Jupiter US Smaller Companies
Market volatility providing more opportunities
18 June 2019
Jupiter US Smaller Companies (JUS) is continuing to deliver improved investment performance following a tightening up of its investment process in October 2017. The trust has outperformed its small-cap equity benchmark over the last one and three years in both NAV and share price terms. Increased stock market volatility in recent months has presented manager Robert Siddles with an increasing array of attractive investment opportunities across a range of industries; although this has increased portfolio turnover, the manager continues to invest with a long-term view, aiming to generate capital growth while preserving capital during periods of stock market weakness. MORE »
Benefiting from enhanced investment process
29 November 2018
Jupiter US Smaller Companies (JUS) is managed by Robert Siddles, who aims to generate long-term capital growth, while preserving capital in periods of stock market weakness, from a diversified portfolio of mid- and small-cap US equities. Since October 2017, the manager has employed a tighter investment process, increasing JUS’s portfolio concentration and enhancing the sell discipline. This has proved effective; since then, the trust has outperformed its US small-cap equity benchmark by more than 15pp. Relative performance has remained robust during recent months, which have been characterised by high levels of stock market volatility. MORE »
Tightened process driving outperformance
17 May 2018
Jupiter US Smaller Companies (JUS) aims to generate long-term capital growth from a focused portfolio of mid- and small-cap US equities. Since 2001, the trust has been managed by Robert Siddles. Following the announcement of adjustments to JUS’s investment process – running a more concentrated portfolio, a greater focus on selling underperforming holdings, while holding on to successful positions for longer – the trust has enjoyed an improvement in investment performance. It has delivered above market results in periods of both positive and negative stock market returns, illustrating its commitment to capital preservation. The board has also reduced JUS’s management fees, removed the performance fee and introduced the trust’s first gearing facility. MORE »
Tightened process driving outperformance
17 May 2018
Jupiter US Smaller Companies (JUS) aims to generate long-term capital growth from a focused portfolio of mid- and small-cap US equities. Since 2001, the trust has been managed by Robert Siddles. Following the announcement of adjustments to JUS’s investment process – running a more concentrated portfolio, a greater focus on selling underperforming holdings, while holding on to successful positions for longer – the trust has enjoyed an improvement in investment performance. It has delivered above market results in periods of both positive and negative stock market returns, illustrating its commitment to capital preservation. The board has also reduced JUS’s management fees, removed the performance fee and introduced the trust’s first gearing facility. MORE »
New initiatives from US small-cap value specialist
2 November 2017
Jupiter US Smaller Companies (JUS) has announced a number of new initiatives and enhancements to its investment process, aimed at boosting shareholder value and the potential for long-term growth and capital preservation. The manager intends to increase concentration in favoured holdings and be less keen to take profits in winning stocks, at the same time as acting more quickly to cut positions that are not proceeding as hoped. Meanwhile, the board has put in place the trust’s first gearing facility, scrapped the performance fee and introduced a new, tiered management fee, alongside a commitment to growing the trust to a target £200m over the next two to three years. While JUS’s value investment style has been out of favour in the US for the past decade, Fund Manager Robert Siddles says that with the bull market in growth stocks becoming more and more extended, the case for value is stronger than ever. MORE »
Small-cap growth with a margin of safety
23 March 2017
Jupiter US Smaller Companies (JUS) invests in small and mid-cap US companies with the aim of achieving long-term capital growth with capital preservation. Robert Siddles, the manager since the trust’s launch in 1993, seeks to invest in companies with strong franchises, equity-owning managements, high free cash flow and pricing power, which have experienced a period of share price weakness and offer at least 50% upside to their assessed fair value. This conservative approach means that the portfolio can underperform in periods when either high-risk stocks such as biotechnology lead, as happened in 2015, or when the market rises rapidly, as occurred last year. MORE »
Small-cap growth with value discipline
3 June 2016
Jupiter US Smaller Companies (JUS) is a specialist small- and mid-cap fund focused on the US market. It has been managed since 2001 by Robert Siddles (as F&C US Smaller Companies until both manager and trust transferred to Jupiter Asset Management in early 2014). The manager has a strong valuation focus and seeks to invest in companies that have a good franchise, significant inside ownership, high free cash flow, pricing power and at least 50% share price upside. While US market performance has been led by large-cap and growth stocks in recent years, JUS has a solid long-term track record (annualised returns of c 7-8% over 10 years in both share price and NAV terms) and proven defensive characteristics in volatile markets. MORE »
