Jupiter Green InvTst - Half-year Report
07/12/2022 07:00
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RNS Number : 8040I Jupiter Green Investment Trust Plc 07 December 2022
Jupiter Green Investment Trust plc ('the company')
Legal Entity Identifier: 549300MFRCR13CT1L845
Half Yearly Financial Report for the six months to 30 September 2022
(unaudited)
Financial Highlights for the six months to 30 September 2022
Capital Performance
As at As at
30.09.22 31.03.22
Total Assets less current liabilities (£'000) 50,020 55,390
Ordinary Share Performance
As at As at
30.09.22 31.03.22 % Change
Mid-market price (p) 192.50 210.00 -8.3
Undiluted net asset value per ordinary share (p) 234.51 258.43 -9.3
Undiluted net asset value per ordinary share (p) (with dividends paid of nil
added back (2021: 0.64p))
234.51 259.07 -9.5
Diluted net asset value per ordinary share (p)** 236.69 259.18 -8.7
Diluted net asset value per ordinary share (p)
(with dividends paid of nil added back (2021: 0.64p)) 236.69 259.82 -8.9
MSCI World Small Cap Total Return Index -7.5
Discount to net asset value (%) 17.91 18.74
Ongoing charges ratio (%) excluding finance costs 1.75 1.57 +11.6
** Being the net asset value per share assuming that all annual subscription
rights are taken up.
Chairman's Statement
I am pleased to present the Interim Report and Accounts for the Jupiter Green
Investment Trust PLC ('the Company') for the six months to 30 September 2022.
The attention of global investors and policymakers continues to focus on the
war in Ukraine, its impacts on the global supply of energy, commodities and
food and the inflationary consequences borne by business and consumers. The
need for environmental solutions to solve the globe's climate and ecological
challenges appears more pressing than ever.
The period featured in this report, covering almost the entire time since
Russia's invasion of Ukraine which catalysed a growing inflationary crisis in
global investment markets, was an extremely challenging time. Investors,
almost regardless of asset class or region, have faced tumbling equity markets
and rising bond yields against a backdrop of geopolitical and monetary policy
turmoil.
One of the key routes that price dislocation has fed into overall inflation is
through the energy market. The current fossil fuel energy shock highlights how
critical energy systems are to everyday life and living standards.
Furthermore, that environmental solutions - on both the demand and supply-side
of the energy equation - are pivotal to urgently shaping sustainable and
resilient energy systems.
The reaction to a similar energy shock in the 1970s saw the first green shoots
of the renewable energy industry emerge. Today too there are compelling
opportunities over the medium and longer-term, not just in renewable energy
generation solutions, but to supporting technologies and infrastructure.
This 'whole system' approach is a recurring motif in the environmental
solutions universe, as a disparate array of companies combine to navigate the
various ecological challenges facing the world and identify meaningful
solutions.
Another area that has come under the spotlight as an unfortunate result of
soaring inflation is food security, as supply of agricultural commodities from
both Russia and Ukraine has been severely disrupted. The security and
resilience of agricultural supply chains will surely come under greater
scrutiny as issues such as affordability, security and sustainability all
continue to challenge the sector. Here, too, the industry is ripe for
innovative solutions to solve these sustainability- linked problems through
the food supply chain.
This environment is a rich hunting ground for investors in environmental
solutions. However, the range of opportunities and the inevitable risks of
investing in any asset class mean that taking an active approach based on
detailed fundamental analysis and active engagement across multiple themes
remains important. This is something the Company's Investment Advisers remain
committed to delivering, and you can read more about the performance and
positioning of their strategy in the following pages.
Investment performance
During the six months under review, the net asset value per ordinary share
decreased 9.3%. With dividend income included, the total return for the period
was -9.5%. This contrasts with a fall of 8.3% in the company's share price and
a -7.5% fall in the company's benchmark index, the MSCI World Small Cap Total
Return Index. The company's focus on environmental solutions means that the
investment portfolio may bear little resemblance to the geographical and
sectoral weightings of the benchmark. This may lead to significant variation
between the performance of the company's net asset value and the performance
of the benchmark over short periods of time. A review of investment
performance over the course of the period is set out by Jon Wallace in the
Investment Adviser's Review in the following pages.
Gearing
Gearing is defined as the ratio of a company's long- term debt less cash held
compared to its equity capital, expressed as a percentage. The effect of
gearing is that, in rising markets, the company tends to benefit from any
growth of the company's investment portfolio above the cost of payment of the
prior ranking entitlements of any lenders and other creditors. Conversely, in
falling markets the company suffers more if the company's investment portfolio
underperforms the cost of those prior entitlements.
On 24 August 2022 the company entered into a new 2-year revolving loan
facility agreement with Royal Bank of Scotland International Limited of £5
million which the Investment Adviser has been authorised by the board to draw
down for investment purposes.
The facility to gear the company's investment portfolio is deployed tactically
by the Investment Adviser with a view to enhancing shareholder returns. The
directors have determined that the maximum level of gearing will be 25% of the
company's total assets at the time of drawdown. As at 30 September 2022 the
company's net gearing level was zero (being the amount of drawn down bank
debt, less cash held on the balance sheet pending investment on that date, as
a proportion of the company's total assets). While the loan facility was used
to apply gearing to the portfolio during the period, the net gearing at the
end of this period reflected a more cautious stance on the part of the
Investment Adviser given a deterioration in the nearer-term risks to market
sentiment.
Discount Management
During the period from 1 April to 30 September, the discount traded at an
average of 15%, troughing at 23%. As at 30 September 2022, the share price of
£1.92 was at a discount of 17.9% to the net asset value per share of £2.34.
The Board bought back shares amounting to £0.2m during the period in order to
limit the extent of the discount.
Despite the use of share buy backs to limit the volatility of the discount, at
the time of writing the discount increased to 20% which is disappointing. The
Board would like to grow the size of the Company in the medium term, but is
mindful of the need to ensure there is liquidity of its shares and that fixed
costs are borne by the greatest number of shareholders.
Outlook
Technology and innovation are key to combating the world's climate and
environmental crisis. These solutions are now setting the pace for policy and
regulation - a welcome reversal to the previous relationship. The scale of
change required to reverse global warming is creating significant
opportunities for investors to support environmental solutions companies,
which provide products and services critical to achieving sustainability
targets. It is becoming ever more evident that environmental solutions
technologies will proliferate to as-yet unpenetrated sectors of the global
economy.
Governments are likely to continue to play a major role, in terms of providing
incentives for the development of environmental solutions as part of the path
to net zero, and through regulating all companies to improve transparency
around climate and biodiversity impact.
As attitudes toward addressing climate solutions shift, there is a broadening
of the value chain beyond the conventional lens. The opportunities throughout
the market that this creates will be plentiful and we firmly believe the
Jupiter Green Investment Trust remains well-positioned to identify and take
advantage of them.
Michael Naylor
Chairman
6 December 2022
Investment Adviser's Review
Market review
Global stock and bond markets slumped in the six months under review as
concerns grew around persistent inflation, moderating economic growth and
hawkish central bank policy. Investors priced in a faster pace of interest
rate hikes after US Federal Reserve Chairman Jerome Powell delivered a hawkish
message at his Jackson Hole, Wyoming speech in August. He said a period of
lower growth might be necessary in order to control inflation. In Europe,
energy prices surged as Russia cut supplies in retaliation for sanctions
related to the war in Ukraine. In China, the economy was constrained by a
faltering property market and lockdowns intended to control COVID-19.
In July, a largely unexpected breakthrough in Washington led to the Inflation
Reduction Act (IRA), which was subsequently passed by Congress in August. The
act represents the largest government investment in addressing climate change
in US history and provides $370bn over 10 years for climate solutions.
Market volatility rose, including in September, when UK government bonds sold
off after the new government introduced a mini budget that proved unpopular
with investors, and forced the Bank of England to step in with an emergency
bond buying program to stabilise the gilt market.
Policy review
The Company's approach to investing in environmental solutions remains
focussed on six environmental solutions themes:
· Circular economy: solutions for sustainable materials and
resource stewardship
· Clean energy: generation, storage and distribution
· Sustainable Oceans & Freshwater Systems: conservation and
management
· Green Mobility: technologies and services for sustainable
movement
· Green Buildings & Industry: enabling a low carbon transition
· Sustainable Agriculture & Land Ecosystems: solutions
protecting natural resources and well- being
Within those themes, the Company is focused on companies - many of them on the
smaller end of the market capitalisation spectrum - that are at the forefront
of innovating technological solutions to environmental challenges with a large
potential market ('innovators'), as well as companies that are already rapidly
delivering proven solutions in their markets ('accelerators'). We believe this
approach should deliver attractive capital growth to shareholders over the
long term.
Portfolio Review
As referenced in the annual report, the period under review was characterised
by an ongoing slump in the share price of some innovator stocks, largely due
to profit-taking amidst a change in market sentiment that turned against
businesses with/focused on longer-term growth potential.
Conversely, the top performers in the period were largely 'accelerator' stage
businesses, including First Solar, Advanced Drainage Systems and Xylem.
In the wake of passage of the US IRA (which we believe will in time present a
multi-year catalyst for environmental solutions), the Clean Energy theme,
which includes companies such as First Solar, was particularly buoyant.
Advanced Drainage Systems, a position we added to in the first quarter on
market weakness, advanced after posting strong results and pointing to good
earnings growth momentum.
The Sustainable Agriculture and Land theme was the largest detractor on a
thematic basis, with European materials stocks such as DSM and Borregaard
among the bottom of the portfolio contributors. A Eurocentric client base
combined with energy cost pressures in Europe have presented a challenging
near-term environment for such businesses.
Results also were challenging in the green mobility theme names, where the
auto supply chain is still under pressure from global auto-production cuts.
Significant Portfolio Activity
The Company initiated a new position in Ansys, the world's leading engineering
simulation software provider. Ansys has diversified end sector exposure and
strong financial profile. As a solution that helps avoid waste, in particular
in industrial environments, the company also sits in our Circular Economy
theme.
The Company sold out of BorgWarner to manage auto supply chain exposure and
exited the remaining position in Umicore, taking advantage of rumoured talk of
a bid for the company, over concern about the progress and risks to its
cathode materials business for electric vehicles.
Outlook
We see the market volatility as presenting opportunities for long-term
investors, although we remain cautious on near-term outlooks for companies in
a challenging environment for earnings visibility. The US IRA underlines the
strong fundamental drivers for environmental solutions investment despite the
complex risk picture.
The shock to energy markets is accelerating its reform, with plans to
de-couple power prices from the effects of commodity price swings
(particularly natural gas) emerging across Europe and the UK, for example. We
also see this as likely to be a positive catalyst in the market for solutions
across several of our themes.
In all, we believe the long-term growth picture for environmental solutions is
stronger than ever, noting the often-overlooked credentials for key 'green'
solutions in delivering wider benefits than tackling environmental challenges
alone, such as delivering energy security and long-term affordability, which
serves to underpin a step-change in their growth rates. This is not a dynamic
that is restricted to nascent technologies. On the contrary, in many cases
this enhances the investment case for technologies that are already
well-proven and relatively mature but where - in our opinion - the structural
growth opportunity is underappreciated in investment markets.
Jon Wallace
Investment Manager
Jupiter Asset Management Limited Investment Adviser
6 December 2022
Investment Portfolio as at 30 September 2022
Company Country of Listing Market Value Percentage of Portfolio
£'000
Evoqua Water Technologies United States of America 1,807 4.0
NextEra Energy Partners United States of America 1,694 3.7
Regal Rexnord United States of America 1,411 3.1
Koninklijke DSM Netherlands 1,372 3.0
Monolithic Power Systems United States of America 1,357 3.0
Schneider Electric France 1,343 2.9
Valmont Industries United States of America 1,327 2.9
Prysmian Italy 1,319 2.9
Sensirion Holding Switzerland 1,305 2.9
Daikin Industries Japan 1,304 2.8
Veolia Environnement France 1,282 2.8
First Solar United States of America 1,208 2.6
Watts Water Technologies United States of America 1,148 2.5
Renewi United Kingdom 1,140 2.5
Hannon Armstrong Sustainable Infrastructure Capital, REIT
United States of America 1,128 2.5
Vestas Wind Systems Denmark 1,123 2.4
Infineon Technologies Germany 1,120 2.4
Acuity Brands United States of America 1,116 2.4
SolarEdge Technologies United States of America 1,114 2.4
Stantec Canada 1,076 2.3
Advanced Drainage Systems United States of America 1,032 2.2
Orsted Denmark 1,030 2.2
Clean Harbors United States of America 1,012 2.2
TOMRA Systems Norway 1,007 2.2
ANSYS United States of America 999 2.2
Xylem United States of America 939 2.0
Borregaard Norway 871 1.9
Daiseki Japan 864 1.9
Aptiv Jersey 789 1.7
Sensata Technologies Holding United Kingdom 778 1.7
Flat Glass Group China 778 1.7
Trainline United Kingdom 766 1.7
Innergex Renewable Energy Canada 751 1.6
Shimano Japan 704 1.5
Horiba Japan 681 1.5
Novozymes Denmark 660 1.5
Azbil Japan 646 1.4
Befesa Luxembourg 622 1.4
Casella Waste Systems United States of America 573 1.2
Mayr Melnhof Karton Austria 570 1.2
Greencoat Renewables Ireland 559 1.2
ANDRITZ Austria 533 1.2
Brambles Australia 529 1.2
Atlas Copco Sweden 509 1.1
Corbion Netherlands 491 1.1
Re:NewCell Sweden 448 1.0
Ceres Power Holdings United Kingdom 364 0.8
Knorr-Bremse Germany 289 0.6
Agronomics Isle of Man 214 0.5
Hoffmann Green Cement Technologies France 196 0.4
Agronomics Warrant 11/12/2023 Isle of Man - -
Total Investments 45,898 100.0
The holdings listed above are all equity shares unless otherwise stated.
Cross Holdings in other Investment Companies
As at 30 September 2022, 1.2% of the company's total assets was invested in
Greencoat Renewables, a UK listed investment company.
Whilst the requirements of the UK Listing Authority permit the company to
invest up to 10% of the value of the total assets of the company (before
deducting borrowed money) in other investment companies (including investment
trusts) listed on the Main Market of the London Stock Exchange, it is the
directors' current intention that the company invests not more than 5% in
other investment companies.
Interim Management Report
Related Party Transactions
During the first six months of the current financial year, no transactions
with related parties have taken place which would have materially affected the
financial position or performance of the company. Details of related party
transactions are contained in the Annual Report and Accounts for the period
ended 30 September 2022.
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the company can be divided into
the following areas:
· Investment policy and process;
· Investment strategy and share price movements;
· Climate Change;
· Geopolitical;
· Liquidity risk;
· Gearing risk;
· Regulatory risk;
· Credit and counterparty risk;
· Loss of key personnel;
· Operational; and
· Financial.
The board reported on the above principal risks and uncertainties in the
Annual Report & Accounts for the 30 September 2022.
Going Concern
The directors, having considered the company's investment objective, risk
management and capital management policies, the diversified portfolio of
readily realisable securities which can be used to meet short-term funding
commitments and the ability of the company to meet all of its liabilities and
ongoing expenses, are satisfied that the company has adequate resources to
continue in operation for the foreseeable future. The directors continue to
adopt the going concern basis of accounting in preparing the accounts.
As part of its assessment, the board has noted that shareholders will be
required to vote on the continuation of the company at the 2023 AGM.
Directors' Responsibility Statement
The directors of Jupiter Green Investment Trust PLC confirm to the best of
their knowledge:
(a) The condensed set of financial statements have been prepared in
accordance with applicable UK adopted International Accounting Standards and
give a true and fair view of the assets, liabilities, financial position and
profit or loss of the company as at 30 September 2022.
(b) The Chairman's Statement, the Investment Adviser's Review and the
Interim Management Report include a fair review of the information required by
DTR 4.2.7R of the Disclosure and Transparency Rules.
(c) The Interim Management Report includes a fair review of the information
required by DTR 4.2.8R of the Disclosure and Transparency Rules.
The Half Yearly Financial Report has not been audited or reviewed by the
company's auditor.
For and on behalf of the board
Michael Naylor
Chairman
6 December 2022
Statement of Comprehensive Income
For the six months to 30 September 2022 (unaudited)
Six months to Six months to
30 September 2022 30 September 2021
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
(Loss)/gain on investments held at fair value through profit or loss (Note 2)
- (6,126) (6,126) - 3,728 3,728
Foreign exchange gain - 1,038 1,038 - 68 68
Income 495 - 495 458 - 458
Total (loss)/income 495 (5,088) (4,593) 458 3,796 4,254
Investment management fee (45) (136) (181) (51) (153) (204)
Other expenses (280) - (280) (218) - (218)
Total expenses (325) (136) (461) (269) (153) (422)
Net (loss)/return on ordinary activities before finance costs and taxation
170 (5,224) (5,054) 189 3,643 3,832
Finance costs (9) (28) (37) (5) (16) (21)
(Loss)/return on ordinary activities before taxation 161 (5,252) (5,091) 184 3,627 3,811
Taxation (77) - (77) (65) - (65)
Net (loss)/return after taxation 84 (5,252) (5,168) 119 3,627 3,746
(Loss)/return per ordinary share 0.39p (24.56)p (24.17)p 0.56p 16.95p 17.51p
(Note 3)
The total column of this statement is the income statement of the Company,
prepared in accordance with UK adopted International Accounting Standards. The
supplementary revenue return and capital return columns are both prepared
under guidance produced by the Association of Investment Companies (AIC). All
items in the above statement derive from continuing operations.
No operations were acquired or discontinued during the period.
All income is attributable to the equity holders of Jupiter Green Investment
Trust PLC. There are no minority interests.
The financial information does not constitute 'accounts' as defined in section
434 of the Companies Act 2006.
Statement of Financial Position
As at 30 September 2022
30 September 2022 31 March 2022
(unaudited) (audited)
£'000 £'000
Non-current assets
Investments held at fair value through profit or loss 45,898 53,776
Current assets
Prepayments and accrued income 175 181
Cash and cash equivalents 7,209 4,614
7,384 4,795
Total assets 53,282 58,571
Current liabilities
Other payables (3,262) (3,181)
Total net assets less current liabilities 50,020 55,390
Capital and reserves
Called up share capital 34 34
Share premium 2,468 2,465
Redemption reserve* 239 239
Retained earnings (Note 5)* 47,279 52,652
Total equity shareholders' funds 50,020 55,390
Net asset value per ordinary share (Note 6) 234.51p 258.43p
Diluted net asset value per ordinary share 236.69p 259.18p
* Under the company's Articles of Association, dividends may be paid out of
any distributable reserve of the company.
Approved by the board of directors and authorised for issue on 6 December 2022
and signed on its behalf by:
Michael Naylor
Chairman
Company Registration number 05780006
Statement of Changes in Equity
For the six months to 30 September 2022
Share Capital Share Premium Redemption Retained Earnings
For the six months to Reserve Total
30 September 2022 (unaudited) £'000 £'000 £'000 £'000 £'000
Balance at 31 March 2022 34 2,465 239 52,652 55,390
Net loss for the period - - - (5,168) (5,168)
Ordinary shares reissued from treasury - 3 - 3 6
Ordinary shares repurchased - - - (208) (208)
Balance at 30 September 2022 34 2,468 239 47,279 50,020
Share Capital Share Premium Redemption Retained Earnings
For the six months to Reserve Total
30 September 2021 (unaudited) £'000 £'000 £'000 £'000 £'000
Balance at 31 March 2021 34 1,563 239 51,468 53,304
Net return for the period - - - 3,746 3,746
Ordinary shares reissued from treasury - 892 - 2,062 2,954
Ordinary shares repurchased - - - (187) (187)
Dividend declared and approved by shareholders - - - (137) (137)
Balance at 30 September 2021 34 2,455 239 56,952 59,680
Cash Flow Statement
For the six months to 30 September 2022 (unaudited)
2022 2021
£'000 £'000
Cash flows from operating activities
Investment income received (gross) 476 444
Deposit interest received 1 -
Investment management fee paid (153) (232)
Other cash expenses (203) (77)
Net cash inflow from operating activities before taxation 121 135
Interest paid (37) (21)
Taxation (77) (65)
Net cash inflow from operating activities 7 49
Net cash flows from investing activities
Purchases of investments (1,545) (8,560)
Sales of investments 3,297 3,991
Net cash inflow/(outflow) from investing activities 1,752 (4,569)
Cash flows from financing activities
Shares repurchased (208) (187)
Shares reissued from treasury 6 2,954
Drawdown of short-term bank loan - 1,600
Equity dividends paid - (137)
Net cash (outflow)/inflow from financing activities (202) 4,230
Increase/(decrease) in cash 1,557 (290)
Cash and cash equivalents at start of period 4,614 3,161
Realised gain on foreign currency 1,038 68
Cash and cash equivalents at end of period 7,209 2,939
Notes to the Financial Statements
1. Accounting Policies
The Accounts comprise the unaudited financial results of the company for the
period to 30 September 2022. The Accounts are presented in pounds sterling, as
this is the functional currency of the Company. All values are rounded to the
nearest thousand pounds (£'000) except where indicated.
The Accounts have been prepared in accordance with International Financial
Reporting Standards (IFRS), which comprise standards and interpretations
approved by the International Accounting Standards Board (IASB) and
International Accounting Standards Committee (IASC), as adopted by the
European Union (EU).
Where presentational guidance set out in the Statement of Recommended Practice
(SORP) for Investment Trusts issued by the Association of Investment Companies
(AIC) in April 2021 is consistent with the requirements of UK adopted
International Accounting Standards, the directors have sought to prepare the
financial statements on a basis compliant with the recommendations of the
SORP.
The Board continues to adopt the going concern basis in the preparation of the
financial statements.
(a) Income recognition
Income includes dividends from investments quoted ex-dividend on or before the
date of the Statement of Financial Position.
Dividends receivable from equity shares are taken to the revenue return column
of the Statement of Comprehensive Income.
Special dividends are treated as repayment of capital or as revenue depending
on the facts of each particular case.
(b) Presentation of Statement of Comprehensive Income
In order to better reflect the activities of an investment trust company and
in accordance with guidance issued by the Association of Investment Companies
(AIC), supplementary information which analyses the Statement of Comprehensive
Income between items of a revenue and capital nature has been presented
alongside the statement.
An analysis of retained earnings broken down into revenue (distributable)
items and capital (distributable) items is given in Note 5.
Investment Management fees and finance costs are charged 75 per cent. to
capital and 25 per cent to revenue (2021: 75 per cent to capital and 25 per
cent to revenue). All other operational costs (including administration
expenses to capital) are charged to revenue.
(c) Basis of valuation of investments
Investments are recognised and derecognised on a trade date where a purchase
and sale of an
investment is under contract whose terms require delivery of the investment
within the timeframe established by the market concerned, and are initially
measured at cost, being the consideration given.
All investments are classified as held at fair value through profit or loss.
All investments are measured at fair value with changes in their fair value
recognised in the Statement of Comprehensive Income in the period in which
they arise. The fair value of listed investments is based on their quoted bid
price at the reporting date without any deduction for estimated future selling
costs.
Foreign exchange gains and losses on fair value through profit and loss
investments are included within the changes in the fair value of the
investments.
For investments that are not actively traded and/or where active stock
exchange quoted bid prices are not available, fair value is determined by
reference to a variety of valuation techniques. These techniques may draw,
without limitation, on one or more of: the latest arm's length traded prices
for the instrument concerned; financial modelling based on other observable
market data; independent broker research; or the published accounts relating
to the issuer of the investment concerned.
2. (Loss)/gain on investments
Six months to Six months to
30 September 2022 30 September 2021
£'000 £'000
Net gain realised on sale of investments 1,175 958
Movement in unrealised (losses)/gains (7,301) 2,770
(Loss)/gain on investments (6,126) 3,728
3. Earnings per Ordinary Share
The earnings per Ordinary share figure is based on the net loss for the six
months of £5,168,000 (six months to 30 September 2021: net profit
£3,746,000) and on 21,381,592 Ordinary shares (six months to 30 September
2021: 21,399,073), being the weighted average number of Ordinary shares in
issue during the period.
The earnings per ordinary share figure detailed above can be further analysed
between revenue and capital, as below.
Six months to Six months to
30 September 2022 30 September 2021
£'000 £'000
Net revenue profit 84 119
Net capital (loss)/profit (5,252) 3,627
Net total (loss)/profit (5,168) 3,746
Weighted average number of ordinary shares in issue during the period
21,381,592 21,399,073
Revenue earnings per ordinary share (p) 0.39 0.56
Capital (losses)/earnings per ordinary share (p) (24.56) 16.95
Total (losses)/earnings per ordinary share (p) (24.17) 17.51
4. Transaction Costs
The following transaction costs were incurred during the period:
Six months to Six months to
30 September 2022 30 September 2021
£'000 £'000
Purchases 1 11
Sales 2 2
Total 3 13
5. Retained Earnings
The table below shows the movement in the retained earnings analysed between
revenue and capital items.
Revenue Capital Total
£'000 £'000 £'000
At 31 March 2022 - 52,652 52,652
Movement during the period:
Net return/(loss) for the period 84 (5,252) (5,168)
Ordinary shares reissued from treasury - 3 3
Shares repurchased - (208) (208)
At 30 September 2022 84 47,195 47,279
6. Net asset value per ordinary share
The net asset value per ordinary share is based on the net assets attributable
to the ordinary shareholders of £50,020,000 (31 March 2022: £59,680,000) and
on 21,329,544 (31 March 2022: 21,433,314) ordinary shares, being the number of
ordinary shares in issue at the period end excluding treasury shares.
Six months to Year ended
30 September 2022 31 March 2022
£'000 £'000
Undiluted
Ordinary shareholders' funds 50,020 55,390
Number of ordinary shares in issue 21,329,544 21,433,314
Net asset value per ordinary share (pence) 234.51p 258.43p
Diluted
Ordinary shareholders' funds 55,532 61,106
Number of ordinary shares in issue 23,462,498 23,576,645
Net asset value per ordinary share (pence) 236.69p 259.18p
The diluted net asset value per ordinary share assumes that all outstanding
dilutive Subscription shares, being one for ten ordinary shares, will be
converted to ordinary shares at the end of the financial year.
7. Fair valuation of investments
The financial assets measured at fair value in the Statement of Financial
Position are grouped into the fair value hierarchy as follows:
30 September 2022
31 March
2022
Level 1 Level
2 Level 3 Total Level 1
Level 2 Level 3 Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Equity Investments 45,898 - - 45,898 53,776 - - 53,776
45,898 - - 45,898 53,776 - - 53,776
Level 1 reflects financial instruments quoted in an active market.
Level 2 reflects financial instruments whose fair value is evidenced by
comparison with other observable current market transactions in the same
instrument or based on a valuation technique whose variables includes only
data from observable markets.
Level 3 reflects financial instruments whose fair value is determined in whole
or in part using a valuation technique based on assumptions that are not
supported by prices from observable market transactions in the instrument and
not based on available observable market data.
8. Principal risk profile
The principal risks which the Company faces include exposure to:
(i) market price risk, including currency risk, interest rate risk and other
price risk
(ii) credit and counterparty risk
(iii) liquidity risk
Market price risk - This is the risk that the fair value or future cash flows
of a financial instrument held by the Company may fluctuate because of changes
in market prices. This market risk comprises three elements - currency risk,
interest rate risk and other price risk.
Credit and counterparty risk - This is the exposure to loss from the failure
of a counterparty to deliver securities or cash for acquisitions or to repay
deposits.
Liquidity risk - This is the risk that the Company will encounter difficulty
in meeting obligations associated with financial liabilities.
Further details of the Company's management of these risks can be found in
Note 13 of the Company's Annual report and accounts for the year ended 31
March 2022.
There have been no changes to the management of or the exposure to these risks
since that date.
9. Related Parties
Jupiter Unit Trust Managers Limited ('JUTM'), the Alternative Investment Fund
Manager, is a company within the same group as Jupiter Asset Management
Limited ('JAM'), the Investment Adviser. JUTM receives an investment
management fee as set out below.
JUTM is contracted to provide investment management services to the company
subject to termination by not less than twelve months' notice by either party.
The basis for calculation of the management fee charged to the company is a
tiered fee amounting to 0.70% of net assets up to £150 million, reducing to
0.60% for net assets over £150 million and up to £250 million, and reducing
further to 0.50% for net assets in excess of £250 million, per annum, after
deduction of the value of any Jupiter managed investments.
The management fee payable to JUTM for the period 1 April 2022 to 30 September
2022 was £181,646 (year to 31 March 2022: £409,172) with £60,981 (31 March
2022: £33,296) outstanding at period end.
The Company has invested from time to time in funds managed by Jupiter
Investment Management PLC or its subsidiaries. There was no such investment
during current period (31 March 2022: Nil).
No investment management fee is payable by the Company to Jupiter Asset
Management Limited in respect of the Company's holdings in investment trusts,
open-ended funds and investment companies in respect of which Jupiter
Investment Management Group Limited, or any subsidiary undertaking of Jupiter
Investment Management Group Limited, receives fees as investment manager or
investment adviser.
Availability of Half Yearly Financial Report
The Half Yearly Financial Report will shortly be available on company's
website www.jupiteram.com/JGC.
A copy of the Half Yearly Financial Report will also be submitted to the
National Storage Mechanism and will soon be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
By Order of the Board
Jupiter Asset Management Limited
Company Secretary
6 December 2022
For further information, please contact:
Nick Black
Head of Investment Trusts & Alternatives
Jupiter Asset Management Limited
investmentcompanies@jupiteram.com (mailto:investmentcompanies@jupiteram.com)
020 3817 1000
END
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