Accessible global smaller companies expertise.
Investment Manager
Global opportunity set
Exposure to developed market and emerging market small caps can offer diversification benefits and broader potential return opportunities.
Long-term growth potential
Smaller companies tend to be younger and faster growing but can be more volatile than larger companies.
Attractive valuations
On conventional valuation measures, global small cap stocks are trading at a discount to large cap peers.
The Jupiter Origin team has run a global smaller companies strategy since 2010, using a differentiated approach:
Seeking stocks with four measurable characteristics:
Tarlock Randhawa | Investment Manager
Before joining Origin in 2005, Tarlock worked at Investec Asset Management where he was one of the architects of the company’s investment process and was a member of the Global Equity team. He also managed a number of charitable foundation portfolios. Prior to joining Investec, he trained as a general insurance actuary with PwC. Tarlock is a graduate of Brunel University with a BSc Joint Honours Degree in Mathematics & Management.
Nerys Weir | Investment Manager
Nerys returned to Origin after a three-year gap in July 2019. Prior to that, she had been with the firm between 2008 and 2016 and prior to joining Origin, Nerys worked at Investec Asset Management where she was a member of the Global Equity team. Before this, Nerys was an Analyst at Client Knowledge, a financial market research and consultancy company. Nerys is a graduate of Leicester University with a BA Honours Degree in Ancient History & Archaeology.
Chris Carter | Investment Manager
Chris was previously a senior investment manager at Investec Asset Management, where he was one of the architects of the company’s investment process and managed global equity and balanced portfolios. Prior to joining Investec, he was head of the Global Investment Strategy team at UBS. Chris has also held senior global equity portfolio management positions at CIGNA International and at Worldinvest (now New Star). Chris is a graduate of Gonville & Caius College, Cambridge, with an MA Honours Degree in Economics and Philosophy.
Jupiter Origin Global Smaller Companies Active UCITS ETF (JOGS) aims to achieve capital growth over the medium to long term. The fund is a portfolio of global smaller company stocks, from both developed and emerging markets. The typical number of holdings is 150-200 stocks. The typical market cap of holdings is $250 million to $10 billion.
The fund is managed by the Jupiter Origin team, which has run a global smaller companies strategy since 2010.
Key Risks
Company shares (i.e. equities) risk – the value of Company shares 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. Currency (FX) risk – The fund can be exposed to different currencies and movements in foreign exchange rates can cause the value of investments to fall as well as rise. Pricing Risk – Price movements in financial assets mean the value of assets can fall as well as rise, with this risk typically amplified in more volatile market conditions. Smaller companies risk – smaller companies are subject to greater risk and reward potential. Investments may be volatile or difficult to buy or sell. Emerging markets risk – Emerging markets are potentially associated with higher levels of political risk and lower levels of legal protection relative to developed markets. These attributes may negatively impact asset prices. Derivative risk – the fund may use derivatives to reduce costs and/or the overall risk of the Fund (this is also known as Efficient Portfolio Management or »EPM »). Derivatives involve a level of risk, however, for EPM they should not increase the overall riskiness of the fund. Liquidity Risk (general) – During difficult market conditions there may not be enough investors to buy and sell certain investments. This may have an impact on the value of the fund. Liquidity Risk (less liquid securities) – some investments may be 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. ESG – Investments are selected or excluded on both financial and non-financial criteria. The fund’s performance may differ from the broader market or other strategies that do not utilise ESG criteria when selecting investments.
There is currently insufficient data to display the performance history.
No. of holdings: 179
Global smaller companies exposure means investing in companies that sit below the size of the largest global blue-chip stocks, across both developed and emerging markets. These businesses may operate in niche industries, regional markets or earlier stages of growth. They can offer different return drivers from large-cap equities, but may also carry higher volatility, lower liquidity and greater sensitivity to economic conditions.
Investors often research smaller companies separately because they can behave differently from large-cap stocks. Smaller businesses may have more room to grow, may be less widely researched by analysts and may be more exposed to specific local or sector trends. However, they can also be more vulnerable to funding conditions, weaker demand, management execution risk and market downturns.
Smaller company performance is usually driven by earnings growth, valuation changes, balance sheet strength, market sentiment and the ability of management teams to execute. Because these companies are often less diversified than larger firms, company-specific factors can matter more. Additionally, interest rates and liquidity conditions are particularly important, as smaller companies may be more sensitive to financing costs than their larger counterparts, and to shifts in investor risk appetite.
Active management may be relevant because smaller companies are often less researched than large global companies. This can create a wider range of outcomes between stronger and weaker businesses. A research-led approach may focus on financial quality, valuation discipline, governance, balance sheet strength and long-term growth potential. As with any investment strategy, the investment process, cost structure and manager track record remain important factors in any assessment.
Key risks include higher share-price volatility, lower liquidity, weaker access to capital, currency risk and company-specific execution risk. Smaller companies may be more affected by economic slowdowns, changes in interest rates or reduced investor appetite for risk assets. Emerging market exposure can add political, regulatory and currency risks. Portfolio diversification and investment methodology are therefore important considerations.
ESG screening can be used to assess environmental, social and governance risks that may affect smaller companies’ long-term resilience. This may include governance standards, shareholder rights, environmental practices, labour issues or exposure to controversial activities. However, ESG data can be less complete for smaller companies than for large caps, so investors should understand how the screening process deals with limited disclosure.
Global diversification can reduce reliance on any single country or region, but it does not remove equity-market risk. Smaller companies in different markets may be exposed to different economic cycles, currencies, sectors and consumer trends. This can broaden the opportunity set, but it can also introduce additional complexity, including foreign exchange movements and differing regulatory environments and varying standards of corporate governance and disclosure.
Disclaimer: These FAQs have been generated with the assistance of AI and may contain errors or omissions. They are provided for general information only and do not constitute investment advice, a recommendation, or an invitation to buy or sell any investment.
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About Investment Manager
The Jupiter story Since Jupiter was established in 1985, we have sought to make a positive difference for our clients by helping them achieve their long-term investment objectives through high conviction, active management. From the start we understood the need to create a distinct, entrepreneurial culture that harnessed all areas of the business in the pursuit of this goal.
As a new entrant in a competitive market, we wanted our clients to experience, share and benefit from the energy and focus of a young firm, full of talented individuals, eager to distinguish itself as a trusted steward of other people’s money.
Now, many years on, we have established ourselves as a leading specialist asset manager precisely because we have retained that agility and drive as we have grown. Our value remains in our people, our ability to adapt quickly to changing markets, and in our willingness to continuously challenge ourselves to deliver the best investment outcome for clients.
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