Head To Head

HEAD-TO-HEAD: Invesco vs Jupiter

FSA compares the Invesco Pan European Structured Equity Fund and the Jupiter European Opportunities Fund.

by Francis Nikolai Acosta 26 October 201810 November 2020

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Mathieu Caquineau, Morningstar

Introduction

European equity funds have not received strong inflows in 2018, according to Mathieu Caquineau, senior analyst for manager research at Morningstar.

“Year-to-date, it has been a choppy market with a lot of political noise around Italy,” he told FSA, referring to the Italian budget proposal, which clashes with EU expectations.

Additionally, the UK has been publicly struggling to hammer out a Brexit deal that is amenable to both sides, creating negative sentiment among investors.

Like global markets, the European market is down year-to-date, with the MSCI Europe Index in negative territory (-5.70%), according to data from FE Analytics.

European equities also had the second lowest ranking in terms of forward-looking sentiment, after the US, among fund selectors in Asia, according to data from Fund Selector Asia’s Asset Class Research.

Only 9% of fund selectors surveyed indicated that they will be increasing allocation to the asset class in the next 12 months, while 22% are expecting to reduce their holdings in European equities.

Against this backdrop, FSA asked Caquineau to look at two Europe (plus UK) equity funds: the Invesco Pan European Structured Equity Fund and the Jupiter European Opportunities Fund.\

	Invesco	Jupiter
Size	€5.4bn ($6.14bn)	€264m ($300m)
Inception	2000	2001
Manager	Michael Fraikin and Thorsten Paarmann	Cédric De Fonclare
Three-year return*	-1.46%	-4.86%
YTD alpha**	-1.80%	-4.05%
YTD volatility**	12.82	13.21
Morningstar analyst rating	Silver	Silver
Morningstar star rating	*****	****
FE Crown fund rating	****	**
OCF (retail share class)	1.57%	1.72%
OCF (clean share class)	0.88%	0.95%

Source: Morningstar, FE Analytics

*Cumulative to 26 October 2018

**to 26 October 2018

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