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Jupiter

Sep 2025 → Sep 2026 · 2 funds

Our archive holds 3 letters from Jupiter, behind 9 investment theses and positions in 40 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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Jupiter’s own letters page
3
Letters
40
Companies
36
Moves
9
Theses

2 strategies

Jupiter publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 36 moves

  • AddedCentrica
    September 2026
    “the Fund began rebuilding Centrica following its recent derating after taking profits earlier in the year.”
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  • ExitedEverplay Group
    September 2026
    “the remaining Everplay position was also exited to use the capital elsewhere.”
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  • ExitedDunelm
    September 2026
    “Elsewhere, Dunelm was exited following its strategy reset and capital markets event.”
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  • TrimmedPearson
    September 2026
    “Pearson was the most meaningful trim over the quarter, following”
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  • TrimmedConvaTec Group
    September 2026
    “while ConvaTec was trimmed to keep the position appropriately sized given the number of recent changes around the business.”
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  • AddedMan Group
    September 2026
    “Man Group and Beazley have been strong financials for the Fund this year in place of banks.”
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  • TrimmedLand Securities
    September 2026
    “LAND SECURITIES (-30bps) declined as higher bond yields drove a de-rating across the real estate sector.”
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  • ExitedPrudential
    September 2026
    “the remaining Prudential position was sold as conviction in the durability of earnings growth reduced amid increasing regulatory uncertainty in Mainland China and a greater shift towards bancassurance.”
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  • AddedRS Group
    September 2026
    “We allocated capital accordingly:”
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  • AddedDiageo
    September 2026
    “Diageo was the largest beneficiary of capital,”
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  • AddedRenishaw
    September 2026
    “Renishaw was increased further through its upgrade cycle,”
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  • ExitedAutotrader Group
    September 2026
    “A minor position in Autotrader was also exited after the Fund was unable to build sufficient conviction in the investment case,”
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  • AddedGSK
    September 2026
    “GSK was also increased following recent results and management engagement,”
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  • AddedBurberry
    September 2026
    “while Burberry was added to on share-price weakness given continued confidence in management’s turnaround execution and valuation upside.”
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  • AddedTravis Perkins
    September 2026
    “Travis Perkins and RS Group were increased further as conviction continued to build in both investment cases”
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  • AddedSerco
    September 2026
    “Serco was also increased, where improving strategic delivery continues to be overshadowed by what we believe is excessive pessimism around the UK Asylum contract.”
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  • New positionRentokil Initial
    September 2026
    “A small starting position was initiated in Rentokil following a profit warning”
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  • AddedVictrex
    June 2026
    “Positions in Burberry, Marks & Spencer, Renishaw, Travis Perkins, RS Group, Watches of Switzerland, Premier Foods and Victrex were increased, and in some cases, materially.”
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  • TrimmedPrudential
    June 2026
    “We also partially returned to HSBC after partially selling down the successful Prudential position, mindful of its exposures whilst spreading some of the risk from Barclays.”
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  • AddedRS Group
    June 2026
    “Positions in Burberry, Marks & Spencer, Renishaw, Travis Perkins, RS Group, Watches of Switzerland, Premier Foods and Victrex were increased, and in some cases, materially.”
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  • ExitedCrest Nicholson
    June 2026
    “The Fund’s position was reduced following unsuccessful engagement with the board for faster land sales throughout much of 2025.”
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  • New positionDunelm
    June 2026
    “These businesses have a UK consumer flavour: Dunelm, Berkely Group and B&M European Value Retail.”
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  • AddedTravis Perkins
    June 2026
    “Positions in Burberry, Marks & Spencer, Renishaw, Travis Perkins, RS Group, Watches of Switzerland, Premier Foods and Victrex were increased, and in some cases, materially.”
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  • New positionB&M European Value Retail
    June 2026
    “These businesses have a UK consumer flavour: Dunelm, Berkely Group and B&M European Value Retail.”
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  • AddedWatches of Switzerland
    June 2026
    “Positions in Burberry, Marks & Spencer, Renishaw, Travis Perkins, RS Group, Watches of Switzerland, Premier Foods and Victrex were increased, and in some cases, materially.”
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  • ExitedAG Barr
    June 2026
    “To make way for some of these we exited the Fund’s remaining position in Tesco, and residual small positions in AG Barr and Crest Nicholson.”
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  • AddedPremier Foods
    June 2026
    “Positions in Burberry, Marks & Spencer, Renishaw, Travis Perkins, RS Group, Watches of Switzerland, Premier Foods and Victrex were increased, and in some cases, materially.”
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  • AddedRenishaw
    June 2026
    “Positions in Burberry, Marks & Spencer, Renishaw, Travis Perkins, RS Group, Watches of Switzerland, Premier Foods and Victrex were increased, and in some cases, materially.”
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  • AddedMarks & Spencer
    June 2026
    “Positions in Burberry, Marks & Spencer, Renishaw, Travis Perkins, RS Group, Watches of Switzerland, Premier Foods and Victrex were increased, and in some cases, materially.”
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  • ExitedTesco
    June 2026
    “To make way for some of these we exited the Fund’s remaining position in Tesco, and residual small positions in AG Barr and Crest Nicholson.”
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Showing the 30 most recent of 36 recorded moves.

Companies held · 40

Every company Jupiter has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 9

  • Victrex
    September 2026

    Victrex is a market-leading PEEK polymer producer undergoing a turnaround, with structural growth and a cyclical tailwind supporting higher earnings.

    Read the full thesis
  • Renishaw
    September 2026

    Renishaw is a founder-led manufacturing technology leader with high innovation intensity, strong market shares, improving cycles and attractive earnings leverage.

    Read the full thesis
  • Avon Technologies
    September 2026

    Avon Technologies is a leader in mission-critical defence protection with high market shares, a razor/razor-blades model and a successful turnaround underway.

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  • C&C Group
    June 2026

    C&C Group owns strong beer and cider brands and offers turnaround and breakup optionality at a deep valuation discount.

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  • Marks & Spencer
    June 2026

    Marks & Spencer contains undervalued Ocado Retail optionality with scope for commercial improvement and significant value creation.

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  • Victrex
    June 2026

    Victrex has a high-margin medical division with barriers to entry and significant recovery optionality.

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  • YouGov
    June 2026

    YouGov has moat-like shopper data assets and AI-driven upside that may not be fully reflected in the share price.

    Read the full thesis
  • Travis Perkins
    June 2026

    Travis Perkins offers structural growth and margin expansion through Toolstation, plus turnaround optionality and undervalued assets.

    Read the full thesis
  • Watches of Switzerland Group
    June 2026

    Watches of Switzerland is benefiting from strong US demand and a scaled, growing watch and jewellery business.

    Read the full thesis

Letter archive · 3

2026

2025

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