REG-Jupiter Green Investment Trust Plc: Half-year Report
19/12/2024 07:30
Jupiter Green Investment Trust plc ('the Company')
Legal Entity Identifier: 549300MFRCR13CT1L845
Half Yearly Financial Report for the six months to 30 September 2024
(unaudited)
Financial Highlights for the six months to 30 September 2024
Capital Performance
30 September 31 March
2024 2024
Total assets less current liabilities (£’000) 51,243 50,318
Ordinary Share Performance
30 September 31 March % change
2024 2024
Mid market price (p) 216.00 181.00 +19.3
Undiluted net asset value per ordinary share (p) 270.05 263.59 +2.5
Diluted net asset value per ordinary share (p)* 269.46 263.13 +2.4
MSCI World Small Cap Total Return Index 432.13 435.48 -0.8
Discount to net asset value (%) 20.01 31.33
Ongoing charges ratio (%) excluding finance costs 1.64 1.54
* 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
2024 and to outline a strategic update relating to our future plans.
Performance
The Net Asset Value of the Company delivered a total return of 2.5%, vs - 0.8%
for the MSCI World Small Cap (£) Index whilst the share price total return
delivered 19.3% over the period.
The market context during the period was broadly supportive for the
Company’s investment universe of environmental solutions businesses.
Structural growth drivers supported by electrification, energy efficiency,
water infrastructure development and circular economy proved resilient,
establishing bifurcation of performance against broader industrial end-markets
where slowing manufacturing and services activity levels were observed.
Weakening consumer sentiment continued to impact the automotive industry,
resulting in deceleration of capital investment plans linked to vehicle
electrification. The falling interest rate environment was supportive of
manufacturers of renewable energy equipment, as well as developers and
operators of renewable energy projects.
Further commentary on the portfolio’s performance and investment outlook is
provided in the Investment Advisor’s report.
Scheme of Reconstruction
The Company was launched in 2006 as amongst the first collective investment
funds with a sole focus on Environmental Solutions investing. Since that time,
the Board has sought to differentiate the Company, making long-term strategic
decisions including most recently in September 2020 when the Company’s
portfolio pivoted towards a smaller-company focus that included an emphasis on
earlier-stage innovation.
While the Board remains confident in the long-term prospects for Environmental
Solutions investing, I noted within the 2024 Annual Report & Accounts that
owing to the Company’s relatively small size and a challenging environment
for Investment Trusts, the Board was evaluating options for the future of the
business in recognition that it may be in the best interests of all
shareholders for the Company not to continue in its present form.
The Board has therefore concluded the evaluation of the options available to
us and today announces it has decided to propose a scheme of reconstruction
and voluntarily liquidation of the Company (the “Scheme”).
Whilst the Board has taken steps to enhance value for shareholders through the
ongoing share buyback programme, we have nonetheless concluded that due to the
structural nature of the Company’s challenges – in particular the
persistent discount to Net Asset Value and relatively low liquidity that
prevents larger investors from buying Company shares – the interests of
shareholders are best served through a reconstruction that also provides our
shareholders with the option of continuity for those wishing to retain
exposure to the compelling opportunities presented by the environmental
solution thematic.
Under the Scheme, shareholders will have the option of electing to (a) roll
over their investment into units in the Jupiter Ecology Fund, a unit trust
providing investors access to the same underlying environmental solutions
themes as the Company and managed by the same investment team, with a superior
performance profile, the daily liquidity of an open ended fund and lower
ongoing costs; or (b) an uncapped cash exit at a modest discount to Net Asset
Value.
It is expected that the Scheme will take effect during the first quarter of
2025. A shareholder Circular and Notice of General Meetings setting out the
full details of the Scheme will be sent to shareholders in due course.
The detailed proposals in respect of the Scheme will be contained in a
separate Circular and shareholders are directed towards that document for the
calculation of their entitlements under the Scheme. Shareholders are
encouraged to vote their shares at the General Meetings to be held in respect
of the Scheme and as will be set out in the Circular.
Discount management
The Board remains committed to its stated policy of using share buy-backs with
the intention of ensuring that, in normal market conditions, the market price
of the company’s shares will track their underlying net asset value. The
Board continued to monitor the level at which the Company’s shares traded
throughout the review process, and sought to minimise future volatility
through the prudent use of share buybacks, as the circumstances required. The
Company bought back a total of 111,012 shares for treasury.
Conclusion
The Board’s conviction long-term prospects for Environmental Solutions
investing remains high, but we recognise that in the current market
environment, a pragmatic approach is required. The plan outlined today will
provide investors with the opportunity to continue their investment through a
rollover option.
Should the General Meetings planned for early next year, as to be set out in
the Shareholder Circular, not result in the Scheme of Reconstruction being
completed, the Company will in due course convene an Annual General Meeting to
consider the resolutions necessary for the Company to continue.
Michael Naylor
Chairman
Investment Adviser’s Review
Policy Review
The Company’s approach to investing in environmental solutions remains
focussed on six environmental solutions themes:
* Clean Energy: Solutions enabling the decarbonisation of energy systems with
renewable sources
* Green Mobility: Solutions enabling the decarbonisation of transport systems
using sustainable alternatives
* Green Buildings & Industry: Solutions enabling the decarbonisation of the
built environment and industrial processes through greater energy and resource
efficiency
* Sustainable Agriculture & Land: Solutions enabling sustainable food
production, land-use, and protection of terrestrial habitats
* Sustainable Oceans & Freshwater Systems: Solutions enabling sustainable
water management and protection of marine and freshwater habitats
* The Circular Economy: Solutions enabling a growing share of resource
circularity in the global economy.
The period saw particularly strong performance contribution from the Green
Buildings & Industry and Sustainable Water themes. As noted in the
Chairman’s statement, a step-up in investments into water technologies able
to tackle pollutants continues to boost leading solution providers in this
area. Green Buildings & Industry is the portfolio’s largest allocation and
has extended a long period of positive portfolio contribution, partly given
the prospect of power demand growth to meet the energy needs of Artificial
Intelligence (AI).
This bolstered an already significant step up in investment into energy grid
and power management solutions. We have been relatively early movers to
recognise the gap between the level of investment needed to make energy
markets affordable, secure and green, with what the broader investment market
is anticipating. This has helped drive returns in this theme as well as
pockets of the Clean Energy theme that sell into this high-growth, high-return
market. AI energy needs are particularly difficult to predict however, and so
we have continued to trim some of our holdings that have benefitted most from
the change in expectations, namely Prysmian and Monolithic Power.
Significant portfolio changes during the period also include a new position in
Belimo, a leading Heating, Ventilation and Air Conditioning (HVAC) control
device manufacturer and is set to benefit from the growing penetration and
upgrade of energy efficient building automation and control system (BACS) for
commercial buildings, as well as increasing data centre cooling requirements.
We also initiated a position in the global clean energy developer EDP
Renovaies, taking advantage of an opportunity to buy the company at valuation
levels implying no future growth, driven by peak negative expectations linked
to renewable energy, interest rates and power prices.
We exited our position in Johnson Controls, driven by concerns around business
growth prospects versus other HVAC and building control peers after taking
into account the announcement of planned divestitures, as well as newly raised
questions surrounding management.
Elsewhere, we took profits from Veralto, a global water solutions business, on
valuation grounds given the company has re-rated since the spin-out from
Danaher in late 2023. We are also conscious that Veralto is likely to be
amongst the bidders for DuPont’s (not held) water solutions business, which
we expect may come at a premium.
We added selectively to companies that we felt where the market was taking a
short-term view, including Borregaard, a company enabling the substitution of
petro-chemical based chemicals with bio-based alternatives. We have been
engaging with the company on management succession and are confident the
business will continue to benefit from a strong competitive position and
sensible strategy into the long-term.
Investment Outlook
We have a long-held conviction that global development is dependent on the
natural world. While we remain highly cognisant of geo-political tensions,
potential macro-economic weaknesses and regulatory risks that impact upon our
investment landscape like any other, we would highlight that observed changes
to the environment, not least climate indicators, are more severe than
anticipated.
We are also encouraged that technology and innovation is in many respects now
setting the pace for policy and regulation – a welcome reversal to the
previous relationship and one that will provide resilience should there be a
short-term weakening or reversal of political ambitions related to
environmental protection.
Jon Wallace
Investment Manager
Jupiter Asset Management Limited Investment Adviser
Investment Portfolio as at 30 September 2024
Market value Percentage
Company Country of Listing £’000 of Portfolio
Clean Harbors United States of America 1,751 3.4
Prysmian Italy 1,720 3.4
Novonesis Denmark 1,700 3.4
Xylem United States of America 1,642 3.3
Acuity Brands United States of America 1,635 3.2
Republic Services United States of America 1,568 3.1
Schneider Electric France 1,542 3.1
Waste Connections Canada 1,527 3.0
Veolia Environnement France 1,523 3.0
Borregaard Norway 1,490 3.0
Veralto United States of America 1,409 2.8
Renewi United Kingdom 1,381 2.7
DSM-Firmenich Switzerland 1,370 2.7
Alfa Laval Sweden 1,297 2.6
Infineon Technologies Germany 1,275 2.5
Stantec Canada 1,272 2.5
Vestas Wind Systems Denmark 1,270 2.5
ANSYS United States of America 1,221 2.4
Monolithic Power Systems United States of America 1,205 2.4
Watts Water Technologies United States of America 1,198 2.4
Trimble United States of America 1,167 2.3
Belimo Holdings Switzerland 1,155 2.3
Advanced Drainage Systems United States of America 1,125 2.2
Eurofins Scientific Luxembourg 1,121 2.2
First Solar United States of America 1,103 2.2
Hannon Armstrong Sustainable Infrastructure Capital, REIT United States of America 1,080 2.1
TOMRA Systems Norway 1,003 2.0
Azbil Japan 987 2.0
Shimano Japan 962 1.9
Ormat Technologies United States of America 955 1.9
Littelfuse United States of America 917 1.8
Orsted Denmark 889 1.8
Atlas Copco Sweden 867 1.7
Corbion Netherlands 831 1.7
Brambles Australia 792 1.6
Aptiv Jersey 745 1.5
Daiseki Japan 703 1.4
Flat Glass Group China 621 1.2
Horiba Japan 599 1.2
Sensirion Holding Switzerland 549 1.1
EDP Renovaveis Spain 544 1.1
NextEra Energy Partners United States of America 538 1.1
Befesa Luxembourg 492 1.0
Ceres Power Holdings United Kingdom 492 1.0
Greencoat Renewables Ireland 428 0.9
Innergex Renewable Energy Canada 381 0.8
Hoffmann Green Cement Technologies France 196 0.4
SolarEdge Technologies United States of America 92 0.2
Agronomics Warrant 08/12/2024 Isle of Man – –
Total Investments 50,330 100.0
The holdings listed above are all equity shares unless otherwise stated.
Cross Holdings in other Investment Companies
As at 30 September 2024, 0.9% 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 year
ended 31 March 2024.
Principal Risks and Emerging Uncertainties
The principal risks and emerging 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 and Accounts for the year ended 31 March 2024.
Going Concern with material uncertainty
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 Board is currently
evaluating options for the future of the business in recognition that it may
be in the best interests of shareholders for the Company not to continue in
its present form.
At this point in time, there can be no certainty as to the outcome of this
evaluation and the Board will notify the market at the appropriate time. The
directors continue to adopt the going concern basis of accounting in preparing
the accounts.
The financial statements have been prepared on a going concern basis. In
considering this, the Directors took into account the Company’s investment
objective, risk management policies 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. In determining the appropriateness of
the going concern basis, the Directors considered the operational resilience
and ongoing viability of the Investment Adviser and other key third-party
suppliers. The Directors were satisfied that all key third-party suppliers
continued to operate under business as usual functionality and that regular
monitoring of these measures was in place. The directors continue to adopt the
going concern basis of accounting in preparing the financial statements.
As part of its assessment, the board has noted that shareholders will be
required to vote on the continuation of the company at the 2026 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 2024.
(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
Statement of Comprehensive Income for the six months to 30 September 2024
(unaudited)
Six months to Six months to
30 September 2024 30 September 2023
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Gain/(loss) on investments held at fair value through profit or loss (Note 2) – 1,289 1,289 – (5,660) (5,660)
Foreign exchange loss – (121) (121) – (4) (4)
Income 552 – 552 454 – 454
Total income/(loss) 552 1,168 1,720 454 (5,664) (5,210)
Investment management fee (45) (135) (180) (44) (133) (177)
Other expenses (268) – (268) (113) – (113)
Total expenses (313) (135) (448) (157) (133) (290)
Net return/(loss) on ordinary activities before finance costs and taxation 239 1,033 1,272 297 (5,797) (5,500)
Finance costs (20) (61) (81) (24) (69) (93)
Return/(loss) on ordinary activities before taxation 219 972 1,191 273 (5,866) (5,593)
Taxation (61) – (61) (68) – (68)
Net return/(loss) after taxation 158 972 1,130 205 (5,866) (5,661)
Return/(loss) per ordinary share (Note 3) 0.83p 5.12p 5.95p 0.99p (28.36)p (27.37)p
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 2024
30 September 2024 (unaudited) £’000 31 March 2024 (audited) £’000
Non current assets
Investments held at fair value through profit or loss 50,330 49,686
Current assets
Prepayments and accrued income 123 124
Cash and cash equivalents 921 3,670
1,044 3,794
Total assets 51,374 53,480
Current liabilities
Other payables (131) (3,162)
Total assets less current liabilities 51,243 50,318
Capital and reserves
Called up share capital 34 34
Share premium 2,485 2,485
Redemption reserve* 239 239
Retained earnings (Note 5)* 48,485 47,560
Total equity shareholders’ funds 51,243 50,318
Net asset value per ordinary share (Note 6) 270.05p 263.59p
Diluted net asset value per ordinary share 269.46p 263.13p
* 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 18 December
2024 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 2024
For the six months to Share Share Redemption Retained Total
Capital Premium Reserve Earnings
30 September 2024 (unaudited) £’000 £’000 £’000 £’000 £’000
Balance at 31 March 2024 34 2,485 239 47,560 50,318
Net return for the period – – – 1,130 1,130
Ordinary shares repurchased – – – (205) (205)
Balance at 30 September 2024 34 2,485 239 48,485 51,243
For the six months to Share Share Redemption Retained Total
Capital Premium Reserve Earnings
30 September 2023 (unaudited) £’000 £’000 £’000 £’000 £’000
Balance at 31 March 2023 34 2,468 239 51,837 54,578
Net loss for the period – – – (5,661) (5,661)
Ordinary shares reissued from treasury – 17 – 19 36
Ordinary shares repurchased – – – (1,941) (1,941)
Balance at 30 September 2023 34 2,485 239 44,254 47,012
Cash Flow Statement for the six months to 30 September 2024 (Unaudited)
2024 £’000 2023 £’000
Cash flows from operating activities
Investment income received (gross) 490 473
Deposit interest received 70 23
Investment management fee paid (207) (214)
Other cash expenses (260) (144)
Net cash inflow from operating activities before taxation 93 138
Interest paid (98) (93)
Taxation (63) (68)
Net cash outflow from operating activities (68) (23)
Net cash flows from investing activities
Purchase of investments (616) (3,449)
Sale of investments 1,261 5,719
Net cash inflow from investing activities 645 2,270
Cash flows from financing activities
Shares repurchased (205) (1,941)
Shares reissued from treasury – 36
Repayment of loan (3,000) –
Net cash outflow from financing activities (3,205) (1,905)
(Decrease)/increase in cash (2,628) 342
Cash and cash equivalents at start of period 3,670 2,954
Realised loss on foreign currency (121) (4)
Cash and cash equivalents at end of period 921 3,292
Notes to the Financial Statements
1. Accounting Policies
The accounts comprise the unaudited financial results of the company for the
period to 30 September 2024.
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 UK adopted International
Accounting Standards.
Where presentational guidance set out in the Statement of Recommended Practice
(SORP) for Investment Trusts issued by the Association of Investment Companies
(AIC) in July 2022 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.
(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. Bank interest and interest on short-term
deposits are accrued up to the period end date are taken to the revenue return
column of the Statement of Comprehensive Income.
(b) Presentation of Statement of Comprehensive Income
In order to better reflect the activities of an investment trust company and
in accordance with 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.
The financial statements have been prepared on a going concern basis, with
material uncertainty, and under the historical cost convention modified by the
revaluation of investments held at fair value through profit or loss. In
considering this, the directors took into account the Company’s investment
objective, risk management policies 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.
The Board is currently evaluating options for the future of the business in
recognition that it may be in the best interests of shareholders for the
Company not to continue in its present form. At this point in time, there can
be no certainty as to the outcome of this evaluation and the Board will notify
the market at the appropriate time. Whilst there can be no certainty as to the
outcome of this evaluation, and therefore while there remains a material
uncertainty, the Board has prepared the financial statements on a going
concern basis. The financial statements do not contain the adjustments that
would result if the Company were unable to continue as a going concern.
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 (2023: 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 transaction market
concerned, and are initially measured at transaction 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 on investments
Six months to Six months to 30 September 2023 £’000
30 September 2024 £’000
Net gain realised on sale of investments 565 1,333
Movement in unrealised gains/(losses) 724 (6,993)
Gain/(loss) on investments 1,289 (5,660)
3. Earnings per Ordinary Share
The earnings per Ordinary share figure is based on the net income for the six
months of £1,130,000 (six months to 30 September 2023: net loss £5,661,000)
and on 18,993,963 Ordinary shares (six months to 30 September 2023:
20,681,929), 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 2024 £’000 30 September 2023 £’000
Net revenue profit 158 205
Net capital profit/(loss) 972 (5,866)
Net total profit/(loss) 1,130 (5,661)
Weighted average number of Ordinary shares in issue during the period 18,993,963 20,681,929
Revenue earnings per Ordinary share (p) 0.83 0.99
Capital earnings/(losses) per Ordinary share (p) 5.12 (28.36)
Total earnings/(losses) per Ordinary share (p) 5.95 (27.37)
4. Transaction Costs
The following transaction costs were incurred during the period:
Six months to 30 September 2024 £’000 Six months to 30 September 2023 £’000
Purchases 1 2
Sales 1 2
Total 2 4
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 2024 90 47,470 47,560
Movement during the period:
Net return for the period 158 972 1,130
Shares repurchased – (205) (205)
At 30 September 2024 248 48,237 48,485
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
£51,243,000 (31 March 2024: £50,318,000) and on 18,975,780 (31 March 2024:
19,089,783) ordinary shares, being the number of ordinary shares in issue at
the period end excluding treasury shares.
Six months to Year ended
30 September 2024 31 March 2024
£’000 £’000
Undiluted
Ordinary shareholders’ funds 51,243 50,318
Number of ordinary shares in issue 18,975,780 19,089,783
Net asset value per ordinary share (pence) 270.05p 263.59p
Diluted
Ordinary shareholders’ funds 56,245 55,254
Number of ordinary shares in issue 20,873,358 20,998,761
Net asset value per ordinary share (pence) 269.46p 263.13p
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 2024 31 March 2024
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Equity Investments 50,330 – – 50,330 49,686 – – 49,686
50,330 – – 50,330 49,686 – – 49,686
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; and
(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 the
company's Annual report and accounts for the year ended 31 March 2024.
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
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 after deduction of the value of any Jupiter
managed investments.
The management fee payable to JUTM for the period 1 April 2024 to 30 September
2024 was £179,694 (year to 31 March 2024: £342,792) with £32,512 (31 March
2024: £58,542) 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 2024: 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
By Order of the Board
Jupiter Asset Management Limited
Company Secretary
19 December 2024
Copyright (c) 2024 PR Newswire Association,LLC. All Rights ReservedRecent news on Jupiter Green Investment Trust
See all newsREG - Jupiter Green InvTst - Results of Second Meeting
AnnouncementREG - Official List - Removal - Jupiter Green Investment Trust PLC
AnnouncementREG - Stock Exch Notice Jupiter Green InvTst - Cancellation - Jupiter Green Investment Trust PLC
AnnouncementREG - Official List - Suspension - Jupiter Green Investment Trust PLC
AnnouncementREG - Official List - Amendment Notice
Announcement