Jupiter Fund Management (LON:JUP) (325p and 5.4% of JIC Portfolio) has issued a positive trading statement for the quarter ending 31st December 2012. For the year as a whole net fund inflows totalled £966m with £688m of that coming in the final quarter and taking total assets under management to £26.27bn. Market movements during the quarter accounted for £581m of the increase in assets. The most encouraging area has been the inflows into mutual funds which was strong in the second half of the year at £1.29bn.
Earnings are forecast to grow by about 10% in each of the next two years putting the shares on a PE ratio of 14.5x 2013 earnings and 13.2x 2014 and a prospective yield of 2.7% for 2013. Should markets continue to be buoyant upgrades to these forecasts should be in the offing. The shares are up 45% since purchase in August and whilst not so compellingly cheap are still worth holding on to unless one is of a more bearish disposition and think that markets will struggle to make further progress!
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