Jupiter Asia fund looks forward after reaching three-year mark

The Jupiter Asia Pacific Income fund recently observed its three year-anniversary under our management. Our goal has been to build an all-weather Asian equity income portfolio seeking to deliver a reliable yield, backed by quality companies, and managed with discipline.

There have been some challenges along the way, but we like to think we’ve achieved our goal. Even so, we’re looking forward more than looking back. Our management of the fund is still in its relatively early days, but we have both garnered experience over a much longer period which we will continue to draw upon. While the Asia Pacific Income fund, in its current guise, is three years old, we have over 50 years’ combined investment experience, including over 30 years of investing in Asia. Recently, one of our other Asian income funds observed a 10-year anniversary.

The fund has generated a return of 64.3% over the three years, compared with a return of 53.5% for the benchmark MSCI AC Asia Pacific ex Japan NR, and the fund is first quartile for performance over one and three years.¹

We began managing the fund during a period of market wariness about inflation. Prices had surged in the wake of Covid and Russia’s invasion of Ukraine. Inflation was declining slowly, but not in a neat, straight line. Markets oscillated between “soft landing” optimism and “something is definitely breaking” anxiety.

There also were a record number of general elections around the world in 2024 and in Asia we saw key elections in Taiwan, Indonesia, Pakistan, South Korea, India and Sri Lanka. The US elected Donald Trump for a second four-year term as president. In 2025, he introduced his global reciprocal tariff plans, which jolted markets, and in the last few weeks the conflict erupted in the Middle East.

We’ve built the fund to be resilient, so we don’t need to be reactive. For us, one principle has remained central: own liquid, large-cap businesses with real cash flows, not stories held together with optimism and low interest rates. From the beginning we’ve kept our investment approach simple and transparent - to invest in a concentrated portfolio of businesses from across the region and stick with them for years rather than months. We look for a combination of growth and value - companies that will grow their earnings and therefore be able to deliver growing dividend streams, which are reasonably priced, with balance sheet strength and good governance.

Our focus on building an all-season portfolio has been tested repeatedly and proven.

We’ve learned that diversification is important - and this is possible, even in a concentrated portfolio. With around 25 holdings, every position must justify its place in the fund. Concentration can be a risk, but it can also be a feature - it forces clarity of thinking and avoids benchmark-hugging.

History has taught us to sit tight and see through the difficult periods. We do not believe the current conflict in the Middle East changes the long-term investment story for Asia. We think the region remains an attractive investment universe and would expect investors inside and outside Asia to recognise this.

In our view, there is an excellent mix of growth and income opportunities across sectors, companies, and countries. This includes high-quality developed and developing economies – our preferred markets remain Australia, Taiwan, Singapore, Korea and India.

In our view, the leading technology companies in Taiwan and Korea are and will continue to be integral to the global technology supply chain, and they trade on valuations that are lower than the big American tech companies.

What matters most to us are the next five to 10 years and what will be driving earnings for the companies that we invest in. For example, in the tech space we are watching closely the development of AI and of humanoid robots. These robots may reach an inflection point in 2030-2035 where they become more widely available and in demand for use in homes as well as businesses globally. This will be an important product for makers of memory chips, logic chips and contract manufacturers in Asia.

We recognise that investors and markets cannot predict every shock. We have instead aimed to build a resilient portfolio that can absorb the inevitable unforeseen events and survive a range of outcomes – continuing to deliver income and compound returns through cycles.  We have sought to position the fund to be a core allocation for Asian equity exposure.

Looking back over the last three years (or even 10 years or 30 years) gives us reasons for optimism about the future. We have seen how markets and companies are able to adapt, move on and continue to grow.

Footnotes

¹Past performance does not predict future returns. Source: Morningstar, NAV to NAV, gross income reinvested, net of fees, in USD, since FM inception 23.03.23 to 23.03.26. Share class: I USD Acc. 

Performance

Jupiter Asia Pacific Income Fund (IRL)

Past performance does not predict future returns.
Source: Morningstar, NAV to NAV, gross income reinvested, net of fees, in USD, to 28.02.26. Fund inception: 13.09.00. *Since FM inception: 22.08.23. Peer group: EAA Fund Asia-Pacific ex-Japan Equity.
Benchmark: MSCI AC Asia Pacific ex Japan NR USD. In March 2023 the Fund changed its Investment Objective. The performance before this date was achieved under circumstances that no longer apply.

Fund Risks

• Investment Risk – there is no guarantee that the Fund will achieve its objective. A capital loss of some or all of the amount invested may occur.
• Geographic Concentration Risk – a fall in the Asia Pacific markets may have a significant impact on the value of the Fund because it primarily invests in these markets.
• Company Shares (i.e. equities) Risk – the value of Company shares (i.e. equities) and similar investments may go down as well as up in response to the performance of individual companies and can be affected by daily stock market movements and general market conditions. Other influential factors include political, economic news, company earnings and significant corporate events.
• REITs Risk – REITs are investment vehicles that invest in real estate, which are subject to risks associated with direct property ownership.
• Stock Connect Risk – Stock Connect is governed by regulations which are subject to change. Trading limitations and restrictions on foreign ownership may constrain the Fund’s ability to pursue its investment strategy.
• Concentration Risk (number of investments) – the Fund may at times hold a smaller number of investments, and therefore a fall in the value of a single investment may have a greater impact on the Fund's value than if it held a larger number of investments.
• Currency Risk – the Fund can be exposed to different currencies. The value of your shares may rise and fall as a result of exchange rate movements.
• Emerging Markets Risk – less developed countries may face more political, economic or structural challenges than developed countries.
• Liquidity Risk – some investments may become hard to value or sell at a desired time and price. In extreme circumstances this may affect the Fund’s ability to meet redemption requests upon demand.
• Derivative Risk – the Fund may use derivatives (i.e. financial contracts whose value is linked to the expected price movements of an underlying investment) with the aim of reducing the overall costs and/or risks of the Fund.
• Capital Erosion Risk – all or part of the share class charges may be taken from capital. Should there not be sufficient capital growth in the Fund this may cause capital erosion.

Important information

The value of investments and income may go down as well as up and investors may not get back amounts originally invested. Exchange rate changes may cause the value of investments to fall as well as rise.

This document is intended for investment professionals and is not for the use or benefit of other persons, including retail investors.

This document is for informational purposes only and is not investment advice. Market and exchange rate movements can cause the value of an investment to fall as well as rise, and you may get back less than originally invested. Initial charges are likely to have a greater proportionate effect on returns if investments are liquidated in the shorter term.

Past performance does not predict future returns. Company/Holding/Stock examples are for illustrative purposes only and are not a recommendation to buy or sell. Quoted yields are not a guide or guarantee of the expected level of distributions to be received. The yield may fluctuate significantly during times of extreme market and economic volatility. Third-party awards, rankings and recognitions should not be taken as a recommendation or as an indication of future performance. The views expressed are those of the author(s) at the time of preparation, are not necessarily those of Jupiter as a whole and may be subject to change. This is particularly true during periods of rapidly changing market circumstances. Every effort is made to ensure the accuracy of the information provided but no assurance or warranties are given.

This is not an invitation to subscribe for shares in the Jupiter Asset Management Series plc (the Company) or any other fund managed by Jupiter Asset Management (Europe) Limited or Jupiter Investment Management Limited. The Company is an investment company with variable capital established as an umbrella fund with segregated liability between sub-funds which is authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended. Registered in Ireland under registration number 271517. Registered office: 33 Sir John Rogerson’s Quay, Dublin 2, Ireland.

This information is only directed at persons residing in jurisdictions where the Company and its shares are authorised for distribution or where no such authorisation is required.

The sub fund(s) may be subject to various other risk factors, please refer to the latest sales prospectus for further information.

No part of this document may be reproduced in any manner without the prior permission of Jupiter. Please refer to the latest Prospectus and to the Key Investor Information Document (KIID) (for investors based in the UK) and Key Information Document (KID) (for investors based in the EU) before making any investment decision.  Particularly to the sub-fund’s investment objective,  characteristics including those related to ESG (if applicable), and additional risk factors.

Prospective purchasers of shares of the sub fund(s) of the Company should inform themselves as to the legal requirements, exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile. Subscriptions can only be made on the basis of the latest sales prospectus and the Key Information Document (KID)/Key Investor Information Document (KIID), accompanied by the most recent audited annual report and semi-annual report. These documents are available for download from www.jupiteram.com or can be obtained free of charge upon request from any of:

Countries in which the Company is registered for distribution: Unless otherwise specified in this document, The Bank of New York Mellon SA/NV, Dublin Branch  /  BNY Mellon Fund Services (Ireland) Designated Activity Company  (the Company’s Depositary and Administrator respectively) is responsible for processing subscription, repurchase and redemption orders and making other payments to Shareholders. Depositary and  Administrator address: The Shipping Office, 20-26 Sir John Rogerson’s Quay, Dublin 2, D02 Y049. Ireland, email Distributors: JupiterIREdistributor@bny.com, email Investors: JupiterIREinvestor@bny.com.

The following information and documents are available from www.eifs.lu/jupiteram: Information on how orders (subscription, repurchase and redemption) can be made and how repurchase and redemption proceeds are paid; Information and access to procedures and arrangements related to investors’ rights and complaints handling; Information in relation to the tasks performed by the Company  in a durable medium; The latest sales prospectus, the articles of association, the annual and semi-annual reports and the Key Information Documents/ Key Investor Information documents. The Manager may terminate marketing arrangements. Information on sustainability-related aspects are available from jupiteram.com.

•      France: BNP Paribas Securities Services, Les Grands Moulins de Pantin, 9 rue du Debarcadère 93500  Pantin,  France. 

•      Hong Kong: Jupiter Asset Management (Hong Kong) Limited, Unit 1501, Level 15, AIA Central, 1 Connaught Road Central, Central, Hong Kong

•      Italy: Allfunds Bank S.A.U., Milan Branch, Via Bocchetto, 6, 20123 Milano, Italia; Societe Generale Securities Services S.p.A, Via Benigno Crespi 19A – MAC2, Milan. The sub-fund has been registered with the Commissione Nazionale per le Società e la Borsa (CONSOB) for the offer in Italy to retail investors.

•      Spain: Allfunds Bank, C/ La Estafeta 6, Edificio 3, 28109 Alcobendas, Madrid, Spain. For the purposes of distribution in Spain, the Company is registered with the Spanish Securities Markets Commission – Comisión Nacional del Mercado de Valores (“CNMV”) under registration number 301, where complete information, including a copy of the marketing memorandum, is available from the Company authorised distributors. Subscriptions should be made through a locally authorised distributor. The net asset value is available on www.jupiteram.com.

•      Switzerland: Copies of the Memorandum and Articles of Association, the Prospectus, KIIDs and the annual and semi-annual reports of the Company may be obtained free of charge from the Company’s representative and paying agent in Switzerland, NPB Neue Privat Bank AG  Limmatquai 1 | am Bellevue Postfach CH-8024 Zürich, and First Independent Fund Services Limited, Klausstrasse 33, CH-8008 Zurich, Switzerland

•      Taiwan: Capital Gateway Securities Investment Consulting Enterprise, 9F/9F-1, No. 171, Songde Road, Xinyi District, Taipei City, Taiwan, R.O.C. 

•      United Kingdom: Jupiter Asset Management Limited (the Investment Manager and UK Facilities Agent), registered address: The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ, United Kingdom, authorised and regulated by the Financial Conduct Authority.

•      Chile: Neither the issuer nor the shares have been registered with the comisión para el mercado financiero pursuant to law no. 18.045, the ley de mercado de valores and regulations thereunder. This document does not constitute an offer of, or an invitation to subscribe for or purchase, the shares in the republic of chile, other than to the specific person who individually requested this information on his own initiative. This may therefore be treated as a “private offering” within the meaning of article 4 of the ley de mercado de valores (an offer that is not addressed to the public at large or to a certain sector or specific group of the public).”

•      Information is also available on how subscriptions and redemptions can be made, and arrangements related to investor rights and complaints handling.

•      Unless otherwise specified in this document, The Bank of New York Mellon SA/NV, Dublin Branch  /  BNY Mellon Fund Services (Ireland) Designated Activity Company  (the Company’s Depositary and Administrator respectively) is responsible for processing subscription, repurchase and redemption orders and making other payments to Shareholders.

•      Depositary and  Administrator address: The Shipping Office, 20-26 Sir John Rogerson’s Quay, Dublin 2, D02 Y049. Ireland, email Distributors: JupiterIREdistributor@bny.com, email Investors: JupiterIREinvestor@bny.com

•      An investment is an acquisition of shares in the fund/sub-fund, not in the fund/sub-fund’s underlying assets.

•      The fund is subject to product governance rules under MiFID II and is intended only for specified target market categories.

•      This information is only directed at persons residing in jurisdictions where the fund/sub-fund is authorised for distribution or where no such authorisation is required. Not all share classes are authorised for distribution in all jurisdictions. Jupiter may terminate marketing arrangements.

•      Issued by Jupiter Asset Management (Europe) Limited (the Manager), The Wilde-Suite G01, The Wilde, 53 Merrion Square South, Dublin 2, D02 PR63, Ireland which is registered in Ireland (company number: 536049) and authorised and regulated by the Central Bank of Ireland (number: C181816).

•      No part of this document may be reproduced in any manner without the prior permission of JAMEL.

•      The funds in this document have not been registered under the United States Investment Company Act of 1940, as amended, nor the United States Securities Act of 1933, as amended. None of the shares may be offered or sold, directly or indirectly in the United States or to any US Person, unless the securities are registered under the Act, or an exemption from the registration requirements of the Act is available. A US Person is defined as (a) any individual who is a citizen or resident of the United States for federal income tax purposes; (b) a corporation, partnership or other entity created or organized under the laws of or existing in the United States; (c) an estate or trust the income of which is subject to United States federal income tax regardless of whether such income is effectively connected with a United States trade or business.

For Investors in Taiwan

This communication is for internal / Capital Gateway use only and should not be distributed externally. It is for educational purposes only and not an offer to invest. Anyone attending the presentation or who has the opportunity to view the accompany slides should bear in mind that the value of an investment in a fund and the income from it can go down as well as up. It may be affected by exchange rate variations and you may not get back the amount invested. Initial charges are likely to have a greater proportionate effect on returns if investments are liquidated in the shorter term. Quoted yields are not guaranteed. It is only directed at persons residing in jurisdictions where the Company and its shares are authorised for distribution or where no such authorisation is required. We recommend that you obtain professional advice before taking any investment decision. Any data or views given should not be construed as investment advice. Every effort is made to ensure the accuracy of the information but no assurance or warranties are given. It is not an invitation to subscribe for shares in any fund managed by Jupiter Asset Management Limited.

For Investors in Singapore


Please note that the Jupiter Asia Pacific Income fund has been entered into the List of Restricted Schemes by Monetary Authority of Singapore) as defined in regulation 2 of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005) under paragraph 3 or 4 of the Sixth Schedule of the Regulations. This document is not to be distributed to the retail public of Singapore.

This commentary (including any data or views given) is for informational purposes only and is not and should not be construed as investment advice. This is not an invitation to subscribe or a recommendation to buy, sell, hold or otherwise transact in any investment including interest in the funds managed by Jupiter. Every effort is made to ensure the accuracy of the information but no assurance or warranties are given. The value of an investment and any income from it can go down as well as up. Any examples of companies, stocks or holdings are for illustrative purposes only. The views expressed are those of the author or presenter at the time of writing or preparation and are not necessarily those of the Jupiter Group as a whole and may change in the future. Initial charges are likely to have a greater proportionate effect on returns if investments are liquidated in the shorter term. Quoted yields are not guaranteed. Past performance is not indicative of future performance. The specific investment objectives, particular needs and financial situation of any specific person has not been considered.  If there is any doubt on the suitability of an investment in a particular fund, please contact a financial adviser.

Issued by Jupiter Asset Management (Asia) Private Limited. No part of this document may be reproduced, copied or redistributed in any manner without the prior permission of Jupiter Asset Management (Asia) Private Limited. Jupiter Asset Management (Asia) Private Limited or its affiliates, any directors or employees of Asset Management (Asia) Private Limited or its affiliates shall not be liable for any damages arising from any person's reliance on such information and shall not be liable for any errors or omissions (including but not limited to errors or omissions made by third parties) in such information. The information provided herein is subject to change without further notice.

Jupiter Asset Management (Asia) Private Limited (UEN 200916081Z) is a holder of Capital Markets Services (CMS) Licence issued by the Monetary Authority of Singapore (“MAS”) under the Securities and Futures Act 2001of Singapore (“SFA”) (CMS License 101788).

This advertisement [or publication] has not been reviewed by the Monetary Authority of Singapore.

This document is solely intended for accredited investors as defined in the Securities and Futures Act 2001 of Singapore and is prepared for their information and discussion purposes only. Distribution of the document to any other persons (including any other types of investors) is strictly prohibited.