Jupiter Launches Global Value Fund For Whitmore

The UK-domiciled Global Value Equity fund will hold around 30 to 50 global companies, which the managers believe are undervalued, with the aim of achieving capital growth over the long term. The group has been considering the creation of this fund as far back as in 2016.

It is a global version of the group's £1.8bn Jupiter UK Special Situations fund, also managed by Whitmore and supported by Murphy, and will follow the same investment style.

The UK fund has returned 155.78% under Whitmore's tenure as manager since 2006 against a FTSE All-Share return of 89.07%, and the IA UK All Companies sector average return of 91.25%, according to FE.

Whitmore has also managed the £2.4bn Jupiter Income trust since 2013, which has also outperformed its benchmark and sector average return under his lead.

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The managers believe the key determinant of a company's future returns is whether the valuation paid for a security is high or low relative to its long-term history. Their investment process is therefore focused on identifying lowly-valued securities with resilient balance sheets and good businesses in an attempt to capture this "value premium". 

Whitmore said: "We see a clear opportunity in this environment to construct a globally diversified portfolio of companies.

"Value as a style of investing has had its worst period of relative underperformance versus growth investing since the late 1990s, therefore we think this is an opportune starting point at which to launch a fund."

Murphy added: "We are very excited about this fund. We have been managing global mandates since August 2016 and investing globally has allowed us to construct a portfolio with a diverse range of companies by geography and industry, which have low valuations, strong balance sheets and good franchises."