Jupiter's Financial Opportunities Fund has marked its 10th anniversary with a total return of 688%.

The £1bn Fund, launched on 2 June 1997 on the eve of the Bank of England's independence, has provided a consistently positive return for investors. The Fund's total return of 688%, which places the Fund 2nd out of all 1,057 UK authorised investment funds with a 10-year track record, translates into a compound annual growth rate of 22.9%. This compares with a total return of 139% and 9.1% compound annual growth rate for the FTSE Financials Index, the Fund's benchmark, and a 89% total return and 6.6% annual growth rate for the FTSE World Index*.

This performance has been maintained through a variety of market conditions - including the bear market of 2000 to 2003. During a period when the FTSE All Share Index lost 39% and the FTSE Financials Index fell 15%, Jupiter Financial Opportunities recorded a positive return of 17%. The Fund has also outperformed since the market recovery started, returning 197% against 132% for the FTSE Financials Index**.

Jupiter Financial Opportunities has been managed since launch by Philip Gibbs. The performance he has produced, based on his high conviction, price aware investment style, has been driven by a variety of themes such as asset management strength and the consequences of European interest rate convergence which has resulted in strong returns from financial stocks in areas such as Greece and Ireland.

During the bear market the Fund's focus shifted towards UK property assets, Irish financials and other areas that displayed resilience to the decline in markets, such as inter-dealer brokers and hedge fund operators.

After a rapid end to the war in Iraq, Philip took advantage of an anticipated strong recovery in equity markets. One major change was a large reduction in UK exposure in favour of continental Europe. This shift was in anticipation of higher interest rates and weaker consumer sentiment in the UK and the increasing attractions of European stocks; many of which have some leverage to capital markets.

A more recent trend, which Philip started to establish during 2004, has been to increase exposure to fast-growing emerging markets. This theme has been played both directly and indirectly, via, for example, France's Société Générale which has substantial operations in Eastern Europe. The equity market recovery has also generated a significant increase in the earnings of investment banks, another theme that has been pursued in the portfolio.

The fund is currently positioned to take advantage of what Philip regards as the substantial undervaluation of large European institutions which combine investment banking with wealth and asset management and corporate banking. This includes institutions such as SocGen, BNP Paribas, Credit Suisse, Deutsche Bank and UBS.

"I am positive on the medium term outlook for equity markets going forward and for financial stocks in particular. The European banks I own, for example, trade at very modest prospective price-earnings ratios of 10x-12x. This represents exceptional value given the growth prospects on offer."

-ENDS-

Notes to Editors:
* Source: Morningstar 2.6.97 to 4.6.07. All figures bid to bid, net income reinvested.
** Source: Morningstar 1.3.00 to 10.3.03 and 10.3.03 to 4.6.07. All figures bid to bid, net income reinvested

	Year on Year % Growth ending 01.06.2007
	2001-2002		2002-2003		2003-2004		2004-2005		2005-2006
	-4.0%		21.3%		22.7%		34.3%		20.5%

Jupiter Unit Trust Managers Limited (JUTM) and Jupiter Asset Management Limited (JAM) are both 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 the Fund Manager at the time of preparation and may be subject to change. They are not necessarily those of Jupiter and should not be interpreted as investment advice. Past Performance should not be seen as a guide to future returns, the value of an investment and the income from it can fall as well as rise and may be affected by exchange rate variations. Every effort is made to ensure the accuracy of any information provided but no assurances or warranties are given.