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View the article online at http://citywire.co.uk/wealth-manager/article/a355097

Hold or fold? Jupiter Merlin Income portfolio

by Daniel Grote on Aug 28, 2009 at 10:08

What Citywire says:

John Chatfeild-Roberts’ long-term returns place his multi-manager Jupiter Merlin Income portfolio at the top of the Cautious Managed sector.

Over 10 years to the end of July he returned 65.6%, ranking the fund first in the sector over that time period.

His three and five-year performance is almost as impressive: returns of 3.6% and 38.2% place him 13/85 and 6/51 respectively.

Over recent months, however, performance has dipped, with the fund dropping out of the top quartile over 12 and three months, and this month Chatfeild-Roberts lost his Citywire A-rating.

However, the fund was able to afford investors some protection during the financial meltdown last autumn.

‘We went into the financial crisis in very good shape, having increased our defensive exposure through 2007 by upping weights to gilts and gold and holding the more defensive fund managers, such as Neil Woodford at Invesco,’ explains Chatfeild-Roberts.

The fund missed the very early stages of the March rally and Chatfeild-Roberts has since added exposure to the more aggressive, high beta funds in the Corporate Bond sector but still maintains a defensive position.

He believes: ‘The US consumer remains key and yet the likelihood is that they will continue saving more and spending less. This all points to an anaemic environment for companies.

What the advisers say:

Steve Buttercase

IFA, Sense Financial Solutions

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