In light of the rapid and major changes in global markets in the recent past, Jupiter will be launching two new Unit Trusts that have the power to use full UCITS III investments powers:
The Jupiter Absolute Return Unit Trust - responding to changing market conditions
- Seeks to generate an absolute return independent of market conditions
- Full UCITS III powers
- Benchmarked against three month LIBOR
- Similar style to Jupiter Hyde Park Hedge Fund Limited (albeit with the aim of less leverage and lower volatility)
The Jupiter International Financials Unit Trust - investing principally in financials on an international basis
- Seeks to achieve long term capital growth
- Wider investment powers compared to Jupiter Financial Opportunities Fund
- Benchmarked against the FTSE Global Financials Index
- Similar style to Jupiter Global Financials SICAV
Both will be managed by top-performing manager Philip Gibbs who will use various strategies to respond rapidly to changing market conditions and manage market exposure. The funds will enable Philip to maximize his ability to call the macro-economic environment, together with his expertise in making asset allocation and stock picking decisions. These skills have enabled him to produce a total return of 825%* for investors in the Jupiter Financial Opportunities Fund since its launch in June 1997, ranking it 1st out of all 746 unit trusts over that period. Furthermore, these new funds will enable Philip to make available to retail investors the skills he has established during the past nine years managing a long/short hedge fund (*Source: Financial Express, Bid to bid, net income reinvested as at 31.10.09)
Philip will be holding an online webcast on Thursday 3 December at 3pm UK time, where he will provide an overview of the new funds. To register for this event, please click on the registration link below.
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Jupiter to launch two UCITS III funds for Philip Gibbs
Jupiter Asset Management is to launch two UCITS III funds for top-performing fund manager Philip Gibbs.
The two unit trust funds, which have been authorised by the FSA, will be launched in the next two to three months. They will enable Philip to maximise his ability to call the macro-economic environment, together with his expertise in making asset allocation and stock picking decisions. These skills have enabled him to produce a total return of 868%* for investors in the Jupiter Financial Opportunities Fund since its launch in June 1997, ranking it 1st out of all 748 unit trusts over that period. On an annualised basis the Fund has returned 20% a year compared with 3% for the FTSE ASX Financials Index. Furthermore, these new funds will enable Philip to make available to retail investors the skills he has established during the past nine years managing a long/short hedge fund.
The Jupiter Absolute Return Fund will seek to generate an absolute return independent of market conditions by investing on a global basis. The Fund will utilise the full UCITS III powers and use investment tools such as cash and derivatives in order to enable Philip to respond to changing market conditions. The Fund, which will be benchmarked against three month LIBOR, will be managed in a similar style to Philip’s hedge fund, albeit with the aim of less leverage and lower volatility.
The Jupiter International Financials Fund will seek to achieve long term capital growth principally through investing in financial companies on an international basis. Unlike the Jupiter Financial Opportunities Fund however, Philip will be able to make use of the wider investment powers allowed under UCITS III i.e. to use derivatives for investment purposes, which will include the ability to short individual financial stocks and indices. The Fund, which will be benchmarked against the FTSE Global Financials Index, will have a similar investment style to Philip’s offshore Sicav, the Jupiter Global Financials fund.
Philip Gibbs said: “The combination of the huge global fiscal stimulus and low interest rates has resulted in the global economy avoiding a depression and this has led to a strong rally for equity markets. I expect stock markets will be able to make further progress while this stimulus remains in place. However, longer term, governments will need to tackle ballooning budget deficits and economic recovery will ultimately force interest rates higher.”
