AN IRREVERSIBLE TREND TOWARDS FINANCIAL INNOVATION
Transcript of AN IRREVERSIBLE TREND TOWARDS FINANCIAL INNOVATION
For professional and institutional investors only. Not for retail investors.
Jupiter Financial Opportunities UT & Jupiter Financial Innovation SICAV
September 2020
AN IRREVERSIBLE TREND TOWARDS FINANCIAL INNOVATION
Guy de Blonay
Fund Manager
Global Financials & Financial Innovation
Antoine Hucher
Analyst
Global Financials & Financial Innovation
Jenna Zegleman
Product Specialist
Global Financials & Financial Innovation
1
For professional and institutional investors only. Not for retail investors.
Investment approach
● Experienced manager with a demonstrated track record of generating returns in a variety of market conditions
● Seeks to identify sub-sector fundamental themes through investments in companies with prices that do not reflect longer-term trends
● Opportunistic, effective and dynamic capital allocation across geographies, sub-sectors, growth, yield and special situations categories
Global Financials & Financial Innovation strategy
The strategy
The views expressed are those of the presenter at the time of preparation and may change in the future.
High conviction global investment for capital growth over the long term.
Liquidity is a key criteria
for investment.
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Risk metrics
Volatility**
Performance since inception in GBP
Performance and risk metricsJupiter Financial Opportunities – UT
Sharpe ratio**
1,943.4
8.3 12.9 18.3
-5.2
27.99.6
193.8
0.4
34.9
13.9
-9.9
19.3
-18.6-50
0
50
100
150
200
Sin
ce
ince
ptio
n*
201
5
201
6
201
7
201
8
201
9
YTD
(%)Jupiter Financial Opportunities I Acc MSCI ACWI/Financials
1900
1950
Past performance is no guide to the future.Fund performance data is calculated on a NAV to NAV or bid to NAV basis dependent on the period of reporting, all performance is net of fees with income reinvested.
Source: Morningstar, in GBP, to 31.08.20. Comparator benchmark: MSCI ACWI/Financials. *Based on daily returns since fund launch on 02.06.97.
**The volatility and Sharpe ratios are based on annualised figures for monthly returns. Risk free rate of 3 months Libor GBP.
-0.13
0.22
0.62
0.81
Since inception
3 years
3 years
Sharpe ratio**
16.90
24.74
17.14
20.15
Since inception
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Underlying principles and areas of focus
The strategy’s ESG approach
Typical areas of focus
1. Corporate
governance
● Management succession & remuneration
● Composition and expertise of the board
● Transparency of investor communication
2. Business ethics
● Regulatory risks
● Issues around anti-trust and tax avoidance
● Appetite for risks, check & control procedures
3. Data privacy &
security
● Policies in place to handle customer data and manage
risks related to cyber-attacks
● Track record on data breaches
4. Human Capital● Policies in place to attract, retain and reward talent
● Track record on employee retention and job preservation
5. Climate
● Energy efficiency of operations and commitment to
cutting carbon emissions
● Exposure to carbon-intensive sectors
Alignment of all stakeholders’ interests
Sustainability
Employees
Shareholders Customers
Business
model
Financial
modelTrade
practices
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Disruptive technology & innovation
The opportunity
Steve Jobs
Innovation is the ability to see change as an opportunity –
not a threat.
Doug Merritt, CEO of Splunk Inc.
Covid-19 has transformed the world into one that requires
rapidly accelerated digital transformation to keep
organisations moving – we are seeing some resilient
customers complete three-to-five year projects in just months.
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The digitalisation of financial services
The opportunity
The views expressed are those of the presenter at the time of preparation and may change in the future.
Ralph Hamers, CEO ING, upcoming CEO UBS
We want to be a tech company with a banking license.
● In the context of an unstoppable trend towards digitalisation, financial institutions need to leverage modern technologies to compete
successfully.
● The strategy aims to identify leading users and enablers of innovation in several areas:
Digital Banking
● Internet Finance
● Mobile banking
● Customer Experience
Digital Payments
● Electronic payments
● Digital wallets
● E-commerce
Data & security
● Analytics & Big Data
● Artificial Intelligence
● Cyber-security
Banking Software
● Cloud computing
● Remote working
● Collaboration tools
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● Data Analytics
● Financial Information Services
● Transaction Management Systems
● Electronic payments and e-commerce
● Banking Software
● Remote working / collaboration tool
● Cyber-security
● Data centers & cloud computing
● IT Services
● Investment Banks
● Thrifts and Mortgage Banks
● Broker Dealers
● Asset Managers
● Life & Non-life Insurance
● Speciality Finance (Credit Cards, Leasing, Financial Guarantors)
● Exchanges
● Property, REITs
● Private Equity
Enablers of financial innovationTraditional financials
The global financials and financial technology universeImportant and diverse sub-sectors
The Financial Technology universe is large and diverse with a low correlation between the different sub-sectors
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-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
Dec 17 Aug 18 May 19 Dec 19 Aug 20
MSCI Europe/Financials
-25.2%
S&P 500 Sec/Financials
-5.0%
-40%
-20%
0%
20%
40%
60%
80%
100%
Dec 17 Aug 18 May 19 Dec 19 Aug 20
MSCI World/Financials
-12.0%
MSCI World/Information Tech
93.6%
Low correlation between sub-sectors
Geographical divergence Sector divergence Historical sub-sector divergence*
Geographical, sector and sub-sector divergence offers opportunities
Historical example for illustrative purposes only. Company examples are for illustrative purposes only and are not a recommen dation to buy or sell.
Source: Jupiter/Morningstar, USD, 01.01.18 to 31.08.20.
*Source: Bloomberg, in USD, 31.12.06 to 31.12.07.
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
Dec-06 Apr-07 Aug-07 Dec-07
Deutsche Börse AG 120.0%
Citigroup Inc -44.7%
S&P 500 Index 5.6%
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Portfolio construction
Yield
Typical selection criteria:
● Dividend yield >5%
● Payout ratio >50%
● Core Tier One Basel III >12%
● Price to Earnings <14x
● Price to Tangible book value <2x
● Return on Equity >13%
Growth
Two areas of focus:
● Emerging Markets
● Structural Growth
Special Situations
Typical area of focus:
● New management
● New strategy, targets
● Sale non-core asset
● Cost cutting
● Return on Equity
● Payout ratio
The reference
Holding examples are for illustrative purposes only and are not a recommendation to buy or sell. Not Fund restrictions, repre sents fund manager style.
Focus: Profitability vs. Revenue growth
Flexibility of geographical and sub-sector divergence is key to the strategy
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Traditional financials names must adopt new technologies
Source: www.celent.com as at March 2018.
Satya Nadella, CEO of Microsoft on the impact of Covid-19
We have seen two years' worth of digital transformation in two months.
● Spending on technology by banks in the Americas, Europe and
Asia-Pacific is forecast to increase 4.2 per cent this year to just
over $261bn
● This is broken down as follows:
● 45 per cent in North America and
● 32 per cent in Europe
● The figure is forecast to reach $296.5bn by 2021
An unstoppable trend towards digitalisation forces financial
institutions to leverage modern technologies to compete
successfully. The current coronavirus crisis is strengthening the
technology trends that are assaulting the incumbent in the
industry. Any business that is too distracted by short-term
resilience testing will lose ground further over the medium term.
$261.1
$272.6
$284.5
2018
2019
2020
2021
CAGR 4.2%
North America Ο $114.9 bn
Europe Ο $87.7 bn
Asia-Pacific Ο $75.1 bn
Latin America Ο $21.8 bn
$296.5
Sum of IT spending
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A structural trend, evidenced
1. Poll carried out by Gallup News: http://news.gallup.com/poll/193706/americans-foresee-death-cash-lifetime.aspx
2. HSBC “Disruptive Technologies” paper, January 2018.
3. https://customers.microsoft.com/en-gb/story/hiscox
4. Sergio Ermotti at the BAML 23 rd Annual Financials CEO Conference, 27.09.18.
5. HSBC “Disruptive Technologies” paper, January 2018.
62% of people in the US think that they may see the death
of cash within their lifetime1
Using the Microsoft Intelligent Cloud has helped
Hiscox cut their analysis of flood risk data from 8
months to 12 hours3
Chinese mobile payments totalled $9trn
in 2017, 80x greater than in the US2
Only 15% of Swedish population used cash
for their most recent transaction5
“It’s like if you don’t eat for 3 days then you
lose weight. If you don’t drink then you die.” Sergio Ermotti, CEO of UBS AG on fintech spending.4
“We have seen two years' worth of digital
transformation in two months”Satya Nadella, CEO of Microsoft on the impact of Covid-19
“Your business must be contactless. Your customers can
pay online, over the phone or in a contactless way” Jacinda Ardern, PM of New Zealand advising businesses on way to engage customers following
the Covid-19 outbreak
“Coronavirus is speeding up the death of cash”Gary Cohn, Financial Times
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60%
28%
9%
0%
20%
40%
60%
80%
2006 2018 2028e
26%
45%52%
63%69%
0%
20%
40%
60%
80%
Italy Western Europe France Nordics UK
Cash usage is falling steadily in the UK
Cash as a % of UK transactions
● In 2006, 60% of all payments in the UK were made using cash,
this fell to 28% in 2018
● By 2028, it is predicted cash will be used for just 9% of
transactions, according to figures from UK Finance
● Contactless payments are contributing to the transition and
are expected to represent 37% of transactions in the UK in
2028 (19% in 2018)
● Cash withdrawals in the UK have halved since the outbreak of
Covid-19 (LINK)
● In other European countries like Germany and Italy, the
transition to cashless payments is still in its infancy
A structural trend, evidenced: The death of cash in the UKGlobal usage of digital payment methods is rising as cash usage falls
Source: UK Finance (“UK Payment Markets 2019”), Euromonitor International Consumer Finance 2019 Edition.
Cash penetration remains lows across Continental Europe
2018 card payment penetration (by value)
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● E-commerce is growing mid-to-high teens when retail sales
are up low-to-mid single digits
● There is still a long runway to go as e-commerce represents
less than 20% of retails sales in most major economies except
China
● Covid-19 is likely to result into permanent shifts in merchant
and consumer behaviours with many companies setting up an
online store for the first time
A structural trend, evidenced: E-commerceThe rise of e-commerce result into higher online payments volumes
Source: Euromonitor International Consumer Finance 2019 Edition.
21%
17%
15%
9%8%
7% 7%
0%
5%
10%
15%
20%
25%
China UK US France Japan Germany Brazil
The penetration of e-commerce remains low in most countries
E-commerce as a % of retail sales (2018)
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The cloud transition is accelerating● A Gartner study showed savings of up to 55% over three years
for a company migrating workloads from an on premise data
center to AWS
● A cloud-based IT architecture also allows for faster software
upgrades and is thus an enabler of innovation
● At end 2019, only 22% of IT workloads were located in the
public cloud but this figure is expected to increase to 50% by
2022
● Comments from Microsoft Azure and AWS suggest Covid-19 is
accelerating the transition
A structural trend, evidenced: Cloud computingCloud Computing is a key enabler of digitalisation; the transition away from the old
“on premise” architectures is accelerating
Source: AlphaWise, Morgan Stanley, Gartner.
62%55%
33%
22%29%
50%
16% 16% 17%
0%
20%
40%
60%
80%
100%
End of 2019 Today End of 2022On premise Today Other
Location of IT workloads
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26%27%
25%
17%
4%
2%
0%
5%
10%
15%
20%
25%
30%
0% will
remain
remote
5% will
remain
remote
10% will
remain
remote
20% will
remain
remote
50% will
remain
remote
>50% will
remain
remote
● Millennials expect to be able to work from home; studies from
Harvard and Stanford suggest remote working lead to lower
employee attrition and higher productivity
● Remote working can also be a driver of cost savings for
companies through real estate optimisation
● Yet, in 2018 only 5% of US workers worked from home on a
full-time basis (10% at least one day a week and 40%+
occasionally)
● A survey from Gartner show 74% of companies are likely to
increase their number of remote workers post Covid-19
A structural trend, evidenced: Working-from-homeThe number of remote workers is likely to increase permanently as a result of Covid-19
Source: Gartner.
74% of companies plan to shift to more remote work post Covid
What % of your workforce will remain permanently remote post-Covid
who were not remote before Covid?
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A structural trend, evidenced: Digital banking
● New expectations of the millennials and Z generations is
driving the adoption of online and mobile banking
● Incumbents are still catching up with neo banks when it comes
to customer experience
● Of the 600,000 village habitations in
India only 5 per cent have a commercial bank branch, only 40
per cent of the adult population has bank accounts
● Debit card holders constitute only 13 per cent of the
population & only 2 per cent have a credit card
● 51.4 per cent of nearly 89.3 million farm households do not
have access to any credit
New customer expectations and a rising internet penetration in Emerging Markets
will support the adoption of online and mobile banking globally
Source: *Revolut, ^TRAI, Aranca Research.
0.49.2
15.2
24.3
37.5
39.842.7
46.148.3
50.3 56.4
0
10
20
30
40
50
60
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
0
50
100
150
Revo
lut
Sta
rlin
g
Mo
nzo
Llo
yds
Barc
lays
Natio
nw
ide
Metr
o
Natw
est
Santa
nd
er
Co
op
HSBC
firs
t d
irect
Digital banking in developed markets
Internet penetration in India is increasing Internet penetration in India^
Number of clicks to create an account*
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Our current positioning
Top 10 holdings Sector breakdown Regional allocation
(%)
Paypal 5.4
MercadoLibre 4.8
S&P Global 4.3
Splunk 4.0
Fidelity National Information 4.0
LSE 4.0
Banque Cantonale Vaudoise 4.0
Adyen 3.8
Deutsche Boerse 3.6
Global Payments 3.3
Total 41.3
(%)
Financial Services 34.3
Support Services 24.2
Software & Computer Services 17.9
Banks 6.0
Real Estate Investment Trusts 4.8
General Retailers 4.8
Real Estate Investment & Services 2.1
Finance and Credit Services 2.0
Nonlife Insurance 1.6
Cash 2.4
Total 100.0
(%)
North America 56.9
Europe ex. UK 20.9
UK 10.5
Caribbean & Latin America 7.3
Asia Pacific ex. Japan 2.0
Cash 2.4
Total 100.0
Jupiter Financial Opportunities Fund – UT
Holding examples are for illustrative purposes only and are not a recommendation to buy or sell.
Source: Jupiter, 31.07.20.
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● Long term capital growth
● Combination of top-down/bottom-up stock analysis
● Sub-sector fundamental themes
● Opportunistic and effective with capital allocation
● Disciplined process built around Growth, Yield and Special Situations
● Concentrated portfolio
● Portfolio constructed independent of benchmark
● Majority of research conducted internally
● Looks to generate returns in any market conditions
Global Financials & Financial Innovation strategy
Summary
The views expressed are those of the presenter at the time of preparation and may change in the future. Generating return in any market condition is a fund manager aim.
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Fund manager profile
Jenna Zegleman
Product Specialist
9 years’ experience
Lead Manager
Guy de Blonay
Fund Management
Director, Global
Equities Team
25 years’ experience
2010–Present Lead Manager, Global Financials & Innovation
UK domiciled Financial Opps Unit Trust: €609m
UK Domiciled International Financials Unit Trust: €53m
Jupiter Financial Innovation SICAV: €65m
Total Strategy AUM: €728m
Formerly at Henderson Global Investors Ltd
New Star Asset Management Ltd
Jupiter Asset Management Ltd
Apr 09 – Oct 09
Sep 01 – Apr 09
Sep 95 – Apr 01
Education Law (University of Geneva) Philosophy (Institute Florimont)
Current role
(from 03.18)
Product Specialist - Asian Income, Global Emerging Markets and
Financial Strategies
Formerly at Rathbone Bros PLC, Collectives Research Analyst
Journalist / Editor at FE Trustnet
News Reporter, Investment Adviser, Financial Times
Feb 15 – Feb 18
Sep 12 – Feb 15
Aug 11 – Sep 12
Education MA International Journalism, City University, London
BA Media Communication, Asbury University, USA
Current role
(from 11.18)
Analyst – Global Financials and Financial Innovation strategies
Formerly at Exane BNP Paribas Research Analyst,
Sell Side Equity Research Analyst
Jan 13 – Oct 19
Education MSc Management, Essec Business School, Paris and Singapore
BSc Mathematics and Economics, Madeleine Danielou Institute, Paris
Antoine Hucher
Analyst
6 years’ experience
Supported by the Global Equities team
Jason Pidcock (27 )
Stuart Cox (26)
Abbie Llewellyn Waters (14)
Gregory Herbert (17)
Dan Carter (17)
Mitesh Patel (13)
Mark Evans (18)
And by wider Jupiter teams
CIO OfficeStephen Pearson (34)
Katharine Dryer (23)
Risk analysisVeronica Lazenby (25)
Mark Dempsey (24)
European EquitiesMark Heslop (21)
Mark Nichols (19)
Multi assetTalib Sheikh (22)
Mark Richards (20)
Emerging marketsRoss Teverson (21)
Avinash Vazirani (26)
Global Fixed IncomeAriel Bezalel (23)
Alejandro Arévalo (22)
Absolute returnJames Clunie (31)
Environment &
SustainabilityCharles Thomas (23)
Jon Wallace (11)
Governance
and Sustainability
Ashish Ray (16) Head of Governance and Sustainability
Andrew Mortimer (14) Governance and Sustainability Analyst
Laura Conigliaro (2) Governance and Sustainability Analyst
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APPENDIXJupiter Financial Opportunities Fund - UT
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Jupiter Financial Opportunities Fund – UT
Cumulative performance
Past performance is no guide to the future.Source: Morningstar in GBP as at 31.08.20. Fund performance data is calculated on a NAV to NAV or bid to NAV basis dependent on the period of reporting, all performance is net of fees with income reinvested. *Since inception:
02.06.97. Comparator benchmark: MSCI ACWI/Financials. The Fund has permission to enter into derivative transactions but only for the purposes of efficient management of the portfolio and not for investment purposes.
Outperformance 28.2% 42.7% 43.2% 1749.7%
9.633.9
83.3
1,943.4
-18.6 -8.8
40.1
193.8
-50%
0%
50%
100%
150%
200%
250%
300%
YTD 3 years 5 years Since
inception*
Jupiter Financial Opportunities Fund I Acc MSCI ACWI/Financials
1900
1950
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Jupiter Financial Opportunities Fund – UT
Guy de Blonay; calendar year track record
Past performance is no guide to the future.The Henderson New Star Global Financials was a UCITS structure and was managed by Guy de Blonay from 28.12.01 to 20.10.09 pri or to joining Jupiter. The performance figures are shown as a representation of Guy’s experience only
and are not indicative of any potential future performance. The strategy used may not be representative of the strategy used for any future funds. Guy became lead manager of Jupiter Financial Opportunities on 01.01.11. Source:
Morningstar, bid to bid, income reinvested 31.12.01 to 31.08.20 in GBP. Fund performance data is calculated on a NAV to NAV o r bid to NAV basis dependent on the period of reporting, all performance is net of fees with income
reinvested. Comparator benchmark: MSCI ACWI/Financials.
-5
35
25
49
24
9
-41
45
-2
-24
19
26
48
1318
-5
28
10
-24
26
11
26
10
-6
-36
27
10
-18
2420
10
0
35
14
-10
19
-19
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD
Henderson New Star Global Financials I Acc Jupiter Financial Opportunities I Acc MSCI ACWI/Financials
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Jupiter Financial Opportunities Fund – UT
Performance
Past performance is no guide to the future.Fund performance data is calculated on a NAV to NAV or bid to NAV basis dependent on the period of reporting, all performance is net of fees with income reinvested.
Source: FE Fundinfo in GBP, to 31.08.20. Target benchmark: MSCI ACWI/Financials. Guy de Blonay became co-manager of the Fund from 01.06.10 and the lead manager from 01.01.11.
(%) YTD 1 year 3 years 5 years
Jupiter Financial Opportunities I ACC 9.6 5.0 33.9 83.3
MSCI ACWI/Financials -18.6 -14.4 -8.8 40.1
Relative 28.2 19.4 42.7 43.2
(%) 2019 2018 2017 2016 2015
Jupiter Financial Opportunities I ACC 27.9 -5.2 18.3 12.9 8.3
MSCI ACWI/Financials 19.3 -9.9 14.0 34.9 0.4
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Jupiter Financial Opportunities Fund – UT
12-month rolling performance
Past performance is no guide to the future.Fund performance data is calculated on a NAV to NAV or bid to NAV basis dependent on the period of reporting, all performance is net of fees with income reinvested.
Source: FE Fundinfo in GBP, to 31.08.20. Since inception: 02.06.97. Fund manager inception: 01.06.10. Target benchmark: MSCI ACWI/Financials
(%)01 Sep '15 to
31 Aug '16
01 Sep '16 to
31 Aug '17
01 Sep '17 to
31 Aug '18
01 Sep '18 to
31 Aug '19
01 Sep '19 to
31 Aug '20
Jupiter Financial Opportunities I ACC 10.9 23.4 15.2 10.7 5.0
MSCI ACWI/Financials 19.1 29.0 4.7 1.8 -14.4
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● The fund invests in a specific market sector, so may be subject to greater volatility risk over short periods of time.
● The fund may use derivatives which may result in large fluctuations in the value of the fund.
● Counterparty risk may cause losses to the fund.
● This fund invests mainly in shares and it is likely to experience fluctuations in price which are larger than funds that inve st only in bonds
and/or cash.
● The Key Investor Information Document, Supplementary Information Document and Scheme Particulars are available from Jupiter on
request.
● This fund can invest more than 35% of its value in securities issued or guaranteed by an EEA state.
Jupiter Financial Opportunities Fund
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APPENDIXJupiter Financial Innovation - SICAV
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Our current positioning
Top 10 holdings Sector breakdown Regional allocation
(%)
Paypal 5.3
MercadoLibre 4.8
S&P Global 4.2
Fidelity National Information 4.0
Okta 4.0
Sea 4.0
Adyen 3.8
Alibaba 3.6
Costar 3.4
Global Payments 3.3
Total 40.4
(%)
Software & Computer Services 44.0
Financial Services 30.3
Support Services 20.6
General Retailers 9.9
Banks 4.6
Nonlife Insurance 3.7
Real Estate Investment Trusts 3.3
Technology Hardware & Equipment 1.8
Real Estate Investment & Services 1.5
Cash -19.7
Total 100.0
(%)
North America 76.9
Europe ex UK 16.5
UK 10.1
Asia Pacific ex Japan 9.3
Caribbean & Latin America 6.8
Cash -19.7
Total 100.0
Jupiter Financial Innovation - SICAV
Holding examples are for illustrative purposes only and are not a recommendation to buy or sell.
Source: Jupiter, 31.07.20.
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Risk metrics
Volatility**
Performance since inception in EUR
Performance and risk metricsJupiter Financial Innovation - SICAV
Past performance is no indication of current or future performance, doesn’t take into account commissions and costs incurred on the issue/redemption of shares.Source: Morningstar, NAV to NAV, gross income reinvested, net of fees, in EUR, to 31.08.20. *Based on daily returns since fun d launch on 02.11.06.
**The volatility and Sharpe ratios are based on annualised figures for monthly returns. Risk free rate of Euribor 3 Months.
Since inception
3 years
3 years
19.03
26.09
20.55
21.74
Sharpe ratio**
0.02
0.13
0.58
0.37
Performance ranking
Since inception 1 year 3 years
Jupiter Financial
Innovation L EUR Acc2 / 10 3 / 17 2 / 15
105.4
12.60.1
14.9
-11.6
32.0
11.113.95.7
16.49.6
-10.9
26.4
-22.7-40
-20
0
20
40
60
80
100
120
Sin
ce
ince
ptio
n*
201
5
201
6
201
7
201
8
201
9
YTD
(%)Jupiter Financial Innovation L EUR Acc MSCI ACWI/Financials
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For professional and institutional investors only. Not for retail investors.
Jupiter Financial Innovation - SICAV
Cumulative performance
Past performance is no indication of current or future performance. Performance data does not take into account commissions a nd costs incurred on the issue and redemption
of shares. Source: FE fundinfo in EUR, NAV to NAV, gross income reinvested, net of fees, to 31.08.20. Guy became lead manager of Jupiter Financial Innovatio n on 01.01.15. The fund changed its name, objective and
investment policy as at 03.12.18. *Since inception: 02.11.06.
11.1 10.9
32.4
51.8
105.4
-22.7-13.4
-5.8
14.3 13.9
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
YTD 1 year 3 years 5 years Since inception*
Jupiter Financial Innovation L EUR Acc MSCI ACWI/Financials
Outperformance 33.8% 24.3% 38.2% 37.5% 91.5%
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For professional and institutional investors only. Not for retail investors.
Jupiter Financial Innovation - SICAV
Guy de Blonay; calendar year track record
Past performance is no indication of current or future performance, doesn’t take into account commissions and costs incurred on the issue/redemption of shares.The Henderson New Star Global Financials was a UCITS structure and was managed by Guy de Blonay from 28.12.01 to 20.10.09 prior to joining Jupiter, all Figures in GBP. The performance figures
are shown as a representation of Guy’s experience only and are not indicative of any potential future performance. The strate gy used may not be representative of the strategy used for any future funds. Guy became
lead manager of Jupiter Financial Innovation on 01.01.15. Source: Morningstar, NAV to NAV, gross income reinvested, net of fe es, to 31.08.20 in EUR. Fund performance data is calculated on a NAV to NAV or bid to NAV
basis dependent on the period of reporting, all performance is net of fees with net income reinvested. The fund changed its n ame, objective and investment policy as at 03.12.18.
-11
2024
51
26
0
-55
40
13
0
15
-12
32
11
-28
1610
30
12
-14
-51
33
6
16
10
-11
26
-23
-80%
-60%
-40%
-20%
0%
20%
40%
60%
2002 2003 2004 2005 2006 2007 2008 2009 2015 2016 2017 2018 2019 YTD
Henderson New Star Global Financials I Acc Jupiter Financial Innovation L EUR Acc MSCI ACWI/Financials GTR
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For professional and institutional investors only. Not for retail investors.
Jupiter Financial Innovation - SICAV
Performance
Past performance is no indication of current or future performance, doesn’t take into account commissions and costs incurred on the issue/redemption of shares.Source: FE fundinfo, NAV to NAV, gross income reinvested, net of fees, to 31.08.20. Guy became lead manager of Jupiter Financial Innovation on 01.01.15. The fund changed its name, objective and investment policy
as at 03.12.18.
(%) YTD 1 year 3 years 5 years
Jupiter Financial Innovation L A Inc GBP 17.0 9.5 28.7 86.9
MSCI ACWI/Financials in GBP -18.6 -14.4 -8.8 40.1
Relative 35.5 23.9 37.5 46.8
(%) 2019 2018 2017 2016 2015
Jupiter Financial Innovation L A Inc GBP 25.1 -10.6 18.8 16.9 6.2
MSCI ACWI/Financials in GBP 19.3 -9.9 14.0 34.9 0.4
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For professional and institutional investors only. Not for retail investors.
Jupiter Financial Innovation - SICAV
Performance
Past performance is no indication of current or future performance, doesn’t take into account commissions and costs incurred on the issue/redemption of shares.Source: FE fundinfo, NAV to NAV, gross income reinvested, net of fees, to 31.08.20. Guy became lead manager of Jupiter Financial Innovation on 0 1.01.15. The fund changed its name, objective and investment policy
as at 03.12.18.
(%) YTD 1 year 3 years 5 years
Jupiter Financial Innovation L Acc EUR 11.1 10.9 32.4 51.8
MSCI ACWI/Financials in EUR -22.7 -13.4 -5.8 14.3
Relative 33.8 24.3 38.2 37.5
(%) 2019 2018 2017 2016 2015
Jupiter Financial Innovation L Acc EUR 32.0 -11.6 14.9 0.1 12.6
MSCI ACWI/Financials in EUR 26.4 -10.9 9.6 16.4 5.7
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For professional and institutional investors only. Not for retail investors.
Jupiter Financial Innovation - SICAV
Performance
Past performance is no indication of current or future performance, doesn’t take into account commissions and costs incurred on the issue/redemption of shares.Source: FE fundinfo, NAV to NAV, gross income reinvested, net of fees, to 31.08.20. Guy became lead manager of Jupiter Financial Innovation on 01.01.15. The fund changed its name, objective and investment policy
as at 03.12.18.
(%) YTD 1 year 3 years 5 years
Jupiter Financial Innovation L Acc USD 16.7 8.9 28.2 85.5
MSCI ACWI/Financials in USD -18.6 -14.4 -8.8 40.1
Relative 35.3 23.4 36.9 45.4
(%) 2019 2018 2017 2016 2015
Jupiter Financial Innovation L Acc USD 29.4 -15.5 30.5 -3.0 0.8
MSCI ACWI/Financials in USD 24.1 -15.2 24.8 13.1 -5.1
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For professional and institutional investors only. Not for retail investors.
Jupiter Financial Innovation - SICAV
Performance
Past performance is no indication of current or future performance, doesn’t take into account commissions and costs incurred on the issue/redemption of shares.Source: FE fundinfo, NAV to NAV, gross income reinvested, net of fees, to 31.07.20. Guy became lead manager of Jupiter Financial Innovation on 01.01.15. The fund changed its name, objective and investment policy
as at 03.12.18.
(%) YTD 1 year 3 years 5 years
Jupiter Financial Innovation L HSC Acc USD 10.8 2.6 35.9 N/A
MSCI ACWI/Financials in EUR -22.7 -13.4 -5.8 N/A
Relative 33.5 15.9 41.6 N/A
(%) 2019 2018 2017 2016 2015
Jupiter Financial Innovation L HSC Acc USD 35.6 -9.4 16.6 0.4 N/A
MSCI ACWI/Financials in EUR 26.4 -10.9 9.6 16.4 N/A
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For professional and institutional investors only. Not for retail investors.
Jupiter Financial Innovation - SICAV
12-month rolling performance
(%)
01 Sep '15 to
31 Aug '16
01 Sep '16 to
31 Aug '17
01 Sep '17 to
31 Aug '18
01 Sep '18 to
31 Aug '19
01 Sep '19 to
31 Aug '20
Jupiter Financial Innovation L EUR Acc -2.1 17.1 14.8 4.0 10.9
MSCI ACWI/Financials 2.0 18.9 7.9 0.8 -13.4
Past performance is no indication of current or future performance, doesn’t take into account commissions and costs incurred on the issue/redemption of shares.
Source: Morningstar, NAV to NAV, gross income reinvested, net of fees, in EUR, to 31.08.2020.
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For professional and institutional investors only. Not for retail investors.
Available share classes
Reinvestment and payment of dividends takes place on the 10th business day after quoted ex date.
** The Ongoing Charges Figure is based on fees and expenses for the year ended 30.09.19. It includes the Annual Management Ch arge and aggregate operating fees chargeable to the fund. Where the fund invests in
other funds, it includes the impact of the charges made in those funds. Jupiter does not engage in stock lending. For details of all share classes and fees and charges, please refer to the Prospectus and Annual Report
for each financial year . Note: HSC = Hedged.
Share class Currency Distribution policy ex date* ISIN Bloomberg AMC OCF**
L EUR Acc EUR Accumulation N/A LU0262307480 JGGFLEU LX 1.50% 1.72%
L GBP A Inc GBPAnnual distribution
(reinvested)30.09 LU0262308454 JGGFLGB LX 1.50% 1.72%
D GBP Acc GBP Accumulation N/A LU0946220695 JGGFDGA LX 0.75% 0.95%
D EUR Acc EUR Accumulation N/A LU0946220265 JGGFDAE LX 0.75% 0.95%
L USD Acc USD Accumulation N/A LU0262307720 JGGFLUS LX 1.50% 1.72%
L USD Acc HSC USD Accumulation N/A LU1314348803 JGFLUAH LX 1.50% 1.72%
D USD Acc USD Accumulation N/A LU0946220349 JGGFDAU LX 0.75% 0.95%
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For professional and institutional investors only. Not for retail investors.
● The fund uses derivatives, which may increase volatility; the Fund’s performance is unlikely to track the performance of broader
markets.
● Losses on short positions may be unlimited.
● Counterparty risk may cause losses to the fund.
● The fund can use gearing to increase exposure to financials markets, which may cause large fluctuations in the value of the portfolio.
● The fund invests in a specific market sector, so may be subject to greater volatility risk over short periods of time.
● This fund invests mainly in shares and it is likely to experience fluctuations in price which are larger than funds that inve st only in bonds
and/or cash.
● The Key Investor Information Document and Prospectus are available from Jupiter on request.
● This fund can invest more than 35% of its value in securities issued or guaranteed by an EEA state.
● Synthetic Risk Reward Indicator (SRRI) as per the most up to date Key Investor Information Document (07.02.20).
For share class L Eur Acc:
Jupiter Financial Innovation
Synthetic Risk Reward Indicator (SRRI) is based on past data, may change over time and may not be a reliable indication of th e future risk profile of the Fund. The lowest category does not mean 'no risk'.
Please see the Key Investor Information Document for further information.
1 2 3 4 5 6 7
Typically lower rewards,
lower risk
Typically higher rewards,
higher risk
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For professional and institutional investors only. Not for retail investors.
This presentation is intended for investment professionals and not for
the benefit of retail investors. Market and exchange rate movements
can cause the value of an investment to fall as well as rise, and you may
get back less than originally invested. Initial charges are likely to have a
greater proportionate effect on returns if investments are liquidated in
the shorter term. Any data or views given should not be construed as
investment advice.
Past performance is no indication of current or future performance.
Performance data does not take into account commissions and
costs incurred on the issue and redemption of shares. Company
examples are for illustrative purposes only and are not a
recommendation to buy or sell. Quoted yields are not guaranteed
and may change in the future. Awards and ratings should not be
taken as a recommendation.
Every effort is made to ensure the accuracy of the information but
no assurance or warranties are given. It is not an invitation to
subscribe for shares in the Jupiter Global Fund (the Company) or
any other fund managed by Jupiter Asset Management Limited.
The Company is a UCITS fund incorporated as a Société Anonyme
in Luxembourg and organised as a Société d’investissement à
Capital Variable (SICAV). This information is only directed at
persons residing in jurisdictions where the Company and its shares
are authorised for distribution or where no such authorisation is
required.
The sub fund(s) may be subject to various other risk factors, please
refer to the Prospectus for further information.
Prospective purchasers of shares of the sub fund(s) of the Company
should inform themselves as to the legal requirements, exchange
control regulations and applicable taxes in the countries of their
respective citizenship, residence or domicile. Subscriptions can only
be made on the basis of the current Prospectus and the Key
Investor Information Document (KIID), accompanied by the most
recent audited annual report and semi-annual report. These
documents are available for download from www.jupiteram.com.
The KIID and, where required, the Prospectus, along with other
advertising materials which have been approved for public
distribution in accordance with the local regulations are available in
English, Dutch, French, Finnish, German, Italian, Portuguese,
Spanish and Swedish. Before subscribing, please read the
Prospectus. Hard copies may be obtained free of charge upon
request from any of :
The Company Custodian and Administrator : JP Morgan Bank
Luxembourg S.A, 6 Route de Trèves, Senningerberg, L-2633,
Luxembourg; and from certain of the Company’s distributors;
Austria: Jupiter Asset Management International S.A., Austria
branch, Goldenes Quartier, Tuchlauben 7a, 1010 Vienna, Austria;
Belgium: BNP Paribas Securities Services, Boulevard Louis Schmidt 2,
1040 Brussels; France: CACEIS Bank France, 1/3 Place Valhubert,
75013 Paris, France; Germany: Jupiter Asset Management
International S.A., Frankfurt branch, whose registered office is at:
Roßmarkt 10, 60311 Frankfurt, Germany; Italy: BNP Paribas Securities
Services, Milan branch, Piazza Lina Bo Bardi, 3 20124 Milano, Italy.
Allfunds Bank, S.A.U., Milan Branch, Via Bocchetto 6, 20123 Milano,
Italy. Société Générale Securities Services, Via Benigno Crespi 19,
20159 Milano, Italy. The Fund has been registered with the
Commissione Nazionale per le Società e la Borsa (CONSOB) for the
offer in Italy to retail investors; Luxembourg: the Company's
registered office; 6 Route de Trèves, Senningerberg, L-2633,
Luxembourg; Spain: Allfunds Bank, C/ La Estafeta 6, Edificio 3, 28109
Alcobendas, Madrid, Spain. For the purposes of distribution in
Spain, the Company is registered with the Spanish Securities
Markets Commission – Comisión Nacional del Mercado de Valores
(“CNMV”) under registration number 1253, where complete
information, including a copy of the marketing memorandum, is
available from the Company authorised is distributors.
Subscriptions should be made through a locally authorised
distributor. The net asset value available on www.jupiteram.com.
Sweden: Jupiter Asset Management International S.A., Nordic
branch, 4th Floor, Strandvagen 7A, 114 56 Stockholm, Sweden;
Switzerland: Copies of the Memorandum and Articles of
Association, the Prospectus, KIIDs and the annual and semi-annual
reports of the Company may be obtained free of charge from the
Company’s representative and paying agent in Switzerland, BNP
Paribas Securities Services, Paris, Succursale de Zurich, whose
registered office is at Selnaustrasse 16, 8002 Zurich, Switzerland;
United Kingdom: Jupiter Asset Management Limited (the
Investment Manager), registered address: The Zig Zag Building, 70
Victoria Street, London, SW1E 6SQ, United Kingdom, authorised
and regulated by the Financial Conduct Authority.
Issued by The Jupiter Global Fund and/or Jupiter Asset
Management International S.A. (JAMI, the Management Company),
registered address: 5, Rue Heienhaff, Senningerberg L-1736,
Luxembourg which is authorised and regulated by the Commission
de Surveillance du Secteur Financier.
No part of this presentation may be reproduced in any manner
without the prior permission of the Company or JAMI.
Disclosure
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For professional and institutional investors only. Not for retail investors.
Industry Classification Benchmark (‘ICB’) is a product of FTSE International Limited (‘FTSE’) and all intellectual property r ights in and to ICB
vest in FTSE. Jupiter Asset Management Limited has been licensed by FTSE to use ICB. ‘FTSE®’ is a trade mark owned by the Lon don
Stock Exchange Plc and is used by FTSE under licence. FTSE and its licensors do not accept liability to any person for any lo ss or damage
arising out of any error or omission in ICB.
This document contains information based on the FTSE 100 Index. ‘FTSE®’ is a trade mark owned by the London Stock Exchange Pl c and
is used by FTSE International Limited (‘FTSE’) under licence. The FTSE 100 Index is calculated by FTSE. FTSE does not sponsor, endorse or
promote the product referred to in this document and is not in any way connected to it and does not accept any liability in r elation to its
issue, operation and trading. All copyright and database rights in the index values and constituent list vest in FTSE.
This document contains information based on the MSCI World and MSCI AC World Financials Indices. Neither MSCI nor any other p arty
involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or represent ations with
respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all w arranties of
originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Wi thout limiting
any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, c omputing or
creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits)
even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted w ithout MSCI’s
express written consent.
Indices disclosure
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