The FSA Spy market buzz – 4 April 2025
BNY Mellon IM’s conversion; Elusive libertarian investing dream; Eastspring and Vontobel on tariffs; Wisdom of Larry Fink; Has the EU finally seen sense? Price of admission and much more.
Both the Jupiter and Syz funds invest in the European (including UK) equity markets and look for quality companies with a strong competitive edge and solid balance sheets. However, the products differ in terms of their investment style, according to McDermott.
The Jupiter fund has a growth bias, while the Syz fund is more valuation conscious and prefers companies that could be turnaround stories.
“Like the Jupiter fund, the Syz product likes companies that do one thing and do it well, but their share price may reflect short-term pressures. The Syz fund’s manager is actively looking for companies that are currently struggling but are expected to turn around,” McDermott explained.
Growth and value measures
Jupiter |
Syz |
|
Price-to-earnings |
19.24 |
12.8 |
Price-to-book |
3.51 |
1.65 |
Dividend Yield% |
2.12 |
4.06 |
Long-term earnings % |
11.65 |
9.51 |
Sales growth % |
6.67 |
1 |
Cash-flow growth % |
-0.14 |
-7.41 |
The differences in styles have led to different country bets, he added. For example, the Jupiter fund’s three largest allocations are in Germany, the UK and France, while the Syz fund’s top three countries are France, the UK and the Netherlands.
Country allocation
Jupiter |
Syz |
||
Country |
% |
Country |
% |
Germany |
29.4 |
France |
21.5 |
UK |
19.1 |
UK |
17.7 |
France |
14 |
Netherlands |
13.6 |
Denmark |
9.3 |
Germany |
9.9 |
Netherlands |
8.8 |
Denmark |
6.5 |
Spain |
8.6 |
Switzerland |
5.9 |
Norway |
1.6 |
Italy |
3.5 |
Switzerland |
0.9 |
Sweden |
3.2 |
Belgium |
0.8 |
Ireland |
3 |
Sweden |
0.8 |
Cash |
15.2 |
Italy |
0.6 |
Sector allocations also reflect the differing investment styles
Sector allocation
Equity sectors |
Jupiter |
Syz |
Defensive |
26.61 |
10.41 |
Consumer defensive |
3.8 |
6.68 |
Healthcare |
22.81 |
3.73 |
Utilities |
– |
– |
Sensitive |
27.97 |
42.55 |
Communication services |
1.98 |
– |
Energy |
– |
5.36 |
Industrials |
7.39 |
22.58 |
Technology |
18.6 |
14.6 |
Cyclical |
45.43 |
47.05 |
Basic materials |
0.95 |
– |
Consumer cyclical |
19.14 |
19.28 |
Financial services |
25.34 |
21.33 |
BNY Mellon IM’s conversion; Elusive libertarian investing dream; Eastspring and Vontobel on tariffs; Wisdom of Larry Fink; Has the EU finally seen sense? Price of admission and much more.
Part of the Mark Allen Group.