The top 10 is dominated by a physical gold ETF and out-of-favour oil stocks from the UK and Russia. This, of course, could be very positive for the fund if we get the rotation from growth to value that some commentators are suggesting. It is certainly long overdue.
It is rare to find a fund with such low historic correlation to other asset classes, even in the absolute return space.
During October, while the MSCI AC World is down almost 8 per cent, Jupiter Absolute Return is up 0.73 per cent.
So this fund can make an effective diversifier and a good complementary portfolio holding.
Importantly, it does not have a performance fee and the OCF, or ongoing charges, is relatively low for an absolute return fund at 0.84 per cent.
Darius McDermott is managing director of FundCalibre