Jupiter Strategic Bond Fund

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1 Powered by TCPDF ( Jupiter Strategic Bond Fund Launch Date Fund Size Legal Structure 02/06/2008 3,889M Unit Trust (UNIT) Share Class ISIN AMC OCF Jupiter Strategic Bond I Acc in GB GB00B4T6SD % 0.73%* Jupiter Strategic Bond I Inc TR in GB GB00B544HM % 0.73%* This fund aims to achieve a high income with the prospect of capital growth by seeking the best opportunities within the global fixed interest universe. The fund invests in a wide range of bonds issued by companies with robust business models together with some sovereign debt. Positioning of the portfolio is also influenced by macroeconomic aspects such as the outlook for inflation and interest rates. It is suitable for an investor with a moderate attitude to investment risk. Ariel Bezalel has managed the fund since launch in 2008, after joining Jupiter in 1997, and has a degree in Economics from Middlesex University. Assistant managers Harry Richards and Vikram Aggarwal were appointed in 2016 and 2017 respectively. Richards has a degree in Chemistry from Oxford University. He joined Jupiter in 2011 and became a Credit Analyst in the Fixed Interest team in Aggarwal joined Jupiter in 2013 as a credit analyst following four years as a European credit trader with Bank of America Merrill Lynch and focuses mainly on emerging market debt. He gained an MA in Economics & Management from Oxford University. discrete annual performance to last quarter end (GBX) 0-12m 12-24m 24-36m 36-48m 48-60m Fund Performance 1.98% 8.06% -0.9% 5.31% 7.33% Sector Performance 1.89% 7.61% -1.27% 7.22% 3.22% Relative to sector Rank within sector 35/81 35/77 36/75 51/73 13/68 Quartile clarity verdict: This is a global bond fund with an unconstrained mandate which we like for its exposure to a wide range of bond types and countries. The fund manager is always careful to mitigate risk, partly by managing duration, but will also deploy short positions and futures in suitable markets. In recent years Bezalel has been relatively cautious, so performance has been fairly close to the peer group average. Data supplied by FE Analytics as at September 2018, bid/bid, income reinvested. Risk warning: The past is not necessarily a guide to future performance. The value of your investment and the income from it can fall as well as rise and is not guaranteed. You may not get back the full amount invested. Our views are based upon our understanding of current legislation in England and Wales. Levels and bases of, and reliefs from, taxation are subject to change and their value to you will depend upon your personal circumstances. You should not act on any of the information without seeking professional advice. clarity Ltd is authorised and regulated by the Financial Conduct Authority (FCA). clarityglobal.com clarity Ltd 2018

2 JupiterStrategic Bond Fund Aug 2018 Fund Objective UnitTrust -IACC The Fund aims to achieve a high income with the prospect of capital growth by seeking out the best opportunities within the fixed interest universe globally. The Fund invests in higher yielding assets including high yield bonds, investment grade bonds, government bonds, preference shares, convertible bonds and other bonds. The Fund may invest in derivatives and forward transactions for investment purposes(including, but not limited to, forward currency transactions to hedge exposure in Euro denominated bonds back into Sterling). Fund Management ArielBezaleljoinedJupiterin1997andisHead of Strategy, Fixed Income. Ariel has managed the Jupiter Strategic Bond Fund since June Fund Information as at ProductInformation PriceInformation FundLaunchDate: ValuationDay: EveryBusinessDay Benchmark: IBOXXUKSterlingNonGilts BaseCurrency: AllMaturities AvailableOn: GBP IASector: IASterlingStrategicBond FundSize Yield&DistributionData FundValue: GBP3,914m DistributionYield: 3.6% LongHoldings: 449 ShortHoldings: 3 TheDistributionYieldreflectstheamountsthatmaybeexpectedtobedistributedoverthenexttwelvemonthsasapercentageofthemidmarketunitpriceofthefundasatthedateshownItisbasedonasnapshotoftheportfolioonthatday.Itdoesnotincludeanyinitialcharge andinvestorsmaybesubjecttotaxondistributions.thedistributionyieldisthesameastheunderlyingyieldforthisfund. Fund Ratings Ratingsshouldnotbetakenasarecommendation.Copyright 2018-MorningstarUKLimited.AllRightsReserved. Fund Performance as at Cumulative Performance (%) 1yr 3yrs 5yrs 10yrs Since Launch Fund Benchmark SectorAverage PositionInSector 43/84 48/75 35/68 3/42 - QuartileRanking Performance over 5 years (%) Year-on-year Performance (%) Fund Benchmark Calendar Year Performance (%) YTD Fund Benchmark Past performance is no guide to the future.all performance figures in this factsheet are forthe IACC unit class. FundperformancedataiscalculatedonabidtoNAVorNAVtoNAVbasisdependentontheperiodofreporting,allperformanceisnetoffeeswithnetincomereinvested.Source:FE InlinewiththeIA(InvestmentAssociation)methodology,performancedatacoveringperiodspriortoshareclasslaunchincludesreturnscalculatedusingthefund shighestfeeshareclass.performancedata coveringtheperiodsinceshareclasslaunchisarecordofactualreturnsachievedbytheshareclassshown. Risks Marketandexchangeratemovementscancausethevalueofaninvestmenttofallaswellasrise,andyoumaygetbacklessthanoriginallyinvested.Investors should carefully read the Key Investor Information Document (KIID), Supplementary Information Document (SID) and Scheme Particulars beforemakinganinvestmentdecision.thefundcaninvestasignificantportionoftheportfolioinhighyieldbondsandbondswhicharenotratedbyacredit ratingagency.whilesuchbondsmayofferahigherincome,theinterestpaidonthemandtheircapitalvalueisatgreaterriskofnotbeingrepaid,particularlyduring periods of changing market conditions. The value of quarterly income payments will fluctuate. The fund manager can use derivatives for investment purposes, to take long and short positions based on their view of the market direction, so the fund's performance is unlikely to track the performance of broader bond and equity markets. Taking short positions creates the opportunity for a fund to deliver positive returns in falling markets, but also means that a fund could deliver negative returnsinrisingmarkets.thepotentiallossonashortpositionisunlimited,becausethepriceoftheunderlyinginvestmentcancarryonrising.thereisalsoariskthat counterparties to derivatives may become insolvent, which may cause losses to the fund. In difficult market conditions, reduced liquidity in bond markets may make itharderforthemanagertosellassetsatthequotedprice.thiscouldhaveanegativeimpactonthevalueofyourinvestment.inextrememarketconditions,certain assetsmaybecomehardtosellinatimelymanneroratafairprice.thiscouldaffectthefund sabilitytomeetinvestors redemptionrequestsupondemand.the KIID,SIDandSchemeParticularsareavailablefromJupiteronrequest.Thisfundcaninvestmorethan35%ofitsvalueinsecuritiesissuedorguaranteedbyanEEA state. For definitions please see the glossary of this factsheet or at Please read Important information overleaf

3 JupiterStrategic Bond Fund Aug 2018 Fund Holdings as at UnitTrust -IACC TopTen Holdings %ofnetassets US Treasury 3.00% 15/02/47 5.0% Australia 3.25% 21/06/39 4.7% US Treasury 2.25% 15/02/27 3.8% Australia 3.75% 21/04/37 3.5% US Treasury 2.75% 28/02/25 3.2% US Treasury 2.00% 15/11/26 2.7% US Treasury 2.25% 15/08/46 2.7% Australia 4.50% 21/04/33 1.3% Cognita 7.75% 15/08/21 1.1% Co-op Wholesale 6.875% 08/07/20 1.1% Total 29.0% Credit Rating AAA 31.7% AA 2.7% A 1.6% BBB 9.1% BB 19.6% B 17.2% CCC 4.1% CC 0.2% NotRated 11.6% Total % Asset Allocation % of Net Assets Short Long Corporate Bond 51.9% Government Bond 37.8% Floating Rate Note 4.8% Convertible Bond 2.8% Mutual Fund 0.5% Commercial Paper 0.0% Credit Default Swaps -8.2% 0.0% Total 1-8.2% 97.8% Additional Information Physicalcash 2.25 Effectiveduration 6.16 Averagetermtomaturity 9.23 Averagecreditrating BBB+ Geographical Allocation Short Long NorthAmerica -2.1% 27.7% UK 23.3% AsiaPacificexJapan 21.9% EuropeexUK -5.5% 14.8% Caribbean&LatinAmerica 3.4% EmergingEurope 3.0% MiddleEast 1.5% Japan 0.8% Africa 0.8% -7.7% 97.2% Other 2-0.6% 0.5% Total 1-8.2% 97.8% 1 Thefiguresmaynotequal100%duetorounding. 2 Othercontains-0.58%EmergingMarketsIndexCreditDefault Swapsand0.51%JupiterGlobalEmergingMarketsCorporateBond Fund. 3 RatingsbasedonBloomberg,S&PandMoody. Charges and Codes Min.Initial Investment Min.Top-up Investment InitialCharge OngoingChargesAnnualManagement Figure Charge(max.) ISIN SEDOL ShareClass IncomeDistributionPolicy IACC Accumulation 5,000,000 50, % 0.73% 0.50% GB00B4T6SD53 B4T6SD5 ACC Accumulation % 1.48% 1.25% GB00B2RBCS16 B2RBCS1 INC Quarterlydistribution(paidout) % 1.48% 1.25% GB00B2RBBC80 B2RBBC8 IINC Quarterlydistribution(paidout) 5,000,000 50, % 0.73% 0.50% GB00B544HM32 B544HM3 ZACC Accumulation 125,000, , % 0.71% 0.48% GB00BN8T5935 BN8T593 ZINC Quarterlydistribution(paidout) 125,000, , % 0.71% 0.48% GB00BN8T5596 BN8T559 TheOngoingChargesFigureincludestheAnnualManagementChargeandaggregateoperatingexpenseschargeabletothefund.Wherethefundinvestsinotherfunds,itincludestheimpactofthechargesmade inthoseotherfunds.jupiterdoesnotengageinstocklending.fordetailsofallunitsandfeesandcharges,pleaserefertotheschemeparticularsandannualreportforeachfinancialyear. FS_GB00B4T6SD53_en-GB_ _01 Important information: We recommend you discuss any investment decisions with a financial adviser, particularly if you are unsure whether an investment is suitable. Jupiter is unable to provide investment advice. Initial charges are likely to have a greater proportionate effect on returns if investments are liquidated in the shorter term. Every effort is made to ensure the accuracy of any information provided but no assurances or warranties are given. Jupiter Unit Trust Managers Limited(JUTM) and Jupiter Asset Management Limited(JAM) are both authorised and regulated by the Financial Conduct Authority and their registered address isthezigzagbuilding,70victoriastreet,londonsw1e6sq.nopartofthisdocumentmaybereproducedinanymannerwithoutthepriorpermissionofjutm and/or JAM. CreditRatingDisclaimer:TheCompositeRatingiscreatedusingamethodologydevelopedbyJupiterAssetManagementLimitedusingratingsfromvariousratingsagencies.TheCompositeRatingisnotacredit opinionnorisitaratingissuedfromaratingsagency,includingstandard&poor s.althoughans&pratingmaybeusedinjupiterassetmanagementlimited smethodologyincreatingthecompositerating,s&p doesnotsponsor,endorseorpromotethecompositerating.totheextentthatthecompositeratinghasbeencreatedusingans&prating,suchs&pratingwasusedunderlicensefroms&pands&preservesall rightswithrespecttosuchs&prating. Contact: Jupiter Unit Trust Managers Ltd Telephone: advisersupport@jupiteram.com

4 Jupiter Factsheets - Glossary ofterms Absolute return: the total return of an asset, portfolioorfundoveragivenperiodoftimeoran investmentapproachthatattemptstoachievea returnwhichisnotbenchmarkedagainstanindex. Ask/Bidprice:thelowestpriceaselleriswillingto sellasecurityfor/thehighestpriceabuyeriswilling topayforasecurity. Bond:adebtinstrument('IOweYou')issuedbya company(corporatebond),government(sovereign/ governmentbond)orotherinstitutioninorderto raisemoney.inmostcases,bondspayafixedinterest rate(coupon)overafixedperiodoftimeandwillbe repaidonaparticulardate.seecoupon. CFROI: meanscashflowreturnoninvestment. Convertibles: securities(e.g.bondsorpreference shares)thatcanbeexchangedatsomepointinthe futureforaspecifiednumberofsharesataspecified priceofthecompanyissuingthesecurities.see Bond. Coupon: denotestheinterestin%paidonabond. SeeBond. Credit rating: an assessment of a borrower's creditworthiness,i.e.thelikelihoodoftheborrower torepayitsdebts. Delta/Weighted Average Delta: deltameasures thechangeinvalueofaderivativefromachangein thepriceoftheunderlyingasset.itissometimes referredtoasthe"hedgeratio."weighted Average Deltareferstotheoveralldeltaofacollectionof derivativesbasedonthedeltaofeachindividual derivativeandtheirrespective"weight"orsizeinthe collectionasawhole.seederivative. Derivative: afinancialinstrumentthatderivesits valuefromitsunderlyingassets.commonunderlying assets include stocks, bonds, commodities, currencies, interest rates and market indices. Futures contracts,forward contracts,options and swapsarethemostcommontypesofderivatives. Derivativescanbepurchased'onmargin',i.e.ata fractionofthevalueoftheunderlyingasset.thus, theyare'leveraged'instrumentswheretheriskofloss canbegreaterthantheinitialoutlay.derivativescan beusedlikeinsurancecontracts(i.e.tohedgemarket risk) or for investment purposes. See Hedge, Leverage. Distribution Yield: thetotalinterestpaidbyafund dividedbythefund'svalue. Duration/ModifiedDuration: Durationestimates thesensitivityofabondorbondfundtochangesin interestrates.itismeasuredinyears.thelongera bond'sduration,themoresensitiveitistointerestrate movements. Modified duration estimates the effectthata1%changeininterestrateswillhaveon the price of a bond or bond fund. Effective duration estimatesthesensitivityofabond sprice tochangesinbenchmarkinterestrates.effective durationisrequiredforthemeasurementofinterest rateriskforcomplextypesofbonds.seebond. Equity: asharerepresentinganownershipinterestin acompany.equitymarketmeansstockmarket. Exchange Traded Fund(ETF): afundvehiclethat istradedlikeastockonastockexchange.itisusedto trackandmimictheperformanceofaspecificmarket index. Exposure: describesthelevelofrisktoaparticular asset,assettype,sector,marketorgovernment.also, thedirectionalmarketexposureofa(absolutereturn) fund. See Absolute Return, Gross/Net exposure. Fixed interest/income: denotesdebtinstruments (securities)thatpayafixedinterestrate(e.g.bond, commercialpaper).also,auniversaltermforbondor debtinvesting.seebond. Floating rate note(frn): abondwithavariable interestrate.theinterestrateisvariableasitistiedto a benchmark such as LIBOR (London Interbank OfferedRate).SeeBond. Futures: anexchangetradedcontractbetweentwo partiestobuyorsellacommodityorafinancial instrumentatapre-determinedpriceatafuturedate. SeeBond Future, Derivative. Gearing: measuresacompany sborrowings(debt)as aproportionofassets.seeleverage. Gross exposure: thepercentagevalueofthelong positions plusthepercentagevalueoftheshort positions.seenet exposure. Hedge: aninvestmentdesignedtoreducetheriskof adversepricemovementsinanassetbytakingan offsettingposition.derivativesareusuallyusedas hedgingtools.seederivative. High WaterMark: thehighestlevelthatafund'snet assetvalue(nav)hasreachedattheendofany12- monthaccountingperiod.seenet Asset Value. High yield bond: abondwithahighcoupon paymentandtypicallyalow/nocreditrating(below investmentgrade,e.g.bbb-).seebond, Coupon. Hurdle Rate: theminimumlevelofreturnrequired beforeafundcanchargeaperformancefee.see Performance fee. Leverage: theuseoffinancialinstruments(e.g.debt) toincreasethepotentialreturnofaninvestment.see Notional value. Liquidity: measureshoweasilyanassetorsecurity canbeconvertedintocash. Long/short position: alongpositionisbuyinga securitywiththeexpectationthatitwilldelivera positivereturnifitsvaluegoesupandanegative returnifitsvaluefalls.conversely,ashortposition involves selling a borrowed security with the expectationofbuyingitbackatalowerpricetomake aprofit.however,ifthesecuritygoesupinvalue,a shortpositionwillmakealoss. Maturity: referstoafinitetimeperiodattheendof whichasecurity/debtinstrumentisduetoberepaid. SeeBond. Money market: marketsinwhichshort-term(less thanoneyear)debtinstrumentsaretraded.money market instruments aretypicallycashdepositsand commercialpapers. Netassetvalue:inrelationtoafund,themarket valueofitsassetslessitsliabilities.themarketvalue isusuallydeterminedbythepriceatwhichaninvestor canredeemshares. Net exposure: thepercentagevalueofthelong positionslessthepercentagevalueoftheshort positions. See Gross Exposure, Long/short Position. Non-rated bonds: bondsthatarenotrated.see Bond. Notional value: commonlyusedinrelationtoa derivative, denotes the theoretical value of its underlyingasset.seederivative. Open-ended Investment Company (OEIC): a fundvehicle,whichcanissuealimitlessnumberof shareswhosevaluearedirectlylinkedtothevalueof itsunderlyinginvestments.oeicsnormallylistasingle pricebasedonthenav.seenet Asset Value. Performance fee: afeepaidtoanassetmanagerfor generatingpositivereturnsaboveahurdle rate. Share: aunitofownershipinterestinacompanyor financialasset.alsoequity. SICAV: Sociétéd'InvestissementàCapitalVariable.A typeofopen-endedfundwidelyusedineurope. Spread: thedifferencebetweenthebidandtheask priceofasinglesecurity.itcanalsorefertothe differenceinpricebetweentwosecurities.seeask/ Bid price. Total return: thecapitalgainorlossplusanyincome generatedbyaninvestmentoveragivenperiod. UnitTrust:Afundvehiclewhichcanissuealimitless numberofunitswhosevaluearedirectlylinkedtothe valueofitsunderlyinginvestments.jupiterunittrusts aresinglepriced,whichmeanstheyhaveonepricefor buyingandselling. ValueatRisk(VaR):valueatRisk,amathematical wayofmeasuringthemaximumexpectedlossofan investmentoveraperiodoftime. Volatility: measureshowmuchthepriceofasecurity movesupordownoveraperiodoftime.astockthat experiencesbigpriceswingshashighvolatility,while onewhichmovesupordowninsmallerincrements haslowvolatility. Yield: therateofinterestorincomeonaninvestment, usuallyexpressedasapercentage.

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