Jupiter UK Alpha Fund I GBP Acc


March 2026
 
  • Opinion
    Square Mile rating
  • Performance
    X years annualised returns
    N/A
    % of time met performance objective period
    N/A
  • Risks
    Risk of asset class
    1 2 3 4 5 6 7 8 9 10
    Risk of fund within asset class
    1 2 3 4 5
  • Costs
    Ongoing charges
    -
    Transaction costs
    -
    Total cost of investment
    -
  • Responsible
    What type of investor are you?

Source: Square Mile and LSEG Lipper (all rights reserved), Data as at: .

Overview

This fund is focused on capital accumulation and invests in large companies listed in the UK, which often have businesses that are global in nature. The manager takes a long term view on companies which may cause the fund to be volatile in the shorter term, however, we believe that the manager should be able to provide good returns over the longer term.

 

Square Mile’s Expected Outcome

We believe that this fund should be able to outperform the FTSE All Share Index over rolling three year periods.

Square Mile’s Opinion

Following the acquisition of Merian Global Investors (MGI) by Jupiter Fund Management plc in July 2020, this fund has been fully integrated into Jupiter Asset Management. Its manager, Richard Buxton, and his team are now responsible for Jupiter's UK Alpha strategy. 

Over the years, this fund's manager, Mr Buxton, has built a solid reputation for investing in the UK large cap area of the market. His focus on larger companies differentiates this strategy from many of its competitors, a number of which have relied upon the strength of smaller and medium sized companies to outperform the FTSE All Share index. We would highlight that the manager's approach is far sighted, and so it can take some time for his ideas to be fully rewarded. It should also be noted that his approach can lead to greater volatility than other UK equity strategies and that the fund's performance may accentuate any sharp market moves, both on the up side and on the down. During periods of heightened market volatility, investors should take comfort from the manager's extensive experience and indeed, his long-term track record on other strategies, which have successfully delivered returns in excess of the index across a number of market cycles.

Fund Manager’s Formal Objective

Objective: to achieve capital growth. In seeking to achieve its investment objective the fund will aim to deliver a return, net of fees, greater than that of the FTSE All-Share Index over rolling three year periods.

Capital Accumulation UK
Active FTSE All Share
Equity IA UK All Companies
- £309M
Richard Buxton March, September
2.5 Pounds Semi-annual
GBP 31/01/2003
2.5 Pounds 31/07/2025
0.00% -
- -

Source: Square Mile and LSEG Lipper (all rights reserved), Data as at:

 
  PAGE 1 OF 6  
 
Jupiter UK Alpha Fund I GBP Acc
 
 

Asset Manager Overview

This fund's manager, Richard Buxton, is a highly experienced UK equity fund manager. He commenced his career in 1985 and after having spent over 10 years at Baring Asset Management, he moved to Schroders where he was head of UK equities and ran the Schroder UK Alpha Plus fund for more than ten years. He then joined Merian Global Investors (MGI) in 2013 and was appointed chief executive officer from 2015 until 2019. Following Jupiter Fund Management Plc's acquisition of MGI in 2020, he has transitioned into the role of head of strategy, UK Alpha.

Mr Buxton's investment philosophy centres around the belief that markets tend to get too focused on short term issues affecting companies. As a result share prices do not fully reflect the long term value that their underlying businesses represent. Mr Buxton and the Jupiter team monitor the market looking for undervalued shares, stocks whose performance has lagged the broader market, as well as companies that are undergoing change such as the introduction of new management or shifts to the business environment. These initial screens assist with the identification of companies worthy of further investigation.

The team members rigorously research the firms that have been presented following this initial screen and seek to identify the key drivers behind the business, which can be discovered through an in depth examination of the company's financial accounts and by considering how it performed during various economic environments. In addition, the team looks to assess where the company's strategic strengths and weaknesses lie. The quality of its management is also considered important and the team spends a significant amount of time meeting with companies' executives to determine their aims and motivations.

The final portfolio is reasonably concentrated and typically invested across 30 to 40 stocks. It tends to focus on larger sized companies typically found in the FTSE 100 or towards the upper end of the mid cap orientated FTSE 250 index. Mr Buxton invests in companies for the longer term and as a result portfolio turnover tends to be low. The companies selected often have short term issues, which weigh heavy on the share price, although the manager considers these to be temporary in nature. Investment is also made into sustainable growth opportunities where the current share price does not fully reflect the growth profile of the business.

 
 
  PAGE 2 OF 6  
 
Jupiter UK Alpha Fund I GBP Acc
 
 

ESG Integration

Fund ESG Integration

Whilst the fund does not formally operate with any environmental, social and governance (ESG) screens or restrictions in place, the manager and his team do incorporate a consideration of these factors into the investment process. This is based on the view that failures on ESG grounds can negatively impact a company's share price and, as such, an evaluation of these risks is important. If an ESG risk is uncovered it may influence how that investment is treated, the level of engagement and how the firm ultimately cast their vote. Furthermore, Mr Buxton is a keen advocate of engaging to improve a company's ESG credentials, with the opinion that this can often positively impact its share price.

 
 
  PAGE 3 OF 6  
 
Jupiter UK Alpha Fund I GBP Acc
 
 

Risk Summary

This is an equity based fund investing largely in UK listed companies and as such the main risk is that these, as higher risk assets, can be volatile investments. The manager can also be quite contrarian in terms of his investment approach, which can lead to a more volatile return profile when compared to peers, especially when it takes time for one of his investment cases to bear fruit. It therefore may look and perform very differently to the FTSE All Share index, and so is likely to be more suitable for investors with a longer investment time horizon.

 

Additional Information

-
-
-
-
-
-
-

(3 years data to last month end unless otherwise stated)

Qualitative Risk Assessment

Significant Potentially Significant Not Significant

For the full summary of the risks, click here
 
  PAGE 4 OF 6  
 
Jupiter UK Alpha Fund I GBP Acc
 
 
 

Calendar Year Performance To Quarter End

Period Fund (%) Sector (%)
2025 24.3 14.8
2024 3.4 7.9
2023 6.8 7.2
2022 -1.6 -9.3
2021 16.2 17.1

Source: Square Mile and LSEG Lipper (all rights reserved), Data as at: 30th March 2026

Value for Money

The fund's ongoing charge figure (OCF) is in line with the peer group median, but its transaction costs are far from excessive and overall we find the total cost of investment to be very competitive. In our eyes, this fund offers good value for money, as it provides investors with access to a well-regarded, large cap focused UK equity fund, which is managed by a highly experienced, conviction investor.

In line with the MiFID II regulations, asset management firms are required to disclose all of the costs and charges related to the running and administration of their funds, including items outside of the OCF, such as research costs. This step is at the discretion of each fund group, but it is one that a number of firms have followed, including Jupiter Asset Management, which absorbs all of the costs associated with its research. This should slightly reduce the overall fee paid by investors.

OCF v Peer Group


Transaction Costs v Peer Group


TCI v Peer Group


Source: Square Mile and LSEG Lipper (all rights reserved), Data as at: .
 
  PAGE 5 OF 6  
 
Jupiter UK Alpha Fund I GBP Acc
 
 

Rating Changes

The Square Mile ratings are reviewed every 6 months. For full details on the methodologies, click here.
For a full list of all Square Mile rated funds, click here.

Rating Changes over last 12 months Time & Date rating changed
 

Disclaimer

This document is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

Unless otherwise agreed by Square Mile, this factsheet is only for internal use by the permitted recipients and shall not be published or be provided to any third parties. This factsheet is for the use of professional advisers and other regulated firms only and should not be relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd (“SM”). SM makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SM at the date of issue but may be subject to change without reference or notification to you. SM does not offer investment advice or make recommendations regarding investments and nothing in this factsheet shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This factsheet shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SM shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SM does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein. Unless indicated, all figures are sourced by LSEG Lipper (all rights reserved). Past performance is not a guide to future returns.

  PAGE 6 OF 6