Factsheet: Jupiter Income Trust I Acc

UK Equity Income

Rated Fund 2017-2018. A deep value play

A newcomer in 2017, Jupiter Income has retained its Rated Fund status this year, despite underperforming its benchmark and peer group over the past year on account of manager Ben Whitmore's deep value style being out of favour. Longer-term, his contrarian approach has paid off, with the fund performing well since he became lead manager in January 2013. It yields 3.7 per cent and pays income half-yearly.Whitmore takes a bottom-up, stock-picking investment approach. On the basis that any weakness is temporary, he buys unloved, lowly priced shares in companies that are nevertheless well-run and have sound balance sheets.He has no pre-set size or sector bias, but his team tends to focus on the biggest 400 UK companies.He believes that investors' emotions can get in the way of making the best possible investment decisions, so uses two investment screens to inform what he should buy and sell. The first screen looks for shares that are lowly valued on their earnings power across an economic cycle, and the second looks for shares that are both lowly rated and have high returns.Having narrowed down the investable universe, he aims to identify companies with strong franchises and balance sheets, and a high level of free cash flow as a proportion of after-tax profits to maintain dividends. A rich valuation and/or falling dividend yield can trigger a sale.Barclays Wealth and Investments highlights Whitmore as one of the few UK equity managers to run such a deep-value investment process. As and when the style returns to favour, this fund should outperform.

Narrative and ratings content all as of 01 January 2018.

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Jupiter Income Trust I Acc
Jupiter Unit Trust Managers Ltd
Unit Trust
UK Equity Income
0.95 %
Risk Rating
3 Year Sharpe
3 Year Alpha
3.6 %
The fund seeks to produce a high income, increasing at least in line with inflation, from a managed portfolio chiefly invested in UK equities and fixed interest stocks, although with some overseas exposure. Invests principally in the UK in high quality companies with above average income and sound prospects.
Holding %
BP PLC 6.24 %
HSBC Holdings PLC 5.28 %
Aviva PLC 4.65 %
Pearson PLC 4.14 %
Smiths Group PLC 3.81 %
Cisco Systems Inc 3.79 %
Standard Chartered PLC 3.36 %
GlaxoSmithKline PLC 3.28 %
Imperial Brands PLC 3.22 %
LM Ericsson Telephone Co B 3.21 %
Region %
United Kingdom 82.51 %
United States 9.62 %
Sector %
Financial Services 23.94 %
Consumer Cyclical 19.01 %
Industrials 12.62 %
Energy 8.73 %
Consumer Defensive 8.18 %
Technology 8.08 %
Healthcare 6.67 %
Basic materials 5.69 %
Jupiter Unit Trust Managers Ltd
SW1E 6SQ, London, United Kingdom
Legal Structure
Unit Trust


Ben Whitmore
Joined 01/01/2013

Ben Whitmore joined Jupiter in October 2006. He manages the Jupiter UK Special Situations Fund (Unit Trust) and institutional assets. Prior to joining Jupiter, Ben worked at Schroders, managing both retail and institutional portfolios and some £2bn of assets - including the £281m Schroder Recovery Fund - establishing an excellent track record as a value-driven, contrarian fund manager. Ben gained a degree in Geography from Cambridge University.

Data provided by Morningstar.

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