Jupiter Merian Global Equity Absolute Return Fund

Investment rationale

Jupiter Merian Global Equity Absolute Return Fund is a global equity market neutral absolute return fund designed for capital growth while closely controlling risk. It aims to deliver above-zero performance over rolling 12-month periods and returns above the US Effective Federal Funds Rate over rolling 3-year periods, within an annualised volatility limit of 6%. It has a risk indicator of 2 out of 7 and a recommended holding period of 5 years. It is intended for retail investors, including those with no financial industry experience, who can accept that some or all capital may be lost; its market-neutral long/short structure makes it a distinct, specialist portfolio component rather than a conventional directional global equity holding.

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How the strategy works

The fund’s objective is capital growth with closely controlled risk, while aiming for an absolute return over rolling 12-month periods and, net of fees, a return above the US Effective Federal Funds Rate over rolling 3-year periods. It invests no less than 51% in company shares and similar investments listed or located anywhere in the world, and uses derivatives both to generate returns and to reduce overall costs and/or risks. The fund maintains a structured market neutral position at all times by balancing long and short positions, and can obtain those exposures through derivatives, which may create leverage. The named cash benchmark is the US Effective Federal Funds Rate, used as the performance target reference, and the share class is an accumulation class in USD with a recommended holding period of 5 years.

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Investment philosophy

• The fund invests globally in listed company shares and similar investments, with at least 51% in equities, and it keeps a structured market neutral stance by balancing long and short positions.

• Portfolio construction is driven by systematic analysis of companies across several characteristics: stock price valuation, balance sheet quality, growth characteristics, efficient use of capital, analyst sentiment and supportive market trends.

• The portfolio can take long positions in investments expected to outperform and short positions in those expected to underperform, with derivatives used to implement exposures and manage costs and risks.

• As at 31.08.2026, the fund had 749 long holdings, gross exposure of 196.5%, net exposure of -0.8%, and equity long and short exposure of 97.9% and -98.6% respectively, with cash of 100.8%.

• At 31 August 2026, the top long holdings were Adobe, Comcast Class A, Walt Disney, Ping An Insurance (Group) Co of China and ASML Holding; sector long exposure was highest in Financials, Information Technology and Health Care, while the largest regional long exposures were DM Americas, EM Asia, and DM Europe & Middle East.

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Distinctive features

The fund is differentiated by its global equity absolute return mandate combined with a structured market neutral long/short approach that aims for above-zero returns irrespective of market conditions. It combines systematic stock selection with explicit risk control through a stated 6% annualised volatility limit and a cash-rate-based return objective rather than comparison with a market index. The strategy is broad in implementation, with global long and short positions across regions and sectors and extensive use of derivatives to express views and manage costs or risk. The share class has no entry or exit charge, an ongoing charges figure of 0.80%, and a minimum initial investment of USD 1,000,000.

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Risks

The fund has a summary risk indicator of 2 out of 7, and investors could lose some or all of their investment. Derivative risk is significant because a small movement in an underlying investment may result in a disproportionately large movement in the derivative position, and the fund’s long/short market neutral structure can be leveraged. Counterparty default risk applies to derivatives contracts and custodians, while pricing risk reflects that financial asset values can rise or fall and may be amplified in more volatile markets. Additional risks include Stock Connect risk, charges from capital potentially causing capital erosion, ESG data risk from incomplete, inaccurate or inconsistent third-party data, ESG-related selection risk versus broader markets, and currency risk where the investor’s payment currency differs from the fund’s.

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Asset manager

The manager is Jupiter Asset Management (Europe) Limited, and the fund is a sub-fund of Jupiter Asset Management Series PLC. The management company is authorised in Ireland and supervised by the Central Bank of Ireland.

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