Interim Management Statement

Jupiter European Opportunities Trust PLC Interim Management Review for the three months ended 28 February 2009 The Board of Jupiter European Opportunities Trust PLC (the "Company") is pleased to announce its interim management review for the quarter ended 28 February 2009. During the period from 1 December 2008 to 28 February 2009, the Company's net asset value per share rose by 3.3 per cent. to 130.30p, which compares with a fall of 9.5 per cent. for the Company's benchmark, the FTSE World Europe ex UK Total Return Index, over the same period. Investment Manager's Report for the Quarter Ended 28 February 2009 The sharp fall in market values in this period reflected the continuing strongly negative view that investors took of economic developments. Despite the popular appeal of newly elected President Obama and the confident pronouncements of other Western leaders like the UK's Gordon Brown, markets were not persuaded. There was a good deal of confusion and fear amongst investors. Nevertheless, there are still companies that are forecasting good sales and profits growth this year in spite of the tough economic backdrop. Those which provide cost saving products and solutions for their customers are doing well (generally speaking). And there are others which benefit from the higher levels of public expenditure. There are good investment opportunities for those with the requisite amount of patience. The latest proposals from the U.S. Treasury Secretary, Tim Geithner, aimed at reducing the "toxic waste" content of American banks' balance sheets, may also tip the balance in favour of more optimism over coming weeks. Borrowings have been reduced in recent months but we intend to maintain an element of gearing in order to take advantage of depressed market levels and the excellent medium term opportunities which we can identify. Alex Darwall Fund Manager, Jupiter Asset Management Limited Total Assets as at 28 February 2009: £105,590,141 Shares in Issue on 28 February 2009: 81,034,523 +-------------------------------------------------------------------+ | | Net Asset Value | Market Price | Discount | | | (p) | (p) | | |------------------+-------------------+-----------------+----------| | Ordinary Shares* | 130.30 | 102.00 | (22)% | +-------------------------------------------------------------------+ Portfolio Distribution on 28 February 2009 Percentage of Total Assets France 40% United Kingdom 39% Denmark 17% The Netherlands 16% Switzerland 15% Germany 10% Norway 8% Others 3% Cash and fixed interest (48%) 100% The Company's exposure to other UK listed investment companies was nil on 28 February 2009. Top Ten Holdings on 28 February 2009 Company Country of Listing % Syngenta Switzerland 13.0 Neopost France 11.6 Intertek Group United Kingdom 9.4 Elsevier The Netherlands 9.0 Novozymes Denmark 8.9 Novo-Nordisk Denmark 7.6 Halfords United Kingdom 7.5 Johnson Matthey United Kingdom 7.3 Geophysique France 6.9 Ingenico France 6.8 _____ 88.0 Comparative Performance to 28 February 2009 1 Month 3 Months 1 Year 3 Years 5 Since Since % % % Years Launch Last % Annual Report % Total Assets* (3.0) 3.3 (39.7) 2.5 52.6 59.3 (43.5) FTSE World Europe ex UK Index (10.1) (9.5) (35.2) (22.2) 15.6 (9.5) (39.8) Ordinary Share (3.0) 3.3 (39.7) (22.1) 20.6 37.7 (43.5) NAV Ordinary Share (7.3) (4.7) (50.8) (38.7) 8.5 0.5 (53.5) Price *Adjusted for changes to share capital in September & October 2002, March & April 2003, May & July 2007, October 2008 and February 2009 and changes to amounts borrowed. OBJECTIVE OF THE COMPANY The objective of the Company is to invest in securities of European companies and in sectors or geographical areas which are considered by the investment manager to offer good prospects for capital growth, taking into account economic trends and business development. INVESTMENT POLICY The Investment Manager adopts a stock picking approach in the belief that a thorough analysis and understanding of a company is the best way to identify long-term superior earnings prospects. This understanding begins with identifying those companies where the ownership structure and incumbent management are conducive to the realisation of the aim of achieving superior long-term earnings growth. The Investment Manager will seek to identify companies which enjoy certain key business characteristics including some or all of the following: _ a strong management record and team, and the confidence that the Investment Manager has in that management's ability to explain and account for its actions; _ proprietary technology and other factors which indicate a sustainable competitive advantage; _ a reasonable expectation that demand for companies' products or services will enhance long-term growth; and _ an understanding that structural changes are likely to benefit that company's prospects rather than have a negative impact on them. It is intended that the Company will have some exposure to most of the major sectors of the European economy. There may be sectors which do not enjoy the business characteristics described above and in such circumstances the Investment Manager will seek to identify companies that are expected to generate superior earnings growth within that sector. In analysing potential investments, the Investment Manager will employ differing valuation techniques depending on their relevance to the business characteristics of a particular company. However, the underlying feature will be the sustainability and growth of free cash-flow in the long-term. Material Events During the period under review the Company purchased for cancellation the following shares: +-----------------------------------------------------------+ | Date | Number of shares | Price Paid Per share | |-----------------+------------------+----------------------| | 6 February 2009 | 30,200 | 114.798p | |-----------------+------------------+----------------------| | 23 March 2009 | 15,000 | 106p | +-----------------------------------------------------------+ Availability of Monthly Fact Sheets Monthly fact sheets for the Company are available for download from www.jupiteronline.co.uk and by post or fax on request from the company secretarial department. The Company's Ordinary shares are listed on the London Stock Exchange and the prices are published in the Financial Times and The Times under `Investment Companies'. The Net Asset Values of the Company's ordinary shares are calculated weekly and can be viewed on the London Stock Exchange website at www.londonstockexchange.com (under the heading 'Market News'). For further information, please contact: Richard Pavry Director of Investment Trusts Jupiter Asset Management Limited rpavry@jupiter-group.co.uk 020 7314 4822 Jenny Thompson Company Secretarial Department Jupiter Asset Management Limited jthompson@jupiter-group.co.uk 020 7314 5565 The Company's Registered office is at 1 Grosvenor Place, London SW1X 7JJ. This interim management statement has been prepared solely to provide information to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules. ---END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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