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Jupiter hits back at RedZone inclusion

Jupiter Asset Management has reminded investors “not to be swayed by short-term events” after one of its Merlin multi-manager funds was highlighted for poor performance.

John Chatfeild-Roberts, Peter Lawery and Algy Smith-Maxwell’s £811.6m Jupiter Merlin Worldwide Portfolio was included in the most recent edition of Chelsea Financial Service’s RedZone report, which highlights funds which have been third or fourth quartile for three discrete consecutive years.

Responding to the fund’s inclusion, Jupiter says: “Every manager would like a perfect record but the reality is that periods of underperformance are a fact of life in the investment world. Our focus is on delivering long-term absolute performance after fees for our clients and it is important not to be swayed by short-term events.”

The firm adds its funds will sometimes have exposure to themes that have “not yet played out in markets”, which may hamper short-term performance.

Themes in Jupiter Merlin Worldwide Portfolio that may have held back recent performance include an overweight position in emerging markets, more exposure to the dollar than its competitors, less exposure to the UK and holding gold.

Chelsea managing director Darius McDermott says: “Sometimes there may be good reasons for the underperformance and investors may decide to be patient with the manager. In some cases, ditching a perennial underperformer is the only thing to do.”

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