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Jupiter Merlin team: the new funds and managers we’re backing

Jupiter Merlin team: the new funds and managers we’re backing

The multi-manager team at Jupiter has added several new names to its Merlin portfolios, including two Citywire AAA-rated and one AA-rated UK equity income managers, and a AAA-rated European manager.

The new investments have been made within the £4.8 billion Citywire Selection Jupiter Merlin Income and £1.6 billion Balanced funds, both of which have been top-quartile performers over the past decade. Income has returned 116% through the period, and Balanced 136%.

In the UK equity income sector, managers Peter LaweryJohn Chatfeild-Roberts and Algy Smith-Maxwell (pictured) have bought three new funds.

One is the Royal London UK Equity Income fund, managed by AAA-rated Martin Cholwill. ‘Martin is well known to the team and we believe that he will be a valuable addition,’ the Merlin trio said. The fund has returned 61% over the past three years, compared with 32% from the FTSE All Share for the same period.

The Merlin team has also built positions in AAA-rated Matt Hudson’s Cazenove UK Equity Income fund, commending Cazenove’s business cycle investment approach, and AA-rated Mark Barnett’s Invesco Perpetual UK Strategic fund. Hudson has produced a 61% return over the past three years, and Barnett 59%.

Lawery, Chatfeild-Roberts and Smith-Maxwell confirmed that they had moved into Barnett’s fund the day before Neil Woodford’s departure was announced. ‘We invested with Mark on the basis that we viewed his pragmatic investment approach as having the potential to deliver during both up and down markets,’ they said. ‘We hope that he will be able to continue to execute this strategy through his UK Strategic Income fund and within his new fund mandates for which he will take responsibility in 2014.’

The other three Merlin debutants are Waverton EuropeanOdey Allegra Developed Markets and Aptus Global Financials.

Waverton’s manager Oliver Kelton is AAA-rated, and has produced a return of 71% over the past three years – top of his sector and fully 21 percentage points ahead of his nearest rival. The Merlin team noted that Kelton focused on valuations and sought to identify mispricing in markets.

The Odey fund is headed by James Hanbury and Jamie Grimston, both growth investors; it only launched this year, but has already claimed a top-decile position in its sector of 315 with a 7.4% return over the past three months.

The Aptus fund, dedicated to the financial sector, is similarly young but tops its sector over the past three months with a 5.5% return.

‘We have a high degree of confidence in each of these managers and hope that they are individuals who transpire to have the longevity within our portfolios that many of our long-standing managers have achieved,’ said Lawery, Chatfeild-Roberts and Smith-Maxwell.

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James Hanbury
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227/250 in Equity - Global Equities (Performance over 1 year) Average Total Return: 2.96%
Peter Lawery
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100/132 in Mixed Assets - Balanced (Performance over 3 years) Average Total Return: 23.91%
John Chatfeild-Roberts
John Chatfeild-Roberts
99/132 in Mixed Assets - Balanced (Performance over 3 years) Average Total Return: 23.91%
Algy Smith-Maxwell
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101/132 in Mixed Assets - Balanced (Performance over 3 years) Average Total Return: 23.91%
Martin Cholwill
Martin Cholwill
8/76 in Equity - UK Equity Income (Performance over 3 years) Average Total Return: 77.07%
Matthew Hudson
Matthew Hudson
21/76 in Equity - UK Equity Income (Performance over 3 years) Average Total Return: 66.60%
Mark Barnett
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15/76 in Equity - UK Equity Income (Performance over 3 years) Average Total Return: 71.17%
Neil Woodford
Neil Woodford
35/76 in Equity - UK Equity Income (Performance over 3 years) Average Total Return: 57.56%
Oliver Kelton
Oliver Kelton
1/57 in Equity - Europe (Performance over 3 years) Average Total Return: 102.02%
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