Now we know why Jupiter sold, they had to regardless.5 Feb 2022 05:11
This is reassuring. They had to sell regardless:
Jupiter star’s fund hid investment cap breach
Richard Watts, left, and Nick Williamson recently had a £60 million Chrysalis payout
Richard Watts, left, and Nick Williamson recently had a £60 million Chrysalis payout
Patrick Hosking, Financial Editor
Saturday February 05 2022, 12.01am, The Times
A popular £3 billion fund run by Richard Watts, one of the two star Jupiter stockpickers whose £60.5 million pay packet was revealed last month, concealed from investors that it had exceeded market concentration limits.
For two months in the spring of 2020, the Merian UK Mid Cap fund blanked out in monthly factsheets the size of its biggest investment in the fashion retailer Boohoo, rather than disclose that it had gone well above the 10 per cent cap set by the Financial Conduct Authority.
The holding increased to as much as 14.74 per cent of the fund in May 2020, The Times has learnt, exposing fundholders to the risk of disproportionately heavy losses if Boohoo’s share price fell, which it did.