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JUP Jupiter Fund Management Plc

-0.70 (-0.84%)
Last Updated: 16:09:04
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Jupiter Fund Management Plc LSE:JUP London Ordinary Share GB00B53P2009 ORD 2P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.70 -0.84% 82.20 526,330 16:09:04
Bid Price Offer Price High Price Low Price Open Price
82.20 82.50 84.10 81.00 81.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Misc Business Credit Instn 368.8M -12.9M -0.0237 -34.68 447.99M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:11:19 O 25 82.50 GBX

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Date Time Title Posts
20/5/202408:49Jupiter Fund Management1,457

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Posted at 20/5/2024 09:20 by Jupiter Fund Management Daily Update
Jupiter Fund Management Plc is listed in the Misc Business Credit Instn sector of the London Stock Exchange with ticker JUP. The last closing price for Jupiter Fund Management was 82.90p.
Jupiter Fund Management currently has 545,000,000 shares in issue. The market capitalisation of Jupiter Fund Management is £447,990,000.
Jupiter Fund Management has a price to earnings ratio (PE ratio) of -34.68.
This morning JUP shares opened at 81p
Posted at 22/2/2024 10:14 by mpage
JUP investor relations publishes (infrequently updated) consensus estimates.

Posted at 10/1/2024 17:02 by mr roper
Value trap indeed.

If global value ends up being managed by Whitmore at his new boutique then that's 10% of the current aum knocked of the total. Sure there'll be some fee agreement so Jup retain some growth from the deal but with Whitmore gone what's left?
The biggest strategies sit with a couple of bond funds and the equity absolute return strategy. Outside that there's a mish mash of a huge amount of underperforming uk funds with some decent Asia and Japan funds. Though from an aum perspective these are about 2-3%.

I struggle to see a buyer for the lot.
Posted at 09/1/2024 09:33 by mpage
When the most principled fund manager at Jup decides he has to leave, you know that something internal hasn't been right for at least two years.

Advanced warning came in the announcement of new fund managers to run the Income Trust.

What an unimpressive board.
Posted at 11/12/2023 06:18 by rmorris94
Built up a position with average price 91p. Reasons happy to hold: i)dividend, (ii) not in danger, (iii) Jupiter funds seem like some of best on Hargreaves Lansdown, (iv) lots of people have locked in fixed rates over last year as these mature will people start looking to get back into funds(?), (v) take over target(?). Thoughts?
Posted at 25/10/2023 10:44 by mpage

IPO £850m mkt cap and then crashes to £155m, i.e. market loss £695m. Jupiter owns 2.82%* in total or £19.56m fall. Assume an annual management fee of say 0.6% for a holding period of perhaps 3 years = around £350k direct loss of fee income to firm. That's v small beer and not enough to account for yesterday's 7.4% fall in the share price.

UK Dynamic Fund 1.26%
UK Smaller Cos 1.04%
UK Smaller Cos Focus 0.52%

It's hardly a great advert for the UK IPO market.
Posted at 25/10/2023 09:46 by mpage
Nobody was!

Think about it: why would you buy a company that is already in the middle of a difficult and costly merger. Why add to that risk?

For starters, you'd be paying for previously agreed guaranteed bonuses and for the lock in payments of key Merian staff (which are expiring - that's why Buxton recently retired - he was simply biding his time).

Much better to let JUP get it all sorted, suffer the costs, make the serial redundancies and then, once the shares are depressed, only then consider whether it is a business that you might actually want to acquire.
Posted at 28/7/2023 10:11 by mpage
@pete160. IF there are any circling vultures they would have already swooped. The reason they didn't is that they were waiting for JUP to clean up the mess it made with its acquisition of Merian. On a positive note, the new CE seems to be very sensible and pragmatic without the ego of his predecessor.

I wouldn't get too worked up about the dividend as the deeply unimpressive board previously ripped up its dividend policy and replaced it with a low bar (i.e. 50% payout ratio for an asset manager). So of course there is room to pay a bit extra.

More interesting is that they are using an interim 'special' to signal a view that they expect to return to net inflows. That's the sole reason the shares jumped a bit yesterday. That JUP is attracting institutional mandates is much more encouraging. Margins are much lower but the mandates tend to last longer - so swings and roundabouts. In my view the share price has two drivers a) net inflows / net outflows and the value of AUM. Jup takes its amc in monthly slices so in volatile markets there won't be an exact match between profits booked and the latest AUM figure.

Before anyone gets too excited, it was only a few years (2017) ago that JUP was paying FY divs of around 32p.If net inflows continue and with some clear volume then there is room for the shares to go higher even if the P/E rating remains unchanged.
Posted at 26/8/2022 17:47 by wunderbar
This must be a proud moment for outgoing CEO Andrew Formica - for today, albeit momentarily, Jupiter officially became a penny stock, touching 99.3p before closing at 100.2p (down 4.2p/-4%). Note each penny of JUP's stock is worth £5.531m. This week alone has seen another £46m wiped off the market cap leaving JUP valued at just £554m compared to almost £1.5bn 12 months ago.

According to interim report: "Jupiter remains a well-capitalised business with a strong balance sheet". Indeed, the balance sheet at 30 June showed £209m cash in bank. However, this excludes pending Interim payout (7.9p) equivalent to £43.69m. So assume cash reduced to £165m. This is very rough guess but based on such figures you might deduce 30% of JUP's market cap is hard cash.

All of which leads to the big question - how low will this go? Impossible to say due to ongoing volatility, but given the rapid speed of decline there has to be a point (there always is) when the stock gains favour with investors or becomes a takeover target. I'm now pinning my hopes on a takeover, preferably one which will enable me to recoup a fair portion of my losses but nonetheless factoring in a worst case scenario 25-30% loss. Given this weeks further falls I'm revising my takeover price to 150-180p. Needless to say, the lower the share price goes the lower any takeout price is likely to be. I'm only favouring the takeover route because I want a relatively quick exit at a half reasonable price. I don't want this stock dragging on my portfolio indefinitely. I made a mistake on this one. End of.

PS. Sometimes the market shines a little light. Today, one of my medium sized holdings (MCRO) received takeover bid sending share price up 93%. Sounds great but note bid was made with share price not far off historic lows, turning what had been a small paper loss into a half decent profit on my investment. Doesn't come close to covering losses on JUP though. Morale of the story - every stock has its price.
Posted at 19/8/2022 15:40 by wunderbar
HamHam, I think you're being extremely optimistic with a price target of 300p in 24 months. I'd dearly love that to be the case but doubt very much it will materialise in such a short timeframe. Perhaps 3-5 years is more realistic, if at all! Incidentally, 300p was my price target when I started buying into JUP back in February c.223p. However, a lot has changed in that time, namely Putin rolling his tanks into Ukraine and by doing so changing the worldwide economic landscape. Add to that JUP's gung-ho investment in Chrysalis, as well as their repeated failure to stem outflows, and what you’re left with is a share price caught in a dangerous tailspin. We seem to be hitting new all-time lows almost every week. At what point does this trend stop - are we not already in bargain territory @ 111p? Jupiter’s market cap is now just £616m (YTD share price down 58%) – how low does it have to go to before turning the corner, or ignite a takeover bid? At present my investment is down c.40% so I’ve no choice but to sit tight through this period of turmoil and wait for a recovery of sorts, ideally offloading into a rising share price. Given the poor sentiment in this sector I'd settle for 130-150p come end of year. In the short term I can't see it climbing above said levels unless instigated by a takeover rumour/bid, and should one materialise I’d hedge my bets on an offer price in the region of 170-190p.

As for the dividend, I don’t think anyone should be fooled by the perceived current yield of 15%. Whilst the company intends paying out a full interim divi of 7.9p I reckon future payouts will be substantially cut, anything between 30-60%, which would still leave a healthy divi for investors at current price, but a hammer blow for investors who bought in much higher.

On a final note I think it’s absolutely disgraceful that Andrew Formica is still CEO (albeit until 1 October when he steps down). In my opinion he should’ve been shown the door following the Chrysalis debacle. His 3½ year tenure has been an abject failure. He has only succeeded in destroying shareholder capital during his reign, somewhat ironic given this is a wealth management company. Naturally, he has been handsomely rewarded for his failure, drawing an annual salary of c.£450k (excluding bonuses etc). In his first year alone he walked away with £1.3m. And to rub salt into shareholders wounds he will remain within the company until the middle of next year to ensure a smooth transition with his successor. Surely shareholders should have a say in this matter. This is the man who has overseen the biggest capital destruction in the company’s history. Under his leadership JUP’s share price has fallen 69% wiping almost £1.4bn off the market cap. He should go now.
Posted at 17/2/2022 14:48 by wunderbar
I’ve been watching this stock for many months and recently bought a couple of tranches c.223p. I was hooked in by four things: Firstly, JUP has a dividend yield of 7.5%. Secondly, the share price (220p) is not far off historic lows (185-200p) thus appears to be good value. Thirdly, this stock and sector is traditionally boring and I’m looking to plant funds in unfashionable corners of the market. And finally, at this price point there is scope for significant capital gains when the market tide turns in JUP’s favour – I’m looking to double my money in 3-5 years. But right now this stock is unloved (noting sector is out of favour, ABDN also struggling). Is JUP a value trap (possible dividend cut) or is it a bargain? Needless to say I’m pinning my hopes on the latter.

To paraphrase Jack Nicholson’s famous one-liner from Batman: this company needs an enema! It’s share price performance over the past year has been woeful, down 25% in a rising market. In the past month alone it has fallen 9% but dare I say looks to be bottoming out at 220p. Perhaps JUP’s forthcoming full-year results on 25 February will prove to be the catalyst for a long overdue correction. Of course should they prove to be uninspiring then don’t be surprised if the market overreacts! I’m happy to buy more should we see 200-210p.

I also note recent speculation JUP might be a potential takeover target. An article I stumbled across (published December) stated the company had not yet received an approach, but was “on the radar” of potential bidders. The article went on to say Jupiter has allegedly hired one of London’s leading investment boutiques to strengthen its defences against a potential takeover. So then, how does a company successfully fend off what would presumably be seen as a hostile approach? Offer shareholders a chunky special dividend? (yes please). Or perhaps increase existing dividend (unlikely given the already high yield). I sincerely hope they don’t go down the well-trodden path of buying back company shares (yawn) – I absolutely hate it. Buy Backs rarely benefit shareholders in monetary terms, the vast majority of these have no impact on share price whatsoever. Give me cash in pocket any day. All this is pure conjecture of course. Time will tell whether this is just wild speculation or not.

Barring any takeover approach, and assuming we do see a recovery of sorts, I’d be disappointed not to see 270-290p come the end of this year.
Jupiter Fund Management share price data is direct from the London Stock Exchange

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