Square Mile has upgraded the Jupiter UK Special Situations fund to the AAA rating in its latest roundup, calling the fund “one of the most impressive of its kind”.
Jupiter’s strategy outperformed its benchmark, the FTSE All-Share, in 2021 and 2022, retuning 20.2% and 5.7%, respectively. It also bettered the IA UK All Companies by nearly 15 percentage points last year.
Square Mile called fund manager Ben Whitmore (pictured) a disciplined “high-conviction contrarian investor” and said that while his value style can move in and out of favour, his ability to remain dispassionate about the companies he holds is one of the most compelling features of the strategy.
The report added: “Overall, the analysts regard this offering as one of the most impressive of its kind and is one that will reward investors well over the long term and therefore warrants Square Mile’s highest accolade.”
As of 31 May, Square Mile had 357 strategies its Academy of Funds, all of which are rated either A, AA, AAA, R (Recommended), or P+ (Positive Prospect). The investment research business also has corresponding ratings for sustainable strategies.
Artemis fund removed following management shake-up
Artemis Global Select fund had its AA rating removed by Square Mile, citing the departure of co-manager Alex Illingworth in February, and the impending retirement of lead manager Simon Edelston.
Square Mile acknowledged the “philosophical similarities” between Edelsten and Alex Stanic, his replacement on the fund, but said the analysts felt that there would be “material changes” to the approach taken by the re-vamped management team.
Square Mile said it plans to monitor the strategy to see how it and the new team evolves in future, rather than support it with a rating at this point.
Additionally, the L&G UK Mid Cap Index fund was given an R rating, along with Legal & General’s Future World ESG range, and the Vanguard FTSE 100 Index fund.