Jupiter Fund Management
Website:
Jupiter Fund Management
Index:
FTSE 250
EPIC: JUP
Supersector:
Financial Services
Sector:
Financial Services
Subsector:
Asset Managers
Market Cap:
£810.19M
Payout Frequency: Semi-Annual
Jupiter Fund Management Dividend Analysis and Summary
Key dividend details
- Final ordinary dividend: 2.3p per share
- Special dividend: 5.7p per share
- Total DPS for FY2025 (incl. special): 10.1p; total ordinary DPS: 4.4p (2024 ordinary: 5.4p)
- Ex-dividend date: 16/04/2026 (derived from record date)
- Record date: 17/04/2026
- Payment date: 19/05/2026
- Buyback: up to £30m (or 3% of issued share capital), expected to commence in April 2026
- Policy: Ordinary dividends set at 50% of underlying EPS excluding performance fees; an additional 50% of performance fee revenue to be returned via specials/buybacks
Focused analysis: sustainability, growth trajectory, and support
- Sustainability (ordinary): Underlying EPS excluding performance fees was 8.7p; ordinary DPS of 4.4p implies c.2.0x coverage, consistent with the stated 50% payout policy. This looks sustainable if pre-performance-fee earnings recover with higher AUM and cost savings.
- Sensitivity to performance fees: Total EPS 19.4p and total DPS 10.1p are well covered in 2025, but the special 5.7p and the £30m buyback are explicitly tied to highly variable performance fees (£120.3m in 2025). These elements should be viewed as opportunistic, not recurring.
- Growth trajectory: The ordinary dividend was cut year-on-year (from 5.4p to 4.4p) due to lower pre-performance-fee earnings (underlying EPS ex-PF 8.7p vs 2024 10.9p). Total DPS rose on the back of strong performance fees, which may not persist.
- Financial support and capital allocation: Balance sheet strength (estimated capital surplus £146m post-CCLA), net cash of £318.7m, no subordinated debt outstanding, and an undrawn £100m RCF support distributions. However, the cost:income ratio is still elevated at 82% (target 70%), and management fee revenue fell 7% YoY, underscoring the need for execution on cost savings and scale benefits.
Structural changes and potential dividend implications
- CCLA acquisition completed on 02/02/2026 (adds ~£15bn AUM, opens non-profit client channel); at least £16m run-rate cost synergies by end-2027; management expects earnings accretion from day one. Greater scale and synergies could support ordinary dividend capacity over the medium term.
- Shareholder returns tied to performance fees: 5.7p special dividend plus buyback up to £30m represent ~50% of 2025 performance fee revenue—this framework implies variable specials and repurchases year to year.
- Share count actions: Board approved cancellation of 16.3m treasury shares (25 Feb 2026) and a new buyback to commence in April 2026—both are supportive for per-share metrics over time.
- Operational simplification: Ongoing outsourcing of middle/back office to BNY and cost-reduction programme should aid delivery of the 70% cost:income target, improving ordinary DPS headroom if achieved.
Risks and flags to dividend stability
- Performance fee volatility: Specials/buybacks are directly linked to performance fees, which are inherently variable; lower fees would likely reduce these distributions.
- Underlying earnings pressure: Net management fee revenue declined and the cost:income ratio remains high at 82%. Failure to deliver planned cost savings and margin stabilization would constrain ordinary DPS growth.
- Integration and execution risk: Realizing CCLA synergies and maintaining investment performance are critical to sustaining higher AUM, margins, and dividend capacity.
- Market/regulatory risks: Adverse markets, fee margin attrition, or regulatory changes could weigh on flows, performance, and capital needs, impacting future distributions.
Read more
Jupiter Fund Management Annual Dividend Yield - 2.81%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 17/04/2025 |
20/05/2025 |
Final |
2.20p |
GBX |
| 07/08/2025 |
05/09/2025 |
Interim |
2.10p |
GBX |
Total (Annual Dividends Per Share):
4.30p
Dividend Yield =
Annual Dividends Per Share (4.30p)
÷ Share Price (153p)
= 2.81%
Jupiter Fund Management Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 16/04/2026 |
19/05/2026 |
Final |
8.0000p |
GBX |
| 07/08/2025 |
05/09/2025 |
Interim |
2.10p |
GBX |
| 17/04/2025 |
20/05/2025 |
Final |
2.20p |
GBX |
| 08/08/2024 |
04/09/2024 |
Interim |
3.20p |
GBX |
| 18/04/2024 |
20/05/2024 |
Final |
3.40p |
GBX |
| 03/08/2023 |
01/09/2023 |
Interim |
3.50p |
GBX |
| 03/08/2023 |
01/09/2023 |
Special |
2.90p |
GBX |
| 20/04/2023 |
19/05/2023 |
Final |
0.50p |
GBX |
| 11/08/2022 |
31/08/2022 |
Interim |
7.90p |
GBX |
| 21/04/2022 |
20/05/2022 |
Final |
9.20p |
GBX |
| 12/08/2021 |
01/09/2021 |
Interim |
7.90p |
GBX |
| 15/04/2021 |
14/05/2021 |
Special |
3.00p |
GBX |
| 15/04/2021 |
14/05/2021 |
Final |
9.20p |
GBX |
| 06/08/2020 |
26/08/2020 |
Interim |
7.90p |
GBX |
| 12/03/2020 |
09/04/2020 |
Final |
9.20p |
GBX |
| 08/08/2019 |
28/08/2019 |
Interim |
7.90p |
GBX |
| 14/03/2019 |
11/04/2019 |
Special |
11.40p |
GBX |
| 14/03/2019 |
11/04/2019 |
Final |
9.20p |
GBX |
| 09/08/2018 |
29/08/2018 |
Interim |
7.90p |
GBX |
| 08/03/2018 |
06/04/2018 |
Special |
15.50p |
GBX |
| 08/03/2018 |
06/04/2018 |
Final |
10.30p |
GBX |
| 03/08/2017 |
30/08/2017 |
Interim |
6.80p |
GBX |
| 09/03/2017 |
07/04/2017 |
Special |
12.50p |
GBX |
| 09/03/2017 |
07/04/2017 |
Final |
10.20p |
GBX |
| 04/08/2016 |
26/08/2016 |
Interim |
4.50p |
GBX |
| 10/03/2016 |
08/04/2016 |
Special |
10.90p |
GBX |
| 10/03/2016 |
08/04/2016 |
Final |
10.60p |
GBX |
| 06/08/2015 |
28/08/2015 |
Interim |
4.00p |
GBX |
| 19/03/2015 |
21/04/2015 |
Special |
11.50p |
GBX |
| 19/03/2015 |
21/04/2015 |
Final |
9.50p |
GBX |
| 06/08/2014 |
29/08/2014 |
Interim |
3.70p |
GBX |
| 09/04/2014 |
27/05/2014 |
Final |
9.10p |
GBX |
| 07/08/2013 |
30/08/2013 |
Interim |
3.50p |
GBX |
| Year |
Interim |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
3.200 |
3.400 |
|
GBX |
6.600 |
-4.340 |
| 2023 |
3.500 |
0.500 |
2.900 |
GBX |
6.900 |
-59.640 |
| 2022 |
7.900 |
9.200 |
|
GBX |
17.100 |
-14.920 |
| 2021 |
7.900 |
9.200 |
3.000 |
GBX |
20.100 |
154.430 |
| 2020 |
7.900 |
|
|
GBX |
7.900 |
-72.280 |
| 2019 |
7.900 |
9.200 |
11.400 |
GBX |
28.500 |
-12.570 |
| 2018 |
7.900 |
9.200 |
15.500 |
GBX |
32.600 |
10.130 |
| 2017 |
6.800 |
10.300 |
12.500 |
GBX |
29.600 |
15.620 |
| 2016 |
4.500 |
10.200 |
10.900 |
GBX |
25.600 |
-1.910 |
| 2015 |
4.000 |
10.600 |
11.500 |
GBX |
26.100 |
17.040 |
| 2014 |
3.700 |
18.600 |
|
GBX |
22.300 |
537.140 |
| 2013 |
3.500 |
|
|
GBX |
3.500 |
|
Jupiter Fund Management Dividend Calculator
Jupiter Fund Management Dividend Growth
| Dividend Growth (1Y) |
87.04%
|
| Dividend CAGR (5Y) |
-12.86%
|
| Years of Growth |
–
|
| Payout Ratio |
22.21%
|
| Buyback Yield |
-5.25%
|
| Shareholder Yield |
-2.44%
|
| P/E Ratio (TTM) | 8.59 |
|---|
| Forward P/E | 12.19 |
|---|
| P/FCF | 12.68 |
|---|
| Earnings Yield | 13.47% |
|---|
| FCF Yield | 7.89% |
|---|
| ROE | 11.54% |
|---|
| ROCE | 14.21% |
|---|
| Profit Margin | 23.29% |
|---|
| Operating Margin | 31.95% |
|---|
| Gross Margin | 100% |
|---|