Jupiter UK Growth Investment Trust aims to achieve capital appreciation by holding predominantly listed investments. It invests in a concentrated portfolio made up of the manager’s best ideas from any sector, with typically a bias towards FTSE 100 stocks. The trust was known as Jupiter Global Trust from November 2015 until April 2016 and was previously Jupiter Primadona Growth Trust. It adopted its new name, fund manager, investment strategy and FTSE All-Share benchmark on 18 April 2016.
Jupiter UK Growth Investment Trust (JUKG) aims to deliver long-term capital appreciation, primarily through investing in UK equities. The fund has few constraints against the benchmark, and the manager, Steve Davies, is highly selective in his bottom-up approach, investing in 30–35 companies with recovery or growth potential. The portfolio and its performance can therefore diverge significantly from the FTSE All-Share index. Davies believes UK equities are currently unloved, and investors are excessively pessimistic and focused on the short-term outlook. While he expects the UK market to remain out of favour over the near term, as a natural contrarian investor with a long-term horizon, he says he is finding exciting investment opportunities.