Jupiter
Jupiter UK Dynamic Equity Fund
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 9 investment theses and positions in 47 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of Jupiter for every strategy.
Performance
as of Jun 30, 2026 · net of fees · GBP · I GBP ACC
- YTD+11.6%index +21.9%
- 1Y+11.6%index +21.9%
- 3Y · total+49.7%index +53.1%
- 5Y · total+67.6%index +67.9%
- 10Y · total+141%index +130%
- Inception · total+960%index +726%
Index: FTSE All-Share
| YTD | 1Y | 3Ytotal | 5Ytotal | 10Ytotal | Since inceptiontotal | |
|---|---|---|---|---|---|---|
| Jupiter UK Dynamic Equity Fund | +11.6% | +11.6% | +49.7% | +67.6% | +141% | +960% |
| FTSE All-Share | +21.9% | +21.9% | +53.1% | +67.9% | +130% | +726% |
Calendar years
- 2025+18.3%index +11.2%
- 2024+13.3%index +13.0%
- 2023+6.1%index +7.9%
- 2022+5.6%index +1.6%
- 2021+30.4%index +21.4%
- 2020−14.4%index −13.0%
- 2019−5.2%index +0.6%
- 2018+6.9%index +9.0%
- 2017+27.1%index +18.1%
Disclaimer
These figures are copied from the manager’s latest letter, as of Jun 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
the Fund began rebuilding Centrica following its recent derating after taking profits earlier in the year.
the remaining Everplay position was also exited to use the capital elsewhere.
Elsewhere, Dunelm was exited following its strategy reset and capital markets event.
Pearson was the most meaningful trim over the quarter, following
while ConvaTec was trimmed to keep the position appropriately sized given the number of recent changes around the business.
Man Group and Beazley have been strong financials for the Fund this year in place of banks.
LAND SECURITIES (-30bps) declined as higher bond yields drove a de-rating across the real estate sector.
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.
We allocated capital accordingly:
Diageo was the largest beneficiary of capital,
Renishaw was increased further through its upgrade cycle,
A minor position in Autotrader was also exited after the Fund was unable to build sufficient conviction in the investment case,
GSK was also increased following recent results and management engagement,
while Burberry was added to on share-price weakness given continued confidence in management’s turnaround execution and valuation upside.
Travis Perkins and RS Group were increased further as conviction continued to build in both investment cases
Serco was also increased, where improving strategic delivery continues to be overshadowed by what we believe is excessive pessimism around the UK Asylum contract.
A small starting position was initiated in Rentokil following a profit warning
Positions in Burberry, Marks & Spencer, Renishaw, Travis Perkins, RS Group, Watches of Switzerland, Premier Foods and Victrex were increased, and in some cases, materially.
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.
Positions in Burberry, Marks & Spencer, Renishaw, Travis Perkins, RS Group, Watches of Switzerland, Premier Foods and Victrex were increased, and in some cases, materially.
The Fund’s position was reduced following unsuccessful engagement with the board for faster land sales throughout much of 2025.
These businesses have a UK consumer flavour: Dunelm, Berkely Group and B&M European Value Retail.
Positions in Burberry, Marks & Spencer, Renishaw, Travis Perkins, RS Group, Watches of Switzerland, Premier Foods and Victrex were increased, and in some cases, materially.
These businesses have a UK consumer flavour: Dunelm, Berkely Group and B&M European Value Retail.
Also held
Its investment theses
- VictrexSep 2026Victrex is a market-leading PEEK polymer producer undergoing a turnaround, with structural growth and a cyclical tailwind supporting higher earnings.
- RenishawSep 2026Renishaw is a founder-led manufacturing technology leader with high innovation intensity, strong market shares, improving cycles and attractive earnings leverage.
- Avon TechnologiesSep 2026Avon Technologies is a leader in mission-critical defence protection with high market shares, a razor/razor-blades model and a successful turnaround underway.
- C&C GroupJun 2026C&C Group owns strong beer and cider brands and offers turnaround and breakup optionality at a deep valuation discount.
- Marks & SpencerJun 2026Marks & Spencer contains undervalued Ocado Retail optionality with scope for commercial improvement and significant value creation.
- VictrexJun 2026Victrex has a high-margin medical division with barriers to entry and significant recovery optionality.
- YouGovJun 2026YouGov has moat-like shopper data assets and AI-driven upside that may not be fully reflected in the share price.
- Travis PerkinsJun 2026Travis Perkins offers structural growth and margin expansion through Toolstation, plus turnaround optionality and undervalued assets.
- Watches of Switzerland GroupJun 2026Watches of Switzerland is benefiting from strong US demand and a scaled, growing watch and jewellery business.