Ian McVeigh is celebrating three years at the helm of the £820m Jupiter UK Growth fund this week with an impressive 127% return. This top quartile performance, which is significantly ahead of the 86% recorded by the FTSE All Share and the UK All Companies sector average return of 90%, places the fund 30th out of the 260 funds in the sector over that time period.*

The past year has been particularly strong for the Fund. It is ranked 4th out of 292 funds in the UK All Companies sector over 12 months, with a return of 42% against 27% for the FTSE All Share and 28% for the UK All Companies sector average.

This recovery in the Fund's performance has been driven by Ian's approach to stock selection. Rather than impose any restrictions on the type of stocks he will invest in, Ian has adopted an 'unconstrained' approach - seeking out those growth, value and recovery stocks that he believes are best set to produce strong returns, given his view of market conditions.

During the past three years, Ian's stock selection decisions have been driven by a firm conviction that growth stocks were significantly undervalued. On taking over the fund in April 2003, he positioned the portfolio for a strong market recovery, buying stocks such as Reuters, Rolls Royce and Prudential, which were significantly undervalued by the market.

Over the past year, he has increased the weighting of growth stocks to around half the portfolio. Stocks such as ICAP and Kazakhmys have produced particularly strong returns over this period.

He said: "In early 2003 most investors were still very cautious about the prospects for recovery but in my view, you had to buy the companies that had fallen the most. Shares currently appear more attractive and there are still great opportunities out there to make money.

"The market is still 13% off its peak but since 2000 the profits of UK companies have risen by 50%. Shares also remain more attractive than other asset classes, such as cash, bonds and property."

The Jupiter UK Growth fund currently holds 69 stocks. Among Ian's favoured plays are Inmarsat, Charter, ICAP and Xstrata.

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Notes to Editors:
*Source: Standard & Poor's. All figures bid to bid to 10/4/06, with net income reinvested at basic rate tax.

Please bear in mind that past performance should not be seen as a guide to future performance and that the value of an investment in a unit trust may fall as well as rise. Ian McVeigh's views may change in accordance with market conditions and no view expressed should be interpreted as investment advice. Year on year performance of the Jupiter UK Growth Fund over the last five years is as follows:

Jupiter Unit Trust Managers Limited (JUTM) and Jupiter Asset Management Limited (JAM) are both subsidiaries of Commerzbank AG one of Germany's leading banks. Both JUTM and JAM are authorised and regulated by the Financial Services Authority and their registered address is 1 Grosvenor Place, London SW1X 7JJ. The group is collectively known as "Jupiter". The above commentary represents the views of Ian McVeigh at the time of preparation and may be subject to change. They are not necessarily those of Jupiter as a group and readers should be aware that they should not be interpreted as investment advice. Every effort is made to ensure the accuracy of any information provided but no assurances or warranties are given. Past performance should not be seen as a guide to future performance.