Jupiter European Opportunities Trust PLC
Rated Fund 2013, 2015-19. Concentrates on companies benefiting from change
This trust has been expertly managed by the highly experienced Alexander Darwall since 2000. He hugely outperformed peers and the benchmark in 2018, although registered a 5% loss. Morningstar rates it a ‘standout choice’ for investors in European equities.
Darwall can invest anywhere across Europe including in the UK and favours a concentrated portfolio. At the end of 2018, he had 36% in Germany and 23% in the UK. His top 10 holdings accounted for three quarters of the portfolio.
The manager invests in businesses of all sizes and investors can expect an eclectic collection of stocks reflecting Darwall’s aim to find ‘special’ companies across a range of activities. He regards change and disruption as necessary ingredients for his investment strategy to work and looks for companies that stand to benefit.
He pays little attention to what is happening at a political and macroeconomic level as he is more interested in finding businesses that can deliver earnings growth across a range of economic scenarios.
When looking for shares to buy, Darwall seeks to identify companies that enjoy certain key business characteristics. The first is a strong management record and team. The second is proprietary technology and other factors that indicate a sustainable competitive advantage. The third is the reasonable expectation that demand for products or services will enjoy long-term growth. And the fourth is an understanding that structural changes are likely to benefit rather than negatively impact that company’s prospects.
Shares in the trust have traded around the value of underlying assets for the past year. Those who time their entry carefully may be able to buy at a small discount, however.
ducts or services will enjoy long-term growth. The fourth is an understanding that structural changes are likely to benefit rather than negatively impact that company's prospects.
Narrative and ratings content all as of 01 January 2019.See all Money Observer rated funds
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Alex Darwall joined Jupiter in 1995 and currently heads up the Jupiter European Team. He manages the Jupiter European Fund (Unit Trust), the Jupiter European Opportunities Trust (Investment Trust), the Jupiter European Growth SICAV and institutional assets. Alex originally joined Jupiter to run the European portion of a number of segregated pension fund accounts, subsequently taking responsibility for other accounts including County Council pension funds (European portion). In 1999, he assumed management of the Jupiter European Investment Trust and subsequently the rollover vehicle, the Jupiter European Opportunities Trust (Investment Trust), which launched in November 2000. Alex trained as an investment analyst with de Zoete & Bevan (BZW) before moving to Enskilda Securities in Paris in 1987, where he became Head of French Equity Research. He joined Goldman Sachs in London in 1992, where he worked as a French Equity Analyst prior to moving to Jupiter. Alex gained a degree in History from Cambridge University.
Data provided by Morningstar.
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