2/12/2016 AdecadeinthesearchforvalueCitywire

CONTENTFROM/JUPITRATMANAGMNT

Adecadeinthesearchforvalue
/ 02Dec,2016at00:01

enWhitmore,Headoftrateg,UKValue

ItartedmanagingtheJupiterUKpecialituationFundtenearagoandIdliketo
thankourinvetorfortheirupport,patienceandloaltoverthattime.Although
thetenearaawholehaproducedgoodoutperformance,itcertainlhant
happenedinamoothupwardcurve.Occaionalperiodofunderperformanceare
inevitaleandtheJupiterUKpecialituationFundhahadithareovertheear.

Ainvetorwhohavealwatriedtoeverpatientandfocuedonthelong-term
whenitcometotock-picking,weappreciatethatthefundinvetoraeeemto
harethatphiloophthemelve.

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AIreachtenearoflookingaftertheJupiterUKpecialituationFundIma
Tagsaved
conciouaeverthatthemarketenvironmentkeepchanging.Managingaportfolio
investing
ithereforeaouttrikingaalanceetweenlearningnewthingandtrivingto
improve,whilealorememeringthattickingtoourcoreprincipleandhavinga
conitentapproachivitallimportanttoo.

othatwhatDermotMurphandIwillcontinuetodointhefuture.inceDermot
joinedmeinmanagingthitrategthreeearagoweveimprovedthewainwhich
weworkautomatingourvaluationcreenijutoneexampleandIparticularl
wanttothankhimforhieffortandexpertie.Whathataedtheame,however,
iourphilooph.Weremaincommittedtotheprinciplethatthemotlowl-valued
tockinthemarkethaveaetterthanaveragechanceofoutperforming.Ourrolei
toanalethoetockandelecttheonethatcanactualldeliverthat
outperformanceoverthelongterm.Itoundimpleutitnotoratherthan
pauingtolookingackoverthelattenearourfocuitokeeppuhingintothe
nextten.

"Pricefluctuationhaveonloneignificantmeaningforthetrueinvetor.The
providehimwithanopportunittouwielwhenpricefallharplandtoell
wielwhentheadvanceagreatdeal."enjaminGraham

"Ittake20eartouildareputationandfiveminutetoruinit.Ifouthinkaout
that,oulldothingdifferentl."Warrenuffett

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2/12/2016 AdecadeinthesearchforvalueCitywire

Patperformanceinoguidetothefuture.DataourcedfromMorningtar,31/10/06
to31/10/16,idtoid,totalreturn,GP,netoffee.
Tagsaved

investing
Formoreinformationviitjupiteram.comorearchJUPITERAETMANAGEMENT.

ImportantInformation

Thicommunicationiintendedforinvetmentprofeionalandinotfortheueor
enefitofotherperon,includingretailinvetor.

Thidocumentiforinformationalpurpoeonlandinotinvetmentadvice.
Marketandexchangeratemovementcancauethevalueofaninvetmenttofalla
wellarie,andoumagetacklethanoriginallinveted.Patperformancei
noguidetothefuture.

TheKeInvetorInformationDocument,upplementarInformationDocumentand
chemeParticularareavailalefromJupiteronrequet.Thifundcaninvetmore
than35%ofitvalueinecuritieiuedorguaranteedanAtate.

Theviewexpreedarethoeoftheauthoratthetimeofwriting,arenotnecearil
thoeofJupiteraawholeandmaeujecttochange.Thiiparticularltrue
duringperiodofrapidlchangingmarketcircumtance.vereffortimadeto
enuretheaccuracofaninformationprovidedutnoauranceorwarrantieare
given.

ThidocumentcontaininformationaedontheFTAll-hareIndex.FTia
trademarkownedtheLondontockxchangePlcandiuedFT
InternationalLimited(FT)underlicence.TheFTAll-hareIndexcalculated
FT.FTdoenotponor,endoreorpromotetheproductreferredtointhi
documentandinotinanwaconnectedtoitanddoenotacceptanliailitin
relationtoitiue,operationandtrading.Allcoprightanddataaerightinthe
indexvalueandcontituentlitvetinFT.

JupiterUnitTrutManagerLimited(JUTM)andJupiterAetManagementLimited
(JAM),regiteredaddre:TheZigZaguilding,70Victoriatreet,London,W16Q
areauthoriedandregulatedtheFinancialConductAuthorit.

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Nopartofthicommentarmaereproducedinanmannerwithouttheprior
permiionofJAMand/orJUTM.
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