Clunie: Big macro calls 'not sensible' for absolute return

Jupiter's James Clunie plans to avoid making big calls on the state of the global economy as he assumes control of the £337m Jupiter Absolute Return fund.

After taking the helm from the retiring Philip Gibbs at the start of September, the former SWIP manager is sticking with the equity-focused long/short style with which he made his name. Initially, this has seen him move long value stocks and short overpriced names in the fund, which will remain a global multi-asset vehicle. “I am not sure big macro calls are sensible for this kind of fund. The goal is not to lose money, and if you take big macro bets, you are in danger of doing so,” he said. “They key is to consider what would happen in the face of a major event. I will not make pr...