Jupiter European Opportunities Trust PLC
Rated Fund 2013, 2015-2018. Concentrates on companies benefiting from change
This trust has been managed by Alexander Darwall since 2000. He can invest anywhere across Europe including in the UK, and favours a concentrated portfolio. At the end of 2017, he had more than a quarter of assets in the UK and his top 10 holdings accounted for almost three quarters of the portfolio.
Darwall is highly experienced and has a strong performance record. However, with low exposure to financials and energy, this trust has been a little out of favour since 2016 and shares have therefore been available at a small discount to net asset value during 2017, whereas previously they had been trading at a premium.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 either the political and or the macroeconomic level, as he is more interested in finding businesses that can deliver earnings growth across a range of 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. 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 2018.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.
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