Jupiter Merlin Income Portfolio Class I Acc
Report And Accounts
Simplified Prospectus / KIID
Performance
Discrete performance - to last month end
| 28/02/20 to 28/02/21 |
28/02/21 to 28/02/22 |
28/02/22 to 28/02/23 |
28/02/23 to 28/02/24 |
28/02/24 to 28/02/25 |
|
|---|---|---|---|---|---|
| Fund | 6.3% | 7.3% | -0.3% | 3.1% | 9.4% |
| Sector | 6.5% | 2.5% | -2.9% | 4.6% | 8.2% |
| Rank | 75/145 | 11/160 | 33/165 | 127/172 | 39/185 |
| Quartile | 3 | 1 | 1 | 3 | 1 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 28/02/25 |
5 Years to 28/02/25 |
10 Years to 28/02/25 |
||
| Fund | 4.0% | 5.1% | 4.4% | |
| Sector | 3.2% | 3.7% | 3.6% | |
| Rank | 55/165 | 28/145 | 27/107 | |
| Quartile | 2 | 1 | 1 | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| Mayfair Capital Commercial Property Trust | 6.55 |
| EURGBP20241015_GBP | 2.62 |
| EURUSD20241025_EUR | 2.56 |
| EURUSD20241015_USD | 1.62 |
| GBPUSD20241015_GBP | 1.22 |
| UNILEVER | 1.16 |
| DIAGEO | 1.00 |
| RELX | 0.93 |
| GSK | 0.80 |
| RECKITT BENCKISER GROUP | 0.77 |
| Total | 19.23 |
Fund Aims
To provide a return, through a combination of income together with the prospect of capital growth, net of fees, over the long-term (at least five years).
Fund Manager
John Chatfeild-Roberts is head of the Jupiter Independent Funds Team and is a Main Board Director of Jupiter. Algy Smith-Maxwell joined John in 1999 and they were joined in 2011 by Amanda Sillars and David Lewis. Alastair Irvine joined the team in 2015 as a Product Specialist.
Fund Overview
| Mid (10/03/2025) | 414.13p |
| Historic yield | 3.41% |
| Fund size (30/11/2024) | £1614.13m |
| Number of holdings | 2224 |
| Entry Charge | 0.00% |
| Ongoing Charges | 1.40% |
| Launch date | 19/09/2011 |
Asset Allocation
| International Bonds | 22.42% | |
| UK Equities | 18.00% | |
| International Equities | 14.30% | |
| Property | 6.73% | |
| UK Corporate Bonds | 5.39% | |
| Alternative Trading Strategies | 1.54% | |
| Cash and Equivalents | 0.48% | |
| UK Gilts | 0.31% | |
| Commodities | 0.00% | |
| Other Assets | 30.81% |
Important Information
Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Asset Allocation
| International Bonds | 22.42% | |
| UK Equities | 18.00% | |
| International Equities | 14.30% | |
| Property | 6.73% | |
| UK Corporate Bonds | 5.39% | |
| Alternative Trading Strategies | 1.54% | |
| Cash and Equivalents | 0.48% | |
| UK Gilts | 0.31% | |
| Commodities | 0.00% | |
| Other Assets | 30.81% |
Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Non-Classified | 31.17% | - | - | - | |
| Non-Classified | - | 29.52% | - | - | |
| Non-Classified | - | - | 29.52% | - | |
| Non-Classified | - | - | - | 29.52% | |
| Bonds | 28.12% | - | - | - | |
| Property | 6.55% | - | - | - | |
| Property | - | 6.55% | - | - | |
| Property | - | - | 6.55% | - | |
| Property | - | - | - | 6.55% | |
| Consumer Discretionary | 6.21% | - | - | - | |
| Consumer Products & Services | - | 2.41% | - | - | |
| Consumer Services | - | - | 0.84% | - | |
| Vending & Catering Service | - | - | - | 0.54% | |
| Consumer Services: Misc. | - | - | - | 0.30% | |
| Personal Goods | - | - | 0.84% | - | |
| Clothing & Accessories | - | - | - | 0.55% | |
| Luxury Items | - | - | - | 0.14% | |
| Cosmetics | - | - | - | 0.11% | |
| Footwear | - | - | - | 0.03% | |
| Leisure Goods | - | - | 0.59% | - | |
| Toys | - | - | - | 0.43% | |
| Recreational Vehicles & Boats | - | - | - | 0.16% | |
| Household Goods & Home Construction | - | - | 0.14% | - | |
| Household Equipment & Products | - | - | - | 0.14% | |
| Media | - | 1.86% | - | - | |
| Media | - | - | 1.86% | - | |
| Publishing | - | - | - | 1.09% | |
| Media Agencies | - | - | - | 0.66% | |
| Radio & TV Broadcasters | - | - | - | 0.11% | |
| Retail | - | 0.93% | - | - | |
| Retailers | - | - | 0.93% | - | |
| Home Improvement Retailers | - | - | - | 0.44% | |
| Specialty Retailers | - | - | - | 0.23% | |
| Apparel Retailers | - | - | - | 0.14% | |
| Diversified Retailers | - | - | - | 0.11% | |
| Automobiles & Parts | - | 0.65% | - | - | |
| Automobiles & Parts | - | - | 0.65% | - | |
| Auto Parts | - | - | - | 0.47% | |
| Automobiles | - | - | - | 0.19% | |
| Travel & Leisure | - | 0.36% | - | - | |
| Travel & Leisure | - | - | 0.36% | - | |
| Travel & Tourism | - | - | - | 0.23% | |
| Airlines | - | - | - | 0.08% | |
| Hotels & Motels | - | - | - | 0.05% | |
| Industrials | 5.68% | - | - | - | |
| Industrial Goods & Services | - | 5.46% | - | - | |
| Industrial Support Services | - | - | 2.42% | - | |
| Professional Business Support Services | - | - | - | 1.23% | |
| Business Training & Employment Agencies | - | - | - | 0.52% | |
| Industrial Suppliers | - | - | - | 0.23% | |
| Security Services | - | - | - | 0.23% | |
| Transaction Processing Services | - | - | - | 0.21% | |
| General Industrials | - | - | 1.37% | - | |
| Diversified Industrials | - | - | - | 1.37% | |
| Electronic & Electrical Equipment | - | - | 1.04% | - | |
| Electronic Equipment: Gauges & Meters | - | - | - | 0.45% | |
| Electrical Components | - | - | - | 0.37% | |
| Electronic Equipment: Control & Filter | - | - | - | 0.22% | |
| Industrial Engineering | - | - | 0.32% | - | |
| Machinery: Industrial | - | - | - | 0.26% | |
| Machinery: Construction & Handling | - | - | - | 0.06% | |
| Industrial Transportation | - | - | 0.18% | - | |
| Marine Transportation | - | - | - | 0.16% | |
| Delivery Services | - | - | - | 0.03% | |
| Aerospace & Defence | - | - | 0.13% | - | |
| Aerospace | - | - | - | 0.13% | |
| Construction & Materials | - | 0.22% | - | - | |
| Construction & Materials | - | - | 0.22% | - | |
| Building Materials: Other | - | - | - | 0.19% | |
| Cement | - | - | - | 0.03% | |
| Technology | 5.62% | - | - | - | |
| Technology | - | 5.62% | - | - | |
| Software & Computer Services | - | - | 3.10% | - | |
| Software | - | - | - | 2.52% | |
| Consumer Digital Services | - | - | - | 0.38% | |
| Computer Services | - | - | - | 0.20% | |
| Technology Hardware & Equipment | - | - | 2.52% | - | |
| Semiconductors | - | - | - | 1.20% | |
| Production Technology Equipment | - | - | - | 0.94% | |
| Electronic Components | - | - | - | 0.36% | |
| Computer Hardware | - | - | - | 0.02% | |
| Consumer Staples | 4.98% | - | - | - | |
| Food, Beverage & Tobacco | - | 2.57% | - | - | |
| Beverages | - | - | 1.48% | - | |
| Distillers & Vintners | - | - | - | 1.03% | |
| Soft Drinks | - | - | - | 0.31% | |
| Brewers | - | - | - | 0.13% | |
| Tobacco | - | - | 0.90% | - | |
| Tobacco | - | - | - | 0.90% | |
| Food Producers | - | - | 0.19% | - | |
| Food Products | - | - | - | 0.19% | |
| Personal Care, Drug & Grocery Stores | - | 2.40% | - | - | |
| Personal Care, Drug & Grocery Stores | - | - | 2.40% | - | |
| Personal Products | - | - | - | 1.35% | |
| Nondurable Household Products | - | - | - | 0.95% | |
| Food Retailers & Wholesalers | - | - | - | 0.10% | |
| Financials | 3.81% | - | - | - | |
| Financial Services | - | 2.21% | - | - | |
| Investment Banking & Brokerage Services | - | - | 1.66% | - | |
| Asset Managers & Custodians | - | - | - | 0.92% | |
| Investment Services | - | - | - | 0.74% | |
| Finance & Credit Services | - | - | 0.55% | - | |
| Financial Data & Systems | - | - | - | 0.55% | |
| Insurance | - | 0.83% | - | - | |
| Life Insurance | - | - | 0.60% | - | |
| Life Insurance | - | - | - | 0.60% | |
| Non-life Insurance | - | - | 0.23% | - | |
| Property & Casualty Insurance | - | - | - | 0.23% | |
| Banks | - | 0.78% | - | - | |
| Banks | - | - | 0.78% | - | |
| Banks | - | - | - | 0.78% | |
| Health Care | 2.75% | - | - | - | |
| Health Care | - | 2.75% | - | - | |
| Pharmaceuticals & Biotechnology | - | - | 1.64% | - | |
| Pharmaceuticals | - | - | - | 1.64% | |
| Medical Equipment & Services | - | - | 0.92% | - | |
| Medical Equipment | - | - | - | 0.71% | |
| Medical Supplies | - | - | - | 0.21% | |
| Health Care Providers | - | - | 0.20% | - | |
| Health Care Services | - | - | - | 0.20% | |
| Alternative Trading Strategies | 1.54% | - | - | - | |
| Alternative Trading Strategies | - | 1.54% | - | - | |
| Alternative Trading Strategies | - | - | 1.54% | - | |
| Alternative Trading Strategies | - | - | - | 1.54% | |
| Telecommunications | 0.98% | - | - | - | |
| Telecommunications | - | 0.98% | - | - | |
| Telecommunications Equipment | - | - | 0.67% | - | |
| Telecommunications Equipment | - | - | - | 0.67% | |
| Telecommunications Service Providers | - | - | 0.31% | - | |
| Telecommunications Services | - | - | - | 0.25% | |
| Cable Television Services | - | - | - | 0.06% | |
| Basic Materials | 0.81% | - | - | - | |
| Basic Resources | - | 0.56% | - | - | |
| Industrial Metals & Mining | - | - | 0.32% | - | |
| General Mining | - | - | - | 0.32% | |
| Copper | - | - | - | 0.00% | |
| Precious Metals & Mining | - | - | 0.24% | - | |
| Gold Mining | - | - | - | 0.23% | |
| Platinum & Precious Metals | - | - | - | 0.01% | |
| Chemicals | - | 0.25% | - | - | |
| Chemicals | - | - | 0.25% | - | |
| Specialty Chemicals | - | - | - | 0.25% | |
| Real Estate | 0.59% | - | - | - | |
| Real Estate | - | 0.59% | - | - | |
| Real Estate Investment Trusts | - | - | 0.32% | - | |
| Diversified REITs | - | - | - | 0.15% | |
| Office REITs | - | - | - | 0.14% | |
| Residential REITs | - | - | - | 0.04% | |
| Real Estate Investment & Services | - | - | 0.27% | - | |
| Real Estate Services | - | - | - | 0.27% | |
| Cash and Equivalents | 0.48% | - | - | - | |
| Energy | 0.47% | - | - | - | |
| Energy | - | 0.47% | - | - | |
| Non-Renewable Energy | - | - | 0.47% | - | |
| Integrated Oil & Gas | - | - | - | 0.33% | |
| Oil: Crude Producers | - | - | - | 0.14% | |
| Utilities | 0.24% | - | - | - | |
| Utilities | - | 0.24% | - | - | |
| Gas, Water & Multi-utilities | - | - | 0.24% | - | |
| Multi-Utilities | - | - | - | 0.24% | |
| Commodities | 0.00% | - | - | - | |
| Commodities | - | 0.00% | - | - | |
| Commodities | - | - | 0.00% | - | |
| Commodities | - | - | - | 0.00% | |
Regional Allocation
| Non-Classified | 33.10% | |
| UK | 23.67% | |
| North America | 15.87% | |
| Developed Europe - Excl UK | 15.27% | |
| Property | 6.76% | |
| Emerging Europe | 1.30% | |
| Emerging Asia | 0.94% | |
| Japan | 0.75% | |
| Developed Asia | 0.51% | |
| Other Regions | 1.82% |
Fixed Interest Currencies
| Non-Fixed Interest Assets | 72.02% | |
| US Dollar | 12.61% | |
| Euro | 10.34% | |
| Pound Sterling | 4.50% | |
| Australian Dollar | 0.20% | |
| Indian Rupee | 0.18% | |
| Other Currencies | 0.16% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| Non-Classified | 33.10% | - | |
| UK | 23.67% | - | |
United Kingdom
|
- | 23.70% | |
Jersey
|
- | 0.00% | |
| North America | 15.87% | - | |
United States
|
- | 15.43% | |
Canada
|
- | 0.44% | |
| Developed Europe - Excl UK | 15.27% | - | |
Germany
|
- | 2.79% | |
Netherlands
|
- | 2.29% | |
Luxembourg
|
- | 2.20% | |
Italy
|
- | 2.10% | |
France
|
- | 1.71% | |
Spain
|
- | 0.96% | |
Switzerland
|
- | 0.92% | |
Sweden
|
- | 0.57% | |
Denmark
|
- | 0.45% | |
Norway
|
- | 0.39% | |
Austria
|
- | 0.38% | |
Ireland
|
- | 0.25% | |
Finland
|
- | 0.18% | |
Belgium
|
- | 0.04% | |
Iceland
|
- | 0.03% | |
Portugal
|
- | 0.01% | |
| Property | 6.76% | - | |
| Emerging Europe | 1.30% | - | |
Greece
|
- | 0.45% | |
Turkey
|
- | 0.38% | |
Czech Republic
|
- | 0.25% | |
Poland
|
- | 0.14% | |
Ukraine
|
- | 0.06% | |
Romania
|
- | 0.02% | |
Bulgaria
|
- | 0.00% | |
Russian Federation
|
- | 0.00% | |
| Emerging Asia | 0.94% | - | |
South Korea
|
- | 0.86% | |
India
|
- | 0.05% | |
China
|
- | 0.04% | |
| Japan | 0.75% | - | |
Japan
|
- | 0.75% | |
| Developed Asia | 0.51% | - | |
Hong Kong
|
- | 0.43% | |
Singapore
|
- | 0.08% | |
| Cash and Equivalents | 0.48% | - | |
| Australia & New Zealand | 0.47% | - | |
Australia
|
- | 0.34% | |
New Zealand
|
- | 0.13% | |
| Middle East & Africa | 0.46% | - | |
Israel
|
- | 0.27% | |
South Africa
|
- | 0.16% | |
Gabon
|
- | 0.02% | |
Lebanon
|
- | 0.00% | |
United Arab Emirates
|
- | 0.00% | |
Mozambique
|
- | 0.00% | |
| South & Central America | 0.41% | - | |
Brazil
|
- | 0.20% | |
Mexico
|
- | 0.10% | |
Venezuela
|
- | 0.05% | |
Chile
|
- | 0.03% | |
Colombia
|
- | 0.01% | |
Peru
|
- | 0.01% | |
Guatemala
|
- | 0.01% | |
Virgin Islands (British)
|
- | 0.01% | |
Trinidad and Tobago
|
- | 0.00% | |
Argentina
|
- | 0.00% | |
Ecuador
|
- | 0.00% | |
Breakdown By Market Cap (%)
| Mega |
|
13.78% |
| Large |
|
8.92% |
| Medium |
|
6.25% |
| Small |
|
0.93% |
| Micro |
|
0.06% |
| Non-Classified |
|
41.45% |
| Bonds |
|
28.12% |
| Cash |
|
0.48% |
Fixed Interest Maturity Profile
| < 5Yr Maturity |
|
15.09% |
| 5Yr - 10Yr Maturity |
|
8.83% |
| 10Yr - 15Yr Maturity |
|
0.75% |
| > 15Yr Maturity |
|
3.45% |
| Cash And Equivalents |
|
0.48% |
| Unknown Maturity |
|
1.34% |
| Other Asset Types |
|
70.06% |
Fixed Interest Quality Profile
| AAA |
|
2.16% |
| AA |
|
0.88% |
| A |
|
1.41% |
| BBB |
|
2.36% |
| Sub-Investment Grade |
|
5.62% |
| Unknown Quality |
|
15.68% |
| Cash and Equivalents |
|
0.48% |
| Other Asset Types |
|
71.39% |
Top 10 Fund Holdings
| Name | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | Aegon AM High Yield Global Bond (Ireland) Class J (Hedged) | 16.61% | Managed Funds | Managed Funds |
| 2 | IFSL Evenlode Income Class C | 13.99% | Managed Funds | Managed Funds |
| 3 | Man Group GLG Income Class D | 11.42% | Managed Funds | Managed Funds |
| 4 | Morant Wright WS Morant Wright Nippon Yield Class B | 9.59% | Managed Funds | Managed Funds |
| 5 | Jupiter Global Value Equity Class I | 6.84% | Managed Funds | Managed Funds |
| 6 | Mayfair Capital Commercial Property Trust | 6.55% | Property | Direct Property and REITs |
| 7 | BlueBox Global Technology Class J - USD | 6.18% | Managed Funds | Managed Funds |
| 8 | Jupiter Global High Yield Bond Class I Q HSC | 5.47% | Managed Funds | Managed Funds |
| 9 | Royal London Global Equity Income Class M | 4.99% | Managed Funds | Managed Funds |
| 10 | M&G Global Corporate Bond Sterling L | 4.97% | Managed Funds | Managed Funds |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | Mayfair Capital Commercial Property Trust | 6.55% | Property | Direct Property and REITs |
| 2 | EURGBP20241015_GBP | 2.62% | Non-Classified | Non-Classified |
| 3 | EURUSD20241025_EUR | 2.56% | Non-Classified | Non-Classified |
| 4 | EURUSD20241015_USD | 1.62% | Non-Classified | Non-Classified |
| 5 | GBPUSD20241015_GBP | 1.22% | Non-Classified | Non-Classified |
| 6 | UNILEVER | 1.16% | Personal Care, Drug & Grocery Stores | United Kingdom |
| 7 | DIAGEO | 1.00% | Beverages | United Kingdom |
| 8 | RELX | 0.93% | Media | United Kingdom |
| 9 | GSK | 0.80% | Pharmaceuticals & Biotechnology | United Kingdom |
| 10 | RECKITT BENCKISER GROUP | 0.77% | Personal Care, Drug & Grocery Stores | United Kingdom |
Important Information
The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use. This factsheet is for investment professionals and is for information purposes only.
Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Identification Codes
| Sedol Code | B4N2L74 |
| Mex Code | RWAAAY |
| Isin Code | GB00B4N2L746 |
| Citi Code | 09PZ |
Fund Charges
| Entry Charge | 0.00% |
| Ongoing Charges | 1.40% |
Aims and Benchmark
| Aims | To provide a return, through a combination of income together with the prospect of capital growth, net of fees, over the long-term (at least five years). |
| Benchmark | Comparator 1: IA Mixed Investment 20%-60% Shares Sector Average; Comparator 2: ARC Sterling Equity Risk Private Client Index |
| Benchmark Category | - |
| IA Sector | Mixed Investment 20-60% Shares |
Fund Background
| Valuation frequency | Daily |
| Valuation point | 12:00 |
| Fund type | Unit Trust |
| Launch price | £0.50 |
| Fund currency | Pound Sterling |
| Fund domicile | United Kingdom |
| ISA allowable | Yes |
| SIPP allowable | Yes |
Distribution Details
| Income frequency | Quarterly |
| Distribution Type | Dividend |
| Distribution Payment Basis | Net |
Distribution Dates
| Ex dividend date(s) | Income payment date(s) |
|---|---|
| 16 January | 15 March |
| 15 April | 15 June |
| 16 July | 15 September |
| 16 October | 15 December |
Ratings
| FE Crown |  |
Effect of Deductions
| Assuming a growth rate of 6.00% | Assuming a growth rate of 7.00% |
|---|---|
| - | - |
Fund Administration
| Fund Trustee/Depository | Northern Trust Global Services Limited |
| Fund Administrator | Northern Trust Global Services Limited |
| Fund Registrar | SS&C TECHNOLOGIES INC |
| Fund Custodian | The Northern Trust Company |
Group Details
| Group name | Jupiter Unit Trust Managers Limited |
| Group address | The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ |
| Group telephone | 020 3817 1063 |
| Dealing telephone | 0800 561 4000 |
| intermediary-sales-support@jupiteram.com | |
| Homepage | www.jupiteram.com |
| Fax number | 0800 561 4001 |
Dealing
| Minimum Investment | £5000000 |
| Minimum Top Up | £50000 |
| Minimum Regular Saving | - |
| Settlement Period: Buy | 4 days |
| Settlement Period: Sell | 4 days |
| Pricing Basis | Forward |
| Dealing Decimals | 2 |
Important Information
Ongoing charges may vary in the future and may be higher than they are now.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Important Information
Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
"Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 15454. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.