manager Alexander Darwall looks for growing companies with high margins that he believes can sustain this growth over the long term. Typically they will offer superior, differentiated products or services and be macro-indifferent - able to prosper in a range of economic scenarios. Darwall also looks for management with a proven track record and strong corporate governance. These companies also have high visibility of earnings, strong cash generation and a strong competitive position. Ideas are generated through reading company news and meeting management. The team has over 200 meetings each year, and will often verify a company by speaking to its network of suppliers and customers. The portfolio is formed on a bottom-up basis with no regard to the macro, though portfolio companies will often have exposure to “super-macro” themes – long-term growth trends in areas such as technology, globalisation and politics. Darwall often takes small positions in stocks whilst he is building up the investment case. However, once he has confidence in a business he typically takes a large position and holds it for a number of years.

Live feed

Bid price(inc) 2,325.30p
Accum units 2,460.76p
Fund commentary 10/01/19
Fund data updated on 23/05/19

Asset allocation

Allocation Proportion(%)
Equity 98
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 2

Equity Geographic

Allocation Proportion(%)
UK 6
Europe 93
North America 1
Japan 0
Pacific 0
Emerging Markets 0

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 80
Mid Caps 18
Small Caps 2

Top 10 holdings

As at: 28/02/2019
8.7082%Adidas Ag
7.8631%Novo-Nordisk As
7.6887%Wirecard Ag
7.5151%Relx Nv
6.9621%Amadeus It Group Sa
4.8422%Dassault Systemes Sa
4.7273%Deutsche Boerse Ag
4.6503%Bayer Ag
4.2325%Edenred
4.1795%Grifols Sa
Source: Trustnet

Sector breakdown

Health Care 28%
Technology 17%
Industrials 16%
Consumer Goods 14%
Financials 11%
Consumer Services 10%
Basic Materials 3%
Money Market 1%
Telecommunications 0%

Portfolio details

30-40 stocks, focused on the top 20 and then a long tail. Bias to the health care, technology, industrials and media sectors

Constraints

Max 5% UK stocks. VP 12.00.
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.

Average monthly relative returns Bestinvest MRI
14/15 15/16 16/17 17/18 18/19   3 years 5 years Career 3 years 5 years Career
0.85% 0.72% -0.54% 0.94% 0.47%   0.29% 0.49% 0.40% 84.60% 98.90% 100.00%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Alexander Darwall

Manager. Darwall joined Jupiter in 1995 and is currently Head of Strategy, European Growth. He began his career training as an investment analyst at de Zoete & Bevan (BZW) before moving to Enskilda Securities in Paris in 1987, where he became head of French equity research. In 1992 he moved to Goldman Sachs in London as a French equity analyst. Darwall has a degree in History from Cambridge University. He is assisted by fund manager Luca Emo and assistant fund manager Jordane Guillot.

Track record

Alexander Darwall has 18.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.4%. During the worst period of relative performance (from December 2015 - December 2016) there was a decline of 13% relative to the index. The worst absolute loss has been 37%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance
Absolute -37% (January 2001 - February 2003)
Relative -13% (December 2015 - December 2016)

Other funds managed

Sector record since January 2001 (18 yrs)




About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Your Session will expire soonclose overlay

As you have been inactive for nearly 15 minutes you will soon be logged out of the secure area of our website. Click OK to remain logged in.