Head To Head, News

HEAD-TO-HEAD: Jupiter versus Syz

FSA compares two European equity funds: the Jupiter Growth Fund and the Oyster European Selection Fund.

by Francis Nikolai Acosta 26 July 201910 November 2020

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Darius McDermott, Chelsea Financial and Fund Calibre

Introduction

European equities have recovered this year, with the FTSE World Europe Index returning 15.42% year-to-date.

However, the asset class continues to lag its global and US peers, with the S&P 500 returning 19.82% and the MSCI AC World Index at 18.1%.

European equities also haven’t had much interest from regional investors this year and the asset class became the least-liked among Asia-based fund selectors, according to Last Word Media’s latest “Future flows” survey.

Inflation remains low and economic growth sluggish and the ECB is widely expected to cut interest rates again in September. Markets are also bracing for an increasingly likely “no deal” Brexit in October.

However, European valuations are cheaper compared to the rest of the world. European equities are expected to trade at 13.8x this year on a price-to-earnings basis, which compares to the 17.5x in the US and 15.3x globally, according to HSBC Global Asset Management.

Against this backdrop, FSA asked Darius McDermott, managing director of Chelsea Financial Services and Fund Calibre, to compare two European equity products: Jupiter’s JGF Growth Fund and Syz Asset Management’s Oyster European Selection Fund.

	Jupiter	Syz
Size	€2.4bn ($2.67bn)	€98m ($109m)
Inception	August 2001	Feburary 2015
Manager	Alexander Darwall	Michael Clements
Three-year cumulative return*	37.86%	5.08%
Three-year annualised return**	11.18%	1.60%
Three-year annualised alpha**	5.17	-4.71
Three-year annualised volatility**	13.53	12.6
Morningstar (fwd looking) analyst rating	Neutral	Not rated
Morningstar (bkwd looking) star rating	*****	*
FE Crown fund rating	****	**
OCF (retail share class)	0.98%	2.00%

Source: FE Analytics, Morningstar Direct

*25 July 2016 – 25 July 2019

**23 July 2016 – 19 July 2019

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