Jupiter Asset Management is changing the name and objective of the Monthly Income fund today (19 March) to reflect the fund's shift towards alternative investments.
The fund - which mainly invests in investment trusts - has an updated investment policy in recognition of the decade-long trend for investment trusts to invest increasingly in alternative investments, such as real estate, private equity and credit.
As of today, the fund will be named Jupiter Monthly Alternative Income and will move from the IA UK Equity and Bond Income sector to the IA Specialist sector.
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The fund's target - to achieve a high level of sustainable income with the potential for capital growth - will remain the same, but while previously the policy was to do this by investing mainly in the UK via equity investment trusts and some fixed interest securities, the new objective states that the fund will invest at least 70% of its net asset value in UK-listed closed-ended funds including investment trusts.
Run by Richard Curling, the £215m fund has returned 3.6% over one year, broadly in line with the 3.4% average of the IA UK Equity & Bond Income sector, FE data shows.
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Magnus Spence, head of alternative investments at Jupiter, said: "Over the last ten years, the range of opportunities within the investment trust universe has evolved, and more trusts are looking to alternative investments such as real estate, private equity and credit as a source of income.
"Correspondingly, the strategy of the Jupiter Monthly Income fund has adapted to take advantage of this changing opportunity set. The change in the fund's name to Jupiter Monthly Alternative Income reflects this changing universe.
"It is important to note that we see this step very much as evolution, not revolution: the name change will not have any radical impact on the portfolio's investment strategy or philosophy."
