Interim Management Statement
Jupiter Green Investment Trust PLC
Interim Management Statement for the three months to 30 June 2009
The Board of Jupiter Green Investment Trust PLC (the "Company") is
pleased to announce its interim management statement for the three
months ended 30 June 2009.
Investment Manager's Report for the three months ended 30 June 2009
Performance Review
For the three months ended 30 June 2009 the total return for the
Trust was 12.6 per cent. compared to a return of 12.1 per cent. for
the Trust's composite index*.
Market and Policy Review
The relief rally that we saw in March gathered momentum in April and
May as investors became more confident that the worst of the
recession was behind us. An element of circumspection crept into the
market in June, however, as economic data became more mixed, profit
taking ensued. A big theme for the quarter was the further rotation
out of defensive stocks into cyclical companies that started earlier
in the year. The resources and banking sectors were particularly
buoyant, if only because the direst predictions for the global
economy appeared less likely to be realised.
It was a strong quarter for the Trust with several holdings
recovering from oversold levels as a result of the improving economic
outlook. Core wind holding, Vestas Wind Systems, was re-rated on
expectation of increased orders following the global stimulus and
incentive packages announced since the start of the year. Firstgroup
(green transport) ended the period on a firmer footing after it
announced its preliminary results for the year to March 2009. Profit
before tax rose by 34 per cent., which was broadly expected, and the
company announced a 10 per cent. increase in its dividend. Abengoa
(clean energy), which has environmental services and bio-energy
interests, rallied off a low level after it announced solid first
quarter profit results. First Solar and Ormat (clean energy) were
among several holdings in the Trust's US portfolio that also made
good progress during the quarter.
Less impressive was Novozymes (clean energy) which ended the quarter
weaker on profit taking. The company announced first quarter profit
results broadly in line with expectations, but lowered its guidance
due to softness in its detergent and bioethanol divisions, both of
which have exposure to consumer demand. In spite of this weakness, we
believe the long term fundamentals of this company are very positive.
Sustainable living holding Cranswick ended marginally lower this
quarter on no specific news.
Investment Outlook
Since the end of June the total assets of the Company have increased
by 4.4 per cent. as a result of strong stock market performance in
both the US and the UK, with a corresponding increase in the Ordinary
share price of 6.9 per cent.
Whilst there is still some way to go before we can be sure that the
macro-economic situation has improved there are recent early signals
that stabilisation has occurred and an increased level of activity
has led to improved sentiment and some return to risk in the equity
markets. We will deploy cash to companies with strong balance sheets
and robust business models that we believe have been mispriced on a
longer term view. We will also look to take profits in positions that
we believe have become fully valued due to market exuberance.
We would add that the green investment thesis continues to
strengthen. In addition to the significant green stimulus packages
announced in recent months, the G8's commitment to cut carbon
emissions by 80 per cent. by 2050 bodes well for a strong mid term
agreement at the UN Climate Change Conference in Copenhagen later
this year.
Charles Thomas
Fund Manager, Jupiter Asset Management Limited
All positions mentioned are held directly within the portfolio
managed by Jupiter unless otherwise stated.
Total Assets as at 30 June 2009: £38,082,605
% of Total Assets
Jupiter Managed Portfolio £24,723,800 64.9
Winslow Managed Portfolio £13,358,805 35.1
Shares in Issue on 30 June 2009: 44,347,831
Net Asset Market Price Premium/
Value (p) (p) (Discount)
Ordinary (undiluted) excluding 86.58
income/expenses
Ordinary (undiluted) including 86.61
income/expenses 76.50 (12%)
Ordinary (diluted) excluding 86.58
income/expenses
Ordinary (diluted) including 89.61
income/expenses
Warrants n/a 8.75 n/a
Portfolio Distribution on 30 June 2009
United Kingdom 25%
North America 35%
Europe 19%
Japan 5%
Other 2%
Cash and fixed interest 14%
100%
The Company's exposure to other UK listed investment companies was
nil on 30 June 2009.
Top Ten Holdings on 30 June 2009
Company Country of Listing % of total assets
Vestas Wind Systems Denmark 3.4
Cranswick United Kingdom 3.0
Gamesa Corp Spain 2.7
Telvent United States 2.6
First Group United Kingdom 2.5
First Solar United States 2.3
Kurita Water Japan 2.3
RPS Group United Kingdom 2.2
Novozymes Denmark 2.2
Pure Technologies Canada 2.1
25.3
Comparative Performance to 30 June 2009
One month Three One year % Since Last
% months % launch % Annual
Report %
Total Assets* (2.1) 12.6 (25.0) (10.8) 12.6
FTSE Global Small Cap
- Ex US Index (2.8) 16.4 (18.6) (12.6) 16.4
Russell 2500 Growth
Index (0.8) 4.5 (11.4) (14.3) 4.5
Composite Index (2.1) 12.1 (15.8) (11.0) 12.1
Ordinary Share NAV (2.1) 12.6 (25.0) (10.8) 12.6
Ordinary Share Price (4.4) 19.1 (30.3) (23.5) 19.1
Warrant Price (36.4) 191.7 (64.6) (58.3) 191.7
* Performance adjusted for share issue/cancellation since launch
The Company's Investment Objective
The Company's investment objective is to generate long-term capital
growth through a diverse portfolio of companies providing
environmental solutions.
The Company's Investment Policy
The Company invests globally in companies which have a significant
focus on environmental solutions such as Clean Energy, Water
Management, Waste Management, Sustainable Living, Environmental
Services and Green Transport. The Company is focused on the following
six green investment themes:
* Clean Energy
Stand alone power and back-up systems based on wind, solar,
flywheels, batteries and fuel cells; bio-fuels; insulation materials;
energy efficiency technologies.
* Waste Management
Waste reduction and associated technologies; recycling and resource
management; recycled materials.
* Water Management
Water and wastewater services including sewerage and treatment
infrastructure; new technology-based solutions such as membranes and
UV disinfection.
* Sustainable Living
Healthy lifestyle sector including organic foods, complementary
medicines and healthcare.
* Environmental Services
Companies directly benefiting from increased environmental
legislation, including environmental consultancies and providers of
safety equipment.
* Green Transport
Integrated public transport systems; vehicle emissions and energy
efficiency control technologies.
The Company's portfolio has a bias towards small and medium
capitalisation companies. It invests primarily in securities which
are quoted, listed or traded on a recognised exchange. However, up to
5 per cent. of the Company's Total Assets (at the time of such
investment) may be invested in unlisted securities. No such
investments have been made to date.
Material Events
Since 31 March 2009 no Ordinary shares have been repurchased. Warrant
holders were able to exercise their warrant rights and subscribe for
Ordinary shares on 31 July 2009 and two holders took the opportunity
to do so. This resulted in the issue of an additional 573 Ordinary
shares. The total voting rights after the issue of these additional
Ordinary shares, excluding 360,000 Ordinary shares held in Treasury,
are 43,988,404.
Mr Michael Naylor was appointed to the Board of the Company on 3 July
2009.
The Company issued its Annual Report in mid-June and the Annual
General Meeting will be held on 8 September 2009.
The Board is not aware of any other significant events or
transactions which have occurred between 31 March 2009 and the date
of publication of this interim management statement which would have
a material impact on the financial position or the performance of the
Company.
Availability of Monthly Fact Sheets
Monthly fact sheets for the Company are available for download from
www.jupiteronline.co.uk and by post or fax on request from the
company secretarial department.
The Company's Ordinary shares and Warrants are listed on the London
Stock Exchange and the prices are published in the Financial Times
under `Investment Companies'.
The Net Asset Values of the Company's Ordinary shares are calculated
weekly and can be viewed on the London Stock Exchange website at
www.londonstockexchange.com (under the heading 'Market News').
For further information, please contact:
Richard Pavry
Director of Investment Trusts
Jupiter Asset Management Limited
rpavry@jupiter-group.co.uk
020 7314 4822
Faith Pengelly
Company Secretarial Department
Jupiter Asset Management Limited
fpengelly@jupiter-group.co.uk
020 7314 4915
The Company's Registered office is at 1 Grosvenor Place, London SW1X
7JJ.
This interim management statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's
Disclosure and Transparency Rules.
Jupiter Asset Management Limited
7 August 2009
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