Morningstar Fund Report  | 10/04/2025Print

Jupiter Merlin Income Portfolio Fund L Acc

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Jupiter Merlin Income Portfolio Fund L Acc
Fund10.3-7.25.25.50.8
+/-Cat2.23.2-2.4-1.31.0
+/-B’mrk2.32.0-4.1-3.10.9
 
Category: GBP Allocation 40-60% Equity
Category Benchmark: Morningstar UK Mod Tgt Allo...
Key Stats
NAV
10/04/2025		 GBX 367.34
Day Change 3.72%
Morningstar Category™ GBP Allocation 40-60% Equity
IA (formerly IMA) Sector Mixed Investment 20-60% Shares
ISIN GB0003629374
Fund Size (Mil)
17/07/2024		 GBP 1644.21
Share Class Size (Mil)
09/04/2025		 GBP 216.28
Max Initial Charge -
Ongoing Charge
20/03/2025		  2.16%
Morningstar Research
Analyst Report17/03/2025
Tom Mills, Principal
Morningstar, Inc

Jupiter Merlin Income benefits from an experienced team with a consistent focus on investing in active managers, founded on a long-term capital preservation mindset. Its Morningstar Analyst Rating remains Neutral for all share classes. The...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People24
Parent23
Process24
Performance
Price
Investment Objective: Jupiter Merlin Income Portfolio Fund L Acc
To provide a return, through a combination of income together with the prospect of capital growth, net of fees, over the long term (at least five years). At least 70% of the Fund is invested in collective investment schemes. Up to 30% of the Fund may be invested in other assets, including shares of companies and cash and near cash. The Fund will have exposure (direct and/or indirect) of 20% to 60% (typically between 45% to 60%) to shares of companies.
Returns
Trailing Returns (GBP)10/04/2025
YTD-1.89
3 Years Annualised1.52
5 Years Annualised4.56
10 Years Annualised3.03
12 Month Yield 3.35
Management
Manager Name
Start Date
John Chatfeild-Roberts
01/05/1997
Algy Smith-Maxwell
01/05/1997
Click here to see others
Inception Date
14/09/1992

Category Benchmark
Fund BenchmarkMorningstar Benchmark
IA Mixed Investment 20-60%SharesMorningstar UK Mod Tgt Alloc NR GBP
Portfolio Profile for  Jupiter Merlin Income Portfolio Fund L Acc28/02/2025
Morningstar Style Box®
Equity Style
Morningstar Style Box®
Fixed Income Style
Asset Allocation
  % Long% Short% Net Assets
Stock57.860.0057.86
Bond31.371.4529.93
Property0.000.000.00
Cash33.4831.791.69
Other10.270.0110.27
Fixed Income
Effective Maturity-
Effective Duration-
Top 5 Regions%
United Kingdom50.10
Japan19.87
United States16.38
Eurozone6.32
Europe - ex Euro2.38
Top 5 Sectors%
Financial Services18.98
Industrials16.46
Consumer Cyclical12.99
Technology12.65
Consumer Defensive11.51
Top 5 HoldingsSector%
Aegon High Yield Global Bd J Inc... 16.98
IFSL Evenlode Income C Inc14.32
Man Income Professional Inc D12.02
WS Morant Wright Nippon Yield B Inc9.99
Jupiter Global Value Equity Inst... 7.03
Increase Decrease New since last portfolio
Jupiter Merlin Income Portfolio Fund L Acc
Growth Of 1000 (GBP) 31/03/2025
Fund:  Jupiter Merlin Income Portfolio Fund L Acc
Category:  GBP Allocation 40-60% Equity
Category Index:  Morningstar UK Mod Tgt Alloc NR GBP
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-4.0612.282.1410.30-7.245.185.480.82
+/- Category1.42-0.14-1.942.243.22-2.35-1.250.96
+/- Category Index---3.152.312.02-4.09-3.070.93
% Rank in Category2651662219827121
Trailing Returns (GBP)10/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day3.72   4.362.43
1 Week-1.68   3.151.71
1 Month-3.87   1.690.10
3 Months-2.31   2.721.49
6 Months-0.93   3.621.27
YTD-1.89   2.871.22
1 Year1.65   2.44-0.44
3 Years Annualised1.52   0.87-1.19
5 Years Annualised4.56   0.35-0.35
10 Years Annualised3.03   0.18-1.39
 
Category: GBP Allocation 40-60% Equity
Category Index: Morningstar UK Mod Tgt Alloc NR GBP
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20250.82---
20241.880.971.810.72
20231.50-1.541.034.17
2022-3.09-5.29-2.813.99
20211.264.011.053.64
2020-10.839.690.394.01
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAverageAverage3 star
5-YearAverageAverage3 star
10-YearAverageBelow Average3 star
OverallAverageAverage3 star
 
Category :  GBP Allocation 40-60% EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev7.15 %
3-Yr Mean Return2.56 %
 
3-Yr Sharpe Ratio-0.21
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar UK Mod Tgt Alloc NR GBP  Morningstar UK SMID Cap TME NR GBP
3-Yr Beta0.820.39
3-Yr Alpha-1.34-1.58
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 14038-
Market Capitalisation% of Equity
Giant22.31
Large28.16
Medium34.39
Small12.72
Micro2.42
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings12.600.75
Price/Book1.420.56
Price/Sales0.960.52
Price/Cash Flow8.550.75
Dividend-Yield Factor3.601.48
 
Long-Term Projected Earnings Growth9.881.02
Historical Earnings Growth0.230.03
Sales Growth4.550.73
Cash-Flow Growth0.770.16
Book-Value Growth4.980.89
 
Category: GBP Allocation 40-60% Equity
Fixed Income Style-
Morningstar Style Box®
Fixed Income Style
SizeRel to Cat
Total Market Value (Mil)GBP 1599
Maturity Distribution %
1 to 312.19
3 to 540.27
5 to 723.22
7 to 109.03
10 to 152.05
15 to 202.25
20 to 304.04
Over 302.87
Effective Maturity-
Effective Duration-
Credit Quality Breakdown %     %
AAA -   BB-
AA-   B-
A-   Below B-
BBB-   Not Rated-
 
Category: GBP Allocation 40-60% Equity
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock57.860.0057.86
Bond31.371.4529.93
Property0.000.000.00
Cash33.4831.791.69
Other10.270.0110.27
World Regions28/02/2025
 % of EquityRelative to Category
United States16.380.31
Canada0.440.43
Latin America1.121.86
United Kingdom50.102.40
Eurozone6.320.87
Europe - ex Euro2.380.73
Europe - Emerging0.000.00
Africa0.291.51
Middle East0.391.04
Japan19.873.46
Australasia0.320.35
Asia - Developed2.330.73
Asia - Emerging0.060.02
 
Category: GBP Allocation 40-60% Equity
Sector Weightings28/02/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials7.082.17
Consumer CyclicalConsumer Cyclical12.991.27
Financial ServicesFinancial Services18.981.07
Real EstateReal Estate2.500.54
Consumer DefensiveConsumer Defensive11.511.59
HealthcareHealthcare7.530.70
UtilitiesUtilities2.260.72
Communication ServicesCommunication Services3.410.50
EnergyEnergy4.631.15
IndustrialsIndustrials16.461.35
TechnologyTechnology12.650.63
 
Category: GBP Allocation 40-60% Equity
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings0
Total Number of Bond Holdings0
Assets in Top 10 Holdings88.27
NameSectorCountry% of Assets
Aegon High Yield Global Bd J Inc GBP HdgIreland16.98
IFSL Evenlode Income C IncUnited Kingdom14.32
Man Income Professional Inc DUnited Kingdom12.02
WS Morant Wright Nippon Yield B IncUnited Kingdom9.99
Jupiter Global Value Equity Instl IncUnited Kingdom7.03
Mayfair Capital Commercial Property T... -6.65
BlueBox Funds Global Technology J $ AccLuxembourg6.02
Jupiter Global HY Bd I GBP Q Inc HSCLuxembourg5.54
M&G Global Corporate Bd L Sterling IncUnited Kingdom5.00
Jupiter UK Income Fund L IncUnited Kingdom4.71
 
Increase Decrease New since last portfolio
Category: GBP Allocation 40-60% 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 Date14/09/1992
Fund Advisor(s)
Jupiter Asset Management Limited
Fund ManagerJohn Chatfeild-Roberts
Manager Start Date01/05/1997
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 ManagerAlgy Smith-Maxwell
Manager Start Date01/05/1997
 
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 ManagerDavid Lewis
Manager Start Date01/05/2011
 
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 Date01/05/2011
 
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 Charge1.50%
Ongoing Charge2.16%
Purchase Details
Minimum Investments
Initial500  GBP
Additional250  GBP
Savings50  GBP
Tax Free Savings Schemes
ISAsYes