Half-yearly report

Jupiter Green Investment Trust Plc
Unaudited Half Yearly Results
for the six months to 30 September 2013

Chairman's Statement

It is with pleasure that I present the Interim Report for the Jupiter Green Investment Trust, covering the six months to 30 September 2013.

During the period under review your Company's Net Asset Value per Ordinary share rose by 6.9 per cent. to 133.08p, whilst the middle market price increased by 11.9 per cent. to 129.75p. Over the same period the discount to Net Asset Value reduced from 6.9 per cent. to 2.6 per cent. and has remained consistent at close to that level to date. This reduction is a result of the discount management policy that the Board has operated since April 2012.

I recommend the Manager's review in which he describes how a broad-based pickup in the trading activity of environmental companies underpinned a healthy period for the Company. The revival of the alternative energy sector was of particular note. Geographically, the Company's US exposure made the most handsome contribution to performance, while many European holdings were boosted by general improvements in the region's economy. In contrast, businesses with exposure to the emerging market economies tended to lag.  

From an environmental policy perspective, it was a compelling period. During his second inauguration speech, President Obama reinstated climate change as a key issue in the US political agenda after years of being shunned by politicians on both sides. Europe and China, meanwhile, struck an agreement to end the so-called "solar war", a trade dispute over the apparent dumping of inexpensive Chinese solar technology in the EU.

China also announced a raft of new environmental policies designed to tackle some of its most pressing risks, such as those associated with air pollution. Finally, at the end of the period, the Intergovernmental Panel on Climate Change (IPCC) released its much anticipated fifth scientific assessment of climate change. For the first time, this report proclaimed that scientists were 95 per cent. confident that human activity was contributing to global warming. Time will tell whether the findings of the report will boost the political appetite for environmental policies internationally. However, the report underscores the case for investing in environmental solutions businesses and suggests that for companies able to offer products and services at a competitive price demand should continue to grow over the long term.

Perry Crosthwaite
Chairman
28 November 2013

Manager's Review

Performance Review
For the six months ended 30 September 2013, the total return for the Trust was 7.5 per cent.* compared to returns of 3.9 per cent.* for the Trust's benchmark, the MSCI World Small Cap Index. During the same period the FTSE ET100 TR index returned 14.5 per cent.* The FTSE ET100 index measures the performance of the largest 100 companies globally whose core business is the development and deployment of environmental technologies.

Market review
Global stock markets surged early in the period. The positive impact of open-ended quantitative easing (QE) in the US was compounded in April by an equally massive programme of monetary expansion in Japan. However, the mood changed markedly at the end of May when Ben Bernanke suggested that the Federal Reserve might start to taper its programme as soon as September, depending on the shape of the US economy. In the intervening months the market took it as read that some form of tapering would occur at the end of Q3: the only question was by how much. US government bond yields moved higher, as they did in Europe, forcing the European Central Bank and Bank of England to issue forward guidance in an attempt to soothe local bond markets. Meanwhile emerging market stocks, bonds and currencies suffered some heavy losses. It therefore came as a surprise when the Federal Reserve decided not to taper its policy in September. While this decision offered some respite to markets, it raised questions about the strength of recovery in the US and the Federal Reserve's intentions. A breakdown of fiscal negotiations in the US at the end of the period added to the broader sense of uncertainty. Meanwhile, economic data in the UK suggested that the recovery was gathering momentum. The outlook for some parts of Europe's economy also brightened, although political uncertainty returned to Italy.

Against this backdrop, the environmental sector enjoyed a reasonable tailwind. Supply and demand dynamics continued to improve in the renewable energy sector, environmental policy in China and the US hardened and many companies were reinvigorated by the broader pickup in the US and UK economies. The agreement reached between Europe and China over the solar trade dispute was another positive development during the period. The performance of the FTSE ET100 index, while impressive, was distorted by a 380 per cent. increase in the value of Tesla, a high performance electric car company. We do not hold this company in the Trust and believe the market's enthusiasm for this stock is hard to justify without an extraordinary increase in sales and cuts to battery costs.  

Fund review
The Trust made excellent progress during the period. While the pick up in sentiment towards environmental companies certainly helped, this was eclipsed by some excellent reporting among key holdings. United Natural Foods, for example, bucked concerns about waning momentum by revealing an acceleration of revenue growth, margin expansion and positive trends in its distribution channels. Recycled auto parts business LKQ Corporation also had a positive quarter on the back of steady sales growth and indications that the business is making inroads in Europe. Wabtec, which manufactures equipment for the global rail industry, made excellent progress on the back of strong demand from the US rail freight sector. Elsewhere, Vestas Wind Systems had a stellar run with the market welcoming the appointment of a new CEO and news that the company had entered into a joint venture with Mitsubishi Heavy Industries to develop an offshore wind turbine. Meanwhile a more positive economic outlook for Europe started to filter into some areas of the portfolio that have been unloved by the market in recent years (e.g. waste management).

There were a few disappointments. Electric motor specialist Regal Beloit was de-rated by the market early in the period after it announced lacklustre first quarter results and lowered its guidance. Trading conditions for Regal have since improved, as has its share price. Weak earnings results impaired Andritz, a company that provides equipment to a number of industries including the hydroelectric and biofuels sectors. Holdings in western companies that have emerging markets exposure also suffered. For example, waste management business Transpacific Industries faced headwinds due to the impact of China's slowdown on the Australian economy.

There were a number of modest adjustments to the Trust during the period. We took advantage of price weakness to add to the position in Regal Beloit, for example, and identified new candidates from the renewable energy sector. These included Wacker Chemie, a German polysilicon producer, and Greenko, a diversified alternative power business which is steadily increasing its list of assets in India. To help fund these purchases and rationalise the portfolio somewhat, we took profits in businesses such as NCI Building Systems, Green Mountain Coffee Roasters, Whole Foods Market, Novozymes and Shimano.  

A research trip to China in May underscored the growing importance of environmental technologies in the world's second largest economy. Renewable energy targets (100GW in wind and 35GW in solar by 2015) looked set to be beaten and the country was in the process of developing the first ever ultra-high voltage transmission system that would connect the North wind power assets to the South and East. To put this in context the complete generation capacity for the UK (coal, gas, nuclear and renewables) is just 80GW. Meanwhile, while the EU remained in disarray over emissions trading, China was developing regional and city emissions trading systems. This was particularly pertinent in light of news that CO₂ concentration in the Earth's atmosphere reached 400 parts per million (ppm) in May - the highest level recorded in data spanning 800,000 years and 50ppm below the critical level where there is thought to be a 50:50 chance that a 2^oC rise in global temperatures can be contained.

Investment Outlook
September saw the long-anticipated release of the Intergovernmental Panel on Climate Change's (IPCC) latest scientific assessment of climate change. It was a landmark report which for the first time made the resounding conclusion that "it is extremely likely that human influence has been the dominant cause of the observed warming since the mid-20th century." For environmental investors, the key question is whether this report represents something of an inflection point for policy makers and therefore results in a stronger regulatory backdrop for green companies. We believe it is feasible that the next 12 months may see progress in national and regional climate policies extend to the international arena, which would augment the tailwind that the renewable energy sector has recently enjoyed on the back of improved economic competitiveness. However, despite the report's obvious importance in the climate change debate, we are mindful that the environmental sector has experienced something of a revolution in recent years. The investment drivers of favourable policies and regulations have largely given way to a focus on robust businesses able to compete with mainstream counterparts on a more equal footing. While the central conclusions of the report are likely to presage heated debate on climate change, we believe it is important to remain focused on core economic drivers such as growing investment in renewable energy, supported by increased resource efficiency and energy independence, greener infrastructure and demographic challenges.

Charles Thomas
Fund Manager
Jupiter Asset Management Limited
28 November 2013

*Source: Jupiter Asset Management.

Statement of ComprehensiveIncome for the six months to 30 September 2013 (unaudited)

	Six months to  30 September 2013			Six months to  30 September 2012
	Revenue	Capital		Revenue	Capital
	Return	Return	Total	Return	Return	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Gain/(loss) on investments at fair value through profit or loss (Note 2)	-	3,248	3,248	-	(1,101)	(1,101)
Foreign exchange gain	-	-	-	-	20	20
Income	404	-	404	499	-	499
Total income	404	3,248	3,652	499	(1,081)	(1,038)
Investment management fee	(17)	(147)	(164)	(14)	(126)	(140)
Investment Performance fee	-	(230)	(230)
Other expenses	(155)	-	(155)	(146)	(232)	(378)
Total expenses	(172)	(377)	(549)	(160)	(358)	(518)
Return on ordinary activities before taxation	232	2,871	3,103	339	(1,439)	(1,100)
Taxation	(35)	-	(35)	(37)	-	(37)
Net return after taxation	197	2,871	3,068	302	(1,439)	(1,137)
Return per Ordinary Share (Note 3)	0.69p	10.05p	10.74p	0.93p	(4.44)p	(3.51)p

The total column of this statement is the income statement of the Company, prepared in accordance with International Financial Reporting Standards (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.

The financial information does not constitute 'accounts' as defined in section 434 of the Companies Act 2006.
Statement of Financial Position as at 30 September 2013

	30 September 2013	31 March 2013
	(unaudited)	(audited)
	£'000	£'000
Non current assets
Investments held at fair value through profit or loss	37,841	36,468
Current assets
Prepayments and accrued income	533	65
Cash and cash equivalents	140	1,414
	38,514	37,947
Total assets
Current liabilities
Other payables	(485)	(376)
Total assets less current liabilities	38,029	37,571
Capital and reserves
Called up share capital	33	33
Share premium	28,348	27,285
Redemption reserve	239	238
Special reserve	24,292	24,292
Retained earnings (Note 5)	(14,883)	(14,277)
Total equity shareholders' funds	38,029	37,571
Net Asset Value per Ordinary share (Note 6)	133.08p	124.42p

Statement of Changes in Equity for the six months to 30 September 2013

For the six months to	Share	Share	Special	Redemption	Retained
30 September 2013	Capital	Premium	Reserve	Reserve	Earnings	Total
(unaudited)	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 March 2013	33	27,285	24,292	238	(14,277)	37,571
Net profit for the period	-	-	-	-	3,068	3,068
Ordinary share issued	-	1,063	-	-	-	1,063
Ordinary shares repurchased	-	-	-	1	(3,304)	(3,303)
Dividend paid	-	-	-	-	(370)	(370)
Balance at 30 September 2013	33	28,348	24,292	239	(14,883)	38,029

For the six months to	Share	Share	Special	Redemption	Retained
30 September 2012	Capital	Premium	Reserve	Reserve	Earnings	Total
(unaudited)	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 March 2012	37	27,285	24,292	234	(15,667)	36,181
Net loss for the period	-	-	-	-	1,137)	(1,137)
Ordinary shares repurchased	(2)	-	-	2	(1,707)	(1,707)
Dividend paid	-	-	-	-	(196)	(196)
Balance at 30 September 2012	35	27,285	24,292	236	(18,707)	33,141

Cash Flow Statement for the six months to 30 September 2013 (unaudited)

	Six months to  30 September 2013	Six months to  30 September 2012
	£'000	£'000
Cash flows from operating activities
Investment income received	400	498
Deposit interest received	1	1
Investment management fee paid	(190)	(142)
Realised gain on foreign currency	-	20
Other cash expenses	(869)	(152)
Cash generated from operations	(658)	225
Taxation	(35)	(37)
Net cash outflow from operating activities	(693)	188
Cash flows from investing activities
Purchases of investments	(1,409)	(565)
Sales of investments	3,705	990
Net cash inflow from investing activities	2,296	425
Cash flows from financing activities
Shares issued	1,064	-
Shares repurchased	(3,571)	(1,629)
Subscription rights reorganisation	-	(223)
Dividend paid	(370)	(196)
Net cash outflow from financing activities	(2,877)	(2,048)
Decrease in cash	(1,274)	(1,435)
Cash and cash equivalents at start of period	1,415	2,297
Cash and cash equivalents at end of period	141	862

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting Policies

The accounts comprise the unaudited financial results of the Company for the six month period from 1 April 2013 to 30 September 2013. The accounts are presented in pounds sterling, as this is the functional currency of the Company.

The Accounts have been prepared in accordance with International Financial Reporting Standards and with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies" issued by The Association of Investment Companies in 2009. The particular accounting policies adopted by the Directors are described below.

1. Revenue recognition  

         Revenue 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.

Deposit and other interest receivable, expenses and interest payable are accounted for on an accruals basis. These are classified within operating activities in the cash flow statement.

2. 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 5. 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.

3. 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.

2   Gains on Investments

	Six months to  30 September 2013	Six months to  30 September 2012
	£'000	£'000
Net gain/(loss) realised on sale of investments	487	(556)
Movement in unrealised gains	2,761	(545)
Gain/(loss)on investments	3,248	(1,101)

3. Earnings per Ordinary share 

The earnings per Ordinary share figure is based on the net profit for the six months of £197,000 (six months to 30 September 2012: Profit £302,000) and on 28,576,220 (six months to 30 September 2012: 32,433,897) Ordinary shares, being the weighted average number of Ordinary shares in issue during the period.

The earnings per Ordinary share figure detailed above can be further analysed between revenue and
capital, as below.

	Six months to  30 September 2013	Six months to  30 September 2012
	£'000	£'000
Net revenue profit	197	302
Net capital profit/(loss)	2,871	(1,439)
Net total gain/(loss)	3,068	(1,137)
Weighted average number of Ordinary shares in issue during the period	28,576,220	32,433,897
Revenue earnings per Ordinary share (p)	0.69	0.93
Capital earnings per Ordinary share (p)	10.05	(4.44)
Total earnings per Ordinary share (p)	10.74	(3.51)

4. Transaction Costs 

The following transaction costs were incurred during the period:

	Six months to  30 September 2013	Six months to  30 September 2012
	£'000	£'000
Purchases	1	1
Sales	5	1
	6	2

5. Retained earnings 

The table below shows the movement in the retained earnings analysed between revenue and capital items.

	Revenue	Capital	Total
	£'000	£'000	£'000
At 31 March 2013	482	(14,759)	(14,277)
Movement during the period:
Net profit for the period	197	2,871	3,068
Shares repurchased	-	(3,304)	(3,304)
Dividend paid	(370)	-	(370)
At 30 September 2013	309	(15,192)	(14,883)

6     Net Asset Value per Ordinary share

The Net Asset Value per Ordinary share is based on the net assets attributable to the Ordinary shareholders of £38,029,000 (31 March 2013: £37,571,000) and on 28,576,220 (31 March 2013: 33,348,566) Ordinary shares, being the weighted average number of Ordinary shares in issue at the period end.

7.  Related Parties 

Mr. Crole is an employee of Jupiter Asset Management Limited which receives investment management fees as set out below. Jupiter Administration Services Limited, a fellow Jupiter subsidiary company of Jupiter Investment Management Group Limited receives administration fees, as set out below.

Jupiter Asset Management Limited is contracted to provide investment management services to the Company (subject to termination by not less than 12 months notice by either party) for a fee payable monthly of one twelfth of 0.85 per cent. of the net assets of the Company after deduction of the value of any Jupiter managed investments.

Jupiter Asset Management Limited is also entitled to an investment performance fee which is based on the out performance 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 Net Asset Value per Ordinary share (plus any dividends per Ordinary share paid 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 (a) the Net Asset Value per Ordinary share on the last business day of the previous performance period; (b) 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 (c) 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.

Jupiter Administration Services Limited is contracted to provide secretarial, accounting and administrative services to the Company for an annual fee of £94,204.40 adjusted each year in line with the Consumer Prices Index
payable quarterly.

Interim Management Report

Related Party Transactions

During the first six months of the current financial year no transactions with related parties have taken place which have materially affected the financial position or performance of the Company during the period. Details of related party transactions are contained in the Annual Report and Accounts 2013 and in Note 7 above.

Principal Risks and Uncertainties
The principal risks and uncertainties associated with the Company's business can be divided into the following areas:

-        investment policy and process
-        market movements
-        accounting, legal and regulatory
-        operational, and
-        financial, such as market price risk and foreign currency risk.

Information on these risks is set out in the Annual Report and Accounts 2013.

In the view of the Board these principal risks and uncertainties are applicable to the remaining six months of the year as they were to the six months under review.

Directors' Responsibility Statement
We the Directors of Jupiter Green Investment Trust PLC confirm to the best of our knowledge that:

1. the condensed set of financial statements have been prepared in accordance with the Accounting Standards Board's statement 'Half-Yearly Financial Reports'; 

2. the Chairman's Statement, Manager's Review, and Interim Management Report include a fair review of the information required by Disclosure and Transparency Rule 4.2.7R, and 

3. the Interim Management Report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.8R on related party transactions. 

The half-yearly financial report has not been audited or reviewed by the Company's auditors.

By order of the Board

Perry Crosthwaite
Chairman
28 November 2013

Investment Objective

The Company's investment policy is to generate long-term capital growth through a diverse portfolio of companies providing environmental solutions.

Full details of the Company's investment policy can be found in the 2012 Interim Report.

The Interim Report will be available on the Company's website at http://www.jupiteronline.com/green  Copies may also be obtained from the registered office of the Company at 1 Grosvenor Place, London SW1X 7JJ on request.

BY ORDER OF THE BOARD
JUPITER ASSET MANAGEMENT LIMITED
Secretaries

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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Jupiter Green Investment Trust PLC via Globenewswire

HUG#1746491