Jupiter Asset Management has told investors that all of its unit trusts and OEIC funds have provided value, in the firm's latest assessment of value report.
However, Jupiter European, European Special Situations, Global Leaders, Global Value Equity and UK Growth were all given two stars out of four – indicating they have "demonstrated value, although not consistently".
The L unit class of the Jupiter UK Dynamic Equity fund and the P and L share classes of the Jupiter UK Smaller Companies fund also received the same rating – the lowest given out by the firm.
No fund was given one star, the only rating at which a fund would not have demonstrated value in the firm's assessment.
Jupiter European Special Situations has been a bottom-quartile performer in the IA Europe Excluding UK sector over three, five and 10 years, producing 75.7% return over the decade and putting it in the bottom 10 of the peer group.
Jupiter European has performed better. It has almost doubled the return of the Special Situations fund over 10 years (146.6%) and beaten the average peer over this time. Its five-year numbers are in the bottom quartile, however, and it is below average over three years.
The same management team took over both funds in May 2025, since when they have both beaten their benchmarks.
In the UK, Jupiter UK Growth has been the worst-performing fund in the IA UK All Companies sector over 10 years, up just 6.5%. It is below average over five years and bottom quartile over one and three years.
"The fund has demonstrated value, although not consistently, for investors across all unit classes," the firm said.
"All unit classes delivered a positive return, net of fees, over the five-year period, but trailed the fund's benchmark and therefore did not meet the investment objective. Despite a prolonged market environment that has favoured value sectors, the fund remains well placed to deliver good outcomes for investors."
Several environmental, social and governance (ESG) funds, including Jupiter Responsible Income (bottom quartile of the IA UK Equity Income sector over one, three, five and 10 years) and Jupiter Ecology (bottom quartile of the IA Global sector over one, three and 10 years) were given three stars despite the poor performance, indicating they have "demonstrated value" for investors.
Tim Scholefield, chair of Jupiter Unit Trust Management, said: "This year, we further enhanced our methodology to support a robust, evidence-based assessment of value. This included strengthening the assessment criteria and supporting evidence to promote greater consistency in the conclusions reached.
"The changes help ensure that the methodology remains aligned with regulatory expectations, reflects the outcomes experienced by fund investors and supports clear and balanced conclusions for each fund and unit class."