TIDMJGC
RNS Number : 8465J
Jupiter Green Investment Trust Plc
07 December 2018
Jupiter Green Investment Trust plc ('the company')
Legal Entity Identifier: 549300MFRCR13CT1L845
Half Yearly Financial Report for the six months to 30 September
2018 (unaudited)
Financial Highlights for the six months to 30 September 2018
Capital Performance
30 September 31 March
2018 2018
Total Assets less Current Liabilities
( GBP'000) 42,033 40,147
Ordinary Share Performance
30 September 31 March
2018 2018 % Change
Mid market price (p) 191.00 186.50 +2.4
Undiluted net asset value per
Ordinary share (p) 199.15 191.31 ^^ +4.1
Undiluted net asset value per
Ordinary share (p)
(with dividends added back) 200.45 +4.8
Diluted net assets value per Ordinary
share (p)^ 198.44 190.68 +4.1
Diluted net asset value per ordinary
share (p)
(with dividends added back) 199.74 +4.8
FTSE ET100 Total Return Index 2,893.62 2,687.60 +7.7
Discount to net asset value (%) 4.09 2.51
Ongoing charges ratio (%) excluding
finance costs 1.41 1.48 -4.7
^ Being the net asset value per share assuming that all annual
subscription rights are taken up.
^^ Being the exercise price for the purposes of the 2019
subscription rights.
Chairman's Statement
It is with pleasure that I present the interim report for
Jupiter Green Investment Trust PLC, for the six months to 30
September 2018.
The last six months have been testing for global stock markets.
Whilst US stocks, especially technology stocks, largely continued
to flourish, other markets - particularly in less developed
countries - came under growing pressure as rising US interest rates
and a strong dollar raised their external borrowing costs. US
President Donald Trump's protectionist stance added to emerging
market strains, not least in Asia. In Europe, meanwhile, the
election of a populist and potentially spendthrift government in
Italy raised concerns about the country's debt levels, and in the
UK the ubiquitous question of Brexit remained unresolved.
The period was not all bad news. The steady expansion of the
global economy since mid-2016 remained intact. While the
International Monetary Fund ('IMF') trimmed its global growth
projection for 2018-19 to 3.7 per cent. from 3.9 per cent. In
April, its outlook remained positive. The gradual normalisation of
US monetary policy was also positive insofar as it reflected the
growing resilience of the US economy.
Investment performance
During the six months under review the total return on the
diluted net asset value of the company's shares was 4.8 per cent.
(with dividends added back). This compares with an increase in the
company's benchmark index, the total return on the FTSE ET100
Index, of 7.7 per cent. The middle market price of the Company's
shares had increased by 2.4 per cent.
The background to the performance of the company over the course
of the past six months is discussed in detail by Charlie Thomas in
his investment adviser's review, in which he discusses the impact
of market distortions on the company's relative performance, in
particular the seemingly unhealthy decoupling of the performance of
the US stock market and other markets globally. He also highlights
the progress made by holdings providing vital solutions to
increasingly pressing environmental problems.
Board composition
Board composition Since the Annual General Meeting ('AGM') held
on 4 September 2018, we have appointed Jaz Bains as a director and
we welcome him to the board. Jaz is the Group Risk & Investment
Director for Renewable Energy Systems (RES), which he joined in
2003. On behalf of RES Jaz also co-manages The Renewables
Infrastructure Group, which is listed on the FTSE 250. He has spent
his working life in power and electricity businesses. Prior to
joining RES Jaz worked for Midlands Electricity and Cinergy
Corporation. He has a BSc degree in Mathematics with Management
Applications from Brunel University.
Dividend
At this year's AGM shareholders approved a proposal that the
company move from its former policy of paying the minimum dividend
necessary in order to maintain its investment trust status to
paying a higher, semi-annual dividend. Accordingly, an interim
dividend in relation to the current financial year will be declared
in January for payment in March 2019.
Outlook
It is no surprise that interest in sustainable forms of
investing - environmental, social and governance (ESG) investing -
has been expanding rapidly as younger generations demand more
responsible corporate behaviour. Some of the world's biggest
institutional investors are leading the way by allocating more of
their funds in companies that score well on ESG criteria. Sapling
vehicles for ESG investment also continue to grow, including
climate bonds (or green bonds), whose proceeds are earmarked for
use on assets or projects that help in the fight against climate
change.
In keeping with this, the company continues to invest in
businesses tackling some of the world's most pressing problems
including the quest for more sustainable consumption,
energy-efficient transport, better pollutions control and testing,
and more efficient water infrastructure. Many investee companies
are at the forefront of changing trends such as in waste recycling
and the development of circular economies.
At a time of heightened market volatility, Charlie and his team
remain focused on the many opportunities for sustainable investing
across a range of themes and remain alert to the possibility of
buying long-term growth at attractive valuations.
Michael Naylor
Chairman
7 December 2018
Investment Adviser's Review
Market review
The global stock market rally was extended but became more
fragmented over the review period as gains were increasingly
concentrated among a shrinking group of US technology stocks and as
cracks appeared elsewhere. Tax cuts encouraged US companies to
repatriate capital and fed share buybacks. But away from the US,
European markets performed more timidly, reined in by renewed
budgetary fears after the election of a populist government in
Italy and by continuing Brexit concerns. Currency crises in Turkey
and Argentina also spread contagion fears among emerging markets.
The underlying causes of this market distress - tighter monetary
policy in the US and potentially Europe, the growing US-China trade
dispute, creeping inflation concerns, and the strong dollar -
remain. US Treasuries also felt the pressure, despite the temporary
succour provided as capital fleeing emerging markets sought
sanctuary in them. As a result, closely watched 10-year US Treasury
yields rose above 3.2 per cent. for the first time since 2011
shortly after the review period ended.
Policy review
Against this backdrop, the company underperformed its
broad-based benchmark. The key impediment to relative performance
was the company's underweight exposure to the US, and stock
selection in that country. The portfolio has a natural underweight
in the US since the investment universe of environmental and
sustainable solutions companies is relatively less prevalent there
than other regions.
In addition, some of the company's US holdings underperformed:
namely, United Natural Foods (UNFI) and A.O. Smith. UNFI lost value
following news that it had bid for mainstream grocery distributor
Supervalu. The company is sensibly seeking to diversify its
business following Amazon's takeover of UNFI's strategic client
Whole Foods, but investors have been concerned about the amount of
leverage UNFI will require to fund the deal.
Not holding Tesla was a key benefit during the period under
review; the stock lost ground after the company's charismatic CEO,
Elon Musk, was required to pay a $20 million settlement and step
down as chairman after an ill-considered tweet in which he claimed
to have secured funding to take the company private.
The biggest positive contribution to the company's relative
returns came from Tomra, the recycling technology leader. The stock
reached new highs following a positive capital markets day at which
it highlighted a positive five-year growth trajectory. The
Norwegian company is one of a limited number of businesses actively
providing solutions for the circular economy and the reduction of
plastic waste.
Adding value too were the company's holdings in Clean Harbors
(environmental services including hazardous waste disposal) and
Xylem (water technology). Xylem ended higher after its
second-quarter results beat expectations and the US group presented
a more confident outlook. Shares in Clean Harbors were similarly
buoyed by a positive set of quarterly results in which the company
also raised its earnings guidance. Offshore salmon farmer SalMar
and Australian logistics services group Brambles Inc, two recent
additions to the company, also added value.
Investment Outlook
Global equity markets have grown more volatile because of a
range of concerns, including escalating trade tensions and the
potential impact of monetary tightening in the US and Europe.
Companies providing environmental services and sustainable
solutions, and their share prices, are not immune to these
dynamics. While periods of market volatility can be unsettling for
investors, they can also present opportunities to buy long-term
growth at more attractive valuations. As long-term investors we
remain focused on the fundamentals of companies across our universe
of sustainable investment themes and remain optimistic about the
overall growth potential. Where the consumer, economic and
regulatory drivers of these investment themes have interacted, they
have increased the growth potential of key areas, including the
provision of better air quality and reduction of waste.
There continue to be pockets of environmental policy momentum,
from California's continued commitment to strict emissions targets
to a recent pledge by 19 cities around the world to make all
buildings carbon neutral by 2050. The publication in October of a
long-awaited global warming report by the Intergovernmental Panel
on Climate Change has lent new urgency to that challenge. At the
same time, there are growing opportunities in localised waste
recycling following China's ban on imports of recyclable materials
and as pressure grows to reduce plastic waste. Offshore wind is
going through a transition too as new markets open up or
accelerate, with active opportunities across the US, Taiwan and,
most recently, India.
Charlie Thomas
Fund Manager
Jupiter Asset Management Limited
Investment Adviser
7 December 2018
Investment Portfolio as at 30 September 2018
Market
Country value Percentage
Company of listing GBP'000 of portfolio
Xylem United States 1,565 3.8
A.O. Smith United States 1,495 3.6
Tomra Systems Norway 1,380 3.3
Cranswick United Kingdom 1,110 2.7
Siemens Germany 1,072 2.6
EMCOR Group United States 1,027 2.5
Johnson Matthey United Kingdom 1,014 2.4
Wabtec United States 995 2.4
Valmont Industries United States 988 2.4
Sensata Technologies Holding United Kingdom 905 2.2
Azbil Japan 874 2.1
National Express Group United Kingdom 852 2.0
Clean Harbors United States 838 2.0
Eaton Ireland 831 2.0
Vestas Wind Systems Denmark 804 1.9
Itron United States 799 1.9
Toray Industries Japan 789 1.9
NextEra Energy Partners United States 781 1.9
Suez France 762 1.8
Daiseki Japan 722 1.7
RPS Group United Kingdom 721 1.7
Horiba Japan 718 1.7
Schneider Electric France 701 1.7
Regal Beloit United States 689 1.6
BorgWarner United States 670 1.6
Orsted Denmark 653 1.6
Casella Waste Systems
'A' United States 645 1.5
Covanta Holding United States 628 1.5
ANDRITZ Austria 628 1.5
Hannon Armstrong Sustainable
Infrastructure Capital,
REIT United States 626 1.5
Shimano Japan 618 1.5
Veolia Environement France 609 1.5
Novozymes 'B' Denmark 600 1.4
First Solar United States 593 1.4
Watts Water Technologies
'A' United States 585 1.4
Firstgroup United Kingdom 569 1.4
Prysmian Italy 568 1.4
SKF 'B' Sweden 550 1.3
Wartsila Finland 525 1.3
Miura Japan 524 1.3
Stantec Canada 519 1.2
East Japan Railway Japan 492 1.2
Mayr Melnhof Karton Austria 477 1.2
Infineon Technologies Germany 466 1.1
NSK Japan 460 1.1
Greencoat Renewables Ireland 459 1.1
Keller Group United Kingdom 457 1.1
Renewi United Kingdom 456 1.1
United Utilities Group United Kingdom 422 1.0
Innergex Renewable Energy Canada 414 1.0
Huaneng Renewables 'H' China 390 0.9
Ricardo United Kingdom 370 0.9
Varta Germany 353 0.8
RA International Group United Kingdom 351 0.8
Jupiter Global Ecology
Diversified
Fund Class I GBP Q Inc
Dist HSC* Luxembourg 345 0.8
Salmar Norway 336 0.8
Brambles Australia 333 0.8
Atlas Copco 'A' Sweden 332 0.8
Fjord1 Norway 311 0.8
Stericycle United States 306 0.7
Simec Atlantis Energy Singapore 292 0.7
China Everbright International Hong Kong 286 0.7
Salmones Camanchaca Chile 283 0.7
Innogy Germany 269 0.6
Lenzing Austria 265 0.6
Vossloh Germany 233 0.6
Total 41,700 100.0
*Shares in a sub-fund of the Jupiter Global Fund SICAV
The holdings listed above are all equity shares unless otherwise
stated.
Cross Holdings in other Investment Companies
As at 30 September 2018, none of the company's total assets were
invested in the securities of other UK listed investment
companies.
It is the company's stated policy that not more than 10 per
cent., in aggregate, of the value of the total assets of the
company (before deducting borrowed money) may be invested in other
investment companies (including investment trusts) listed on the
Main Market of the London Stock Exchange. Whilst the requirements
of the UK Listing Authority permit the company to invest up to this
10 per cent. limit, it is the directors' current intention that the
company invests not more than 5 per cent., in aggregate, of the
value of the total assets of the company (before deducting borrowed
money) in such 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 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 2018 and in
Note 9 to the Financial Statements of this report.
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;
-- Discount to net asset value;
-- Gearing 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 year
ended 31 March 2018.
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
2020 AGM.
Directors' Responsibility Statement
The board of directors of Jupiter Green Investment Trust PLC
confirms that to the best of its knowledge:
a. The condensed set of financial statements have been prepared
in accordance with applicable United Kingdom law and those
International Financial Reporting Standards ('IFRS') as adopted by
the European Union and give a true and fair view of the state of
affairs of the company, and of the return or loss of the Company as
at 30 September 2018.
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
7 December 2018
Statement of Comprehensive Income
For the six months to 30 September 2018 (unaudited)
Six months to Six months to
30 September 2018 30 September 2017
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain on investments held
at fair
value through profit or
loss - 1,599 1,599 - 2,512 2,512
Foreign exchange gain/(loss) - 185 185 - (97) (97)
Income 485 - 485 399 - 399
------------------------------- --------- --------- --------- --------------- --------- ---------
Total income 485 1784 2,269 399 2,415 2,814
------------------------------- --------- --------- --------- --------------- --------- ---------
Investment management
fee (37) (112) (149) (15) (136) (151)
Investment performance
fee - - - - (132) (132)
Other expenses (148) - (148) (144) - (144)
------------------------------- --------- --------- --------- --------------- --------- ---------
Total expenses (185) (112) (297) (159) (268) (427)
------------------------------- --------- --------- --------- --------------- --------- ---------
Net Return on ordinary
activities
before finance costs and
taxation 300 1,672 1,972 240 2,147 2,387
Finance costs (1) (3) (4) (6) - (6)
------------------------------- --------- --------- --------- --------------- --------- ---------
Return on ordinary activities
before taxation 299 1,669 1,968 234 2,147 2,381
------------------------------- --------- --------- --------- --------------- --------- ---------
Taxation (30) - (30) (28) - (28)
Net return after taxation 269 1,669 1,938 206 2,147 2,353
------------------------------- --------- --------- --------- --------------- --------- ---------
Return per Ordinary share 1.28p 7.91p 9.19p 0.97p 10.09p 11.06p
------------------------------- --------- --------- --------- --------------- --------- ---------
The total column of this statement is the income statement of
the Company, prepared in accordance with IFRS. 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 2018
30 September 31 March 2018
2018
(unaudited) (audited)
GBP'000 GBP'000
Non current assets
Investments held at fair value
through profit or loss 41,700 37,397
-------------------------------------- -------------- --------------
Current assets
Prepayments and accrued income 344 123
Cash and cash equivalents 350 2,785
-------------------------------------- -------------- --------------
694 2,908
-------------------------------------- -------------- --------------
Total assets 42,394 40,305
-------------------------------------- -------------- --------------
Current liabilities
Other payables (361) (158)
-------------------------------------- -------------- --------------
Total net assets less current
liabilities 42,033 40,147
-------------------------------------- -------------- --------------
Capital and reserves
Called up share capital 34 34
Share premium 29,705 29,630
Redemption reserve 239 239
Special reserve 24,292 24,292
Retained earnings (12,237) (14,048)
-------------------------------------- -------------- --------------
Total equity shareholders' funds 42,033 40,147
-------------------------------------- -------------- --------------
Net Asset Value per Ordinary share 199.15p 191.31p
-------------------------------------- -------------- --------------
Diluted Net Asset Value per Ordinary
share 198.44p 190.68p
-------------------------------------- -------------- --------------
Statement of Changes in Equity
For the six months to 30 September 2018
Share Share Special Redemption Retained
For the six months to Capital Premium Reserve Reserve Earnings Total
30 September 2018 (unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 March 2018 34 29,630 24,292 239 (14,048) 40,147
Net return for the period - - - - 1,938 1,938
Ordinary shares reissued
from Treasury - 75 - - 166 241
Ordinary shares repurchased - - - - (19) (19)
Dividend declared and approved
by shareholders - - - - (274) (274)
------------------------------- -------- -------- -------- ---------- --------- ---------
Balance at 30 September
2018 34 29,705 24,292 239 (12,237) 42,033
------------------------------- -------- -------- -------- ---------- --------- ---------
Share Share Special Redemption Retained
For the six months to Capital Premium Reserve Reserve Earnings Total
30 September 2017 (unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 March 2017 34 29,488 24,292 239 (15,544) 38,509
Net return for the period - - - - 2,353 2,353
Ordinary shares reissued
from Treasury - 142 - - 694 836
Ordinary shares repurchased - - - - (704) (704)
Dividend paid - - - - (253) (253)
------------------------------- -------- -------- -------- ---------- --------- ---------
Balance at 30 September
2017 34 29,630 24,292 239 (13,454) 40,741
------------------------------- -------- -------- -------- ---------- --------- ---------
Cash Flow Statement
For the six months to 30 September 2018 (unaudited)
2018 2017
GBP'000 GBP'000
Cash flows from operating activities
Investment income received (gross) 520 412
Deposit interest received 2 -
Investment management fee paid (150) (124)
Performance fee (59)* -
Other cash expenses (219) 94
------------------------------------------- --------------- ---------
Net cash inflow from operating activities
before taxation 94 382
Interest paid (2) (4)
Taxation (30) (28)
------------------------------------------- --------------- ---------
Net cash inflow from operating activities 62 350
------------------------------------------- --------------- ---------
Net cash flows from investing activities
Purchases of investments (6,995) (828)
Sales of investments 4,091 2,945
------------------------------------------- --------------- ---------
Net cash (outflow)/inflow from investing
activities (2,904) 2,117
------------------------------------------- --------------- ---------
Cash flows from financing activities
Shares repurchased (19) (704)
Shares reissued from Treasury 241 836
Equity dividends paid - (253)
------------------------------------------- --------------- ---------
Net cash inflow/(outflow) from financing
activities 222 (121)
------------------------------------------- --------------- ---------
(Decrease)/increase in cash (2,620) 2,346
------------------------------------------- --------------- ---------
Cash and cash equivalents at start of
period 2,785 110
Realised gain/(loss) on foreign currency 185 (97)
------------------------------------------- --------------- ---------
Cash and cash equivalents at end of
period 350 2,359
------------------------------------------- --------------- ---------
*Performance fee paid this period in relation to previous
financial year.
Notes to the Financial Statements for the six months to 30
September 2018
1. Accounting Policies
The Accounts comprise the unaudited financial results of the
Company for the period to 30 September 2018. 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
(GBP'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 November 2014 is
consistent with the requirements of IFRS, 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) Revenue recognition
Revenue is measured at the fair value of the consideration
received or receivable and represents amounts receivable for goods
and services provided in the normal course of business.
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.
(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.
Until 31 March 2018 investment management fees were charged 90
per cent. to capital and 10 per cent. to revenue. With effect from
1 April 2018 the proportion was changed to 75 per cent. to capital
and 25 per cent. to revenue.
All other operational costs including administration expenses
and finance costs (but with the exception of any investment
performance fees which were charged 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. Gain on Investments
Six months to Six months to
30 September 30 September
2018 2017
GBP'000 GBP'000
Net gain realised on sale of investments 2,452 1,571
Movement in unrealised (losses)/gains (853) 941
------------------------------------------ -------------- --------------
Gain on investments 1,599 2,512
------------------------------------------ -------------- --------------
3. Earnings per Ordinary Share
The earnings per Ordinary share figure is based on the net
profit for the six months of GBP269,000 (six months to 30 September
2017: net profit GBP206,000) and on 21,098,426 Ordinary shares (six
months to 30 September 2017: 21,257,641), 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 30 September
2018 2017
GBP'000 GBP'000
Net revenue profit 269 206
Net capital profit 1,669 2,147
------------------------------------- -------------- --------------
Net total profit 1,938 2,353
------------------------------------- -------------- --------------
Weighted average number of Ordinary
shares in issue during the period 21,098,426 21,257,641
Revenue earnings per Ordinary
share (p) 1.28 0.97
Capital earnings per Ordinary
share (p) 7.91 10.09
------------------------------------- -------------- --------------
Total earnings per Ordinary share
(p) 9.19 11.06
------------------------------------- -------------- --------------
4. Transaction Costs
The following transaction costs were incurred during the
period:
Six months to Six months to
30 September 30 September
2018 2017
GBP'000 GBP'000
Purchases 8 2
Sales 3 1
----------- -------------- --------------
Total 11 3
----------- -------------- --------------
5. Retained Earnings
The table below shows the movement in the retained earnings
analysed between revenue and capital items.
Revenue Capital Total
GBP'000 GBP'000 GBP'000
At 31 March 2018
Movement during the period: 348 (14,396) (14,048)
Net income for the period 269 1,669 1,938
Shares repurchased - (19) (19)
Ordinary shares reissued
from Treasury - 166 166
Dividends declared and approved (274) - (274)
--------------------------------- --------- --------- ---------
At 30 September 2018 343 (12,580) (12,237)
--------------------------------- --------- --------- ---------
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 GBP42,033,000
(31 March 2018: GBP40,147,000) and on 21,106,267 (31 March 2018:
20,985,269) Ordinary shares, being the number of Ordinary shares in
issue at the period end excluding Treasury shares.
Six months to Year ended
30 September 31 March 2018
2018 GBP'000
GBP'000
Undiluted
Ordinary shareholders' funds 42,033 40,147
Number of Ordinary shares in
issue 21,106,267 20,985,269
------------------------------ -------------- ---------------
Net asset value per Ordinary
share (pence) 199.15 191.31
------------------------------ -------------- ---------------
Diluted
Ordinary shareholders' funds 46,071 44,015
Number of Ordinary shares in
issue 23,216,894 23,083,796
------------------------------ -------------- ---------------
Net asset value per Ordinary
share (pence) 198.44 190.68
------------------------------ -------------- ---------------
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 2018 31 March 2018
Level Level Level Total Level Level Level Total
1 2 3 GBP'000 1 2 3 GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Equity
Investments 41,700 - - 41,700 37,397 - - 37,397
-------------- --------- --------- --------- --------- --------- --------- --------- ---------
41,700 - - 41,700 37,397 - - 37,397
-------------- --------- --------- --------- --------- --------- --------- --------- ---------
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 the Company's Annual report and accounts for the year
ended 31 March 2018.
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 was adjusted with effect from 1 June
2018 from 0.75 per cent. of net assets per annum to a tiered fee
amounting to 0.70 per cent. of net assets up to GBP150 million,
reducing to 0.60 per cent. for net assets over GBP150 million and
up to GBP250 million, and reducing further to 0.50 per cent. for
net assets in excess of GBP250 million after deduction of the value
of any Jupiter managed investments.
The management fee payable to JUTM for the period 1 April 2018
to 30 September 2018 was GBP149,739 (year to 31 March 2018:
GBP304,270) with GBP24,319 (31 March 2018: GBP24,914) outstanding
at period end.
With effect from 1 April 2018 the proportion of the investment
management fee and finance costs that are treated as a capital
expense in the company's reports and accounts were reduced from 90
per cent. to 75 per cent., so as to bring its accounting policy
into line with that of comparable investment trusts.
The company and the investment manager agreed to remove the
performance fee arrangements with effect from 1 April 2018.
The company has invested from time to time in funds managed by
Jupiter Investment Management Group Limited or its subsidiaries.
There was one such investment with a market value of GBP345,180 (31
March 2018: GBP344,190). 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.
By Order of the Board
Jupiter Asset Management Limited, Company Secretary
7 December 2018
For further information, please contact:
Richard Pavry
Head of Investment Trusts
Jupiter Asset Management Limited
investmentcompanies@jupiteram.com
020 3817 1000
[END]
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR EAAAXEAAPFFF
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December 07, 2018 07:26 ET (12:26 GMT)
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