Morningstar Fund Report  | 17/04/2025Print

Jupiter Merlin Conservative Select L Class Accumulation Units

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Jupiter Merlin Conservative Select L Class Accumulation Units
Fund2.9-11.97.73.41.8
+/-Cat-0.5-1.61.4-1.51.5
+/-B’mrk-0.8-0.80.0-2.31.5
 
Category: GBP Allocation 20-40% Equity
Category Benchmark: Morningstar UK Mod Caut Tgt...
Key Stats
NAV
16/04/2025		 GBX 67.20
Day Change 0.48%
Morningstar Category™ GBP Allocation 20-40% Equity
IA (formerly IMA) Sector Mixed Investment 0-35% Shares
ISIN GB00B8GDMB34
Fund Size (Mil)
17/07/2024		 GBP 169.41
Share Class Size (Mil)
15/04/2025		 GBP 4.22
Max Initial Charge -
Ongoing Charge
20/03/2025		  1.59%
Morningstar Research
Analyst Report17/03/2025
Tom Mills, Principal
Morningstar, Inc

Jupiter Merlin Conservative Select benefits from an experienced team with a consistent focus on investing in active managers, founded on a long-term capital preservation mindset. The Morningstar Analyst Rating for the fund’s I share class remains...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People24
Parent23
Process24
Performance
Price
Investment Objective: Jupiter Merlin Conservative Select L Class Accumulation Units
To provide a return, through a combination of capital growth and income, net of fees, over the long term (at least five years). At least 70% of the Fund is invested in collective investment schemes, with typically between 40% to 70% and at least 25% in funds managed or operated by Jupiter or an associate of Jupiter. Up to 30% of the Fund may be invested in other transferable securities, cash and near cash. The Fund will have exposure (direct and/or indirect) of: (i) at least 60% to fixed interest securities; and (ii) up to 35% to shares of companies.
Returns
Trailing Returns (GBP)16/04/2025
YTD0.06
3 Years Annualised1.27
5 Years Annualised2.08
10 Years Annualised2.25
12 Month Yield 4.30
Management
Manager Name
Start Date
Algy Smith-Maxwell
28/09/2012
John Chatfeild-Roberts
28/09/2012
Click here to see others
Inception Date
28/09/2012

Category Benchmark
Fund BenchmarkMorningstar Benchmark
IA Mixed Investment 0-35% SharesMorningstar UK Mod Caut Tgt Alloc NR GBP
Portfolio Profile for  Jupiter Merlin Conservative Select L Class Accumulation Units28/02/2025
Morningstar Style Box®
Equity Style
Morningstar Style Box®
Fixed Income Style
Asset Allocation
  % Long% Short% Net Assets
Stock33.370.0033.37
Bond67.9510.0857.87
Property0.000.000.00
Cash47.1543.203.95
Other4.160.004.16
Fixed Income
Effective Maturity-
Effective Duration7.48
Top 5 Regions%
United Kingdom36.89
Japan22.18
United States21.20
Eurozone8.86
Asia - Developed4.16
Top 5 Sectors%
Financial Services17.55
Industrials16.41
Technology14.47
Consumer Cyclical13.76
Consumer Defensive13.55
Top 5 HoldingsSector%
Jupiter Corporate Bond I Inc34.34
M&G Global Corporate Bd L Sterli... 10.45
Jupiter Global HY Bd I GBP Q Inc... 10.26
Jupiter Global Value I GBP Acc8.01
WS Morant Wright Nippon Yield B Inc6.14
Increase Decrease New since last portfolio
Jupiter Merlin Conservative Select L Class Accumulation Units
Growth Of 1000 (GBP) 31/03/2025
Fund:  Jupiter Merlin Conservative Select L Class Accumulation Units
Category:  GBP Allocation 20-40% Equity
Category Index:  Morningstar UK Mod Caut Tgt Alloc NR GBP
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-2.8010.515.772.92-11.897.693.421.82
+/- Category1.071.431.94-0.53-1.611.41-1.511.46
+/- Category Index--0.61-0.78-0.82-0.04-2.321.48
% Rank in Category272924687020816
Trailing Returns (GBP)16/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day0.48   0.110.36
1 Week2.41   1.651.25
1 Month-1.10   0.490.26
3 Months-0.80   0.660.73
6 Months-1.10   0.68-0.18
YTD0.06   1.581.12
1 Year4.49   2.210.54
3 Years Annualised1.27   0.28-0.73
5 Years Annualised2.08   -0.36-0.45
10 Years Annualised2.25   0.23-0.66
 
Category: GBP Allocation 20-40% Equity
Category Index: Morningstar UK Mod Caut Tgt Alloc NR GBP
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20251.82---
20241.360.262.21-0.43
20232.69-2.921.136.83
2022-3.55-7.76-4.473.66
2021-0.783.08-0.290.93
2020-7.039.240.703.42
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAverageHigh3 star
5-YearAverageAbove Average3 star
10-YearAverageAverage3 star
OverallAverageAbove Average3 star
 
Category :  GBP Allocation 20-40% EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev8.30 %
3-Yr Mean Return1.52 %
 
3-Yr Sharpe Ratio-0.30
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar UK Mod Caut Tgt Alloc NR GBP  Morningstar UK Mod Caut Tgt Alloc NR GBP
3-Yr Beta1.141.14
3-Yr Alpha-0.35-0.35
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 12044-
Market Capitalisation% of Equity
Giant19.17
Large29.03
Medium34.57
Small13.39
Micro3.84
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings12.410.76
Price/Book1.280.52
Price/Sales0.840.46
Price/Cash Flow7.390.70
Dividend-Yield Factor3.591.47
 
Long-Term Projected Earnings Growth10.201.07
Historical Earnings Growth0.310.05
Sales Growth5.060.93
Cash-Flow Growth3.230.16
Book-Value Growth3.271.77
 
Category: GBP Allocation 20-40% Equity
Fixed Income Style28/02/2025
Morningstar Style Box®
Fixed Income Style
SizeRel to Cat
Total Market Value (Mil)GBP 163
Maturity Distribution %
1 to 39.45
3 to 520.60
5 to 715.61
7 to 1013.35
10 to 156.04
15 to 204.50
20 to 307.15
Over 309.65
Effective Maturity-
Effective Duration7.48
Credit Quality Breakdown %     %
AAA9.18   BB12.53
AA13.81   B10.38
A11.47   Below B1.72
BBB40.24   Not Rated0.67
 
Category: GBP Allocation 20-40% Equity
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock33.370.0033.37
Bond67.9510.0857.87
Property0.000.000.00
Cash47.1543.203.95
Other4.160.004.16
World Regions28/02/2025
 % of EquityRelative to Category
United States21.200.39
Canada0.480.35
Latin America2.373.86
United Kingdom36.891.84
Eurozone8.861.37
Europe - ex Euro2.670.78
Europe - Emerging0.000.00
Africa0.391.55
Middle East0.100.20
Japan22.184.87
Australasia0.360.42
Asia - Developed4.161.27
Asia - Emerging0.340.08
 
Category: GBP Allocation 20-40% Equity
Sector Weightings28/02/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials5.591.49
Consumer CyclicalConsumer Cyclical13.761.41
Financial ServicesFinancial Services17.551.00
Real EstateReal Estate2.740.86
Consumer DefensiveConsumer Defensive13.551.82
HealthcareHealthcare6.730.63
UtilitiesUtilities1.610.43
Communication ServicesCommunication Services4.500.65
EnergyEnergy3.080.63
IndustrialsIndustrials16.411.41
TechnologyTechnology14.470.70
 
Category: GBP Allocation 20-40% Equity
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings0
Total Number of Bond Holdings0
Assets in Top 10 Holdings92.09
NameSectorCountry% of Assets
Jupiter Corporate Bond I IncUnited Kingdom34.34
M&G Global Corporate Bd L Sterling IncUnited Kingdom10.45
Jupiter Global HY Bd I GBP Q Inc HSCLuxembourg10.26
Jupiter Global Value I GBP AccLuxembourg8.01
WS Morant Wright Nippon Yield B IncUnited Kingdom6.14
Jupiter UK Income Fund L IncUnited Kingdom5.98
IFSL Evenlode Income C IncUnited Kingdom5.38
BlueBox Funds Global Technology J $ AccLuxembourg3.97
Jupiter Global Sov Opp I GBP Inc HSCLuxembourg3.79
WisdomTree Core Physical GoldJersey3.75
 
Increase Decrease New since last portfolio
Category: GBP Allocation 20-40% Equity
 
Management
Name of CompanyJupiter Unit Trust Managers Ltd
Phone+44 20 3817 1000
Websitehttp://www.jupiteram.com
AddressThe Zig Zag Building
 London   SW1E 6SQ
 United Kingdom
DomicileUnited Kingdom
Legal StructureUnit Trust
UCITSNo
Inception Date28/09/2012
Fund Advisor(s)
Jupiter Asset Management Limited
Fund ManagerAlgy Smith-Maxwell
Manager Start Date28/09/2012
 
Biography
Algy Smith-Maxwell joined Jupiter in 2001. As a fund manager in the Jupiter Independent Funds Team, Algy jointly runs the Jupiter Merlin Portfolios with John Chatfeild-Roberts and Peter Lawery. Algy has extensive experience specialising in multi-manager funds. He started his career in 1995 as a fund analyst for Henderson's before becoming a fund manager for Lazard Asset Management in 1999
Fund ManagerJohn Chatfeild-Roberts
Manager Start Date28/09/2012
Career Start Year1990
Education
Durham University, B.A.
 
Biography
John Chatfeild-Roberts joined Jupiter in March 2001, and he was appointed Chief Investment Officer of Jupiter Asset Management in February 2010. He established the award-winning Jupiter Merlin fund of funds team, in which he jointly manages the Jupiter Merlin Portfolios with Peter Lawery and Algy Smith-Maxwell, who both came with him from Lazard Asset Management. John is also Lead Manager of the Jupiter Global Managed Fund (Unit Trust). John gained a degree in Economics from Durham University and the RMA Sandhurst. After a Short Service Commission in the Army, John started his fund management career at Henderson's (1990-1995), followed by a move to Lazard Asset Management, where he set up a successful multi-manager team from scratch. John is a Fellow of the Securities Institute.
Fund ManagerDavid Lewis
Manager Start Date28/09/2012
 
Biography
David joined Jupiter in 2008, initially in the Private Client & Charities Team as a portfolio assistant then as an assistant fund manager from February 2010. In May 2011 David joined the Jupiter Independent Funds Team, which is responsible for managing the Jupiter Merlin Portfolios. Before joining Jupiter, David worked at IFA Bestinvest as an assistant investment manager within its Discretionary Investment Management department. David is a Chartered Member of the Chartered Institute for Securities & Investments and is a CFA® charterholder.
Fund ManagerAmanda Sellars
Manager Start Date28/09/2012
 
Biography
Amanda is a Fund Manager and ESG Director in the Jupiter Independent Funds Team and joined the team in 2011. efore joining Jupiter, Amanda spent five years at JPMorgan Asset Management as investment director and executive director. She also led the Corporate Governance team for Emerging Markets, Europe and Asia (EMEA). Prior to this, Amanda spent ten years at J.P. Morgan Private Bank and Flemings as a fund analyst and vice president. She began her investment career in 1996.
Fund ManagerGeorge Fox
Manager Start Date01/06/2021
 
Biography
George is an Assistant Fund Manager in the Jupiter Independent Funds Team. George began his investment career in 2018. He has a degree in History and holds the CFA UK – Investment Management Certificate.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge1.25%
Ongoing Charge1.59%
Purchase Details
Minimum Investments
Initial500  GBP
Additional250  GBP
Savings50  GBP
Tax Free Savings Schemes
ISAsYes