TIDMJGC
RNS Number : 2379E
Jupiter Green Investment Trust Plc
06 July 2021
Jupiter Green Investment Trust plc ('the company')
Legal Entity Identifier: 549300MFRCR13CT1L845
Annual Financial Results for the year ended 31 March 2021
Financial Highlights for the year ended 31 March 2021
Capital Performance As at As at
31.03.21 31.03.20
Total assets less current liabilities
(GBP'000) 53,304 32,581
Ordinary Share Performance As at As at
31.03.21 31.03.20 % change
Mid-market price (p) 264.00 160.50 +64.5
Undiluted net asset value per ordinary
share 266.73 173.31 +53.9
Undiluted net asset value per ordinary
share (p)
(with dividend paid of 1.3p added back:
2020 2.3p) 268.03 175.61 +52.6
Diluted net asset value per ordinary share 258.24 173.31 +49.0
Diluted net asset value per ordinary share(p)(with
dividend paid of 1.3p added back: 2020
2.3p) 259.54 175.61 +47.8
MSCI World Small Cap Index*** 401.82 249.58 +61.0
Discount to net asset value (%) 1.02 7.39
Ongoing charges ratio (%) excluding finance
costs 1.73 1.59 +8.8
Performance (excluding dividend income) Since Launch
Year-
on-year
Net asset change in Year-
Total assets value Dividends Net Asset on-year
less per declared Value per change in
per
current ordinary ordinary ordinary benchmark
Year ended 31 March liabilities share share share index***
GBP'000 p p % %
8 June 2006 (launch) 24,297 97.07 - - -
2007 31,679 118.07 - +22.3* -
2008 52,734 114.14 - -3.9** -
2009 33,809 76.86 - -32.7 -36.5
2010 43,590 106.65 - +38.8 +41.6
2011 41,085 120.49 0.40 +13.0 +11.0
2012 36,181 108.49 0.60 -10.0 -23.8
2013 37,571 124.42 1.20 +14.7 +10.3
2014 38,142 145.00 1.10 +16.5 +28.6
2015 38,545 152.35 0.55 +5.1 +10.6
2016 33,418 150.79 0.65 -1.0 -3.3
2017 38,509 184.33 1.20 +22.2 +28.4
2018 40,147 191.31 1.30 +3.8 +3.7
2019 35,934 188.70 2.20 -1.4 +6.0
2020 32,581 173.31 2.40 -8.2 +3.4
2021 53,304 266.73^ 0.64 +53.9 +61.0
* In September 2006, new ordinary shares totalling 1,058,859
were issued and in November 2006, new ordinary shares totalling
600,000 were issued. Investment performance adjusted for the new
issues of Ordinary shares.
** In April, July and August 2007, new ordinary shares totalling
20,249,074 were issued and a total of 737,963 ordinary shares were
cancelled in March 2008. Investment performance adjusted for the
new issues and the subsequent cancellation of shares.
*** With effect from 2 September 2020 the company
retrospectively changed its benchmark from the FTSE ET100 Total
Return Index to the MSCI World Small Cap Index, both expressed in
sterling terms.
^ Being the exercise price for the purposes of the 2022
subscription rights.
A final dividend of 0.64p is subject to approval by shareholders
at the Annual General Meeting to be held on 1 September 2021.
For definitions of the above Alternative Performance Measures
please refer to the Glossary of Terms in the Annual Report &
Accounts.
Strategic Report
Chairman's Statement
It is with pleasure that I present the Annual Report and
Accounts for the Jupiter Green Investment Trust PLC for the twelve
months to 31 March 2021.
The quite extraordinary period covered by this report, capturing
almost the entirety of the COVID-19 global pandemic to date, has
understandably dominated investor's thinking. A year ago, the world
was plunged into the steepest economic contraction in decades,
recovering hesitantly at times, and it was only the announcement of
successful vaccine trials in November 2020 that gave investors more
confidence in the future recovery. Even now, as millions of people
across the world receive a vaccine every day, there are traumatic
images and news stories from parts of the world still in the grip
of the pandemic.
What is becoming clear, however, is that environmental solutions
will be at the heart of recovery plans and key to a reinvigorated
post-COVID economy. Not only does this represent an encouraging
contrast to the years following the last major global crisis in
2008/9, but it also marks a very favourable long-term investment
landscape for the company.
Europe, once again, appears to be taking the lead. On 16
September, the European Commission proposed reducing greenhouse gas
emission by at least 55% by 2030 from 1990 levels, a hike on the
40% cut currently targeted. The European Union's EUR750bn recovery
package also has climate change at its heart, including investment
in renewable energy, clean hydrogen, batteries and sustainable
energy infrastructure. In the UK, Boris Johnson has pledged to help
the country "build back better", for example by investing in the
infrastructure needed to build sufficient offshore wind farms to
allow for the generation of enough electricity to power every home
in the UK within a decade.
Meanwhile, the victory for Joe Biden in the US presidential
election - and crucially also for the Democrats in Georgia's Senate
race, which gave them the narrowest of majorities across Congress -
represents a return to the climate change policy fold for the US.
The US has already returned to the 2015 Paris Agreement on climate
change, and President Biden's $2 trillion infrastructure and
climate bill has profound implications for development on reducing
carbon emissions, expanding sustainable housing and public
transport.
In January 2021 the company was advised by the Investment
Adviser, Jupiter Asset Management Limited, that Charlie Thomas, the
fund manager of the company since 2006, would be leaving Jupiter to
take on a new role. Further to this news, the board was pleased to
announce that Jupiter fund manager Jon Wallace has been appointed
to assume lead fund management responsibility for the company.
Jon is well known to the board, having worked closely with
Charlie on the Trust since 2014 after joining Jupiter's
Environmental Solutions team in 2009. Jon has an in-depth knowledge
of the portfolio, and a strong expertise in seeking out the key
innovators in the green technology space. We look forward to
working closely with him to continue to deliver an exciting and
differentiated investment opportunity for our growing shareholder
base.
The board would like to extend its thanks to Charlie for his
commitment to the company and its shareholders over the past 14
years, and wishes him the very best for his new challenge.
I am also pleased to note that Jupiter has committed to
achieving net zero emissions by 2050 across its full range of
investments and operations, including your own company, reflecting
the urgent need to limit global warming to less than 1.5 degrees C
in line with the Paris Agreement. The Investment Adviser has also
aligned its strategy, purpose and principles with the UN Global
Compact such that all investment decision-making and engagement is
guided by the principles of the UNGC and all investee companies are
expected to abide by the Compact's Ten Principles, committing to
meeting fundamental responsibilities in the areas of human rights,
labour, environment and anti-corruption.
Investment performance
During the twelve months under review the total return on the
net asset value of the company's ordinary shares was 52.6%. This
compares with an increase of 64.5% in the company's share price and
a 61.0% gain for the company's new benchmark index, the MSCI World
Small Cap Index.
As referenced in the interim report for this year, the change of
benchmark was undertaken due to a shift in the investment focus of
the company towards companies innovating to drive environmental
solutions, many of which are classified as smaller companies. A
review of the investment performance of the company over the course
of the period, as well as further rationale on the adjustment in
investment focus, is set out by Jon Wallace in the Investment
Adviser's Review.
Dividend
On 2 September 2020, the board released a statement to the
London Stock Exchange in which we explained that the changes to the
investment focus of the company and the increasing bias towards
smaller, innovative, companies were likely to provide the potential
for higher capital growth while reducing the level of dividend
income available for distribution to shareholders. As a result of
the changes in the investment focus, the board has taken the
decision to establish a dividend policy that would result in paying
one final dividend per annum in October each year equal to the
current revenue of the company. A resolution to declare a final
dividend of 0.64p per share (2020: 1.30p) will be proposed at the
company's Annual General Meeting ('AGM') on 1 September 2021.
Subject to shareholder approval, the final dividend will be paid on
1 October 2021 to those shareholders on the register as at 17
September 2021.
Capital and Reserves
The board is mindful of the need to maintain a flexible approach
to share buybacks in order to support the discount management
policy. As at 31 March 2020, most of the capital of the company was
held in a share premium account and was therefore not available for
distribution to shareholders or for share buybacks.
The board obtained shareholder approval at the AGM on 16
September 2020 to cancel the balance on the share premium account
of GBP29.7 million and to allocate this amount, less GBP16,275, to
a distributable reserve account of the company in order to increase
distributable reserves. These reserves can be used to make
distributions by way of dividends to, or share buybacks from,
shareholders. This is a common procedure employed by investment
trust companies which has no impact on the net assets of the
company. The cancellation of the share premium account was approved
by Companies House with effect from 29 October 2020.
Shares in the company traded at a premium to net asset value for
most of the period since October 2020 which allowed the directors
to issue shares out of treasury to satisfy investor demand. The
total amount raised through tap issuance up to 31 March 2021 was
GBP3.2m.
Shareholders were given the opportunity to subscribe for new
ordinary shares on 1 April 2021 on the basis of one new ordinary
share for every ten held. The subscription price was 173.31p.
Subscriptions were received from shareholders resulting in the
issue of 1,182,328 shares from treasury on this occasion. As a
result of both tap issuance in the period and subscription share
issuance, the share capital of the company increased by GBP5.2m.
Since 31 March 2021 a further 342,000 shares have been issued
(excluding the subscription exercise), raising the share capital by
a further GBP0.9m. While this represents good progress against the
company's strategic objective to increase the size of the company
the board recognises that the size of the company remains at the
lower end of the size which is attractive to institutional and
wealth management investors. More work is therefore planned to grow
the company and on 14 June 2021 the board was given increased
authority by shareholders to issue new shares, in addition to its
existing authority passed at the last annual general meeting. This
new authority will allow the board to continue to satisfy the
demand for shares in the company up to the next annual general
meeting on 1 September.
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 borrowing. Conversely, in
falling markets the company suffers more if the company's
investment portfolio underperforms the borrowing cost.
On 24 August 2020 the company entered into a revolving loan
facility agreement with Royal Bank of Scotland International
Limited for GBP5 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 31 March 2021 the company's net gearing level was 0%
(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).
Outlook
With the UN COP26 conference on the horizon, the issue of
climate change is an area of unusual unanimity among world leaders.
The UK has recently announced more ambitious targets towards net
zero emissions, and even China - by far the world's biggest carbon
emitter - has shifted policy, committing to be carbon neutral by
2060. These commitments are to be welcomed, but it is crucial that
these promises are delivered upon. We live on a planet that has
finite resources, which we are already over-consuming. The debate
surrounding these critical issues will evolve over the next decade
and will ultimately impact business models, with major implications
across a wide variety of industries.
Climate change is a long-term problem that will need long-term
solutions, which is why we feel that environmental themes can
present multi- year, indeed even multi-decade, opportunities. Jon
Wallace and his team will look to take advantage of any
underappreciated opportunities that arise as a result of ongoing
market turmoil with an eye towards generating long-term returns for
the company's shareholders. As we have seen in the past,
unprecedented change can create significant investment
opportunities across each of the seven investment themes that
comprise the portfolio.
Michael Naylor
Chairman
5 July 2021
Investment Adviser's Review
Market review
The period under review began with the extraordinary global
market turbulence triggered by the COVID-19 pandemic. Global
equities sold off sharply in March 2020 as many economies went into
lockdowns, although markets rebounded strongly in April, led by US
equities. Unprecedented levels of swift support from both
government and central banks, coupled with a gradual easing in
lockdown measures, underpinned an especially strong recovery in
growth and technology stocks.
While investor sentiment weakened somewhat in September and
October, November marked a pivotal moment for the pandemic
following successful COVID-19 vaccine trials; investors began to
shift their focus towards a world post COVID-19. A Biden victory in
the US presidential election at the beginning of November was also
supportive for markets as it was viewed as the more 'market-
friendly' outcome. Equities continued to trend higher in December,
supported by ongoing global vaccine rollouts.
Moving into 2021, global equities rose over Q1, supported by
successful rollouts of COVID-19 vaccines in the US and UK, and
ongoing supportive fiscal and monetary policy. Bullish sentiment
about greater economic growth expected later this year was further
boosted by significant fiscal stimulus from the new Biden
administration in the US in March. A $1.9trn stimulus package was
swiftly passed as well as plans for a further $2trn package of
infrastructure measures aiming to address the long-term effects of
the pandemic and reinvigorate productivity and the economy in the
US. Lowly valued parts of the market fared well, as did smaller
companies.
Environmental solutions were a big theme over the period,
becoming a central feature of economic recovery programmes of many
countries. In the US for example, Biden's $2trn infrastructure
proposal would mark a step change in the use of environmental
solutions such as clean energy in the transportation, electricity
and building sectors. In September, the European Commission
announced that by 2030 it aimed to reduce greenhouse gas emissions
by at least 55% from 1990 levels, compared to its previous target
of 40%. The EU's recovery package also embeds action on climate
change by including investment in renewable energy, clean hydrogen,
batteries and sustainable energy infrastructure. China unexpectedly
pledged to be carbon neutral by 2060.
Investment review
Our company's approach to investing in environmental solutions
remains focused on seven sustainable themes:
-- Circular economy : solutions for sustainable materials and resource stewardship
-- Clean energy : generation, storage and distribution
-- Water : conservation and management
-- Mobility : technologies and services for sustainable movement
-- Energy efficiency : enabling a low carbon transition
-- Sustainable agriculture, nutrition and health : solutions
protecting natural resources and well-being
-- Environmental services : pollution control, testing and impact management
The COVID-19 pandemic and its associated economic crisis have
triggered an acceleration in a number of structural sustainability
trends in which the company is invested, including: sustainable
agriculture, nutrition and health, sustainable mobility, clean
energy, environmental services and the circular economy.
As a result, during the period under review we increased the
company's investment focus on companies which are innovating
technological solutions to environmental challenges ('innovators')
and those companies that already have a proven solution set to
continue rapid growth within their addressable markets
('accelerators'). We believe this should deliver higher capital
growth and overall higher returns to shareholders, with a focus on
delivering an above-market total return. We expect lower dividend
payments as a result of this approach.
A natural feature of these changes is a greater focus on smaller
and mid-size companies which are often at the forefront of the
innovation driving environmental solutions. In light of this, the
benchmark of the company is now the MSCI World Small Cap Index. We
believe this widely-used index will provide a more suitable and
understandable reference point by which investors can assess the
performance of the company in the long-term.
Portfolio transition over the 12 month period
31.03.21 31.03.20
(% ex cash) (% ex cash)
Innovator 16 6
Accelerator 48 40
Established Leader 36 54
'Innovator' and 'Accelerator' companies were a dominant driver
of returns over the period, with contribution notably strong from
those companies in the Clean Energy and Circular Economy themes.
Amongst the top performers were wind turbine maker Vestas, offshore
wind developer Orsted, and fuel cell technology leader Ceres Power,
all of which sit in the Clean Energy theme.
In the Circular Economy theme, Re:NewCell also contributed
significantly to overall performance. Alongside Ceres Power,
Re:NewCell is a newcomer to the company that embodies an
'Innovator' stage company, bringing new solutions to the mass
textile industry that enable recycling of clothing materials in a
true 'circular' model. This solution will, we believe, begin to
positively address the deep sustainability challenges within the
global textile industry.
Another addition to the portfolio was Borregaard, a Norwegian
biorefinery also in the Circular Economy theme albeit closely
linked to Sustainable Agriculture. Borregaard uses waste wood to
develop wood-based substitutes for petroleum and we believe is an
example of a compelling environmental solution with a large
addressable market, but one that hasn't yet received the attention
of the wider investment market. We believe it should benefit from
the commitments of consumer goods companies to use more natural
ingredients and avoid petroleum, as well as from supportive policy
developments.
In other trading news, we added to our position in DSM
(Sustainable Agriculture, Nutrition & Health). While we had
previously bought shares in the company on broad market weakness,
its continued shift to higher value nutrition markets under the new
management line-up and a strengthened balance sheet give the
company a strong platform to grow earnings in the medium term.
During this time frame, we also believe it is set to benefit from
emerging environmental solutions including those addressing
challenges in the agriculture sector and aquaculture markets, both
of which are now rapidly seeking to address a large (and growing)
climate and broader environmental footprint.
Notable holdings that detracted from performance in absolute
terms were Loop Industries (Circular Economy), East Japan Railway
Company (Sustainable Mobility), Cranswick (Sustainable Agriculture
Nutrition & Health), and Pennon Group (Water) - all of which
are no longer held - as well as Teamviewer (Energy Efficiency).
Top five contributors and detractors
Detail % Average Weight Total Return (%) Contribution to
Return (%)
VESTAS WIND SYSTEMS A/S 3.86 130.76 4.08
HANNON ARMSTRONG SUSTAINABLE 2.91 158.14 3.16
RE:NEWCELL AB 1.28 85.33 2.89
ORSTED A/S 3.73 50.31 2.01
CERES POWER HOLDINGS PLC 1.13 193.80 1.88
RICARDO PLC 0.19 -14.91 -0.13
PENNON GROUP PLC 1.24 -10.68 -0.20
TEAMVIEWER AG 0.75 -16.69 -0.29
EAST JAPAN RAILWAY CO 0.37 -24.20 -0.33
LOOP INDUSTRIES INC 0.06 -42.46 -0.55
Source: Bloomberg.
Outlook
It has been encouraging to see how, over the course of the
COVID-19 pandemic, the drivers of green investment have continued
to gain momentum. This was by no means assured at the beginning of
the review period, and stands in notable contrast to the years
following the last major global crisis in 2008/9.
Looking beyond the many headlines of the heightened financial
and political capital that is mobilising to address pressing
environmental challenges such as climate change, it is now becoming
clear that our investment opportunity is entering a new and
decisive phase. The continued growth of environmental solutions
that have for many years been central to global efforts to address
related challenges, such as Clean Energy technologies, will of
course continue to play a key role in achieving critical
sustainability goals. However, they alone will be insufficient.
Developing and applying new, innovative solutions towards 'hard to
tackle' sectors of the economy that have to date made little
progress transitioning to an environmentally sustainable pathway
marks the next major challenge and one that brings with it a new
opportunity set.
The company is well-positioned to take advantage in this
evolving landscape, having the flexibility to meaningfully invest
in smaller, 'innovator' stage companies as well as unquoted
companies. While there are no unlisted companies in the portfolio
currently, we are committed to investing in such opportunities in
the future where we see the potential to achieve higher returns as
well as adding diversity to the company's existing investments.
Jon Wallace
Fund Manager
Jupiter Asset Management Limited
Investment Adviser
5 July 2021
Investment Portfolio as at 31 March 2021
31 March 2021 31 March 2019
Country Market value Percentage Market value Percentage
Company of Listing GBP'000 of Portfolio GBP'000 of Portfolio
================================ ================ ============ ============ ============ ============
Vestas Wind Systems Denmark 1,937 3.8 1,017 3.2
================================ ================ ============ ============ ============ ============
Hannon Armstrong Sustainable
Infrastructure Capital, United States
REIT of America 1,711 3.4 626 2.0
================================ ================ ============ ============ ============ ============
Borregaard ASA Norway 1,693 3.3 - -
================================ ================ ============ ============ ============ ============
Orsted Denmark 1,635 3.2 1,126 3.5
================================ ================ ============ ============ ============ ============
Koninklijke DSM Netherlands 1,609 3.2 641 2.0
================================ ================ ============ ============ ============ ============
Re:NewCell Sweden 1,562 3.1 - -
================================ ================ ============ ============ ============ ============
United States
Itron of America 1,474 2.8 730 2.3
================================ ================ ============ ============ ============ ============
Azbil Japan 1,424 2.8 955 3.0
================================ ================ ============ ============ ============ ============
United States
AO Smith of America 1,423 2.7 886 2.8
================================ ================ ============ ============ ============ ============
United States
NextEra Energy Partners of America 1,347 2.6 886 2.8
================================ ================ ============ ============ ============ ============
Ceres Power Holdings United Kingdom 1,216 2.4 - -
================================ ================ ============ ============ ============ ============
TOMRA Systems Norway 1,130 2.2 801 2.5
================================ ================ ============ ============ ============ ============
United States
Regal Beloit of America 1,127 2.2 552 1.7
================================ ================ ============ ============ ============ ============
United States
First Solar of America 1,119 2.2 464 1.4
================================ ================ ============ ============ ============ ============
Veolia Environnement France 1,116 2.2 1,034 3.2
================================ ================ ============ ============ ============ ============
United States
Xylem of America 1,113 2.2 914 2.9
================================ ================ ============ ============ ============ ============
Sensata Technologies
Holding United Kingdom 1,108 2.1 556 1.7
================================ ================ ============ ============ ============ ============
Prysmian Italy 1,061 2.1 580 1.8
================================ ================ ============ ============ ============ ============
Umicore Belgium 1,012 2.0 335 1.0
================================ ================ ============ ============ ============ ============
Daiseki Japan 990 1.9 585 1.8
================================ ================ ============ ============ ============ ============
United States
Valmont Industries of America 948 1.9 471 1.5
================================ ================ ============ ============ ============ ============
Infineon Technologies Germany 910 1.8 315 1.0
================================ ================ ============ ============ ============ ============
Horiba Japan 896 1.8 710 2.2
================================ ================ ============ ============ ============ ============
Cranswick United Kingdom 891 1.7 1,128 3.5
================================ ================ ============ ============ ============ ============
Befesa Luxembourg 886 1.7 - -
================================ ================ ============ ============ ============ ============
Watts Water Technologies United States
'A' of America 875 1.7 627 2.0
================================ ================ ============ ============ ============ ============
Miura Japan 865 1.7 635 2.0
================================ ================ ============ ============ ============ ============
Shimano Japan 865 1.7 574 1.8
================================ ================ ============ ============ ============ ============
Johnson Matthey United Kingdom 859 1.7 512 1.6
================================ ================ ============ ============ ============ ============
Stantec Canada 846 1.6 555 1.7
================================ ================ ============ ============ ============ ============
Sensirion Holding Switzerland 827 1.6 - -
================================ ================ ============ ============ ============ ============
Hoffmann Green Cement
Technologies France 814 1.6 353 1.1
================================ ================ ============ ============ ============ ============
Trainline United Kingdom 803 1.6 - -
================================ ================ ============ ============ ============ ============
Innergex Renewable Energy Canada 755 1.5 582 1.8
================================ ================ ============ ============ ============ ============
SKF 'B' Sweden 750 1.4 405 1.3
================================ ================ ============ ============ ============ ============
Mayr Melnhof Karton Austria 739 1.4 490 1.5
================================ ================ ============ ============ ============ ============
United States
SolarEdge Technologies of America 692 1.4 - -
================================ ================ ============ ============ ============ ============
United States
BorgWarner of America 686 1.3 402 1.3
================================ ================ ============ ============ ============ ============
Knorr-Bremse Germany 675 1.3 531 1.7
================================ ================ ============ ============ ============ ============
National Express Group United Kingdom 672 1.3 448 1.4
================================ ================ ============ ============ ============ ============
Atlas Copco 'A' Sweden 663 1.3 407 1.3
================================ ================ ============ ============ ============ ============
United States
Acuity Brands of America 596 1.2 311 1.0
================================ ================ ============ ============ ============ ============
United States
Clean Harbors of America 590 1.2 400 1.2
================================ ================ ============ ============ ============ ============
Novozymes 'B' Denmark 587 1.2 521 1.6
================================ ================ ============ ============ ============ ============
Salmar Norway 571 1.1 209 0.7
================================ ================ ============ ============ ============ ============
TeamViewer Germany 567 1.1 - -
================================ ================ ============ ============ ============ ============
Greencoat Renewables United Kingdom 552 1.1 513 1.6
================================ ================ ============ ============ ============ ============
United States
Covanta Holding of America 507 1.0 347 1.1
================================ ================ ============ ============ ============ ============
Casella Waste Systems United States
'A' of America 501 1.0 342 1.1
================================ ================ ============ ============ ============ ============
Brambles Australia 470 0.9 286 0.9
================================ ================ ============ ============ ============ ============
ANDRITZ Austria 457 0.9 344 1.1
================================ ================ ============ ============ ============ ============
Renewi United Kingdom 447 0.9 196 0.6
================================ ================ ============ ============ ============ ============
Aker BioMarine Norway 426 0.9 - -
================================ ================ ============ ============ ============ ============
Beijing Enterprises Water
Group Bermuda 309 0.6 318 1.0
================================ ================ ============ ============ ============ ============
RA International Group United Kingdom 253 0.5 186 0.6
================================ ================ ============ ============ ============ ============
China Everbright Environment
Group Hong Kong 235 0.5 200 0.6
================================ ================ ============ ============ ============ ============
Salmones Camanchaca Chile 233 0.5 190 0.6
================================ ================ ============ ============ ============ ============
Total Investments 51,025 100.0
================================================== ============ ============ ============ ============
The holdings listed above are all equity shares unless otherwise
stated
Cross Holdings in other Investment Companies
As at 31 March 2021, 1.1% 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.
Analysis of Investments by Investment Theme, Stage of
Development, Geography and Economic Sector
Analysis of Investments by Investment Theme and Stage of
Development
As at 31 March 2021
Circular Clean Energy Water Mobility Energy Sustainable Environmental Total
economy Efficiency Agriculture Services
and health
Stage of % % % % % % % %
Development
Innovators* 3.0 5.9 0.0 0.0 5.6 0.9 0.6 16.0
Accelerators* 10.0 11.4 4.5 10.6 2.8 6.6 1.7 47.6
Established
Leaders* 5.0 8.2 2.2 6.0 12.1 2.9 0.0 36.4
--------------- --------------- ------------ ----- -------- -------------- -------------- -------------- -----
18.0 25.5 6.7 16.6 20.5 10.4 2.3 100.0
* Innovators are companies that are innovating technological
change to environmental challenges. Accelerators are companies that
already have a proven solution to environmental challenges and are
set to continue rapid growth within their addressable market.
Established leaders are larger companies which have developed a
commanding presence in their chosen markets.
Analysis of Investments by Geography and Economic Sector
As at 31 March 2021
United States of United Japan Denmark Norway Sweden Other Totals Totals
America Kingdom 2021 2020
Sectors % % % % % % % % %
Basic Materials - 1.7 - - 3.3 4.5 2.0 11.5 5.7
Consumer Goods 1.3 1.7 1.7 - 2.0 - 3.7 10.4 8.8
Consumer Services - 2.9 - - - - - 2.9 3.3
Financials 3.4 - - - - - - 3.4 4.7
Health Care - - - 1.2 - - - 1.2 1.6
Industrials 14.7 2.6 6.3 - 2.2 1.3 11.4 38.5 53.5
Technology - - - - - - 2.9 2.9 1.0
Oil & Gas 3.6 2.4 - 3.8 - - - 9.8 4.6
Utilities 5.8 2.0 1.9 3.2 - - 6.5 19.4 16.8
------------------ ---------------- -------- ----- ------- ------ ------ ----- ------ ------
Totals 2021 28.8 13.3 9.9 8.2 7.5 5.8 26.5 100.0 100.0
Strategic Review
The Strategic Report has been prepared in accordance with the
Companies Act 2006 (Strategic Report and Directors' Report)
Regulations 2013.
The Strategic Report seeks to provide shareholders with the
relevant information to enable them to assess the performance of
the directors of the company during the period under review.
Business and Status
During the year the company carried on business as an investment
trust with its principal activity being portfolio investment. The
company has been approved by HM Revenue & Customs ('HMRC') as
an investment trust subject to the company continuing to meet the
eligibility conditions of sections 1158 and 1159 of the Corporation
Taxes Act 2010 and the ongoing requirements for approved companies
as detailed in Chapter 3 of Part 2 of the Investment Trust
(Approved Company) (Tax) Regulations 2011. In the opinion of the
directors, the company has conducted its affairs in the appropriate
manner to retain its status as an investment trust.
The company is a public limited company and is an investment
company within the meaning of section 833 of the Companies Act
2006. It is also an Alternative Investment Fund (AIF) for the
purposes of the EU Alternative Investment Fund Managers
Directive.
The company has a fixed share capital although it may issue or
purchase its own shares subject to shareholder approval, usually
sought annually although more recently on 14 June 2021, additional
authority was obtained in a general meeting of the company.
The company is not a close company within the meaning of the
provisions of the Corporation Tax Act 2010 and has no
employees.
The company was incorporated in England & Wales on 12 April
2006 and started trading on 8 June 2006, immediately following the
company's launch.
Reviews of the company's activities are included in the
Chairman's Statement and Investment Adviser's Review.
There has been no significant change in the activities of the
company during the year to 31 March 2021 and the directors
anticipate that the company will continue to operate in the same
manner during the current financial year.
Investment Objective
The investment objective of the company is to achieve capital
growth and income, both over the long-term, through investment in a
diverse portfolio of companies providing environmental
solutions.
Investment Strategy
The investment adviser has adopted a bottom-up approach. The
investment adviser, supported by Jupiter's Governance and
Sustainability team, researches companies, ensuring that each
potential investment falls within the company's stated investment
policy. Consideration is also given to a potential investment's
risk/return profile and growth prospects before an investment is
made. Once companies operating within the appropriate theme have
been identified and due diligence has been carried out, the
investment adviser will decide whether a particular investment
would be appropriate.
Investment Policy
The COVID-19 pandemic and its associated economic crisis have
triggered an acceleration in a number of structural sustainability
trends in which the company is invested. As a result, we have
adjusted the company's investment focus towards a greater emphasis
on companies which are innovating technological solutions to
sustainability challenges ('innovators') and companies that are
already rapidly delivering proven sustainable solutions in their
markets ('accelerators'). A by-product of these changes will be a
greater focus on smaller companies which are at the forefront of
the innovation driving sustainable solutions.
The following investment restrictions are observed:
-- no more than 5% of the company's total assets (at the time of
such investment) may be invested in unlisted securities
-- no more than 15% of the total assets of the company (before
deducting borrowed money) is lent to or invested in any one
company or group (including loans to or shares in the company's
own subsidiaries) at the time the investment or loan is made.
For this purpose any existing holding in the company or group
concerned is aggregated with the proposed investment
-- distributable income is principally derived from investments.
The company does not conduct a trading activity which is significant
in the context of the group as a whole; not more than 10%, in
aggregate, of the value of the total assets of the company (before
deducting borrowed money) is invested in other UK listed investment
companies (including investment trusts) listed on the Official
List. Whilst the requirements of the UK Listing Authority permit
the company to invest up to this 10% limit, it is the directors'
current intention that the company invests not more than 5%,
in aggregate, of the value of the total assets of the company
(before deducting borrowed money) in such other investment companies;
and
-- the company at all times invests and manages its assets in a
way which is consistent with its objective of spreading investment
risk.
In accordance with the requirements of the UK Listing Authority,
any material changes in the principal investment policies and
restrictions of the company would only be made with the approval of
shareholders by ordinary resolution.
Future Developments
It is the board's ambition to continue to grow the asset base of
the company through a combination of organic growth of net asset
value and issuance of new shares with a view to achieving the
critical mass necessary to attract broader demand from large
national discretionary wealth managers, and other long term
institutional buyers of investment trust shares.
Benchmark Index
On 2 September 2020 the benchmark of the company was changed
from the FTSE Environmental Technology 100 ('FTSE ET100') Total
Return Index to the MSCI World Small Cap Index.
Management
The company has no employees and most of its day to day
responsibilities are delegated to Jupiter Asset Management Limited
('JAM'), who act as the company's investment adviser and company
secretary. Further details of the company's arrangement with JAM
and the Alternative Investment Fund Manager ('AIFM'), Jupiter Unit
Trust Managers Limited, can be found in the Notes to the accounts.
Both JAM and JUTM are part of the Jupiter Group which comprises
Jupiter Fund Management PLC and all of its subsidiaries
('Jupiter').
J.P. Morgan Europe Limited ('JPMEL') acts as the company's
depository. The company has also entered into an outsourcing
arrangement with J.P. Morgan Chase Bank N.A. ('JPMCB') for the
provision of accounting and administration services.
Although JAM is named as the company secretary, JPMEL provides
administrative support to the company secretary as part of its
formal mandate to provide broader fund administration services to
the company.
Viability Statement
In accordance with Provision 36 of the Code of Corporate
Governance as issued by the Association of Investment Companies in
February 2019 (the 'AIC Code'), the board has assessed the
prospects of the company over a longer period than the twelve
months required by the 'Going Concern' provision, reviewing the
next two years in line with the three year cycle of the company
continuation vote. The company's investment objective is to achieve
capital growth and income, both over the long term and the board
regards the company as a long-term investment.
The board has considered the company's business model including
its investment objective and investment policy as well as the
principal and emerging risks and uncertainties that may affect the
company.
In addition, the board has considered the reporting produced by
the Jupiter Investment Risk Team concerning a number of potential
future scenarios resulting from the COVID-19 pandemic. The board
continues to monitor income and expense forecasts for the company.
The board has also assessed the operational resilience of its key
service providers in light of COVID-19.
The board has noted that:
-- The company holds a highly liquid portfolio invested predominantly
in listed equities.
-- The investment management fee is the most significant expense
of the company. It is charged as a percentage of the portfolio
value and so would reduce if the market value of the portfolio
were to fall. The remaining expenses are more modest in value
and are predicable in nature. No significant increase to ongoing
charges or operational expenses is anticipated
-- Green and sociably responsible investing is now high on the
agenda of many retail investors and that the company is well
placed to attract these retail investors through targeted marketing.
-- The board is satisfied that Jupiter and the company's other
key third-party suppliers maintain suitable processes and controls
to ensure that they can continue to provide their services to
the company in spite of the COVID-19 pandemic.
The board has therefore concluded that there is a reasonable
expectation that the company will be able to continue in operation
and meet its liabilities as they fall due over the next three
years.
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.
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 a
geared share class tends to benefit from any outperformance of the
relevant 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 value of the geared
shares class suffers more if the company's investment portfolio
underperforms the cost of those prior entitlements.
The company may utilise gearing at the director's discretion for
the purpose of financing the company's portfolio and enhancing
shareholder returns. In particular, the company may be geared by
bank borrowings which will rank in priority to the ordinary shares
for repayment on a winding up or other return of capital.
The Articles provide that, without the sanction of the company
in a general meeting, the company may not incur borrowings above a
limit of 25% of the company's total assets at the time of drawdown
of the relevant borrowings.
Loan facility
On 24 August 2020 the company entered into a revolving loan
facility agreement with Royal Bank of Scotland International
Limited of GBP5 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. The finance costs shown in the Statement of
Comprehensive Income are in respect of interest charges on the
utilised balance along with the costs incurred for non-utilisation
of the facility during the year to the end of the loan term.
Use of Derivatives
The company may invest in derivative financial instruments
comprising options, futures and contracts for difference for
investment, hedging and efficient portfolio management, as more
fully described in the investment policy. There is a risk that the
use of such instruments will not achieve the goals desired. Also,
the use of swaps, contracts for difference and other derivative
contracts entered into by private agreements may create a
counterparty risk for the company. This risk is mitigated by the
fact that the counterparties must be institutions subject to
prudential supervision and that the counterparty risk on a single
entity must be limited in accordance with the individual
restrictions. There were no open derivatives at year end.
Currency Hedging
The company's accounts are maintained in sterling while
investments and revenues are likely to be denominated and quoted in
currencies other than sterling. Although it is not the company's
present intention to do so, the company may, where appropriate and
economic to do so, employ a policy of hedging against fluctuations
in the rate of exchange between sterling and other currencies in
which its investments are denominated.
Key Performance Indicators
At their quarterly board meetings the directors consider a
number of performance indicators to help assess the company's
success in achieving its objectives. The key performance indicators
used to measure the performance of the company over time are as
follows:
-- Net asset value changes over time;
-- Ordinary share price movement;
-- A comparison of ordinary share price and net asset value to benchmark;
-- Discount and premium to net asset value; and
-- Growth in assets under management.
In addition, a history of the net asset values, the price of the
ordinary shares and the benchmark index are shown on the monthly
factsheets which can be viewed on the investment adviser's website
www.jupiteram.com/JGC and which are available on request from the
company secretary.
Discount to Net Asset Value
The directors review the level of the discount or premium
between the middle market price of the company's ordinary shares
and their net asset value on a regular basis.
The directors have powers granted to them at the last AGM to
purchase ordinary shares and either cancel or hold them in treasury
as a method of controlling the discount to net asset value and
enhancing shareholder value.
The company did not repurchase any ordinary shares for holding
in treasury during the year under review.
Under the Listing Rules, the maximum price that may currently be
paid by the company on the repurchase of any ordinary shares is
105% of the average of the middle market quotations for the
ordinary shares for the five business days immediately preceding
the date of repurchase. The minimum price will be the nominal value
of the ordinary shares. The board is proposing that its authority
to repurchase up to approximately 14.99% of its issued share
capital should be renewed at the AGM. The new authority to
repurchase will last until the conclusion of the AGM of the company
in 2022 (unless renewed earlier). Any repurchase made will be at
the discretion of the board in light of prevailing market
conditions and within guidelines set from time to time by the
board, the Companies Act, the Listing Rules and Model Code.
Treasury Shares
In accordance with the Companies (Acquisition of Own Shares)
(Treasury Shares) Regulations 2003 (the 'Regulations') which came
into force on 1 December 2003 any ordinary shares repurchased,
pursuant to the above authority, may be held in treasury. These
ordinary shares may subsequently be cancelled or sold for cash.
This would give the company the ability to reissue shares quickly
and cost effectively and provide the company with additional
flexibility in the management of its capital. The company issued
1,185,000 ordinary shares from treasury during the year under
review.
Principal Risks and Uncertainties
The Directors confirm that they have caried out a robust
assessment of the emerging and principal risks facing the company,
including those that would threaten its business model, future
performance, solvency or liquidity. Most of these risks are market
related and are similar to those of other investment trusts
investing primarily in listed markers. The Audit Committee reviews
the company's risk control summary at each meeting, and as part of
this process, gives consideration to identifying emerging risks.
Any emerging risks that are identified, that are considered to be
of significance will be recorded on the company's Risk Control
Summary with and mitigations. In carrying out this assessment,
consideration is given to the market and the impact from the
Coronavirus (COVID-19) outbreak.
Investment policy and process - Inappropriate investment
policies and processes may result in under performance against the
prescribed benchmark index and the company's peer group.
The board manages these risks by ensuring a diversification of
investments and regularly reviewing the portfolio asset allocation
and investment process. In addition, certain investment
restrictions have been set and these are monitored as
appropriate.
Investment Strategy and Share Price Movements - The company is
exposed to the effect of variations in the price of its
investments. A fall in the value of its portfolio will have an
adverse effect on shareholders' funds. It is not the aim of the
board to eliminate entirely the risk of capital loss, rather it is
its aim to seek capital growth. The board reviews the company's
investment strategy and the risk of adverse share price movements
at its quarterly board meetings taking into account the economic
climate, market conditions and other factors that may have an
effect on the sectors in which the company invests. There can be no
assurances that appreciation in the value of the company's
investments will occur but the board seeks to reduce this risk.
COVID-19 - The COVID-19 pandemic poses additional risks to the
company beyond the risks described under market risks above. They
include liquidity risks to markets, and business continuity risks
for the investment adviser. Each of these risks is being assessed
on a day to day basis by the investment adviser.
Discount to Net Asset Value - A discount in the price at which
the company's shares trade to net asset value would mean that
shareholders would be unable to realise the true underlying value
of their investment. As a means of controlling the discount to net
asset value the board has established a buy- back programme which
is under constant review as market conditions change.
Liquidity Risk - The company may invest in securities that have
a very limited market which will affect the ability of the
investment adviser to dispose of securities when it is no longer
felt that they offer the potential for future returns. Likewise the
company's shares may experience liquidity problems when
shareholders are unable to realise their investment in the company
because there is a lack of demand for the company's shares. At its
quarterly meetings the board considers the current liquidity in the
company's investments when setting restrictions on the company's
exposure. The board also reviews, on a quarterly basis, the
company's buy-back programme and in doing so is mindful of the
liquidity in the company's shares.
Gearing Risk - The company's gearing can impact the company's
performance by accelerating the decline in value of the company's
net assets at a time when the company's portfolio is declining.
Conversely gearing can have the effect of accelerating the increase
in the value of the company's net assets at a time when the
company's portfolio is rising. The company's level of gearing is
under constant review by the board who take into account the
economic environment and market conditions when reviewing the
level.
Regulatory Risk - The company operates in a complex regulatory
environment and faces a number of regulatory risks. A breach of
section 1158 of the Corporation Tax Act 2010 could result in the
company being subject to capital gains tax on portfolio movements.
Breaches of other regulations such as the UKLA Listing rules, could
lead to a number of detrimental outcomes and reputational damage.
Breaches of controls by service providers such as the investment
adviser could also lead to reputational damage or loss. The board
monitors regulatory risks at its quarterly board meetings and
relies on the services of its company secretary, JAM, and its
professional advisers to ensure compliance with, amongst other
regulations, the Companies Act 2006, the UKLA Listing Rules, the
FCA's Disclosure Guidance and Transparency Rules and the
Alternative Investment Fund Managers' Directive. In order to ensure
that the company remains compliant, the board directly and via the
Audit Committee/ Management Engagement Committee receives regular
updates from the Investment Adviser and the company's other key
service providers. The investment adviser is contractually obliged
to ensure that its conduct of business conforms to applicable laws
and regulations.
Credit and Counterparty Risk - The failure of the counterparty
to a transaction to discharge its obligations under that
transaction could result in the company suffering a loss.
Loss of Key Personnel - The day-to-day management of the company
has been delegated to the investment adviser. Loss of the
investment adviser's key staff members could affect investment
return. The board is aware that JAM recognises the importance of
its employees to the success of its business. Its remuneration
policy is designed to be market competitive in order to motivate
and retain staff and succession planning is regularly reviewed. The
board also believes that suitable alternative experienced personnel
could be employed to manage the company's portfolio in the event of
an emergency.
Operational - Failure of the core accounting systems, or a
disastrous disruption to the investment adviser's business or that
of the administration provider JPMCB, could lead to an inability to
provide accurate reporting and monitoring.
Financial - Inadequate financial controls could result in
misappropriation of assets, loss of income and debtor receipts and
inaccurate reporting of net asset value per share. The board
annually reviews the investment adviser's report on its internal
controls and procedures. Details of how the board monitors the
operational services and financial controls of Jupiter and J.P.
Morgan are included within the Internal Control section of the
Report of the Directors in the Annual Report & Accounts.
Enterprise risk is reviewed twice a year, taking into its remit
emerging risks as they become immediate, whist still maintaining a
long-term perspective where they are evolving at a fast rate.
Climate change and its potential impacts is under scrutiny at every
meeting, this being the very purpose of the company.
Capital Gains Tax Information
The closing price of the ordinary shares on the first date of
dealing for capital gain tax purposes was 99p.
Directors
Details of the directors of the company and their biographies
are set out in the Annual Report & Accounts.
The company's policy on board diversity is included in the
Corporate Governance section of the Report.
As at 31 March 2021, the board comprises of one female and three
male directors.
Employees, Environmental, Social and Human Rights issues
The company has no employees as the board has delegated the day
to day management and administration functions to JUTM, JAM and
other third-party suppliers. There are therefore no disclosures to
be made in respect of employees.
Integration of Environmental, Social and Governance ('ESG')
considerations into the Investment Adviser's Investment Process
Jupiter Asset Management Limited's approach to stewardship is
borne out of a belief that allocating capital to well-governed
companies with sustainable business models enhances the potential
for positive, long-term outcomes for our clients and wider
stakeholders. Effective stewardship allows us to make better
informed investment decisions through the monitoring of assets,
engagement with companies, ESG integration and partnerships with
peers, industry bodies, and civil society groups. At Jupiter, the
CIO function (CIO Office) has oversight on ESG matters for the fund
management department. The Governance and Sustainability Team works
with investment teams to help identify relevant ESG factors that
might affect the business performance of investee companies.
Stewardship is a factor in the personal objectives of Jupiter's
investment personnel, and this includes fund managers and
investment analysts. This means that stewardship priorities are
well defined, integrated, and relevant to the investment
approach.
Modern Slavery Act
The Modern Slavery Act 2015 requires certain companies to
prepare a slavery and human trafficking statement. As the company
has no employees and does not supply goods and services, it is not
required to make such a statement.
Global Greenhouse Gas Emissions
The company has no greenhouse gas emissions to report from its
operations as the day to day management and administration
functions have been outsourced to third-parties and it neither owns
physical assets, property nor has employees of its own. It
therefore does not have responsibility for any other emissions
producing sources under the Companies Act 2006 (Strategic Report on
Directors' Reports) Regulations 2013.
Section 172 Statement
Under section 172 of the Companies Act 2006, the directors have
a duty to act in good faith and to promote the success of the
company for the benefit of its shareholders as a whole. This
includes taking into consideration the likely consequences of their
decisions on the long term and on the company's stakeholders such
as its shareholders, employees and suppliers, while acting fairly
between shareholders. The directors must also consider the impact
of the company's decisions on the environment, the community and
its reputation for maintaining high standards of business
conduct.
The company ensures that the directors are able to discharge
this duty by, amongst other things, providing them with relevant
information and training on their duties. The company also ensures
that information pertaining to it is provided, as required, to the
directors as part of the information presented in regular board
meetings in order that stakeholder considerations can be factored
into the board's decision making. The directors' responsibilities
are also set out in the schedule of matters reserved for the board
and the terms of reference of its committees, both of which are
reviewed regularly by the board. At all times the directors can
access as a board, or individually, advice from its professional
advisers including the company secretary and independent external
advisers.
The company's investment objective, to achieve capital and
income growth over the long-term, supports the directors' statutory
obligations to consider the long term consequences of the company's
decisions. How the long-term focus of the company is achieved, is
set out in more detail above where the investment adviser's
approach to environmental, social and governance issues is
explained in the section entitled Integration of ESG considerations
into the investment adviser's investment process. This approach is
fundamental to the company achieving long-term success for the
benefit of all of its stakeholders.
The company's corporate purpose is to generate a total return by
investing in companies which are developing and implementing
solutions for the world's environmental challenges. The company is
also aware of its own potential impact on the environment and has a
number of practical policies in place to reduce that impact.
Examples include the use and sharing of electronic documents by the
board rather than printing documentation and the provision of
electronic copies of the annual report and accounts which are
available to shareholders and others on the company website. Where
physical copies of the annual and half yearly financial reports are
made, they use materials and processes designed to both minimise
the environmental impact and to maximise the recycling potential as
described in more detail on the inside back cover of this document.
The proxy voting form previously printed in the annual report and
accounts and posted back to the registrars has been removed and
shareholders are invited to vote via the registrar's secure portal.
In the last year, as a result of the COVID-19 pandemic, all board
meetings were held virtually, reducing travel and associated
pollution. In normal circumstances, the board would however, expect
to meet physically twice each year. The directors as a matter of
course continue to seek new opportunities and to make use of new
technologies and processes that will further enhance environmental
operation of the company.
Engagement with stakeholders and the effect on principal
decisions
The Shareholders - The shareholders of the company are both
institutional and retail in nature and details of those with
substantial shareholdings are detailed in the Annual Report &
Accounts.
.
The board believe that shareholders have a vital role in
encouraging a higher level of corporate performance and is
committed to listening to the views of its shareholders and giving
useful and timely information by providing open and accessible
channels of communication including those listed below.
The AGM - The company encourages participation from shareholders
at its AGMs where they can communicate directly with the directors
and investment adviser. Given the environmental ethos of the
company shareholders are encouraged to submit their votes by proxy
ahead of the meeting, or attend the meeting remotely, rather than
attending in person. The board and investment adviser welcome your
questions which may be submitted to Magnus.Spence@jupiteram.com .
Subject to confidentiality, we will respond to any questions
submitted either direct or by publishing our response on the
company's website. All views of the shareholders will be taken into
consideration and action taken where appropriate.
Online Information - The recently refreshed company website
(www.jupiteram.com/JGC) contains the Annual and Half Yearly
Financial Report along with monthly factsheets and commentaries and
video updates from the investment adviser. The daily NAV per share,
monthly top ten portfolio listings, dividend announcements and
various regulatory announcements can be found on the regulatory
news service of the London Stock Exchange. Jupiter Green Investment
Trust PLC JGC Stock | London Stock Exchange.
Shareholder Communications
Shareholders can raise issues or concerns at any time by writing
to the Chairman or the Senior Independent Director at the
registered office.
Further details about how the board incorporates the views of
the company's shareholders in its decision- making process can be
found in the UK Stewardship Code and the Exercise of Voting Powers
section. Further information about how the board ensures that each
director develops an understanding of the views of the company's
shareholders and can be found in the section entitled Shareholder
Relations of Annual Report & Accounts.
The Investment Adviser
The investment management function is critical to the long-term
success of the company. The board and the investment adviser
maintain an open and constructive relationship, with meetings
taking place a minimum of four times per annum with monthly updates
and additional meetings as circumstances require. The Audit
Committee meets at least twice a year and as part of its role
considers the internal controls put in place by the investment
adviser. The 'Management of the company' section in the Annual
Report & Accounts details the board's consideration of the
investment adviser's performance, its terms of appointment and
their annual assessment of its continued stewardship of the
portfolio and its oversight of the administrative functions.
The day to day responsibilities of the company are delegated to
the investment adviser who is the key service provider and supplies
investment management, administration and company secretarial
services. The investment adviser oversees the activities of the
company's other third-party suppliers on behalf of the company and
maintains open and collaborative relationships to maintain quality,
efficiency and cost control through regular communication with
dedicated members of the investment adviser's operational teams.
The board regularly reviews reports from its investment adviser,
the AIFM, the depositary, the company broker, the investor
relations research provider and the auditors. These provide vital
information concerning changes in market practice or regulation
which affect the company and assist the board in its
decision-making process. Representatives from these providers
attend company board meetings and give presentations on a regular
basis enabling in depth discussions concerning both their findings
and their performance.
The board reviews the culture and values of the investment
adviser as part of its ongoing assessment of its performance to
ensure these are aligned to those of the board. Further information
on the investment adviser's culture and values can be found in the
'Integration of ESG considerations into the investment adviser's
investment process' section.
Other Third-Party Suppliers
As an externally managed investment company with no employees or
physical assets, the principal stakeholders of the company are its
shareholders, investment adviser, AIFM, depositary, custodian,
administrator and registrar. The continuance, or otherwise, of
engagement of key third-party service providers are principal
decisions taken by the board every year.
Principal Decisions
The directors take into account the s172 considerations in all
material decisions of the company ensuring in board discussions
that appropriate attention is given to the short and long- term
benefits for stakeholders. Examples of this can be seen as
follows:
-- Pandemic: During the COVID-19 pandemic the board requested
that the investment adviser increase the frequency of its
monitoring of key suppliers to ensure the safety of working
conditions and continuity of operational functions. The board
decided to increase its monitoring of the portfolio and is in more
frequent discussion with the investment adviser.
-- Change in Investment Policy: Discussions with the investment
adviser about COVID-19 and its associated economic crisis
highlighted an acceleration of sustainability trends in which the
company is invested. As a result, the board decided to change the
investment focus of the company to take full advantage of this
acceleration. This adjustment involves investing in companies which
are either innovating technological solutions to sustainability
challenges ('innovators') or companies that are already rapidly
delivering proven sustainable solutions in their markets
('innovators'). These changes resulted in a greater focus on
smaller companies.
-- Change of Index: In light of the greater focus on smaller
capitalization stocks, the board decided that it would be in the
interests of shareholders to change the benchmark of the company to
the MSCI World Small Cap Index. This decision was taken by the
board to provide investors with a more suitable and understandable
reference point to assess the performance of the company.
-- Issuances: The board was granted authority to issue shares at
the 2020 AGM in September. In November 2020 the company's share
price traded at or above net asset value affording the company the
opportunity to grow the company through new equity issuance. In
order to allow a quick decision to be made to satisfy investor
demand for issuance in the market the board resolved to delegate
authority, within certain parameters, to the investment adviser.
Share issuances commenced in November 2020.
-- Change of Broker: In order to support the long-term growth of
the company, the board reviewed its broker arrangements. Following
presentations from several brokers, the board decided to appoint
finnCap Limited as the company's brokers and Kepler Partners LLP as
its retail marketer. Since appointment, the board has received
frequent updates from finnCap and Kepler and has regularly
discussed the marketing strategy of the company to support the
growth of the company and engagement with shareholders. The board
believes that these appointments will provide the board with the
relevant expertise to support its strategy to grow the company.
-- Public Relations: The board has appointed SEC Newgate to
provide public relations support to engage with media channels to
increase coverage of the company in the press. The board believes
this will increase the awareness of the company its investment
strategy and holdings among investors which should help to grow the
size of the company over time.
-- New Loan Facility: On 24th August 2020, the board announced
that the company had secured a GBP5 million loan facility to
replace its expired loan facility. In discussion with the
investment adviser the board took the decision to enter into a new
loan in order to support the growth of the company to accelerate
investment in companies which meet the criteria of its changed
investment focus.
-- Change to Dividend Policy: As set out in the previous annual
report, the dividend policy has been under regular review by the
board. As a result of the changes in the investment focus, the
board has taken the decision to establish a dividend policy that
would result in paying one final dividend per annum in October each
year equal to the current year profits of the company.
In Summary
The structure of the board and its various committees and the
decisions it makes are underpinned by the duties of the directors
under s172 on all matters. The board firmly believes that the
sustainable long-term success of the company depends upon taking
into account the interests of all the company's key
stakeholders.
Michael Naylor
Chairman
5 July 2021
Statement of Directors' Responsibilities
The directors are responsible for preparing the Annual Report
and financial statements in accordance with applicable United
Kingdom law and International Accounting Standards ('IAS') in
conformity with the Companies Act 2006.
Under company law the directors must not approve the financial
statements unless they are satisfied that they give a true and fair
view of the state of affairs of the company and of the return or
loss of the company for that period.
In preparing those financial statements, the directors are
required to:
(a) select suitable accounting policies in accordance with IAS 8
Accounting Policies, Changes in Accounting Estimates and Errors
and then apply them consistently;
(b) present information, including accounting policies, in a manner
that provides relevant, reliable, comparable and understandable
information;
(c) provide additional disclosures when compliance with the specific
requirements in IAS is insufficient to enable users to understand
the impact of particular transactions, other events and conditions
on the entity's financial position and financial performance;
(d) state that the company has complied with IAS, subject to any
material departures disclosed and explained in the financial
statements; and
(e) make judgements and estimates that are reasonable and prudent.
The directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
company's website www.jupiteram.com/JGC. The work carried out by
the auditors does not include consideration of the maintenance and
integrity of the website and accordingly the auditors accept no
responsibility
for any changes that have occurred to the financial statements
when they are presented on the website.
The financial statements are published on www.jupiteram.com/JGC,
which is a website maintained by Jupiter Asset Management Limited.
Visitors to the website need to be aware that legislation in the
United Kingdom governing the preparation and dissemination of
financial statements may differ from legislation in other
jurisdictions.
The directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the company's
transactions and disclose with reasonable accuracy at any time the
financial position of the company and enable them to ensure that
the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the company and
hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
Under applicable law and regulations, the directors are also
responsible for preparing a Strategic Report, Directors' Report,
Directors' Remuneration Report and Statement of Corporate
Governance that comply with that law and those regulations.
Each of the directors, confirm to the best of their knowledge
that:
(a) the financial statements, prepared in accordance with IAS, give
a true and fair view of the assets, liabilities, financial position
and profit or loss of the company;
(b) the report includes a fair view of the development and performance
of the business and the position of the company together with
a description of the principal and emerging risks and uncertainties
that the company faces; and
(c) in the opinion of the board, the Annual Report and Accounts taken
as a whole, is fair, balanced and understandable and it provides
the information necessary to assess the company's performance,
business model and strategy.
By order of the board
Michael Naylor
Chairman
5 July 2021
Statement of Comprehensive Income for the year ended 31 March
2021
Year ended 31 March 2021 Year ended 31 March 2020
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain/(loss) on investments
at
fair value through
profit or loss - 18,032 18,032 - (2,783) (2,783)
Foreign exchange (loss)/
gain - (46) (46) - 94 94
Income 660 - 660 889 - 889
--------------------------- -------- -------- -------- -------- -------- --------
Total income/(loss) 660 17,986 18,646 889 (2.689) (1,800)
--------------------------- -------- -------- -------- -------- -------- --------
Investment management
fee (77) (232) (309) (66) (197) (263)
Other expenses (390) (59) (449) (341) - (341)
--------------------------- -------- -------- -------- -------- -------- --------
Total expenses (467) (291) (758) (407) (197) (604)
--------------------------- -------- -------- -------- -------- -------- --------
Net return/(loss) before
finance
costs and tax 193 17,695 17,888 482 (2,886) (2,404)
--------------------------- -------- -------- -------- -------- -------- --------
Finance costs (9) (25) (34) (1) (3) (4)
--------------------------- -------- -------- -------- -------- -------- --------
Return/(loss) on ordinary
activities before taxation 184 17,670 17,854 481 (2,889) (2,408)
--------------------------- -------- -------- -------- -------- -------- --------
Taxation (46) - (46) (68) - (68)
--------------------------- -------- -------- -------- -------- -------- --------
Net return/(loss) after
taxation 138 17,670 17,808 413 (2,889) (2,476)
--------------------------- -------- -------- -------- -------- -------- --------
Return/(loss) per ordinary
share 0.72p 92.54p 93.26p 2.20p (15.34)p (13.14)p
--------------------------- -------- -------- -------- -------- -------- --------
Diluted return /(loss)
per
ordinary share 0.71p 90.38p 91.09p 2.20p (15.34)p (13.14)p
--------------------------- -------- -------- -------- -------- -------- --------
The total column of this statement is the income statement of
the company, prepared in accordance with IAS in conformity with the
Companies Act 2006. 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 year.
All income is attributable to the equity holders of Jupiter
Green Investment Trust PLC. There are no minority interests.
Statement of Financial Position as at 31 March 2021
2021 2020
GBP'000 GBP'000
Non current assets
Investments held at fair value through
profit or loss 51,025 31,880
--------------------------------------- ------- -------
Current assets
--------------------------------------- ------- -------
Prepayments and accrued income 157 215
--------------------------------------- ------- -------
Cash and cash equivalents 3,161 604
--------------------------------------- ------- -------
3,318 819
--------------------------------------- ------- -------
Total assets 54,343 32,699
--------------------------------------- ------- -------
Current liabilities
Other payables (1,039) (118)
--------------------------------------- ------- -------
Total assets less current liabilities 53,304 32,581
--------------------------------------- ------- -------
Capital and reserves
Called up share capital 34 34
Share premium 1,563 29,748
Redemption reserve* 239 239
Retained earnings* 51,468 2,560
--------------------------------------- ------- -------
Total equity shareholders' funds 53,304 32,581
--------------------------------------- ------- -------
Net Asset Value per ordinary share 266.73p 173.31p
--------------------------------------- ------- -------
Diluted Net Asset Value per ordinary
share 258.24p 173.31p
--------------------------------------- ------- -------
* 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 5
July 2021 and signed on its behalf by:
Michael Naylor
Chairman
Company Registration Number 05780006
Statement of Changes in Equity for the year ended 31 March
2021
Share Share Special Redemption Retained
For the year ended Capital Premium* Reserve** Reserve Earnings Total
31 March 2021 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 March
2020 34 29,748 - 239 2,560 32,581
Net return for the
year - - - - 17,808 17,808
Dividend paid - - - - (244) (244)
Ordinary shares
reissued from treasury - 1,563 - - 1,596 3,159
Transfer to capital
account in retained
earnings - (29,748) - - 29,748 -
----------------------- ------- -------- --------- ---------- -------- -------
Balance at 31 March
2021 34 1,563 - 239 51,468 53,304
----------------------- ------- -------- --------- ---------- -------- -------
Dividends paid during the period were paid out of revenue
reserves.
* In order to simplify the presentation of the capital and
reserves of the company, the balance on the share premium GBP29.7
million, transferred to the capital account of the retained
earnings during the year ended 31 March 2021. This transfer had no
impact on the level of distributable reserves or on the net assets
of the company.
Share Share Special Redemption Retained
For the year ended Capital Premium* Reserve** Reserve Earnings Total
31 March 2020 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 March
2019 34 29,705 24,292 239 (18,336) 35,934
Net loss for the
year - - - - (2,476) (2,476)
Dividends paid - - - - (433) (433)
Ordinary shares
reissued from treasury - 43 - - 73 116
Ordinary shares repurchased - - - - (560) (560)
- - (24,292) - 24,292 -
---------------------------- ------- -------- --------- ---------- -------- -------
Balance at 31 March
2020 34 29,748 - 239 2,560 32,581
---------------------------- ------- -------- --------- ---------- -------- -------
Dividends paid during the period were paid out of revenue
reserves.
** In order to simplify the presentation of the capital and
reserves of the company, the balance on the special reserve of
GBP24.3 million, which was established in 2006 out of the share
premium account, was transferred to the capital account of the
retained earnings during the year ended 31 March 2020.This transfer
had no impact on the net assets of the company.
Cash Flow Statement for the year ended 31 March 2020
2021 2020
GBP'000 GBP'000
Cash flows from operating activities
Investment income received (gross) 677 890
Deposit interest received - 1
Investment management fee paid (289) (241)
Other cash expenses (456) (325)
Interest paid (33) (4)
Net cash (outflow)/ inflow from operating
activities before taxation (101) 321
------------------------------------------- ----------- -----------
Taxation (46) (68)
------------------------------------------- ----------- -----------
Net cash (outflow)/inflow from operating
activities (147) 253
------------------------------------------- ----------- -----------
Net cash flows from investing activities
Purchases of investments (10,606) (3,540)
Sale of investments 9,541 4,295
------------------------------------------- ----------- -----------
Net cash (outflow)/inflow from investing
activities (1,065) 755
------------------------------------------- ----------- -----------
Cash flows from financing activities
Shares repurchased - (630)
Shares reissued from treasury 3,159 116
Drawdown of short-term bank loan 900
Equity dividends paid (244) (433)
------------------------------------------- ----------- -----------
Net cash inflow/(outflow) from financing
activities 3,815 (947)
------------------------------------------- ----------- -----------
Increase in cash 2,603 61
------------------------------------------- ----------- -----------
Change in cash and cash equivalents
Cash and cash equivalents at start of year 604 449
Realised (loss)/ gain on foreign currency (46) 94
------------------------------------------- ----------- -----------
Cash and cash equivalents at end of year 3,161 604
------------------------------------------- ----------- -----------
Notes to the accounts
1. Accounting policies
The Accounts comprise the financial results of the company for
the year to 31 March 2021. The Accounts are presented in pounds
sterling, as this is the functional currency of the company. The
Accounts were authorised for issue in accordance with a resolution
of the directors on 5 July 2021. All values are rounded to the
nearest thousand pounds (GBP'000) except where indicated.
The accounts have been prepared in accordance with International
accounting standards ('IAS') in conformity with the requirements of
the Companies Act 2006.
Where presentational guidance set out in the Statement of
Recommended Practice (SORP) for Investment Trusts issued by the
Association of Investment Companies (AIC) in October 2019 is
consistent with the requirements of International Accounting
Standards in conformity with the Companies Act 2006, the directors
have sought to prepare the financial statements on a basis
compliant with the recommendations of the SORP.
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 as for the period to 31 July
2022.
(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
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 19 in the Annual Report & Accounts. Investment Management
fees and finance costs are charged 75 per cent. to capital and 25
per cent. to revenue (2020: 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.
(d) Cash and cash equivalents
Cash comprises cash in hand and demand deposits. Cash
equivalents are short-term, highly liquid investments that are
readily convertible to known amounts of cash and that are subject
to insignificant risks of changes in value.
(e) Foreign currencies
Transactions in currencies other than pounds sterling are
recorded at the rates of exchange prevailing on the dates of the
transactions. At the date of each Statement of Financial Position,
monetary assets and liabilities that are denominated in foreign
currencies are retranslated at the rates prevailing on that date.
Non-monetary assets and liabilities carried at fair value that are
denominated in foreign currencies are translated at the rates
prevailing at the date when the fair value was determined. Gains
and losses arising on retranslation are included in the Statement
of Comprehensive Income within the revenue or capital column
depending on the nature of the underlying item.
(f) Taxation
The tax expense represents the sum of the tax currently payable
and deferred tax.
The tax currently payable is based on taxable profit for the
year. Taxable profit differs from net profit as reported in the
Statement of Comprehensive Income because it excludes items of
income or expense that are taxable or deductible in other periods
and it further excludes items that are never taxable or deductible.
The company's liability for current tax is calculated using tax
rates that have been enacted or substantively enacted by the date
of the Statement of Financial Position.
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases used in
the computation of taxable profit, and is accounted for using the
balance sheet liability method. Deferred tax liabilities are
generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is
probable that taxable profit will be available against which
deductible temporary differences can be utilised.
Investment trusts which have approval under Section 1158 of the
Corporation Tax Act 2010 are not liable for taxation of capital
gains.
(g) Accounting developments
At the date of authorisation of the financial statements, the
following amendment to the IAS Standards and Interpretations was
assessed to be relevant and is effective for annual periods
beginning on or after 1 January 2020:
IAS 1 and IAS 8 Amendments: Definition of Material
IAS 9, IAS 39 and IAS 7 Amendments: Interest Rate Benchmark
Reform. These will be effective for the financial statements for
the year ending 31 March 2022.
Standards issued but not yet effective : At the date of
authorisation of the financial statements, the following standards
and interpretations were assessed to be relevant and are all
effective for annual periods beginning on or after 1 January
2021:
LIBOR
With LIBOR expected to be discontinued after the end of 2021,
this being part of the loan facility interest calculation, a new
reference rate will be implemented upon renewal of the loan
facility in March 2022.
There are no other accounting standards, amendments, or
interpretations effective, that have or will have material impact
on these financial statements. Furthermore, the company has not
been an early adopter of any such standards, amendments, and
interpretations to existing standards prior to their effective
date.
The directors expect that the adoption of the standards listed
above will have either no impact or that any impact will not be
material on the financial statements of the company in future
periods.
2. Significant accounting judgements, estimates and assumptions
Management have not applied any significant accounting
judgements to this set of Financial Statements or those of the
prior period other than the allocation of special dividends
received between revenue and capital.
The allocation is dependent upon the underlying reason for the
payment. Examples of capital events which would result in the
dividend being allocated to capital is a return of capital to
shareholders or proceeds from the disposal of assets. Examples of
revenue events which would result in the dividend being allocated
to revenue are the distribution of excess or exceptional profits in
the year. The circumstances are reviewed by the manager who
determines the appropriate allocation
The management make no other significant accounting
estimates.
3. Income
Year Year
ended ended
31 March 31 March
2021 2020
GBP'000 GBP'000
Income from investments
Dividends from UK companies 59 163
Dividends from overseas companies 601 725
Deposit interest - 1
---------------------------------- -------- --------
Total income 660 889
---------------------------------- -------- --------
4. Investment management fee
Year ended 31 March 2021 Year ended 31 March 2020
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- -------- -------- -------- -------- -------- --------
Investment management
fee 77 232 309 66 197 263
---------------------- -------- -------- -------- -------- -------- --------
75% (2020: 75%) of the investment management fee is treated as a
capital expense.
5. Ongoing charges
31 March 31 March
2021 2020
GBP'000 GBP'000
Investment management fees 309 263
Other expenses 449 341
----------------------------------------- -------- --------
Total expenses (excluding finance costs) 758 604
----------------------------------------- -------- --------
Average net assets 43,880 37,928
Ongoing charges % 1.73 1.59
----------------------------------------- -------- --------
6. Earnings per ordinary share
The earnings per ordinary share figure is based on the net
profit for the year of GBP17,808,000 (2020: net loss
GBP2,476,000) and on 19,094,849 (2020: 18,831,660) ordinary
shares, being the weighted average number of ordinary shares in
issue during the year.
The earnings per ordinary share figure detailed above can be
further analysed between revenue and capital, as below.
Year Year
ended ended
31 March 31 March
2021 2020
GBP'000 GBP'000
Net revenue profit 138 413
Net capital profit/(loss) 17,670 (2,889)
Net total profit/( loss) 17,808 (2,476)
Weighted average number of ordinary shares in issue
during the year used for the
purposes of the undiluted calculation 19,094,849 18,831,660
Weighted average number of ordinary shares in issue
during the year used for the
purposes of the diluted calculation 19,550,233 18,831,660
Undiluted
Revenue earnings per ordinary share 0.72p 2.20p
Capital earnings/(losses) per ordinary share 92.54p (15.34)p
---------------------------------------------------- ---------- ----------
Total earnings/(losses) per ordinary share 93.26p (13.14)p
---------------------------------------------------- ---------- ----------
Diluted
Revenue earnings per ordinary share 0.71p 2.20p
Capital earnings/(losses) per ordinary share 90.38p (15.34)p
---------------------------------------------------- ---------- ----------
Total earnings/(losses) per ordinary share 91.09p (13.14)p
---------------------------------------------------- ---------- ----------
Any ordinary shares to be issued under the ordinary subscription
rules were anti-dilutive for the year ended 31 March 2021.
7. 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% of net assets per annum to a tiered fee amounting
to 0.70% of net assets up to GBP150 million, reducing to 0.60% for
net assets over GBP150 million and up to GBP250 million, and
reducing further to 0.50% 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 2020
to 31 March 2021 was GBP309,169 (year to 31 March 2020: GBP262,995)
with GBP62,307 (31 March 2020: GBP41,832) outstanding at period
end.
The company has invested from time to time in funds managed by
Jupiter Fund Management PLC or its subsidiaries. There were no such
investments at the year-end (31 March 2020: GBP340,560). 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.
All transactions with related parties were carried out on an
arm's length basis.
8. Contingent liabilities and capital commitments
There were no contingent liabilities or capital commitments at
31 March 2021 (2020: Nil).
9. Post balance sheet events
Since the year end (1 April to 28 June 2021) an additional
1,524,328 ordinary shares were re-issued from treasury.
10. Annual Results
This Annual Results announcement does not constitute the
company's statutory accounts for the years ended 31 March 2020 and
31 March 2021 but is derived from those accounts. Statutory
accounts for the year ended 31 March 2020 have been delivered to
the Registrar of Companies. The statutory accounts for the year
ended 31 March 2020 and the year ended 31 March 2021 both received
an audit report which was unqualified and did not include a
reference to any matters to which the auditors drew attention by
way of emphasis without qualifying the report and did not include
statements under Section 498 of the Companies Act 2006
respectively. The statutory accounts for the year ended 31 March
2021 have not yet been delivered to the Registrar of Companies and
will be delivered following the Annual General Meeting .
The Annual General Meeting of the Company will be held on
Wednesday, 1 September 2021.
11. Availability of Annual Report and Accounts
A copy of the Annual Report & Accounts will also be
available for download from the company's section of Jupiter Asset
Management's website www.jupiteram.com/JGC
A copy of the Annual Report & Accounts will also be
submitted to the FCA's National Storage Mechanism and will soon be
available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The Annual Report and Accounts will shortly be posted to those
registered shareholders who have elected to receive a hard
copy.
For further information, please contact:
Magnus Spence
Head of Investment Trusts & Alternatives
Jupiter Asset Management Limited, Company Secretary
investmentcompanies@jupiteram.co m
020 3817 1000
6 July 2021
[END]
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