Jupiter Merlin Portfolios
US economy provides beacon to Europe
John Chatfeild-Roberts - March 2012
The Jupiter Merlin funds have been positioned to be structurally defensive and yet have participated nervously in the recent cyclical rally, only buying assets that we can fundamentally justify and that we are prepared to own for the long term. Equities have by and large re-rated over the past six months. Companies now need to generate genuine earnings growth to justify higher share prices. The US economy is seemingly healing and banks are beginning to lend but this recovery has been fuelled by liquidity and it now needs to be fuelled by fundamentals. We believe that the Jupiter Merlin Portfolios are well positioned for what the future may hold.
2012 Commentary
Links
The outlook expressed in this commentary represents the views of the fund manager at the time of preparation and are not necessarily those of the Jupiter Group as a whole. They may be subject to change and should not be interpreted as investment advice.