Annual Financial Report

RNS Number : 4006S

Jupiter Green Investment Trust Plc

08 July 2020

 

Jupiter Green Investment Trust plc ('the company')

Legal Entity Identifier: 549300MFRCR13CT1L845

Annual Financial Results for the year ended 31 March 2020

Financial Highlights for the year ended 31 March 2020

Capital Performance	As at	As at
	31.03.20	31.03.19
Total assets less current liabilities (£'000)	32,581	35,934
Ordinary Share Performance	As at	As at
	31.03.20	31.03.19	% change
Mid-market price (p)	160.50	178.00	-9.8
Undiluted and diluted net asset value per ordinary share▲	173.31	188.70	-8.2
Undiluted and diluted net asset value per ordinary share (p)
(with dividends paid of 2.3p added back)	175.61	188.70	-6.9
FTSE ET100 Total Return Index***	2,945.65	2,874.64	+3.4
Discount to net asset value (%)▲	7.39	5.67	-
Ongoing charges ratio (%) excluding finance costs (Note 6)▲	1.59	1.50	+6.0

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 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*	-
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

*	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.
***	The FTSE ET100 Total Return Index was created on 24 December 2017.
^	Being the exercise price for the purposes of the 2021 subscription rights.
†	An interim dividend of 1.0p per ordinary share was paid on 27 March 2020 to shareholders on the register at 6 March 2020. A final dividend of 1.30p is subject to approval by shareholders at the Annual General Meeting to be held on 16 September 2020.
▲	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

Dear Fellow Shareholders

It is with pleasure that I present the Annual Report & Accounts of the Jupiter Green Investment Trust PLC for the year ended 31 March 2020.

Since the start of 2020, Covid-19 has understandably replaced climate change at the top of the investor agenda. While I expect that environmental issues will see a temporary dip in focus over the coming months, in time they are likely to command even greater attention as a direct consequence of the Covid-19 pandemic and a broader recognition of the range of existential threats including climate change which now face mankind.

Of those other threats facing mankind, climate change will remain the greatest single threat. Globally 2019 was the second warmest year on record and 2020 is already shaping up to deliver a new record global average temperature. There is clear evidence that human society is also pushing the limits of the planetary boundaries on water usage, biodiversity and agricultural productivity. This underlines the importance of the company's purpose - to generate a total return by investing in companies which are developing and implementing solutions to the world's environmental challenges. Promisingly, we are starting to see real change in society's mindset for tackling these issues - across the world and supported by governments, corporations and individuals alike. A recent example of this is the announcement by the European Union ('EU') that it will incorporate environmental issues and its Green Deal framework into Europe's Covid-19 economic recovery plan. Similarly, at the World Economic Forum this year, environmental issues were clearly recognised as the largest global risks to economies, geopolitics and societies' well-being.

Amid all the talk of the pandemic and of climate change, we must not lose sight of the impact of Brexit on the company. The directors have considered the adverse impact of potential changes in law, regulation and taxation arising from the United Kingdom's departure from the EU. Although there are a number of potential risks associated with the exit process, your board does not believe that this represents a material threat to the company's strategy and business model, nor does it believe that the investment adviser will be significantly impeded in achieving the company's investment objective. Monitoring the Brexit process and its implications for the company remains a priority for the directors and our investment adviser.

Investment performance

During the twelve months to 31 March 2020, the decrease in the diluted net asset value of the company's ordinary shares, with dividends added back, was -6.9% (being the net asset value that would apply to them were all the ordinary shareholders to have exercised their annual subscription rights at the same time). This compares with an increase of +3.4% in the company's benchmark index which is based on the FTSE ET100 Index Total Return Index and decrease in the middle market price of the company's shares  of -9.8% during the same twelve-month period.

Since the year end the net asset value per share and the share price of the company have recovered by 19.30% and 18.07% respectively to 23 June 2020.

The FTSE ET100 Total Return Index has been selected due to its focus on companies delivering environmental solutions. It is part of the FTSE Environmental Technology Index Series and, importantly, now has more than a ten-year performance track record. As a general point, the weightings of individual companies within the benchmark have no bearing on our investment process or portfolio construction. More fundamental   for us are the merits of individual stocks and themes, as well as our assessment of prevailing market risks - factors to which benchmarks are typically insensitive. Nevertheless, we appreciate the usefulness of a reference index to put in context the decisions we make in relation to the market.

The performance of the company over the course of the year is discussed in detail by your fund manager, Charlie Thomas, in the Investment Adviser's Review in the following pages. I recommend his review in which he highlights the progress made by holdings providing vital solutions to increasingly pressing environmental problems.

Dividend policy

Last year the company moved from a policy of paying the minimum dividend necessary in order  to maintain its beneficial investment trust status to paying a higher, total annual dividend intended to be increased progressively over future years.*

Notwithstanding the reduction in dividend receipts by the company in the first quarter of 2020 resulting from the challenges presented by Covid-19 to a number of our portfolio holdings, the board intends to remain, at least for the time being, committed to the dividend policy set out last year. It is too early to assess the longer-term ability of the   company to maintain this policy because of the uncertainties presented by the Covid-19 pandemic. Accordingly the policy will be held under regular review by the board.

For the year ended 31 March 2020, an interim dividend of 1.10p per ordinary share (2019: 1.00p) was paid on 27 March 2020 to shareholders on the register at 6 March 2020. A resolution to declare a final dividend of 1.30p per share (2019: 1.20p) will be proposed at the company's Annual General Meeting ('AGM') on 16 September 2020. This will result in a total dividend payable in respect of the financial year ended 31st March 2020 of 2.40p per share, an increase of +9.1% on the previous year. Subject to shareholder approval, the final dividend will be paid on 16 October 2020 to those shareholders on the register as at 25 September 2020. An interim dividend in respect of the new financial year will be declared in January for payment in March 2021.

*This is a target only and not a profit forecast and there can be no assurance that it will be met.

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 the 31^st 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.

The board intends to seek shareholder approval at the AGM on 16 September to cancel the balance on the share premium account of £29.7 million and to allocate this amount, less £16,275, to a distributable reserve account of the company to increase distributable reserves. These reserves could 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 £16,275 will be transferred to a special reserve to ensure that the company's issued share capital, plus the special reserve is equal to £50,000.

At the same time and in order to simplify the presentation of the capital and reserves of the company, the balance on the special reserve of £24.3m, which was established in 2006 out of the share premium account, has been transferred to the capital account of the retained earnings. This transfer has no impact on the level of distributable reserves or on the net assets of the company.

Share issuance and discount management

The company's total asset base is currently smaller than the minimum size preferred for prospective investment by many institutional and wealth management investors. The board and the investment adviser are committed to growing the company over time. In this context, it was pleasing to note that the demand for the company's shares at the start of 2020 was such that they traded at a premium to net asset value and permitted the company to issue shares out of treasury to satisfy that demand. While the value of the share issuance was only £100,000, it was an encouraging sign of how the board intends to grow the company in the next few years.

The board remains committed to its stated policy of using 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 were given the opportunity to subscribe for new ordinary shares on 1 April 2020 on the basis of one new ordinary share for every ten held. The subscription price of 188.70p (being the audited undiluted net asset value of the ordinary shares as at 31 March 2019) was set before the onset of Covid-19.The prevailing market price on the subscription date was 160.50p. Not surprisingly, no subscription requests were received from shareholders resulting in the issue of no ordinary shares from treasury on this occasion.

During the twelve months to 31 March 2020, the company issued 50,043 shares from treasury and repurchased a total of 297,500 shares. The discount to net asset value ('NAV') per share was 7.39%. at the end of the year compared to 5.67% on 31 March 2019. As at 23 June 2020 the price stood at a discount of 8.35% to NAV.

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

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 payment of the prior ranking entitlements of any lenders and other creditors. Conversely, in falling markets the   company suffers more if the company's investment portfolio underperforms the cost of those prior entitlements.

The company had a revolving £3 million bank loan facility with Scotiabank Europe PLC which expired on 27 September 2019. The company had no need to draw down this loan during the year under review and has not entered into a new facility.

Annual General Meeting

It is intended that the company's 'AGM will be held on Wednesday, 16 September 2020 at 11:30 a.m. at the offices of Jupiter Asset Management Limited, The Zig Zag Building, 70 Victoria Street, London SW1E 6SQ. However, in consideration of the wellbeing of the company's shareholders and in light of Government guidance around social distancing, shareholders will not be permitted to attend the AGM this year. Please refer to the Notice of the AGM for full details on how to vote and how to communicate any questions that would usually be raised at the meeting.

Please note that we have removed paper from the voting process to reduce further the environmental impact of the company. Electronic proxy voting is now available and shareholders may also submit voting instructions using the web-based voting facility at www.signalshares.com   and www.proxymity.io for institutional shareholders. If you have not already registered with Signal Shares you will need your Investor Code which can be found on your share certificate or recent dividend confirmation. Once registered you will be able to vote immediately by selecting 'Proxy Voting' from the menu.

If you are unable to submit voting instructions electronically, details of how to obtain a paper proxy form can be found in note 4 of the Notes for the AGM.

Notice of the AGM, containing full details of the business to be conducted at the meeting, is set out in the Annual Report & Accounts. This includes a continuation vote, as required every three years by the Articles of Association ('Articles') of the company. Your attention is also drawn to the Report of the Directors where various resolutions relating to special business are explained, including a resolution to amend the company's Articles to allow a 'virtual AGM' to be held in the future. This would allow shareholder attendance and voting using appropriate technology should public health or other measures so require.

In advance of the AGM a short presentation by the investment adviser will be made available on the company's website from mid-August on the performance of the company over the past year, as well as an outlook for the future. Despite not being able to attend in person, the board and investment adviser would welcome shareholders' questions which may be submitted to [e-mail] . Subject to confidentiality, we will respond to any questions submitted either directly or by publishing our response on the company's website.

PRIIPS Key Information Documents

We are required by new EU regulations introduced at the beginning of 2018 to provide investors with a Key Information Document ("KID") which includes performance projections which are the product of prescribed calculations based on the company's past performance. Whilst the content and format of the KID cannot be amended under the applicable EU regulations, the board does not believe that these projections are an appropriate or helpful way to assess the company's future prospects.

Accordingly, the board urges shareholders also to consider the more complete information set out in both the company's Half Yearly Financial Report and Annual Report & Accounts together with the monthly fact sheets and daily NAV announcements, when considering an investment in the company's shares. These documents, together with a link to Edison's third-party research coverage of the company are published at www.jupiteram.com/JGC.

Outlook

Many of the environmental and sustainable themes can present multi-year, if not multi-decade, opportunities and therefore the investment approach employed in the company needs to be long-term. At the same time, Charlie Thomas and his team will take advantage of any underappreciated opportunities that arise as a result of the current market turmoil caused by the Covid-19 pandemic. 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

7 July 2020

Investment Adviser's Review

Market review

It was a turbulent twelve months for global stock markets. While the US/China trade war caused sharp retreats in May and August, global stocks overcame these setbacks with many markets closing 2019 at near record highs. Sentiment was bolstered by cuts in interest rates from many central banks, as well as optimism over a "phase one" trade deal between the US and China.

However, despite a strong start to 2020, global stock markets tumbled in February and March amid rising concerns over the impact of the Covid-19 pandemic on the global economy. With the global economy coming to a virtual standstill, bond yields plummeted as central banks cut interest rates and governments announced unprecedented fiscal measures to support both companies and citizens.

This environment favoured sectors with defensive characteristics such as utilities and consumer goods. In contrast, fears of a severe recession caused the financials and basic materials sectors to retreat sharply.

Performance review

During the twelve months under review the movement on the net asset value of the company's ordinary shares, with the dividends added back, was -6.9%. This compares with an increase of +3.4% in the company's benchmark index, the FTSE ET100 Total Return Index.

This underperformance was mostly driven by our lack of exposure to Tesla, which is the largest constituent of the FTSE ET100 Total Return Index, accounting for around 11% of that index. While not holding Tesla was beneficial for performance during the first six months of the financial year, Tesla's share price had a stellar run in in the fourth quarter of 2019 and the surge continued into 2020. In February, Tesla shares reached more than $900 for the first time as lofty expectations of growth drove a remarkable re-rating in some pockets of the investment universe to which we have remained largely on the side lines. However, Tesla shares subsequently retreated sharply amid the supply and demand-side shock from the Covid-19 pandemic and the rapidly developing global response to mitigating its effects. We continue to have no exposure to the stock as, in our view, Tesla remains very expensive and struggles to generate and sustain cash and profits.

Among the positive contributors to performance was UK-based food products supplier Cranswick, which benefited from increased supermarket shopping and strong demand for food staples as the Covid-19 pandemic led to a growing number of countries imposing lockdown measures. Holdings in Japan-based automation equipment manufacturer Azbil and industrial boiler manufacturer Miura were also helpful, with both supported by solid results in the quarter ended 31 December 2019. Atlas Copco was another contributor. The company makes energy efficient industrial products, such as air compressors, vacuum pumps and tools, and continued to beat earnings estimates due to an improved product mix, despite weakness in global manufacturing.

Additionally we benefited from not owning stocks such as composites provider Hexcel, Semiconductor company AMS and LED lighting manufacturer Cree. Having no holding in Umicore, a metals recycler, catalysis and cathode producer for stationary battery storage and electric vehicles (EVs), was also beneficial as the company guided down due to a slowdown in demand for EVs in China and difficulties finding ethically sourced cobalt at a competitive price.   However, we took advantage of the sharp sell-off in 2020 to establish a position in the company.

On the negative side, our position in UK-listed bus and rail passenger transport company National Express was a key detractor, with its share price hit by Covid-19 travel restrictions and social distancing measures in the UK, Spain and the US. The company announced cost-cutting and cash conservation measures as its passenger numbers and revenues slumped. Water heater manufacturer A.O. Smith also weighed on the company's performance, as did engine-efficiency business BorgWarner. Both holdings were affected by their exposure to the US-China trade tensions along with broader concerns that the Covid-19 pandemic would lead to a severe global recession. In January, BorgWarner announced that it intended to acquire Delphi Technologies, which provides automotive companies solutions for power electronics. This represents the latest initiative of BorgWarner's strategy to pivot towards hybrid and electric vehicle solutions such as high voltage inverters, battery management systems and thermal management amidst a challenging global automotive sector.

Outlook

Looking ahead, while we believe that the current market will offer some attractive opportunities for active investors focused on long-term structural growth stories, we are conscious that the extent (and length) of actions to mitigate the impact of Covid-19 are currently unknown, and will remain so for some time. Therefore, our long-term optimism for the opportunities that our investment themes present is tempered somewhat due to the prospect of prolonged subdued economic activity.

There has been a wide dispersion in returns from the companies held in the portfolio so far, with some share prices up year-to-date, while others have been hurt. However, it is important to remember that many of the environmental and sustainable themes can present multi-year, if not multi-decade, opportunities, and we will look to take advantage of any underappreciated opportunities that arise as a result of the recent market turmoil.

Charlie Thomas

Fund Manager

Jupiter Asset Management Limited

Investment Adviser

7 July 2020

Investment Portfolio as at 31 March 2020

		31 March 2020		31 March 2019
	Country	Market value	Percentage	Market value	Percentage
Company	of Listing	£'000	of Portfolio	£'000	of Portfolio
Cranswick	United Kingdom	1,128	3.5	864	2.5
Orsted	Denmark	1,126	3.5	733	2.1
Veolia Environnement	France	1,034	3.2	1,030	2.9
Vestas Wind Systems	Denmark	1,017	3.2	1,000	2.8
Azbil	Japan	955	3.0	938	2.6
Xylem	United States of America	914	2.9	1,550	4.4
NextEra Energy Partners	United States of America	886	2.8	912	2.6
AO Smith	United States of America	886	2.8	1,495	4.2
TOMRA Systems	Norway	801	2.5	1,158	3.3
Schneider Electric	France	789	2.5	684	1.9
Eaton	Ireland	782	2.5	773	2.2
Siemens	Germany	744	2.3	901	2.5
Itron	United States of America	730	2.3	581	1.6
Horiba	Japan	710	2.2	751	2.1
Pennon Group	United Kingdom	697	2.2	-	-
Koninkijke DSM	Netherlands	641	2.0	418	1.2
Miura	Japan	635	2.0	390	1.1
Watts Water	United States of America	627	2.0	570	1.6
Hannon Armstrong Sustainable Infrastructure	United States of America	626	2.0	747	2.1
Daiseki	Japan	585	1.8	634	1.8
Innergex Renewable	Canada	582	1.8	436	1.2
Prysmian	Italy	580	1.8	461	1.3
Shimano	Japan	574	1.8	623	1.8
Enel	Italy	565	1.8	-	-
Sensata Technologies	United Kingdom	556	1.7	823	2.3
Stantec	Canada	555	1.7	495	1.4
Regal Beloit	United States of America	552	1.7	684	1.9
Knorr-Bremse	Germany	531	1.7	565	1.6
Novozymes 'B'	Denmark	521	1.6	504	1.4
Greencoat Renewables	United Kingdom	513	1.6	454	1.3
Johnson Matthey	United Kingdom	512	1.6	896	2.5
Mayr Melnhof Karton	Austria	490	1.5	475	1.3
Valmont Industries	United States of America	471	1.5	549	1.6
First Solar	United States of America	464	1.4	648	1.8
National Express Group	United Kingdom	448	1.4	886	2.5
East Japan Railway	Japan	421	1.3	511	1.4
Atlas Copco 'A'	Sweden	407	1.3	309	0.9
SKF 'B'	Sweden	405	1.3	464	1.3
BorgWarner	United States of America	402	1.3	603	1.7
CleanHarbors	United States of America	400	1.2	630	1.8
Hoffman Green Cement	France	353	1.1	-	-
Covanta Holding	United States of America	347	1.1	671	1.9
Toray Industries	Japan	346	1.1	671	1.9
ANDRITZ	Austria	344	1.1	461	1.3
Casella Waste Systems 'A'	United States of America	342	1.1	738	2.1
Jupiter Global Ecology Diversified Fund Class I GBP Q Inc Dist HSC*	Luxembourg	341	1.1	348	1.0
Umicore	Belgium	335	1.0	-	-
Beijing Enterprises Water Group	Bermuda	318	1.0	-	-
Infineon Technologies	Germany	315	1.0	406	1.2
Acuity Brands	United States of America	311	1.0	-	-
Brambles	Australia	286	0.9	353	1.0
NSK	Japan	271	0.9	376	1.1
Salmar	Norway	209	0.7	-	-
Wartsila	Finland	207	0.6	433	1.2
China Everbright International	Hong Kong	200	0.6	337	0.9
Renewi	United Kingdom	196	0.6	187	0.5
Salmones Camanchaca	Chile	190	0.6	308	0.9
RA International Group	United Kingdom	186	0.6	186	0.5
Fjord1	Norway	184	0.6	263	0.7
Ricardo	United Kingdom	180	0.6	279	0.8
Simec Atlantis Energy	Singapore	157	0.5	234	0.7
TOTAL		31,880	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 UK Listed investment companies

As at 31 March 2020, 1.6% 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.

Sector and Geographical Analysis of Investments as at 31 March 2020

Equities	United
	States of		United				Totals	Totals
	America	Japan	Kingdom	Denmark	France	Other	2020	2019
	%	%	%	%	%	%	%	%
Basic Materials	-	1.1	1.6	-	-	3.0	5.7	5.6
Chemicals	-	1.1	1.6	-	-	3.0	5.7	5.6
Consumer Goods	1.3	2.7	3.5	-	-	1.3	8.8	9.6
Food Producers	-	-	3.5	-	-	1.3	4.8	3.4
Automobiles & Parts	1.3	0.9	-	-	-	-	2.2	4.4
Leisure Goods	-	1.8	-	-	-	-	1.8	1.8
Consumer Services	-	1.3	1.4	-	-	0.6	3.3	5.5
Travel & Leisure	-	1.3	1.4	-	-	0.6	3.3	5.5
Financials	2.0	-	-	-	-	2.7	4.7	4.4
Global Equity Funds	-	-	-	-	-	1.1	1.1	1.0
Real Estate Investment
Trusts	2.0	-	-	-	-	-	2.0	2.1
Equity Investment
Instruments	-	-	-	-	-	1.6	1.6	1.3
Health Care	-	-	-	1.6	-	-	1.6	1.4
Pharmaceuticals &
Biotechnology	-	-	-	1.6	-	-	1.6	1.4
Industrials	17.6	9.0	3.5	-	3.6	19.8	53.5	55.8
Industrial Engineering	2.9	2.0	-	-	-	8.5	13.4	13.5
Support Services	3.4	1.8	1.2	-	-	2.3	8.7	12.9
Construction & Materials	5.8	-	-	-	1.1	-	6.9	7.4
Electronic & Electrical
Equipment	4.0	5.2	1.7	-	2.5	1.8	15.2	14.5
General Industrials	1.5	-	0.6	-	-	7.2	9.3	7.5
Technology	-	-	-	-	-	1.0	1.0	1.2
Technology Hardware &
Equipment	-	-	-	-	-	1.0	1.0	1.2
Oil & Gas	1.4	-	-	3.2	-	-	4.6	4.6
Alternative Energy	1.4	-	-	3.2	-	-	4.6	4.6
Utilities	2.8	-	2.2	3.5	3.2	5.1	16.8	11.9
Gas, Water & Multiutilities	-	-	2.2	3.5	3.2	1.0	9.9	6.4
Electricity	2.8	-	-	-	-	4.1	6.9	5.5
Totals 2020	25.1	14.1	12.2	8.3	6.8	33.5	100.0	100.0
Totals 2019	30.1	13.8	15.6	6.3	4.8	29.4	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.

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 2020 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 the 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 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.

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 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.

Future Developments

It is the board's ambition to grow the asset base of the company through a combination of organic growth and new issuance of shares with a view to achieving the critical mass necessary to attract broader demand from wealth managers, Independent Financial Advisers ('IFAs') and other institutional buyers of investment trust shares.

The board has also agreed in principle to cancel the balance of the share premium account (£29.7m) and to allocate this amount, less £16,275, to a distributable reserve account of the company to increase distributable reserves to approximately £32.3m. The £16,275 will be transferred to a special reserve to ensure that the company's issued share capital, plus the special reserve is equal to £50,000. In order to transfer the share premium account, the company would need to approach a limited number of creditors of the company to seek their agreement to the reduction of capital and would also need to apply to the courts for approval for the scheme. This will also need approval by the shareholder at the company's AGM on 16 September 2020.

Benchmark Index

The company's benchmark is the FTSE Environmental Technology 100 ('FTSE ET100') 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. 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 Annual Report & 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 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 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 three 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 risks and uncertainties that may affect the company as detailed below.

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 including a material and prolonged fall in equity markets and a significant rise in operating expenses along with the portfolio's liquidity. 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.

· The share price had moved to a premium to net asset value prior to the Covid-19 pandemic with an average daily share price of 199.00p per share during the first week of March 2020. After a temporary fall, the share price recovered to 189.50p per share on 23 June 2020.

· 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.

The investment adviser and the company's brokers engage with shareholders on an ongoing basis and the board, having taken into account the composition of shareholders of the company, the results of previous continuation votes and the ongoing demand for shares in the company, considers it to be likely, at this juncture, that the company's continuation vote by shareholders at this year's AGM will be passed.

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

The company had a revolving £3 million bank loan facility with Scotiabank Europe PLC which expired on 27 September 2019. The company did not draw down this loan during the year under review and has not entered into a new facility. 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 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 repurchased 297,500 ordinary shares for holding in treasury during the year under review at an average discount of 5.7%.

Under 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 2021 (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 50,043 ordinary shares from treasury during the year under review.

Principal Risks and Uncertainties

The principal and emerging 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.

Covid-19 - The outbreak of the Covid-19 pandemic poses additional risks to the company beyond the risks described under market risks above. They include liquidity risks to markets, risks associated with the maintenance of the current dividend policy 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 buyback 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 companyʼs 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 companyʼs shares. At its quarterly meetings the board considers the current liquidity in the company's investments when setting restrictions on the companyʼs exposure. The board also reviews, on a quarterly basis, the companyʼs buy-back programme and in doing so is mindful of the liquidity in the companyʼs shares.

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 FCAʼs 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.

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.

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 of the Directors.

As at 31 March 2020, 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 ('JAM') has a 30 year record of integrating ESG factors into the investment process. Its Governance and Sustainability team leverages its relationships with partner organisations such as the UN Principles for Responsible Investment (UN PRI), the investor Forum and Institutional Investors Group on Climate Change (IIGCC) and regularly engages with these and other industry bodies to ensure it remains at the forefront of ESG integration. Where relevant, lessons learned are disseminated across JAM's wider investment team via its Stewardship Committee.

JAM's Sustainability Investment team considers stewardship to be an integral component of its investment process. Typically, the team does not seek to exclude companies based on headline risk factors, disclosures or practices, instead believing that engagement aimed at enhancing long-term outcomes for investors requires a more rigorous and nuanced approach. Moreover, the investment adviser is of the view that compelling opportunities can arise in companies where there is evidence of positive change in the areas of environmental and social risk mitigation and governance practices, but where the market may be yet to reflect this in investee company share prices.

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 its stakeholders 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. 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. 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. Increasingly, board meetings are held virtually, reducing travel and associated pollution. The board would, however, expect to meet physically at least 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 suppliers, customers and others and the effect on principal decisions

The Shareholders - The shareholders of the company are both institutional and retail and details of those 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. In view of the alternative arrangements for the AGM this year as a result of Covid-19, in advance of the AGM a short presentation by the investment adviser will be made available on the company's website on the company's performance with information about the activities of the portfolio companies, the outlook for the company itself and for the market in which it functions. The board and investment adviser welcome your questions which may be submitted to [e-mail]. 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 company website contains the Annual and Half Yearly Financial Report along with monthly factsheets and commentaries 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 Exchanges.

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 of the Annual Report& Accounts. 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 the 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 of the Report of the Directors & Governance 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 adviser oversees the activities of the company's 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 manager's operational teams. The board regularly reviews reports from its investment manager, 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.

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. Examples of this can be seen as follows.

·     With the rise in status of Covid-19 to a 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 the portfolio and is in more frequent discussion with the investment adviser.

· Whilst the cancellation, postponement or reduction in dividends by investee companies held within the portfolio has had limited impact on the company's income in the year ended 31st March 2020, the board regularly reviews the income forecast for the current financial year in order to assess the level of expected dividend income and support the company's dividend policy through the, as yet unknown, duration of the crisis.

· With this in mind the board has agreed in principle to cancel the balance of the share premium account (£29.7m), less £16,275, to a distributable reserve account of the company to increase distributable reserves. The £16,275 will be transferred to a special reserve to ensure that the company's issued share capital, plus the special reserve, is equal to £50,000.

·     The appointment of Jaz Bains as Senior Independent Director which is in compliance with the AIC Code and governance best practice which states that for a company to promote long term sustainable success it must be led by an effective board.

· The board as decided to seek shareholder approval at the forthcoming AGM to take advantage of the provisions of the Companies Act 2006 to allow a future general meeting to be held as a physical meeting or an electronic meeting, or a combination of both. This will provide shareholders with the ability to attend future AGM's remotely if the company is unable to hold a physical meeting.

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.

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 in relation to the year under review and the level of such yield has historically varied with the sectors and geographical regions to which the company's portfolio is exposed at any given time. However, with effect from the AGM on 4 September 2018 shareholders approved a change of dividend policy whereby the company moved from a policy of paying the minimum dividend necessary in order to maintain its beneficial investment trust status to paying a higher, semi-annual dividend.

Shareholders also approved the proposal to alter the Articles of Association of the company to allow dividends to be financed through a combination of available net income in each financial year and the company's capital reserves and other reserves so that the company may, at the discretion of the board, pay all or part of any future dividends out of this, or other, distributable reserves of the company.

Notwithstanding the challenges presented by Covid-19 to a number of our portfolio holdings, the board intends to remain committed, at least for the time being, to the dividend policy set out last year. It is too early to assess the longer-term ability of the company to maintain this policy because of the uncertainties presented by the Covid-19 pandemic. Accordingly the policy will be held under regular review by the board.

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 every three years. Accordingly, the directors will propose Resolution 10 as an ordinary resolution for the continuation of the company in its current form at the AGM of the company to be held on 16 September 2020. 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 company's shares trade overtime where in normal market conditions, the company's share price does not materially vary from its net asset value 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 173.31p as at 31 March 2020. The next subscription date will be 31 March 2021. A reminder will be sent to shareholders prior to the subscription date.

For and on behalf of the Board

Michael Naylor

Chairman

7 July 2020

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 auditors does not include consideration of the maintenance and integrity of the website and accordingly the auditors accepts 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 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.

By order of the board

Michael Naylor

Chairman

7 July 2020

Statement of Comprehensive Income  for the year ended 31 March 2020

	Year ended 31 March 2020			Year ended 31 March 2019
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	'000
Loss on investments at
fair value through profit or loss	-	(2,783)	(2,783)	-	(773)	(773)
Foreign exchange gain	-	94	94	-	190	190
Income	889	-	889	828	-	828
Total income	889	(2,689)	(1,800)	828	(583)	245
Investment management fee	(66)	(197)	(263)	(69)	(205)	(274)
Other expenses	(341)	-	(341)	(311)	(6)	(317)
Total expenses	(407)	(197)	(604)	(380)	(211)	(591)
Net return/(loss) before finance
costs and tax	482	(2,886)	(2,404)	448	(794)	(346)
Finance costs	(1)	(3)	(4)	(2)	(7)	(9)
Return/(loss) on ordinary
activities before taxation	481	(2,889)	(2,408)	446	(801)	(355)
Taxation	(68)	-	(68)	(59)	-	(59)
Net return/(loss) after taxation	413	(2,889)	(2,476)	387	(801)	(414)
Return/(loss) per ordinary
share	2.20p	(15.34)p	(13.14)p	1.89p	(3.91)p	(2.02)p
Diluted return /(loss) per
ordinary share	2.20p	(15.34)p	(13.14)p	1.89p	(3.91)p	(2.02)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 2020

	2020	2019
	£'000	£'000
Non current assets
Investments held at fair value through profit or loss	31,880	35,466
Current assets
Prepayments and accrued income	215	174
Cash and cash equivalents	604	449
	819	623
Total assets	32,699	36,089
Current liabilities
Other payables	(118)	(155)
Total assets less current liabilities	32,581	35,934
Capital and reserves
Called up share capital	34	34
Share premium	29,748	29,705
Redemption reserve*	239	239
Special reserve	-	24,292
Retained earnings*	2,560	(18,336)
Total equity shareholders' funds	32,581	35,934
Net Asset Value per ordinary share	173.31p	188.70p
Diluted Net Asset Value per ordinary share	173.31p	188.70p

* 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 7 July 2020 and signed on its behalf by:

Michael Naylor

Chairman

Company Registration Number 05780006

Statement of Changes in Equity for the year ended 31 March 2020

	Share	Share	Special	Redemption	Retained
For the year ended	Capital	Premium	Reserve	Reserve	Earnings	Total
31 March 2020	£'000	£'000	£'000	£'000	£'000	£'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 Transfer to capital account in retained earnings	- -	- -	- (24,292)	- -	(560) 24,292	(560) -
Balance at 31 March 2020	34	29,748	-	239	2,560	32,581

Dividends paid during the period were paid out of revenue reserves.

	Share	Share	Special	Redemption	Retained
For the year ended	Capital	Premium	Reserve	Reserve	Earnings	Total
31 March 2019	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 March 2018	34	29,630	24,292	239	(14,048)	40,147
Net loss for the year	-	-	-	-	(414)	(414)
Dividends paid	-	-	-	-	(466)	(466)
Ordinary shares
reissued from treasury	-	75	-	-	167	242
Ordinary shares repurchased	-	-	-	-	(3,575)	(3,575)
Balance at 31 March 2019	34	29,705	24,292	239	(18,336)	35,934

Dividends paid during the period were paid out of revenue reserves.

Cash Flow Statement for the year ended 31 March 2020

	2020	2019
	£'000	£'000
Cash flows from operating activities
Investment income received (gross)	890	781
Deposit interest received	1	4
Investment management fee paid	(241)	(279)
Performance fee*	-	(59)
Other cash expenses	(325)	(334)
Interest paid	(4)	(9)
Net cash inflow from operating activities before taxation	321	104
Taxation	(68)	(59)
Net cash inflow from operating activities	253	45
Net cash flows from investing activities
Purchases of investments	(3,540)	(8,690)
Sale of investments	4,295	9,848
Net cash inflow from investing activities	755	1,158
Cash flows from financing activities
Shares repurchased	(630)	(3,505)
Shares reissued from treasury	116	242
Equity dividends paid	(433)	(466)
Net cash outflow from financing activities	(947)	(3,729)
Increase/(decrease) in cash	61	(2,526)
Change in cash and cash equivalents
Cash and cash equivalents at start of year	449	2,785
Realised gain on foreign currency	94	190
Cash and cash equivalents at end of year	604	449

*Performance fee paid this period in relation to previous financial year.

Notes to the accounts

1.  Accounting policies

The Accounts comprise the financial results of the company for the year to 31 March 2020. 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 7 July 2020. 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 October 2019 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) 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 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 items and capital items is given in Note 19. Investment Management fees and finance costs are charged 75 per cent. to capital and 25 per cent. to revenue (2019: 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 Income and Corporation Taxes Act 2010 ('ICTA') are not liable for taxation of capital gains.

(g)  Special reserve

As outlined in the launch prospectus dated 3 May 2006, application was made to the Court for the reduction of the share premium account and the creation of a special reserve which was granted on 20 December 2006. This reserve may be used for the purposes of repurchasing shares for treasury or cancellation pursuant to the company's discount management policy and making distributions to shareholders.

In order to simplify the presentation of the Capital and Reserves of the company, the balance on the special reserve has been transferred to the Capital Account in Retained Earnings.

(h)  Accounting developments

At the date of authorisation of the financial statements, the following amendment to the IFRS Standards and Interpretations was assessed to be relevant and is effective for annual periods beginning on or after 1 January 2019:

· IFRIC 23: Uncertainty over Income Tax Treatments

IFRIC 23 has not had an effect on the measurement or disclosure of amounts recognised within the financial statements of the company.

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 2020:

· IAS 1 and IAS 8 Amendments: Definition of Material

· IFRS 9, IAS 39 and IFRS 7 Amendments: Interest Rate Benchmark Reform

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.

The financial statements have been prepared on the historical cost basis, except for the measurement at fair value of certain financial instruments. The principal accounting policies adopted are set out below.

At 31 March 2020, the company had net current assets of £32,581,000 (31 March 2019: £35,934,000). The directors have a reasonable expectation that the company has sufficient resources to continue in operational existence for the foreseeable future and for the company to meet its objectives and measure performance against them. The directors considered the Covid-19 pandemic and the impact this may have on the company, noting in particular that, in addition to its net current assets the company holds a portfolio of largely liquid assets that, if required, can be sold to maintain adequate cash balances to meet its expected cash flows. The directors also reviewed scenarios of a significant drop in value of the assets and noted that they will still be significantly higher than liabilities. They have also confirmed the resiliency of the company's key service providers and are satisfied that their contingency plans and working arrangements are sustainable. The board has established a framework of prudent and effective controls performed periodically by the Audit Committee, which enable risks to be assessed and managed. The investment adviser and the company's brokers engage with shareholders on an ongoing basis and the board, having taken into account the composition of shareholders of the company, the results of previous continuation votes and the ongoing demand for shares in the company, considers it to be likely, at this juncture, that the company's continuation vote by shareholders at this year's AGM will be passed. Therefore, the going concern basis has been adopted in preparing the company's financial statements.

All financial assets and financial liabilities are recognised (or derecognised) on the date of the transaction by the use of "trade date accounting".

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
	2020	2019
	£'000	£'000
Income from investments
Dividends from UK companies	163	164
Dividends from overseas companies	725	660
Deposit interest	1	4
Total income	889	828

4.  Investment management

	Year ended 31 March 2020			Year ended 31 March 2019
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Investment management fee	66	197	263	69	205	274

75% (2019: 75%) of the investment management fee is treated as a capital expense.

5.  Ongoing charges

	31 March	31 March
	2020	2019
	£'000	£'000
Investment management fees	263	274
Other expenses	341	317
Total expenses (excluding finance costs)	604	591
Average net assets	37,928	39,322
Ongoing charges %	1.59	1.50

6.  Earnings per ordinary share

The earnings per ordinary share figure is based on the net loss for the year of £2,476,000 (2019: net loss £414,000) and on 18,831,660 (2019: 20,489,683) 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
	2020	2019
	£'000	£'000
Net revenue profit	413	387
Net capital loss	(2,889)	(801)
Net total loss	(2,476)	(414)
Weighted average number of ordinary shares in issue during the year used for the
purposes of the undiluted calculation	18,831,660	20,489,683
Weighted average number of ordinary shares in issue during the year used for the
purposes of the diluted calculation	18,831,660	20,489,683
Undiluted
Revenue earnings per ordinary share	2.20p	1.89p
Capital losses per ordinary share	(15.34)p	(3.91)p
Total losses per ordinary share	(13.14)p	(2.02)p
Diluted
Revenue earnings per ordinary share	2.20p	1.89p
Capital losses per ordinary share	(15.34)p	(3.91)p
Total losses per ordinary share	(13.14)p	(2.02)p

Any ordinary shares to be issued under the ordinary subscription rules had no dilution effect on the earnings per ordinary share for the year ended 31 March 2019 and 31 March 2020.

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 £150 million, reducing to 0.60% for net assets over £150 million and up to £250 million, and reducing further to 0.50% for net assets in excess of £250 million after deduction of the value of any Jupiter managed investments.

The management fee payable to JUTM for the period 1 April 2019 to 31 March 2020 was £262,995 (year to 31 March 2019: £273,536) with £41,832 (31 March 2019: £19,757) outstanding at period end.

With effect from 1 April 2018 the proportion of the investment management fee and finance costs that are treated as a capital expense in the company's reports and accounts were reduced from 90% to 75%, so as to bring its accounting policy into line with that of comparable investment trusts.

The company has invested from time to time in funds managed by Jupiter Fund Management PLC or its subsidiaries. There was one such investment with a market value of £340,560 (31 March 2019: £347,820). 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 2020 (2019: Nil).

9.  Post balance sheet events

During the first week of March 2020 the average daily share price was 199.00p per share. After the implementation of lockdown, in the second week of March, the price fell to 151.00p per share at its lowest point on 19 March. Since then the price has recovered to 189.50p per share on 23 June 2020.

Since the year end (1 April to 23 June 2020) no ordinary shares were repurchased to be held in treasury.

10.  Annual Results

This Annual Results announcement does not constitute the Company's statutory accounts for the years ended 31 March 2019 and 31 March 2020 but is derived from those accounts. Statutory accounts for the year ended 31 March 2019 have been delivered to the Registrar of Companies. The statutory accounts for the year ended 31 March 2019 and the year ended 31 March 2020 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 2020 have not yet been delivered to the Registrar of Companies and will be delivered following the Annual General Meeting .

11.  Availability of Annual Report and Accounts

A copy of the Annual Report & Accounts will shortly be submitted to the National Storage Mechanism and will be available for inspection at www.morningstar.co.uk/uk/NSM .

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

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

[e-mail] m

020 3817 1000

7 July 2020

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