Jupiter UK Growth Fund - management change
Kate Marshall | Thu 09 April 2015
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Ian McVeigh will step down as co-manager of the Jupiter UK Growth Fund on 1 May 2015. Steve Davies, the fund's other co-manager, will assume full responsibility for the fund from this date.
Ian McVeigh has managed the fund since April 2003. From 1 May he will no longer be involved in day-to-day fund management and will take on a new role as Head of Governance at Jupiter.
Steve Davies was appointed to work alongside Ian McVeigh as an analyst on the fund in 2007 and they have since worked closely together. In 2009 Steve Davies became deputy manager of the fund and was subsequently appointed co-manager in early 2013.
Following the management change, Steve Davies plans to maintain the fund's existing investment approach and philosophy. He will continue to focus on two types of investment opportunity: recovery stocks - companies shunned by the wider market but where the manager sees potential for a turnaround; and growth stocks - companies the manager believes can generate above-average rates of growth.
Steve Davies has also managed the Jupiter Undervalued Assets Fund since January 2012 where he adopts a similar investment approach, although it has a greater bias towards recovery situations. Performance of this fund has been impressive over his tenure. While the fund has grown by 76.4%* over this period, the IA UK All Companies sector has risen by 48.1% and the FTSE All Share Index by 40.9%. As always, please remember past performance is no guide to future returns.
| Annual percentage growth | |||||
|---|---|---|---|---|---|
| Apr 10 -
Apr 11 |
Apr 11 -
Apr 12 |
Apr 12 -
Apr 13 |
Apr 13 -
Apr 14 |
Apr 14 -
Apr 15 | |
| Jupiter Undervalued Assets | 6.5% | -5.6% | 27.5% | 19.5% | 11.0% |
| IA UK All Companies | 10.9% | 0.2% | 18.0% | 13.8% | 5.3% |
| FTSE All Share | 9.2% | 1.5% | 16.2% | 8.4% | 6.2% |
Past performance is not a guide to future returns. Source: Lipper IM* to 01/04/2015
Given the similarities and high level of crossover between the two concentrated funds, Jupiter has also proposed merging the Undervalued Assets Fund into the UK Growth Fund. This remains subject to regulatory approval and we will inform investors at a later date should the merger be approved.
We do not anticipate that any significant changes will be made to the Jupiter UK Growth Fund following the management change. In our view, Steve Davies is a talented fund manager and we feel his involvement on the fund has had a significant influence on its strong performance. Prior to joining Jupiter, he also spent over a decade working as an equity analyst. As such, we are happy for the Jupiter UK Growth Fund to maintain its position on the Wealth 150 list of our favourite funds across the major sectors.
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