The decision of Philip Gibbs, fund manager of the Jupiter Split Trust, to heavily sway the fund into...
The decision of Philip Gibbs, fund manager of the Jupiter Split Trust, to heavily sway the fund into financials, saw the trust outperform the FTSE All-Share by more than 13% over the six months to 30 June 2001.
In its interim results for the six-month period, the company's total assets rose by 4.4% to £337.2m, compared to a fall of 8.6% in the FTSE All- Share Index over the same time period.
Andrew Watkins, head of investment trusts at Jupiter, said that in international financials, Gibbs had a proven track record in choosing the right life assurance companies, banks and asset management businesses. As a result, the capital share price on the trust was up 59% from 30 June 2000 to 30 June 2001, from 236.5p to 376p.
Geoff Howard-Spink, chair-man of the trust, said the group's strategy is focused on investing in companies that are exhibiting strong growth characteristics but which should be resilient in the face of a widespread economic downturn.
As at 31 July, the top holdings in the trust were Abbey National and Anglo Irish, both making up 5% of total assets. Overall, the trust's top 10 holdings made up 42% of the portfolio.
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