Annual Financial Report

RNS Number : 7982J

Jupiter Green Investment Trust Plc

30 June 2017

 

Jupiter Green Investment Trust plc (the 'Company')

Annual Financial Results for the year ended 31 March 2017

This announcement contains regulated information

Financial Highlights

Capital Performance
		As at		As at	%
		31.03.17		31.03.16	change
Total assets less current liabilities (£'000)		38,509		33,418	+22.2*
MSCI World Small Cap Net Total Return		326.110		241.115	+35.2
* Investment performance has been adjusted for the repurchase and reissue of Ordinary shares during the year. Ordinary Share Performance
	As at		As at
	31.03.17		31.03.16			% change
Mid market price (p)	173.75		131.25			+32.4
Undiluted net asset value per Ordinary share (p)^^	184.33		150.79			+22.2
Diluted net asset value per Ordinary share (p)^	181.43		150.79			+20.3
Discount to net asset value (%)	5.74		13.0			-
Ongoing charges ratio (%)	1.58		1.63			-3.1

^ Being the net asset value per share assuming that all annual subscription rights are taken up.

^^ Being the exercise price for the purposes of the 2018 subscription rights.

Performance since launch 

				Year-
				on-year
		Net Asset		change in	Year-
	Total Assets	Value	Dividends	Net Asset	on-year
	less	per	paid per	Value per	change in
	Current	Ordinary	Ordinary	Ordinary	Benchmark
Year ended 31 March	Liabilities	Share	Share	Share	Index
	£'000	p	p	%	%
8 June 2006 (launch)	24,297	97.07	-	-	-
2007	31,679	118.07	-	+22.3*	+12.4
2008	52,734	114.14	-	-3.9**	-12.7
2009	33,809	76.86	-	-32.7	-21.3
2010	43,590	106.65	-	+38.8	+63.0
2011	41,085	120.49	0.40	+13.0	+17.8
2012	36,181	108.49	0.60	-10.0	-2.4
2013	37,571	124.42	1.20	+14.7	+20.3
2014	38,142	145.00	1.10	+16.5	+12.4
2015	38,545	152.35	0.55	+5.1	+16.3
2016	33,418	150.79	0.65	-1.0	-0.9
2017	38,509	184.33	1.20†	+22.2	+35.2

*   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.

† Subject to approval by shareholders at the Annual General Meeting to be held on 5 September 2017.

Strategic Report

Chairman's Statement

It is with pleasure that I present the Annual Report for the Jupiter Green Investment Trust, covering the year to 31 March 2017.

This was a year in which global stock markets moved significantly higher amid extraordinary political change. At the start of the period, few had fully gauged the level of disquiet among electorates in the West and the potential for populist politicians to challenge the establishment and, most worryingly, bring the work of scientists into question. After the shock "Brexit" result during the UK's EU referendum and election of Donald Trump as President of the United States the political complexion had shifted from one of relative accord, albeit far from perfect, to division and fragmentation.

The unpredictable backdrop had a mixed impact on stock and bond markets. Most notably, Donald Trump's election victory was seen as bullish for stocks due to his spending and tax promises, and the S&P500 Index reached new highs in the weeks following the result. However, the thwarted attempt to repeal and replace "Obamacare" led the market to question his ability to bring his spending and tax plans into effect.

Politics was not the only factor driving markets during the year. The "reflation trade" which lent support to commodity and financial stocks, while pushing up inflation expectations and interest rates, was fairly established by the time of the US election. This trade had been based on a broad shift towards fiscal expansion by governments in many parts of the world (including China, Japan and Europe), while positive momentum in the US economy led to a 0.25 per cent interest rate rise in the US in December 2016 and a generally more hawkish tone from the Federal Reserve.

During the twelve months to 31 March 2017 the diluted Net Asset Value of the Company's Ordinary shares (being the Net Asset Value that would apply to the Ordinary shares in the event that all Ordinary shareholders exercised their annual subscription rights) increased by 20.3 per cent. This compares with an increase in the Company's benchmark index, the MSCI World Small Cap Net Total Return Index of 35.2per cent and an increase in the middle market price of the Company's shares of 32.4 per cent during the same period.

Since the financial year end to 12 June 2017 the total return on the diluted net asset value per share of your Company has increased by 6.7 per cent., which compares with a total return of 2.7 per cent. from the benchmark Index during the same period. The market price of your Company's shares rose by 3.3 per cent.

I recommend the Investment Adviser's review in which the Fund Manager, Charlie Thomas highlights the impact the shift in the political backdrop has had on the Company and the uncertainties it has raised in regards to current and future environmental policy.

Dividend

It is not the Company's investment policy to pay dividends. However, as was the case last year, in order to retain its status as an investment trust under Section 1158 of the Corporation Tax Act 2010 the Company is not permitted to retain more than 15 per cent. of eligible investment income arising during any given financial year. Accordingly a resolution to declare a final dividend of 1.20p per share (2016: 0.65p) will be proposed at the Company's Annual General Meeting ('AGM') on 5 September 2017. Subject to shareholder approval, the final dividend will be paid on 6 October 2017 to those shareholders on the Register of Members on 15 September 2017.

Share issues

Shareholders were given the opportunity to subscribe for new Ordinary shares on 1 April 2017 on the basis of one new Ordinary share for every ten held. The subscription price was 150.79p. Subscriptions were received from shareholders resulting in the issue of 554,321 Ordinary shares from Treasury.

Share Buybacks and Discount Management

The Board implements a discount and premium policy under which it will use share buy backs and new issues of shares with the intention of ensuring that, in normal market conditions, the market price of the Company's shares will track their underlying Net Asset Value. The Board believes that this commitment to the active removal of discount and premium risk will provide materially improved liquidity for both buyers and sellers of the Company's shares.

Shareholders should note there can be no guarantee that any discount control mechanism implemented by the Board will necessarily have its desired effect. The making and timing of share buy backs are subject to a number of legal and regulatory regulations and, subject to these, will remain at the discretion of the Board.

Annual General Meeting

The Company's AGM will be held on Tuesday 5 September 2017 at 11:45 a.m. at the offices of Jupiter Asset Management Limited, The Zig Zag Building, 70 Victoria Street, London SW1E 6SQ.

In addition to the formal business, the Fund Manager will provide a short presentation to shareholders on the performance of the Company over the past year as well as an outlook for the future. The Board would welcome your attendance at the AGM as it provides shareholders with an opportunity to ask questions of the Board and Investment Adviser.

Outlook

Last year the world was celebrating what had been achieved in Paris and through much of the year, we watched in wonder as the Paris Accord was ratified far earlier than many had expected. Our fears that the Trump administration would withdraw from the Paris Accord came to realisation in early June. The White House stated America will follow the lengthy exit process outlined in the deal, meaning it will remain in the agreement (at least formally) for another three-and-a-half years - taking us right up to the next presidential election in November 2020. However, it is worth noting that many of the Paris Accord's key stakeholders remain steadfastly committed to seeing it through - not so much for political reasons but for the hard fact that issues like pollution and environmental degradation are already having a profound impact on many communities around the world. It therefore seems likely that demand for environmental solutions will remain strong despite the political backdrop in the US, even if this demand is hindered somewhat in the short term. Additionally, advances in technology are leading to lower costs, which are disrupting markets for mainstream counterparts. Notwithstanding current political uncertainty, this process is likely to remain supportive of the long-term structural changes in the global economy to which the Company is intimately exposed.

Michael Naylor

Chairman

30 June 2017

Investment Adviser's Review

Performance review

For the twelve months ended 31 March 2017, the total return for the net assets of the Company, adjusted for share cancellations, increased by 22.2 per cent.* compared to an increase of 35.2 per cent.* for the Company's benchmark, the MSCI World Small Cap Net Total Return Index and an increase of 28.4 per cent.* for the FTSE ET100 Index (Total Return).**

Market review

In terms of political history, the year under review was certainly absorbing. The UK's EU referendum in June 2016 produced a shock "Brexit" result, with the voting public spurred on by a highly-vocal, yet marginal, political party in UKIP. This result alone was a strong signal of the populism that had started to challenge the western political establishment. Yet it was soon eclipsed by the election of property tycoon and television personality Donald Trump as US president. His campaign was built on a promise to make America great again (a slogan borrowed from President Ronald Reagan's 1980 election campaign), and was rich in anti-establishment and protectionist rhetoric, as well as promises of tax cuts and fiscal munificence.

Global markets panicked after the Brexit result, but were soon calmed by stimulus measures from the Bank of England and robust UK economic data in the months that followed. Sterling remained relatively depressed, however, due to the hard-line stance of the UK government as it triggered "Article 50" and set off the two-year negotiation period. Trump's victory, on the other hand, provided a significant boost to risk appetite in markets. His spending agenda, which has the potential to spur growth and inflation, lifted stock prices in the financials, industrials and resources sectors at the expense of some high income "bond proxy" shares. In the months after the election, the US stock market reached new highs and market volatility generally abated.

The period was less compelling from an environmental policy standpoint. Experts of all types have been vilified during the rise of populism and Trump has famously labelled anthropomorphic climate change a "hoax". In his first months in office he signed an executive order to repeal Obama's Clean Power Plan and has appointed Scott Pruitt as the head of the Environmental Protection Agency (EPA) - a deeply worrying move given Pruitt had previously attempted to sue the EPA on behalf of the coal industry.

Company review

Looking at the headline performance figure, it was a good year for the Company. Buoyant trading among holdings in the industrial sector and businesses expected to benefit from greater infrastructure spending provided a boost to performance. Relative to the broader market, however, it was tougher going. Not only was the political backdrop less than favourable to the environmentally-focused Company, the strength of stocks from the financials and resources sectors, which we obviously avoid, made the Company's strong absolute return look substandard, although this is far from a like-for-like comparison. Meanwhile, gains made by Tesla impeded the Company's performance against the environmental-solutions focused FTSE ET100 Index (Total Return).** Tesla is a large index constituent which is not held by the Company, in part due to its high valuation and concerns about its business model.

A number of key holdings benefited from the "Trump-effect". These included Republic Services (waste and energy) and A. O. Smith (water heaters and boilers) both of which were supported by the prospect of higher industrial activity in the US. The latter, which is expanding internationally, also benefitted from robust sales growth in China. Casella Waste, another beneficiary of this effect, had an excellent year. Its share price more than doubled as the business executed well on its strategy of seeking to boost returns on its landfill sites, while lowering debt and costs.

Other highlights included Xylem, due to improved demand for its water technologies, and smart meter specialist Itron. The Company's exposure to Japan added good value, with NSK (bearings), Azbil (automation products) and Daiseki (industrial waste and recycling) each making a solid contribution to performance.

The conditions proved less amenable for US solar stocks, First Solar and SunPower. These companies had already come under pressure after the extension of US solar investment tax credits in late 2015. Paradoxically, this policy change led to some overcapacity in the sector as project planning became less urgent and spending was delayed. Trump's election proved a further headwind, although it appears unlikely he will look to roll back the current tax credit programme. We believe the adjustment in valuations has been more than sufficient for prevailing risks. It is worth noting that the wind sector has not suffered in the same way and Vestas Wind Systems, a core holding in the Company, performed robustly and continued to take on significant new orders. Elsewhere, it was a tough year for Stericycle, the specialist medical waste company, whose earnings suffered due to a challenging pricing environment.

In terms of transactions, we established new positions in Horiba, a Japanese company that makes precisions instruments for environmental monitoring, and Dong Energy, a Danish energy business which has transformed itself into a world leader in offshore wind power. We took profits in Cranswick, a long standing holding that had done very well for the Company.

Outlook

There is little doubt these are challenging times when it comes to the political backdrop for environment investing and we will continue to watch the Trump administration's climate policies closely. His pledge to "make America great again" seems to involve an attempt to boost the US coal (and wider fossil fuels) industry. However potential benefits of his policies to the coal sector may prove particularly short-lived given how uneconomic this industry has become in the era of cheap gas and disruptive renewable energy. It is worth highlighting that his federal policies may not be matched at the state level where some 29 states have legal renewable portfolio standards, while a further eight states have voluntary systems in place. So long as the wind power tax credit scheme remains in place, onshore wind power in the US will remain a commercially attractive energy choice, alongside gas.

At the time of writing the implications for the Paris climate accord, which was hastily ratified only a few weeks before the election, were unclear. To pull out now could potentially come at a high economic and political, as well as environmental, costs for the US. The accord's other stakeholders are standing firm in their resolve and the US could be left behind in the technological revolution happening in the areas of renewable energy and energy efficiency. Time will tell whether the economics of this technological revolution will give the President pause for thought when it comes to the Paris Accord. Moreover, in his first100 days in office, the President has learned a hard lesson about the limitations of his position and there is growing scepticism about other key aspect of his policy agenda, including his spending and tax plans. As investors, we have to heed this lesson too and be careful not to get carried away with overly optimistic or pessimistic prognoses about Trump's potential economic impact.

Despite the uncertainties presented by the new US administration, we believe the investment case for renewables remains unblemished and the recent operational performance in the US, in the likes of Vestas, is testament to that. This is one sector that has long been subject to the influence of the prevailing political backdrop and as investors we have had to remain cognisant of the potential for changes in support due to shifting regimes. For this reason, we have been selective when investing in renewables. We typically focus on industry leaders (e.g. Vestas Wind Systems, Dong Energy and First Solar) and businesses in part of the supply chain that offer relative immunity to supply and demand changes. Moreover, we tend to assign a relatively modest portion of the portfolio to this area and consider it one of a broad range of sustainable solutions themes that we invest in (others include energy efficiency, sustainable infrastructure, industrial recycling, and organic and high welfare food).

Overall, while the political noise coming out of the US may be unfavourable and may create some headwinds, this must be viewed in a global context where we continue to see growing opportunities, most notably in Europe and Asia where the political and economic imperatives for addressing environmental issues are increasingly apparent. We believe our longer-term investment thesis remains intact and that the structured push towards a more sustainable global economy is continuing apace.

Charlie Thomas

Fund Manager

Jupiter Asset Management Limited

30 June 2017

*Source: Jupiter Asset Management Limited.

**The FTSE ET100 index measures the performance of the largest 100 companies globally involved in the development and deployment of environmental technologies. The index is included to show the performance leading environmentally-focused stocks during the period under review.

Investment Portfolio as at 31 March 2017

				31 March 2017		31 March 2016
	Country		Market value	Percentage	Market value	Percentage
Company	of Listing		£'000	of Portfolio	£'000	of Portfolio
Wabtec	United States		1,587	4.1	1,404	4.3
A.O.Smith	United States		1,495	3.9	1,781	5.4
Vestas Wind Systems	Denmark		1,321	3.4	1,377	4.2
Emcor Group	United States		1,299	3.4	994	3.0
Cranswick	United Kingdom		1,253	3.3	1,343	4.1
LKQ Corporation	United States		1,244	3.2	1,180	3.6
Tomra Systems	Norway		1,193	3.1	997	3.0
Valmont Industries	United States		1,156	3.0	802	2.4
Xylem	United States		1,026	2.7	727	2.2
Toray Industries	Japan		970	2.5	812	2.5
Johnson Matthey	United Kingdom		878	2.3	781	2.4
EDP Renovaveis	Spain		859	2.2	769	2.3
Sensata Technologies	United States		832	2.2	644	2.0
FirstGroup	United Kingdom		824	2.1	604	1.8
RPS Group	United Kingdom		808	2.1	679	2.1
Itron	United States		787	2.1	408	1.2
Nation Express Group	United Kingdom		786	2.1	972	3.0
Renewi (formerly Shanks Group plc)	United Kingdom		761	2.0	482	1.5
Horiba	Japan		758	2.0	-	-
United Natural Foods	United States		703	1.8	570	1.7
Azbil	Japan		702	1.8	467	1.4
WS Atkins	United Kingdom		700	1.8	623	1.9
BorgWarner	United States		683	1.8	546	1.7
Schneider Electric	France		666	1.7	500	1.5
Regal Beloit	United States		658	1.7	478	1.4
Covanta	United States		633	1.7	593	1.8
NSK	Japan		597	1.6	333	1.0
Shimano	Japan		583	1.5	546	1.7
SKF	Sweden		576	1.5	455	1.4
Stantec	Canada		566	1.5	734	2.2
Clean Harbors	United States		563	1.5	435	1.3
Andritz	Austria		562	1.5	537	1.6
China Longyuan Power	China		560	1.5	349	1.1
Daiseki	Japan		555	1.4	389	1.2
Veolia Environment	France		528	1.4	591	1.8
Centrotec Sustainable	Germany		497	1.3	359	1.1
East Japan Railway	Japan		480	1.3	-	-
Mayr-Melnhof Karton	Austria		458	1.2	410	1.2
Watts Water	United States		458	1.2	352	1.1
Novozymes	Denmark		452	1.2	726	2.2
Infineon Technologies	Germany		438	1.1	175	0.5
Keller Group		United Kingdom	408	1.1	386	1.2
Miura		Japan	392	1.0	570	1.7
Dong Energy		Denmark	386	1.0	-	-
Suez Environment		France	380	1.0	384	1.2
Ricardo Group		United Kingdom	379	1.0	365	1.1
Casella Waste		United States	366	1.0	358	1.1
Jupiter Global Ecology Diversified*		Luxembourg	345	0.9	-	-
Whole Foods Market		United States	345	0.9	314	1.0
Zumtobel Group		Austria	323	0.8	175	0.5
Hollysys Automation Technologies		United States	311	0.8	337	1.0
Augean		United Kingdom	298	0.8	248	0.8
Vossloh		Germany	297	0.8	222	0.7
Pure Technologies		Canada	267	0.7	248	0.8
INNOGY		Germany	249	0.6	-	-
First Solar		United States	247	0.6	542	1.6
Lenzing		Austria	235	0.6	-	-
VA-Q-TEC		Germany	220	0.6	-	-
SunOpta		United States	200	0.5	112	0.3
SunPower		United States	132	0.3	358	1.1
Atlantis Resources		United Kingdom	117	0.3	89	0.3
TOTAL			38,352	100.0

* Shares in a sub-fund of the Jupiter Global Fund SICAV

The holdings listed above are all equity shares unless otherwise stated

Cross holdings in other investment companies

As at 31 March 2017, none of the Company's total assets were invested in the securities of other UK listed investment companies. It is the Company's stated policy that not more than 10 per cent., in aggregate, of the value of the Total Assets of the Company (before deducting borrowed money) may be invested in other investment companies (including investment trusts) listed on the Main Market of the London Stock Exchange. Whilst the requirements of the UK Listing Authority permit the Company to invest up to this 10 per cent. limit, it is the Directors' current intention that the Company invests not more than 5 per cent., in aggregate, of the value of the Total Assets of the Company (before deducting borrowed money) in such other investment companies.

Sector and Geographical Analysis of Investments as at 31 March 2017

					North	Far
2016	2017	Equities	UK	Europe	America	East
%	%		%	%	%	%
9.4	7.5	Oil & Gas
9.4	7.5	Alternative Energy	0.3	4.7	1.0	1.5
6.9	5.4	Basic Materials
6.9	5.4	Chemicals	2.3	0.6		2.5
60.6	63.1	Industrials
13.6	13.4	Construction & Materials	1.0	0.9	11.5
1.2	1.8	General Industrials		1.8
9.8	13.0	Electronic & Electrical Equipment		3.9	5.3	3.8
15.0	14.7	Industrial Engineering		6.9	6.8	1.0
4.8	5.5	Travel & Leisure	4.2			1.3
16.2	14.7	Support Services	7.7		5.6	1.4
12.4	11.9	Consumer Goods
6.3	6.6	Automobiles & Parts			5.0	1.6
4.4	3.8	Food Producers	3.3		0.5
1.7	1.5	Leisure Goods				1.5
2.2	1.2	Health Care
2.2	1.2	Pharmaceuticals & Biotechnology		1.2
2.7	2.7	Consumer Services
2.7	2.7	Food & Drug Retailers			2.7
5.3	6.2	Utilities
2.3	2.2	Electricity		2.2
3.0	4.0	Gas, Water & Multiutilities		4.0
_	0.9	Financials
_	0.9	Global Equity Funds		0.9
0.5	1.1	Technology
0.5	1.1	Technology Hardware & Equipment		1.1
	100.0	2017 Totals	18.8	28.2	38.4	14.6
100.0		2016 Totals	20.3	23.9	42.3	13.5

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 an investment company within the meaning of section 833 of the Companies Act 2006.

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 2017 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 generate long-term capital growth for Ordinary shareholders through a diverse portfolio of companies providing environmental solutions.

Investment Strategy

The Investment Adviser has adopted a bottom-up approach. The Investment Adviser, supported by the sustainable investment and governance 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 Company's portfolio has a bias towards small and medium capitalisation companies. It invests primarily in securities which are quoted, listed or traded on a recognised exchange. However, up to 5 per cent. of the Company's Total Assets (at the time of such investment) may be invested in unlisted securities.

The following investment restrictions are observed:

•    no more than 15 per cent. 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. Neither the Company nor any subsidiary conducts a trading activity which is significant in the context of the group as a whole;

•    not more than 10 per cent., 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 per cent. limit, it is the Directors' current intention that the Company invests not more than 5 per cent., in aggregate, of the value of the Total Assets of the Company (before deducting borrowed money) in such other investment companies; and

•    the Company at all times invests and manages its assets in a way which is consistent with its object 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.

Benchmark Index

The Company's Benchmark Index is the MSCI World Small Cap Net Total Return Index, expressed in Sterling.

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.

J.P. Morgan Europe Limited ('JPMEL') acts as the Company's Depository and the Company has 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 C.2.2 of the UK Corporate Governance Code as issued by the Financial Reporting Council ('FRC') in April 2016, the Board has assessed the prospects of the Company over the next three years. The Company's investment objective is to achieve long-term capital growth 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 risks and uncertainties that may affect the Company as detailed below.

The Board has noted that:

·      The Company holds a highly liquid portfolio invested predominantly in listed equities; and

·      No significant increase to ongoing charges or operational expenses is anticipated.

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 2017 AGM.

Gearing

Gearing is defined as the ratio of a company's total assets to its net assets, 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 of Association (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 per cent. of the Company's total assets at the time of drawdown of the relevant borrowings.

Loan facility

The Company has a revolving £3 million bank loan facility with Scotiabank Europe PLC. The Company did not draw down this loan during the year under review. The finance costs shown in the Statement of Comprehensive Income are in respect of the costs incurred for non-utilisation of the facility during the year.

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.

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;.

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 Annual General Meeting 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 repurchased 1,292,851 Ordinary shares for cancellation during the year under review at an average discount of 8.1 per cent.

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 Annual General Meeting. The new authority to repurchase will last until the conclusion of the Annual General Meeting of the Company in 2018 (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.

Principal Risks and Uncertainties

The principal risk factors relating to the Company can be divided into the following areas:

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.

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.

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. At its quarterly meetings the Board is mindful of the outlook for equity markets when reviewing the Company's gearing.

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 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 and Transparency Rules and the Alternative Investment Fund Managers Directive. 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.

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

As at 31 March 2017, the Board comprises of one female and two 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 Jupiter Unit Trust Managers Limited ('JUTM'), JAM and other third parties. There are therefore no disclosures to be made in respect of employees.

The Board has noted the Investment Adviser's policy on Environmental, Social and Human Rights issues as detailed below:

The Investment Adviser considers various factors when evaluating potential investments. While an investee company's policy towards environmental and social responsibility, including with regard to human rights, is considered as part of the overall assessment of risk and suitability for the portfolio, the Investment Adviser does not necessarily decide to, or not to, make an investment on environmental and social grounds alone.

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.

Dividend Policy, Planned Life of the Company, discount Control and Subscription Rights

Dividend Policy

The Board has not set an objective of a specific portfolio yield for the Company and the level of such yield is expected to vary with the sectors and geographical regions to which the Company's portfolio is exposed at any given time. However, substantially all distributable revenues that are generated from the Company's investment portfolio are expected to be paid out in the form of dividends.

The distribution as dividend of surpluses arising from the realisation of investments is prohibited by the Company's Articles. Such surpluses will accrue for the benefit of the Company. Dividends will not be paid unless they are covered by income from underlying investments.

Planned Life of the Company

The Company does not have a fixed life, however, the Board considers it desirable that shareholders should have the opportunity to review the future of the Company after an initial period of eight years from the date of Admission and at every third subsequent AGM thereafter. Accordingly, the Directors will propose Resolution 9 as an ordinary resolution for the continuation of the Company in its current form at the AGM of the Company to be held on 5 September 2017. If such resolution is not passed, the Directors will formulate proposals to be put to shareholders to reorganise or reconstruct the Company or for the Company to be wound‑up and the assets realised at Fair Value.

Discount Control

The Directors believe that the Ordinary shares should not trade at a significant discount to their prevailing Net Asset Value. The Board uses share buy-backs to assist in diluting discount volatility and to seek to narrow the discount to Net Asset Value at which the Companies shares trade overtime where in normal market conditions, the Company's share price does not materially vary from its NAV per share.

Subscription Rights

Shareholders have an annual opportunity to subscribe for Ordinary shares on the basis of one new Ordinary share for every ten Ordinary shares held at 31 March of each year. The subscription price will be equal to the audited undiluted net asset value per share being 184.33p as at 31 March 2017. The next subscription date will be 31 March 2018. A reminder will be sent to shareholders prior to the subscription date.

For and on behalf of the Board

Michael Naylor

Chairman

30 June 2017

Statement of Directors' Responsibilities

The Directors are responsible for preparing the Annual Report and financial statements in accordance with applicable United Kingdom law and those International Financial Reporting Standards ("IFRS") as adopted by the European Union.

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 IFRSs 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 IFRS, 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 Auditor does not include consideration of the maintenance and integrity of the website and accordingly the Auditor accepts no responsibilityfor 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 the applicable set of accounting standards, 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 risks and uncertainties that the Company faces; and

(c)  that 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.

So far as each Director is aware at the time the report is approved:

(a)  there is no relevant audit information of which the Company's auditors are unaware; and

(b)  the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

By Order of the Board

Michael Naylor

Chairman

30 June 2017

Statement of Comprehensive Income for the year ended 31 March 2017

			Year ended 31 March 2017			Year ended 31 March 2016
			Revenue	Capital	Total	Revenue	Capital	Total
			£'000	£'000	£'000	£'000	£'000	£'000
Gain/(loss) on investments at
fair value through profit or loss			-	7,184	7,184	-	(703)	(703)
Foreign exchange loss			-	-	-	-	(6)	(6)
Income			594	-	594	539	-	539
Total income			594	7,184	7,778	539	(709)	(170)
Investment management fee			(30)	(268)	(298)	(30)	(268)	(298)
Other expenses			(266)	-	(266)	(262)	-	(262)
Total expenses			(296)	(268)	(564)	(292)	(268)	(560)
Net return/(loss) before finance
costs and tax			298	6,916	7,214	247	(977)	(730)
Finance costs			(9)	-	(9)	(10)	-	(10)
Return/(loss) on ordinary
activities before taxation			289	6,916	7,205	237	(977)	(740)
Taxation			(32)	-	(32)	(36)	-	(36)
Net return/(loss) after taxation			257	6,916	7,173	201	(977)	(776)
Return/(loss) per Ordinary share			1.21p	32.34p	33.55p	0.83p	(4.05)p	(3.22)p
Diluted return/(loss) per Ordinary share			1.20p	32.23p	33.43p	0.83p	(4.05)p	(3.22)p

The total column of this statement is the income statement of the Company, prepared in accordance with IFRS. The supplementary revenue return and capital return columns are both prepared under guidance produced by the Association of Investment Companies (AIC). All items in the above statement derive from continuing operations.

No operations were acquired or discontinued during the 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 2017

	2017	2016
	£'000	£'000
Non current assets
Investments held at fair value through profit or loss	38,352	32,886
Current assets
Prepayments and accrued income	130	85
Cash and cash equivalents	110	567
	240	652
Total assets	38,592	33,538
Current liabilities
Other payables	(83)	(120)
Total assets less current liabilities	38,509	33,418
Capital and reserves
Called up share capital	34	34
Share premium	29,515	29,481
Redemption reserve	239	239
Special reserve	24,292	24,292
Retained earnings*	(15,571)	(20,628)
Total equity shareholders' funds	38,509	33,418
Net Asset Value per Ordinary share	184.33p	150.79p
Diluted Net Asset Value per Ordinary share	181.43p	150.79p

* These reserves form the distributable reserves of the Company and may be used to fund distribution of profits to investors via dividend payments.

Approved by the Board of Directors and authorised for issue on 30 June 2017 and signed on its behalf by:

Michael Naylor

Chairman

Company Registration Number 05780006

Statement of Changes in Equity for the year ended 31 March 2017

	Share	Share	Special Redemption		Retained
For the year ended	Capital	Premium	Reserve	Reserve	Earnings	Total
31 March 2017	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 March 2016	34	29,481	24,292	239	(20,628)	33,418
Net gain for the year	-	-	-	-	7,173	7,173
Dividends paid	-	-	-	-	(138)	(138)
Ordinary shares reissued from Treasury	-	34	-	-	-	34
Ordinary shares repurchased	-	-	-	-	(1,978)	(1,978)
Balance at 31 March 2017	34	29,515	24,292	239	(15,571)	38,509

	Share	Share	Special Redemption		Retained
For the year ended	Capital	Premium	Reserve	Reserve	Earnings	Total
31 March 2016	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 March 2015	34	29,348	24,292	239	(15,368)	38,545
Net loss for the year	-	-	-	-	(776)	(776)
Dividends paid	-	-	-	-	(138)	(138)
Ordinary shares issued	-	133	-	-	-	133
Ordinary shares repurchased	-	-	-	-	(4,346)	(4,346)
Balance at 31 March 2016	34	29,481	24,292	239	(20,628)	33,418

Cash Flow Statement for the year ended 31 March 2017

	2017	2016
	£'000	£'000
Cash flows from operating activities
Investment income received (gross)	557	548
Investment management fee paid	(343)	(283)
Other cash expenses	(266)	(297)
Net cash outflow from operating activities before taxation	(52)	(32)
Interest paid	(9)	(10)
Taxation	(32)	(36)
Net cash outflow from operating activities	(93)	(78)
Net cash flows from investing activities
Purchases of investments	(2,904)	(2,536)
Sale of investments	4,622	5,296
Net cash inflow from investing activities	1,718	2,760
Cash flows from financing activities
Shares issued	-	133
Shares repurchased	(1,978)	(4,346)
Shares reissued from Treasury	34	-
Equity dividends paid	(138)	(138)
Net cash outflow from financing activities	(2,082)	(4,351)
Decrease in cash	(457)	(1,669)
Change in cash and cash equivalents
Cash and cash equivalents at start of year	567	2,242
Realised loss on foreign currency	-	(6)
Cash and cash equivalents at end of year	110	567

Notes to the accounts

1.   Accounting policies

The Accounts comprise the financial results of the Company for the year to 31 March 2017. 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 30 June 2017. All values are rounded to the nearest thousand pounds (£'000) except where indicated.

The Accounts have been prepared in accordance with International Financial Reporting Standards (IFRS), which comprise standards and interpretations approved by the International Accounting Standards Board (IASB) and International Accounting Standards Committee (IASC), as adopted by the European Union (EU).

Where presentational guidance set out in the Statement of Recommended Practice (SORP) for Investment Trusts issued by the Association of Investment Companies (AIC) in November 2014 is consistent with the requirements of IFRS, the directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP.

The Board continues to adopt the going concern basis in the preparation of the financial statements.

(a) Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business.

Income includes dividends from investments quoted ex-dividend on or before the date of the Statement of Financial Position.

Dividends receivable from equity shares are taken to the revenue return column of the Statement of Comprehensive Income.

(b) Presentation of Statement of Comprehensive Income

In order to better reflect the activities of an investment trust company and in accordance with guidance issued by the Association of Investment Companies (AIC), supplementary information which analyses the Statement of Comprehensive Income between items of a revenue and capital nature has been presented alongside the statement. In accordance with the Company's Articles of Association, net capital returns may not be distributed by way of dividend.

An analysis of retained earnings broken down into revenue (distributable) items and capital (non-distributable) items is given in Note 17 of the full Annual report document. Investment Management fees are charged 90 per cent. to capital and 10 per cent. to revenue. All other operational costs including administration expenses and finance costs (but with the exception of any investment performance fees which are charged to capital) are charged to revenue.

(c) Basis of valuation of investments

Investments are recognised and derecognised on a trade date where a purchase and sale of an investment is under contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at cost, being the consideration given.

All investments are classified as held at fair value through profit or loss. All investments are measured at fair value with changes in their fair value recognised in the Statement of Comprehensive Income in the period in which they arise. The fair value of listed investments is based on their quoted bid price at the reporting date without any deduction for estimated future selling costs.

Foreign exchange gains and losses on fair value through profit and loss investments are included within the changes in the fair value of the investments.

For investments that are not actively traded and/or where active stock exchange quoted bid prices are not available, fair value is determined by reference to a variety of valuation techniques. These techniques may draw, without limitation, on one or more of: the latest arm's length traded prices for the instrument concerned; financial modelling based on other observable market data; independent broker research; or the published accounts relating to the issuer of the investment concerned.

(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 net profit or loss for the year, except for exchange differences arising on non-monetary assets and liabilities where the changes in fair value are recognised directly in equity.

(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 Income and Corporation Taxes Act 2010 ('ICTA') are not liable for taxation of capital gains.

(g)  Special reserve

The reserve is a transfer from the share premium account.

(h)  Accounting developments

The following standards, amendments and interpretations are applicable to the Company. They have been published by IASB but are not yet effective for year ended 31 March 2017:

International Accounting Standards (IAS/IFRS's)

IFRS 9 Financial Investments Classification and Measurement

Effective date: 1 January 2018

Amendments to IAS 7 Statement of Cashflows

Effective date: 1 January 2017

The Directors anticipate that the adoption of the above standards and interpretations in future periods will have no material impact on the financial statements of the Company. The Company intends to adopt the standards in the reporting period when they become effective.

2.   Significant accounting judgements, estimates and assumptions

Management have not applied any accounting judgements to this set of Financial Statements or those of the prior period.

3.   Income

						Year	Year
						ended	ended
						31 March	31 March
						2017	2016
						£'000	£'000
Income from investments
Dividends from UK companies						167	200
Dividends from overseas companies						427	339
Total income						594	539

4.   Investment management and performance fee

			Year ended 31 March 2017			Year ended 31 March 2016
		Revenue	Capital	Total	Revenue	Capital	Total
		£'000	£'000	£'000	£'000	£'000	£'000
Investment management fee		30	268	298	30	268	298
		30	268	298	30	268	298

90 per cent. of the investment management fee is treated as a capital expense.

5.     Earnings per Ordinary share

The earnings/(loss) per Ordinary share figure is based on the net gain for the year of £7,171,000 (2016: net loss £776,000) and on 21,382,221 (2016: 24,111,881) 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
		2017	2016
		£'000	£'000
Net revenue profit		257	201
Net capital profit/(loss)		6,916	(977)
Net total profit/(loss)		7,173	(776)
Weighted average number of Ordinary shares in issue during the year used for the purposes of the undiluted calculation
		21,382,221	24,111,881
Weighted average number of Ordinary shares in issue during the year used for the purposes of the diluted calculation
		21,461,431	24,111,881
Undiluted
Revenue earnings per Ordinary share		1.20p	0.83p
Capital earnings/(loss) per Ordinary share		32.34p	(4.05)p
Total earnings/(loss) per Ordinary share		33.55p	(3.22)p
Diluted
Revenue earnings per Ordinary share		1.20p	0.83p
Capital earnings/(loss) per Ordinary share		32.23p	(4.05)p
Total earnings/(loss) per Ordinary share		33.43p	(3.22)p

Any shares to be issued under the subscription rules were anti-dilutive for the year ended 31 March 2017.

6.     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 fee is payable monthly being one twelfth of 0.85 per cent. up to 31 December 2016 and then 0.75 per cent. with effect from 1 January 2017 of the net assets of the Company after deduction of the value of any Jupiter managed investments.

The management fee payable to JUTM for the period 1 April 2016 to 31 March 2017 was £297,731 (2016: £297,419) with £23,853 (2016: £68,427) outstanding at year end.

JUTM is also entitled to an investment performance fee which is based on the outperformance of the Net Asset Value per Ordinary Share over the total return on the Benchmark Index in an accounting year. Any performance fee payable will equal the time weighted average number of Ordinary shares in issue during the period multiplied by 15 per cent. of the amount by which the increase in the Net Asset Value per Ordinary Share (plus any dividends per Ordinary Share paid or payable and any accrual for unpaid performance fees for the period) exceeds the total return on the Benchmark Index. The performance fee will only be payable if the Net Asset Value per Ordinary Share (adjusted as described above) exceeds the highest of (i) the Net Asset Value per Ordinary Share on the last business day of the previous performance period; (ii) the Net Asset Value per Ordinary share on the last day of a performance period in respect of which a performance fee was last paid: and (iii) 100p. The total amount of management fees and any performance fee payable in respect of one accounting period is limited to 1.75 per cent. of the Net Asset Value of the Company on the last business day of the relevant performance period. There was no performance fee payable for the year ended 31 March 2017 (2016: £Nil).

The Company has invested from time to time in funds managed by Jupiter Investment Management Group Limited or its subsidiaries. There was one such investment with a market value of £345,000 (31 March 2016: Nil). No investment management fee is payable by the Company to JAM 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.

7.   Contingent liabilities and capital commitments

There were no contingent liabilities or capital commitments at 31 March 2017 (2016: Nil).

8.   Post balance sheet events

Since the year end (1 April to 27 June 2017) an additional 110,000 Ordinary shares were repurchased to be held in Treasury for prices between 172.50p and 180.00p per share.

On 7 April 2017 subscriptions were received from shareholders resulting in the allotment of 554,321 new ordinary shares.

Availability of Annual Report and Accounts

The Annual Report and Accounts will shortly be posted to those registered shareholders who have elected to receive a hard copy. An electronic version of the Annual Report & Accounts which includes the Notice of AGM and Form of Proxy will soon be available to download from the Company's section of the Jupiter Asset Management website at www.jupiteram.com/JGC.

For further information, please contact:

Richard Pavry

Head of Investment Trusts

Jupiter Asset Management Limited, Company Secretary

[e-mail]

020 7314 4822

30 June 2017

 

END

 

 

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