We have decided to change the rating on the Jupiter Strategic Reserve to A based on our lower conviction in the fund’s ability to meet its performance objectives in the medium term. The fund was previously rated AA.  

We continue to have a positive view on the fund's underlying management team and on the investment approach applied by the lead manager and co-manager, Miles Geldard and Lee Manzi, respectively. Mr Geldard has an impressive record of maintaining investors' capital over a number of market crises in the last fifteen years, and we have confidence that he will continue to do so in future market crises. However, his cautious approach and reluctance to take on undue risk mean that this is a fund which may significantly lag other funds during periods of market strength. Although the performance target of cash plus 5% should be achievable in normal market conditions, in the current environment, where volatility has been artificially suppressed by central banks, a return of cash plus 3% would be a more realistic expectation. That being said, the fund has historically struggled to meet these objectives over large periods of time, and we have therefore adjusted the fund’s rating to reflect our concerns.