FUNDS: Jupiter Environmental Income

I have only just been informed that the Jupiter Environmental Income Fund has been renamed as the Jupiter Responsible Income Fund – which actually happened last Monday. Not only is there a name change but also a reclassification of sector, from UK All Companies to UK Equity Income (IMA sectors). Jupiter believe (and presumably the IMA agree) that this is a more appropriate category. The objectives and charges of the fund remain the same.

Interestingly the reclassification has not exactly helped the performance ranking of the fund, which now sits in a group of 70 or so similarly categorised funds. The UK Equity Income sector is defined as “Funds which invest at least 80% in UK equities and which intend to achieve a historic yield on the distributable income in excess of 110% of the FTSE All Share yield at the fund’s year-end.”

The latest data from the IMA for July 2011, shows that the UK All Companies sector has £106,461million under management compared to £55,732million in the UK Equity Income sector – so half as much. The newly named Responsible Income Fund is a fund that some of our ethical investors will be familiar with.

I’m sure that Jupiter are hoping that the current Fund Manager, Chris Watt will be a rising star as he searches for income returns where… well probably quite a few have gone before. Sorry I couldn’t resist the temptation to somehow get in a Star Trek line. Chris Watt, manages the Jupiter with around £35m in the pot, the 2009 Paramount Star Trek film directed by JJ Abrams has recorded gross sales of $385m. So some catching up to do…

Dominic Thomas
Solomons IFA

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