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HEAD-TO-HEAD: Jupiter versus Syz
FSA compares two European equity funds: the Jupiter Growth Fund and the Oyster European Selection Fund.
The Jupiter and Syz funds versus their benchmark indices. Jupiter’s benchmark index is the FTSE World Europe Index, while the Syz fund’s benchmark is the Stoxx Europe 600 Euro Index. Source: FE Analytics. In US dollars.
Performance
The Jupiter fund has tended to outperform its benchmark index and the Syz fund, according to McDermott.
He explained that although the Jupiter product has enjoyed a strong growth tailwind for some years, the fund manager has been skilful in stock selection.
“[Given that the product is a growth fund], it may underperform in a value market, but the fund manager has shown himself to be adept at finding stocks that can do well in any market condition,” McDermott said.
Discreet annual calendar performance (%)
| Fund / benchmark |
YTD 2019 |
2018 | 2017 |
2016 |
| JGF-Jupiter European Growth L Acc EUR in US |
20.07 |
-9.25 | 36.53 |
-13.43 |
| Index : FTSE World Europe GTR in US |
15.84 |
-14.69 | 26.81 |
0.16 |
| Oyster European Selection N EUR in US |
6.93 |
-26.24 | 27.14 |
4.05 |
| Index : STOXX Europe 600 Euro TR in US |
16.25 |
-14.53 | 26.62 |
-0.6 |
Source: FE Analytics
Turning to the Syz fund, McDermott said that the product has disappointed both short- and long-term.
“I am very impressed with the manager and liked his very different approach to investing, but the fund has disappointed. It’s a real shame. I would like to see how it does when growth isn’t such a dominant style,” he said.
In terms of volatility, the Jupiter product is slightly more volatile than the Syz fund, although Jupiter has better risk-adjusted returns, according to data from FE Analytics.
Three-year annualised volatility and Sharpe ratio
| Fund / Index |
Volatility |
Sharpe ratio |
| JGF-Jupiter European Growth L Acc EUR in US |
13.53 |
0.57 |
| Index : FTSE World Europe GTR in US |
12.4 |
0.42 |
| Oyster European Selection N EUR in US |
12.6 |
0 |
| Index : STOXX Europe 600 Euro TR in US |
12.43 |
0.43 |
Source: FE Analytics
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