Company will market four growth sub-funds at UK and European investors
Jupiter has launched a Luxembourg Sicav, the Global Active Fund, offering four growth subfunds to be jointly marketed at European and UK investors via Commerzbank and Jupiter.
The group is still awaiting FSA approval before the funds can be made available to UK retail investors.
The four portfolios will consist of a Pan-European Growth, Pan-European Special Opportunities, UK Special Opportunities and Global Socially Responsible Investment funds.
The two European funds and the SRI portfolio will be priced in euros and the UK Special Opportunities fund in sterling. The minimum investment is e1,000 or sterling equivalent. All funds will have multi-share classes.
Steve Glynn, managing director of Jupiter, said: 'The prospect for these funds is exciting as it allows us to develop business opportunities across Europe for the first time, working in close partnership with Commerzbank and its European subsidiaries. Additionally, we believe this provides attractive investment opportunities for UK investors to benefit from access to the talents of our fund managers within a brand new fund environment, with the additional benefits that Luxembourg funds can bring.'
European Growth is to be managed by Alex Darwall and will be run as a mirror of his UK-based European portfolio. The European Special Situations will be run by Leon Howard-Spink and be a mirror of the UK-based Jupiter European Special Situations fund. The SRI fund, to be managed by Simon Baker, will mirror the Jupiter Global Green investment trust.
Paul Sheehan, who the group recruited earlier this year from Dresdner RCM, is to run a UK Special Opportunities fund, a variation of his UK-based Growth & Income portfolio.
Sheehan, who took over the Growth & Income fund from Edward Bland in June, has already made adjustments to the portfolio, upping its weightings in the small and mid cap area of the market.
UK Growth Opportunities will continue with this bias and also concentrate on special situation and recovery ideas, he said, but will have a more focused approach, containing some 30-40 stocks as opposed to the 50-60 holding size of the Growth & Income unit trust.
The blue chip weighting in the £50m Growth & Income has been decreased from 60% to 50%, he said, noting he has cut back inherited positions in Shire Pharmaceuticals and Cable & Wireless. Sheehan said: 'It was pretty defensively positioned when I took over the fund and I have since taken away some of the blue chip holdings, added more small and mid cap stocks and some more thematic and special situations ideas.'
One theme Sheehan is pursuing in the fund is stocks in the gaming industry and he has invested in Sportingbet. He added: 'The growth rates in this area are fantastic and some stocks are on P/Es of seven times, two years out. In the UK we spend less than 1% of GDP on gambling and in Australia it is close to 5%, so there is considerable scope.'
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