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The board of Jupiter US Smaller Companies (JUS) has awarded the management contract to the US small cap growth team at Brown Advisory. JUS’s portfolio will be managed by Chris Berrier, who will take over in April 2021. This follows the announcement in October of the retirement of Robert Siddles of Jupiter, who has run JUS for 20 years.
Robert has had a long and distinguished career, but management is passing to a team which also has considerable experience and a solid track record. Brown Advisory has run its small cap growth strategy since the early 1990s, but its current form dates back to 2006 when Chris took over the portfolio management role. Chris brought more of a focus on downside protection and awareness of valuations to what is still fundamentally a quality growth strategy, and that has resulted in impressive absolute and risk-adjusted performance under his tenure.
The strategy has outperformed the US small cap market considerably over the past decade. More impressively, in a period of strong returns for growth stocks, it has also significantly outperformed its Russell 2000 Growth benchmark. Over the past ten years, the Brown Advisory US Smaller Companies UCITS fund, which follows the same small cap growth strategy, has generated returns of 13.4% a year compared to 12.1% for the growth benchmark and just 9.4% for the Russell 2000 Index. Over the past five years the outperformance has been even higher, with annualised returns of 14.7% for the fund compared to 11.2% for the benchmark and 7.6% for the market.
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