We have taken the decision to remove the A rating from the Jupiter Absolute Return fund. A contrarian investment stance can be an attractive feature of a fund, especially in a diversified portfolio, but, unfortunately, we have lost conviction in the fund’s management of the associated risks. In our opinion, performance since the beginning of 2019 makes it highly unlikely that the fund will meet its return objective in the medium term.

We therefore feel that we can no longer continue to rate this fund.