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 generate long-term capital growth, primarily through investing in UK-listed equities. The fund manager, Steve Davies, follows a detailed and fundamental approach to find companies with growth or recovery potential. Unconstrained by benchmark considerations, he is not afraid of being contrarian, and his approach is patient and highly selective. The portfolio consists of just 30–35 holdings and is very different from the FTSE All-Share index, therefore, short- and medium-term performance can diverge from the benchmark. The trust’s NAV total return performance has lagged the benchmark over the past one and three years. This partly reflects JUKG’s significant holdings in UK domestic stocks, which have been very out of favour with investors, but where the manager finds compelling long-term value.