Not for distribution or dissemination to US investors.

Mutual funds are NOT FDIC INSURED - NOT MARKETING COMMUNICATION

BANK GUARANTEED - MAY LOSE VALUE

FUND FACTSHEET
JUPITER MERIAN GLOBAL EQUITY ABSOLUTE
RETURN FUND
I CLASS | USD | ACCUMULATION
AS AT 31 OCTOBER 2023

EQUITIES FIXED INCOME ALTERNATIVES

FUND MANAGEMENT TEAM

The fund is managed by the Systematic Equities team, headed by Amadeo Alentorn, and including James
Murray, Matus Mrazik, Tarun Inani, Yuangao Liu and Sean Storey.

INVESTMENT OBJECTIVE AND APPROACH

The objective of the Fund is capital appreciation while closely controlling risk. The fund aims to deliver absolute returns over rolling 12 month periods that have a low
correlation with equity and bond markets, through a market neutral portfolio of global equity investments with long positions typically taken in the stocks determined
most likely to deliver a positive relative return, and short positions typically taken in the stocks determined most likely to deliver a negative relative return. In seeking to
achieve its investment objective, the fund will aim to deliver a return, net of fees, in excess of the Federal Reserve Funds Target Rate over rolling 3 year periods. For
performance measurement purposes, the cash benchmark will differ for non-base currency classes. The Fund also aims to achieve its objective within an annualised
volatility limit of 6 per cent. The team’s approach is to rigorously assess companies against criteria including stock price valuation, balance-sheet quality, growth
characteristics, efficient use of capital, analyst sentiment, and supportive market trends. The team builds a diversified portfolio of stocks that is expected to outperform in
the current macroeconomic environment, while applying stringent risk-management techniques, carefully controlling turnover and trading costs, and maintaining strict
limits on sector and stock positions.

PAST PERFORMANCE
(%) Share class Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2011 $ class I shares 1.7 3.5 3.3 -0.7 -1.0 -0.3 0.3 7.0
2012 $ class I shares -0.5 1.8 0.8 1.2 -0.3 -0.7 1.3 1.2 0.4 0.8 -1.6 -3.1 1.3
2013 $ class I shares 4.2 1.4 3.0 4.2 1.8 1.1 0.3 -1.5 0.1 0.9 1.8 -0.6 17.8
2014 $ class I shares 1.7 1.5 0.4 0.9 0.1 -1.5 0.5 0.6 1.1 0.5 1.7 1.6 9.2
2015 $ class I shares 1.2 -2.0 -0.4 -1.5 0.9 1.1 -0.5 1.2 2.5 -0.9 1.4 1.3 4.3
2016 $ class I shares 0.2 -0.7 0.1 -0.1 -0.1 -1.0 1.2 -0.9 0.3 1.7 0.7 1.6 2.9
2017 $ class I shares 1.6 -0.5 -0.1 -0.7 -0.5 1.3 2.3 2.4 0.9 2.5 -0.2 -1.3 8.0
2018 $ class I shares 1.5 0.6 1.4 -0.9 0.6 -2.0 -0.8 0.2 -0.1 -1.3 -2.7 2.6 -1.1
2019 $ class I shares -1.8 -0.8 -0.1 -3.4 1.0 0.6 -1.7 -1.5 -0.9 -1.3 -0.5 -1.7 -11.6
2020 $ class I shares 1.0 -1.3 -2.2 -0.8 -1.4 1.3 0.7 -0.8 2.0 1.2 -2.9 1.5 -1.8
2021 $ class I shares 4.9 -0.3 5.2 2.1 2.7 -0.5 -1.2 0.0 1.3 -0.9 1.1 3.0 18.7
2022 $ class I shares 0.8 0.2 0.0 0.5 1.7 -0.7 -0.3 1.0 2.9 0.5 1.3 0.8 8.8
2023 $ class I shares 1.0 -0.1 0.8 0.4 0.8 1.9 -0.9 1.7 1.8 1.6 9.3

CALENDAR PERFORMANCE (%)

2023 YTD 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Fund 9.3 8.8 18.7 -1.8 -11.6 -1.1 8.0 2.9 4.3 9.2 17.8
Benchmark 4.3 1.8 0.3 0.5 2.3 1.9 1.1 0.5 0.3 0.3 0.3

ROLLING PERFORMANCE (%) Performance (TEN YEAR)

Since
1 month 3 month 6 month 1Y 3Y 5Y 10Y
Inception
Fund 1.6 5.2 7.1 11.5 11.6 4.1 4.5 5.3
Benchmark 0.5 1.4 2.7 5.0 2.1 1.9 1.3 1.0

Past performance is not a guide to future performance. Source: Factset. © Morningstar. All Rights Reserved. I USD
Accumulation terms. The performance shown is at fund level, net of fees, and does not include a sales charge. Had a sales
charge been included returns would have been lower. All information as at 10/31/2023 unless otherwise stated. The Jupiter
Merian Global Equity Absolute Return Fund is classified in the Absolute Return sector. However, as this sector comprises funds
with very different investment strategies and objectives, the fund is not benchmarked against other funds in the sector, nor
against a market index. Investors should consider the fund’s objectives, risks, charges and expenses carefully. This and other
information about the investment company can be found in the Fund’s prospectus, which should be read carefully before
investing. The Fund’s prospectus can be obtained on our website www.jupiteram.com. Other share classes with different fee
and expense structures may be available for this fund. Please refer to the prospectus for further details.

Registered for sale in United Arab Emirates (U.A.E.) Austria Belgium Switzerland Chile
Germany Denmark Spain Finland France United Kingdom Ireland Italy Luxembourg
Netherlands Norway Peru Portugal Sweden
FUND FACTSHEET Jupiter Merian Global Equity Absolute Return Fund I USD Acc

TOP 5 LONG POSITIONS % GROSS REGIONAL BREAKDOWN

NET SECTOR BREAKDOWN
ADOBE INCORPORATED 1.0 (%)
EVEREST GROUP, LTD. 1.0
ADIDAS AG 1.0
COSCO SHIPPING HOLDINGS CO.,
1.0
LTD. CLASS H
ALIBABA GROUP HOLDING LIMITED 1.0

TOP 5 SHORT POSITIONS %

(BY INDUSTRY)

HEALTH CARE -1.1

FINANCIALS -1.0
INFORMATION TECHNOLOGY -1.0
COMMUNICATION SERVICES -1.0
FINANCIALS -1.0

SUMMARY STATISTICS $ (S CLASS SHARE CLASS)

Share Price $2.0900 Net Exposure -0.4% Sharpe Ratio (since launch) 0.8
Total Number of Holdings 758 Gross Exposure 185.6% Correlations vs. (USD I Share class):
Total Long Positions 426 Annualized Performance (since launch) 5.3% JPM GBI Global TR Hdg USD (from 1st July
-0.09
Total Short Positions 332 Annualized Volatility (since launch) 5.1% 2009)
MSCI World NR USD -0.10
The Volatility Target is not a guarantee, may not be achieved and a capital loss may occur. Funds which have a higher perform ance aim generally take more risk to achieve this and so have
a greater potential for the returns to be significantly different than expected.

FUND AND SHARE CLASS INFORMATION

Share class I Settlement period T+3
Umbrella Jupiter Asset Management Series PLC ISIN IE00BLP5S684
Share class launch date 30 June 2009 Sedol BLP5S68
Fund launch date 30 June 2009 Initial charge 0.00%
Domicile Ireland Annual management charge 0.75%
Share class currency USD Ongoing charge (as at Dec 2022) 0.85%
Benchmark US Federal Funds Target Rate Performance Fee 20% *
Morningstar sector EAA Fund Alt - Market Neutral - Equity Minimum investment lump sum USD 1,000,000
Legal structure ICVC FCA Recognized Yes
Accounting date 12/31
12.00pm (Irish time) on each Valuation RISK STATISTICS - 3 YEAR
Valuation point
Day Alpha 11.8
Single / dual pricing Single Beta 0.0
Dealing frequency Daily Standard Deviation 5.4
Fund Size $1,797.5m

RISK AND REWARD PROFILE

Typically lower rewards Typically higher rewards Synthetic Risk Reward Indicator (SRRI):
Lower Risk Higher Risk The SRRI is based on past data, may change over time and may not be a reliable
indication of the future risk profile of the fund. The lowest category does not
mean ‘no risk’. Please see the KIID for further information.

Investment risk - whilst the Fund aims to deliver above zero performance irrespective of market conditions, there can be no guarantee this aim will be achieved.
Furthermore the Fund may exceed its volatility limit. A capital loss of some or all of the amount invested may occur.
Company shares (i.e. equities) risk - the value of Company shares (i.e. equities) 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. Other influential factors include political, economic news,
company earnings and significant corporate events.
Derivative risk - the Fund uses derivatives to generate returns and/or to reduce costs and the overall risk of the Fund. Using derivatives can involve a higher level of
risk. A small movement in the price of an underlying investment may result in a disproportionately large movement in the price of the derivative investment. Derivatives
also involve counterparty risk where the institutions acting as counterparty to derivatives may not meet their contractual obligations.
Currency risk - the Fund can be exposed to different currencies and may use techniques to try to reduce the effects of changes in the exchange rate between the
currency of the underlying investments and the base currency of the Fund. These techniques may not eliminate all the currency risk. The value of your shares may rise
and fall as a result of exchange rate movements.
Stock connect risk - the Fund may invest in China A-Shares through the China-Hong Kong Stock Connect (“Stock Connect”). Stock Connect is governed by regulations
which are untested and subject to change. Trading limitations and restrictions on foreign ownership may constrain the Fund’s ability to pursue its investment strategy.
For a more detailed explanation of risks, please refer to the "Risk Factors" section of the prospectus.

OTHER INFORMATION
Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go
down as well as up and investors may not get back the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and
may lose money. Exchange rate changes may cause the value of overseas investments to rise or fall.
• The Fund may be more than 35% invested in Government and public securities. These can be issued by other countries and Governments.
Your attention is drawn to the stated investment policy which is set out in the Fund’s prospectus.

Registered for sale in United Arab Emirates (U.A.E.) Austria Belgium Switzerland Chile
Germany Denmark Spain Finland France United Kingdom Ireland Italy Luxembourg
Netherlands Norway Peru Portugal Sweden
FUND FACTSHEET Jupiter Merian Global Equity Absolute Return Fund I USD Acc

ONLINE: www.jupiteram.com INVESTOR SERVICES: USA toll-free: 866-925-3863 Jupiter Asset Management (Europe) Limited
Download fund data and read investment updates option 2 1 North Wall Quay, Dublin 1, Ireland
from this fund manager at International: +1-617-449-0546 option 2
Calls may be monitored and recorded
Calls may be monitored and recorded
On the 15 February 2021, the Merian Global Equity Absolute Return Fund changed its name to the Jupiter Merian Global Equity Absolute Return Fund. This communication is
issued by Jupiter Investment Management Limited, The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ, United Kingdom. Jupiter Investment Management Limited is
registered in England and Wales (number: 02949554) and is authorised and regulated by the Financial Conduct Authority (FRN: 171847). This communication provides
information relating to Jupiter Merian Global Equity Absolute Return Fund (the “Fund”), which is a sub-fund of Jupiter Asset Management Series plc. Jupiter Asset Management
Series plc is an investment company with variable capital established as an umbrella fund with segregated liability between sub-funds which is authorised and regulated by the
Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended. Registered in
Ireland under registration number 271517. Registered office: 33 Sir John Rogerson’s Quay, Dublin 2, Ireland. Jupiter Asset Management Series PLC is not registered as an
investment company in the United States under the U.S. Investment Company Act of 1940, as amended, and its shares are not registered under the U.S Securities Act of 1933,
as amended (“Securities Act”). Shares of Jupiter Asset Management Series plc Funds are not available for purchase by “US Persons” as that term is defined under Regulation S of
the Securities Act. Under certain circumstances shares may be purchased by persons that reside in the United States that are “accredited investors” as that term is defined in Rule
501(a) of Regulation D, as promulgated pursuant to the Securities Act. The information contained in this document is not intended to be an offer of shares and is for
informational purposes only. The information provided in this document is not intended for distribution to, or use by, any person or entity in the United States, unless such person
is an accredited investor and can reasonably verify their status as such, or in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or
which would subject any of the funds described herein, any member of the Jupiter Group or any of their products or services to any registration, licensing or other authorisation
requirement within such jurisdiction or country. This communication is only intended for and will only be distributed to persons resident in jurisdictions where such distribution or
availability would not be contrary to local laws or regulations. In particular, the shares are not for distribution in the US or to US persons, unless such person is an accredited
investor and can reasonably verify their accredited investor status. Jupiter uses all reasonable skill and care in compiling the information in this communication which is accurate
only on the date of this communication. You should not rely upon the information in this communication in making investment decisions. Nothing in this communication
constitutes advice or personal recommendation. An investor should read the Key Investor Information Document(s) (“KIID”) before investing in the Fund. The Prospectus and KIID
are available in English and other languages required by the local applicable law free of charge online at www.jupiteram.com. A summary of investor rights in English can be
found in the Document Library at www.jupiteram.com. The Management Company may terminate marketing arrangements. Jupiter uses all reasonable skill and care in
compiling the information in this communication which is accurate only on the date of this communication. You should not rely upon the information in this communication in
making investment decisions. Nothing in this communication constitutes advice or personal recommendation.
The ongoing charges figure is based on the expenses of the Fund for the 12 month period ended Dec 2022. Where the Fund invests in other underlying funds, which may
include closed-ended funds such as investment trusts, the ongoing charges figure will include the ongoing charges for those funds, and will therefore vary from year to year. The
ongoing charges figure excludes portfolio transaction costs, except in the case of an entry/ exit charge paid by the Fund when buying or selling shares in another collective
investment undertaking. 20.00% of any returns the Fund achieves above the average US Federal Funds Target Rate*, provided the Fund's share price is above the High-Water-
Mark. A technical description of the performance fee can be found in the full Prospectus. The Performance Fee (if any), will crystallise, become payable at the end of each
Performance Period ending on 31 December. If a Shareholder redeems all or part of their Shares before the end of a Performance Period, any accrued Performance Fee with
respect to such Shares will crystallise on that Dealing Day and will then become immediately payable.

Registered for sale in United Arab Emirates (U.A.E.) Austria

Belgium Switzerland Chile Germany Denmark Spain
Finland France United Kingdom Ireland Italy Luxembourg
Netherlands Norway Peru Portugal Sweden
FUND FACTSHEET Jupiter Merian Global Equity Absolute Return Fund I USD Acc

Jupiter Factsheet – Glossary

Absolute return : the total return of an asset, portfolio or fund over a given period of time OR an Leverage : the use of financial instruments (e.g. debt) to increase the potential return of an investment.
investment approach that attempts to achieve a return which is not benchmarked against an index See Notional value.

Ask / Bid price : the lowest price a seller is willing to sell a security for / the highest price a buyer is willing Liquidity : measures how easily an asset or security can be converted into cash.
to pay for a security
Long/short position : a long position is buying a security with the expectation that it will deliver a positive
Bond : a debt instrument (‘I Owe You’) issued by a company (corporate bond), government return if its value goes up and a negative return if its value falls. Conversely, a short position involves
(sovereign/government bond) or other institution in order to raise money. In most cases, bonds pay a selling a borrowed security with the expectation of buying it back at a lower price to make a profit.
fixed interest rate (coupon) over a fixed period of time and will be repaid on a particular date. See However, if the security goes up in value, a short position will make a loss.
Coupon
Maturity : refers to a finite time period at the end of which a security/debt instrument is due to be repaid.
CFROI : means cash flow return on investment See Bond.

Convertibles : securities (e.g. bonds or preference shares) that can be exchanged at some point in the Money market : markets in which short-term (less than one year) debt instruments are traded. Money
future for a specified number of shares at a specified price of the company issuing the securities. See market instruments are typically cash deposits and commercial papers.
Bond.
Net asset value : in relation to a fund, the market value of its assets less its liabilities. The market value is
Coupon : denotes the interest in % paid on a bond See Bond. usually determined by the price at which an investor can redeem shares.

Credit rating : an assessment of a borrower’s credit worthiness, i.e. the likelihood of the borrower to Net exposure : the percentage value of the long positions less the percentage value of the short positions.
repay its debts. See Gross Exposure, Long/short Position

Delta/Weighted Average Delta : delta measures the change in value of a derivative from a change in the Non-rated bonds : bonds that are not rated. See Bond.
price of the underlying asset. It is sometimes referred to as the “hedge ratio.” Weighted Average Delta
Notional value : commonly used in relation to a derivative, denotes the theoretical value of its underlying
refers to the overall delta of a collection of derivatives based on the delta of each individual derivative
asset. See Derivative
and their respective “weight” or size in the collection as a whole. See Derivative.
Open-ended Investment Company (OEIC) : a fund vehicle, which can issue a limitless number of shares
Derivative : a financial instrument that derives its value from its underlying assets. Common underlying
whose value are directly linked to the value of its underlying investments. OEICs normally list a single
assets include stocks, bonds, commodities, currencies, interest rates and market indices. Futures
price based on the NAV. See Net Asset Value
contracts, forward contracts, options and swaps are the most common types of derivatives. Derivatives
can be purchased ‘on margin’, i.e. at a fraction of the value of the underlying asset. Thus, they are Performance fee : a fee paid to an asset manager for generating positive returns above a hurdle rate.
‘leveraged’ instruments where the risk of loss can be greater than the initial outlay. Derivatives can be
Preferred bonds : have greater seniority when a bond issuer repays its debts. In the event that the issuer
used like insurance contracts (i.e. to hedge market risk) or for investment purposes. See Hedge, Leverage.
cannot repay all its debt, the holders of preferred bonds will be further forward in the queue for
Distribution Yield : the total interest paid by a fund divided by the fund’s value. repayment than holders of other (‘nonpreferred’) bonds.

Duration/Modified Duration : Duration estimates the sensitivity of a bond or bond fund to changes in Regional Definitions : DM = Developed Markets, EM = Emerging Markets, FR = Frontier Markets, SA =
interest rates. It is measured in years. The longer a bond’s duration, the more sensitive it is to interest rate Standalone.
movements. Modified duration estimates the effect that a 1% change in interest rates will have on the
Risk and Reward Profile : The Risk and Reward Indicator table demonstrates where the Fund ranks in
price of a bond or bond fund.
terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater
Economic Gross : the gross exposure adjusted to account for investments with mutually exclusive the risk of losing money. The lowest rank does not mean ‘no risk’. It is based on past data, may change
outcomes, for example a short position hedge on a share that is also held as a long position. See Gross over time and may not be a reliable indication of the future risk profile of the Fund.
exposure, Long/short position, Hedge.
Share : a unit of ownership interest in a company or financial asset. See Equity.
Effective Duration : estimates the sensitivity of a bond’s price to changes in benchmark interest rates.
SICAV : Société d’Investissement à Capital Variable. A type of open-ended fund widely used in Europe.
Effective duration is required for the measurement of interest rate risk for complex types of bonds. See
Bond. Spread : the difference between the bid and the ask price of a single security. It can also refer to the
difference in price between two securities. See Ask/Bid price. Total return: the capital gain or loss plus
Engagement : means dialogue with management teams and boards, including nonexecutive directors.
any income generated by an investment over a given period.
Engagement enables us to assess and influence how businesses are managed.
Stewardship : our responsibility to understand and manage investment risks we take on behalf of our
Equity : a share representing an ownership interest in a company. Equity market means stock market.
clients. We consider material Environmental, Social and Governance (‘ESG’) information in the same way
Exchange Traded Fund (ETF) : a fund vehicle that is traded like a stock on a stock exchange. It is used to as we consider other types of investment analysis. These three factors enable us to evaluate how
track and mimic the performance of a specific market index. companies interact with the Environment (such as climate change), Society (human rights) and
Governance (management). Stewardship entails a responsibility to monitor and engage with the
Exposure : Describes the level of risk to a particular asset, asset type, sector, market or government. Also,
companies in which we invest.
the directional market exposure of a (absolute return) fund. See Absolute Return, Gross/Net exposure.
Sustainability : by appropriately considering ESG risks and engaging with companies, we strive to
Fixed interest/income : denotes debt instruments (securities) that pay a fixed interest rate (e.g. bond,
generate long term, sustainable returns for our clients.
commercial paper). Also, a universal term for bond or debt investing. See Bond
Unit Trust : A fund vehicle which can issue a limitless number of units whose value are directly linked to
Floating rate note (FRN) : a bond with a variable interest rate. The interest rate is variable as it is tied to a
the value of its underlying investments. Jupiter Unit Trusts are single priced, which means they have one
benchmark such as LIBOR (London Interbank Offered Rate). See Bond.
price for buying and selling.
Futures : an exchange traded contract between two parties to buy or sell a commodity or a financial
Value at Risk (VaR) : value at Risk, a mathematical way of measuring the maximum expected loss of an
instrument at a pre-determined price at a future date. See Bond Future, Derivative.
investment over a period of time.
Gearing : measures a company’s borrowings (debt) as a proportion of assets. See Leverage.
Volatility : measures how much the price of a security moves up or down over a period of time. A stock
Gross exposure : the percentage value of the long positions plus the percentage value of the short that experiences big price swings has high volatility, while one which moves up or down in smaller
positions. See Net exposure. increments has low volatility.

Hedge : an investment designed to reduce the risk of adverse price movements in an asset by taking an Yield to Maturity : Yield to maturity (YTM) measures the annual return an investor can anticipate for
offsetting position. Derivatives are usually used as hedging tools. See Derivative. holding a particular bond until it matures. When considering an entire bond portfolio, an average yield is
used based on the weightings of individual bonds within that portfolio. The YTM (Share class Level) is an
High Water Mark : the highest level that a fund’s net asset value (NAV) has reached at the end of any 12-
indicative measure which adjusts the base currency YTM by the estimated cost of hedging between the
month accounting period. See Net Asset Value.
share class currency and the base currency.
Hurdle Rate : the minimum level of return required before a fund can charge a performance fee. See
Yield : the rate of interest or income on an investment, usually expressed as a percentage
Performance fee.

Registered for sale in United Arab Emirates (U.A.E.) Austria

Belgium Switzerland Chile Germany Denmark Spain
Finland France United Kingdom Ireland Italy Luxembourg
Netherlands Norway Peru Portugal Sweden