Manager Cédric de Fonclare joined Jupiter in 1999 and assumed responsibility for the Jupiter European Special Situations in July 2005, having worked on the European team since 2000. He has also been responsible for the Jupiter JGF European Opportunities fund since Jan 2003. He works alongside a dedicated analyst and, although he remains autonomous in his decision-making, he makes use of frequent exchanges with a solid team of fund managers that we consider to be above-average in quality.
The manager’s stock-picking approach permits him a high degree of freedom, which he has used to good effect. He tends to favour companies whose profits and free cash flows are growing and feature good visibility. This kind of company constitutes the core of his portfolio, but he has also shown himself to be pragmatic--he monitors macroeconomic developments and usually has a road map of where he believes the fund should be positioned depending on the economic environment. He is also willing to take advantage of turnaround situations and stocks that he considers to be undervalued.
The portfolio will typically have 45-60 holdings. There is a focus on large and mid-caps but the manager has no restrictions when choosing stocks, and while he does seek to maintain a diverse portfolio in terms of its component sectors and geographical distribution across Europe, the mandate is unconstrained. He has a strong innate sense of risk, in our opinion, and we believe that the fund will continue to deliver solid excess returns over the medium to long run commensurate with the risks he takes on board.
Overall, we believe the manager has a firm grip on his European equity universe and makes full use of his skills on this offering. He has executed his process well over the years and has shown he has what it takes to navigate both up and down markets relatively well. The fund retains its Silver rating.
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