Jupiter Fund Management (JUP) Trading Update summary

Assets under management and flows

• Group AUM fell by £1.0bn in Q1 2025 to £44.3bn, reflecting £0.5bn net outflows and £0.5bn negative market movements.

• Institutional channel saw net positive inflows of £1.0bn, including a large mandate in Systematic equities and onboarding of Jupiter Origin assets.

• Retail, wholesale, and investment trusts experienced £1.5bn net outflows, mainly due to challenging macro conditions and risk aversion.

• Unconstrained Fixed Income strategies had £0.7bn net outflows, but Dynamic Bond and Strategic Bond strategies achieved top decile performance.

• Estimated AUM as of 22 April 2025 was £43bn, with no material change in client sentiment or flow activity since period end.

Market environment and outlook

• Elevated market volatility post-period end attributed to trade policy uncertainty, impacting client risk appetite.

• Increased volatility and dispersion of returns may favor high-conviction active management over the medium term.

• Early signs of asset reallocation from US to UK, Europe, and Asia Pacific could benefit Jupiter's product mix.

• Investment strategies are performing as expected, with disciplined client positioning and long-term focus.

• Strong institutional pipeline expected to drive further net inflows through 2025.

Financial performance and historic trends

• Q1 2025 gross inflows totaled £3.7bn, with gross outflows of £4.2bn, resulting in net outflows of £0.5bn.

• Retail, wholesale, and investment trusts AUM declined from £38.9bn to £36.5bn in Q1 2025.

• Institutional AUM increased from £6.4bn to £7.8bn, driven by strong net inflows.

• Historic net flows have been negative in recent quarters, but Q1 2025 saw a significant improvement in institutional flows.

• Interim results for the period to 30 June 2025 will be released on 25 July 2025.