Interim Management Statement

Jupiter Green Investment Trust PLC
Interim Management Statement for the three months to 30 June 2013

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 2013.  

Investment Manager's Report

Performance Review
For the three months ended 30 June 2013 the total return for the Company was 0.6 per cent. compared to a return of -0.4 per cent. for the Trust's benchmark index, the MSCI World Small Cap Index*. During the same period, the FTSE ET100 Index returned 5.6 per cent..**

Market review
Equity market investors had to endure a sharp rise in volatility in the June quarter. The period started in an ebullient mood after the Bank of Japan ("BoJ") announced an aggressive quantitative easing programme in April. Global bond markets, meanwhile, surged on expectation that Japanese bond investors would break their loyalty to the domestic market and instead hunt for yield offshore for fear that the BoJ's newly introduced 2 per cent. inflation target would erode the value of their capital. In May and June, however, the tone of the markets changed markedly. Risk assets across the board fell back sharply on news that the US Federal Reserve may consider "tapering" its quantitative easing programme as early as September. Concern about a pronounced slowdown in emerging market growth and a potential credit crisis in China also weighed on sentiment.

Fund review
Against this backdrop, several core holdings added value. Strong final results provided a boost to Cranswick's share price. The business continued to benefit from a growing appetite for pork products in the UK and concerns about food provenance after the recent horsemeat scandal. US organic food holdings Whole Foods Market and United Natural Foods made solid contributions to performance. In other sectors, news that US recycled auto parts business LKQ Corp had acquired Sator Beheer in Europe was warmly received by the market, while Johnson Matthey firmed after revealing better-than-expected first-half results.

Detractors included businesses with exposure to weakness in emerging market economies and commodity prices. Concern about a slowdown in resources expenditure in Australia negatively impacted RPS Group, for example. We remain confident about the long term prospects for the business given its strong balance sheet and tight supply and demand dynamics in global energy markets. Elsewhere, FirstGroup fell sharply after surprising the market with a rights issue. Although disappointing, the market's reaction to the news was severe and arguably underestimated the potential for growth in FirstGroup's bus operations and success bidding for rail franchises. Regal Beloit (electrical and mechanical systems), meanwhile, ended lower on mixed earnings results.

We established a new position in Wacker Chemie, a German polysilicon producer, marking our first investment in the solar sector for many years.

Outlook
The outlook for environmental investment has received a boost in recent months from a firming up of climate change-related policy. Most notably, President Obama has put environmental issues back on the political agenda in the US after announcing an ambitious strategy for dealing with climate change which he plans to make a priority of his current term. Meanwhile, as part of its on-going effort to address pressing environmental problems, China has introduced a pilot emissions trading scheme with the aim of putting the brakes on emissions growth in the country. Time will tell whether the modest improvements we are currently seeing in the political backdrop will result in more constructive climate talks at the 2015 UN Climate Conference in Paris. The renewable energy sector, meanwhile, has seen a marked pick up in interest after positive developments in the so-called "Solar War" between Europe and China. This development has coincided with a firmer demand outlook for the industry overall, which has the potential to dissolve the overcapacity problems the sector has faced since 2007. We continue to watch events closely and believe the renewable energy sector offers potential for investors over the long term.

Charles Thomas
Jupiter Asset Management Limited
Investment Manager
15 August 2013

Total Assets as at 30 June 2013: £38,642,875

Shares in Issue

Shares bought back in the period                     314,133
Share in issue as at 30 June 2013                34,129,029
Shares held in Treasury at 30 June 2013                  3,264,834
Total Voting Rights as at 30 June 2013                30,864,195

	Net Asset Value (p)	Market Price (p)	Premium/ (Discount)
Ordinary (undiluted) excluding income/expenses	125.20	114.00	(9%)
Ordinary (undiluted) including income/expenses	124.30

Portfolio Distribution on 30 June 2013

United Kingdom	24%
North America	42%
Europe	16%
Japan	10%
Other	5%
Cash and fixed interest	3%
	100%

The Company's exposure to other UK listed investment companies was nil on 30 June 2013.

Top Ten Holdings on 30 June 2013

Company	Country of Listing	Activity	% of total assets
Wabtec	United States	Infrastructure	4.1
Cranswick	United Kingdom	Demographics	3.4
Stantec Inc	Canada	Infrastructure	3.3
Whole Foods Market	United States	Demographics	3.0
Johnson Matthey	United Kingdom	Resource Efficiency	2.9
Novozymes	Denmark	Demographics	2.9
Emcor Group	United Sates	Infrastructure	2.8
Smith A 0. Corp	United States	Resource Efficiency	2.7
Horsehead Holdings	United Sates	Resource Efficiency	2.7
LKQ	United States	Resource Efficiency	2.7
			30.5

Comparative Performance to 30 June 2013

	Three months %	One year %	Since launch %
Total Assets*	0.6	23.1	29.0
MSCI World Small Cap Index (total return)	(0.4)	24.0	56.1
Ordinary Share NAV	0.6	23.1	29.0
Ordinary Share Price	(1.6)	22.6	14.0

* Performance adjusted for share issue/cancellation since launch

Material Events

During the period the Annual Report was published.  The Annual General Meeting was held on 25 July 2013.

On 20 June 2013 an interim dividend of 1.20p (net) per Ordinary share was declared, payable on 26 July 2013 to shareholders on the register as at 28 June 2013.

At a General Meeting of shareholders on 20 June 2012 resolutions were approved altering the Articles of Association to provide for subscription rights to be embedded within the Ordinary shares. The first subscription date was 31 March 2013.  On 2 April 2013 subscriptions were received from shareholders resulting in the allotment of 981,076 new Ordinary shares.  

Since the end of the period 1,511,975 shares have been bought back by the Company.

There were no other material events or transactions that have impacted on the financial position of the Company during the period.

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

Asset Allocation
The Company invests globally in companies which have a significant focus on environmental solutions. Specifically, the Company looks to invest across three key areas: infrastructure, resource efficiency and demographics.

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

The individual portfolio manager selects each stock on its individual merits as an investment rather than replicating the relevant company's weighting within the Company's benchmark indices.  The Company's investment portfolio is therefore unlikely to represent the constituents of its benchmark indices, but instead is intended to offer a well-diversified investment strategy focused on maximising returns from the prevailing economic background.

The individual portfolio manager may enter into contracts for differences in order to gain both long and short exposure for the Company to indices, sectors, baskets or individual securities for both investment purposes and for hedging or efficient portfolio management purposes. The ability to maintain a portfolio of both long and short positions provides the flexibility to hedge against periods of falling markets, to reduce the risk of absolute loss at portfolio level and to reduce the volatility of portfolio returns. The portfolio manager may also invest in single stock, sector and equity index futures and options.

Risk is also mitigated by investing mainly in quoted companies on registered exchanges,
ensuring full regulatory compliance for all underlying quoted investments. There are no specific stock and sector size limitations within the portfolio, but the manager is expected to provide sufficient stock, sector and geographic diversification to ensure an appropriate trade-off between risk and return within the portfolio. In order to ensure compliance with this objective there is a two tier monitoring system. Firstly, the manager's portfolio is assessed monthly by the Jupiter Asset Management Limited Performance Committee, which is headed by the Chief Executive of Jupiter Asset Management Limited. Secondly, the Board is provided with a detailed analysis of stock, sector and geographic exposures at the Trust's regular Board meetings.

Risk Diversification
The following investment restrictions are observed:

• no more than 15 per cent. of the Total Assets of the Company (before deducting borrowed money) is lent to or invested in any one company or group (including loans to or shares in the Company's own subsidiaries) at the time the investment or loan is made.  For this purpose any existing holding in the company or group concerned is aggregated with the proposed investment; 

• distributable income is principally derived from investments.  Neither the Company nor any subsidiary conducts a trading activity which is significant in the context of the group as a whole; 

• not more than 10 per cent., in aggregate,  of the value of the Total Assets of the Company (before deducting borrowed money) is invested in other investment companies (including investment trusts) listed on the Official List.  Whilst the requirements of the UK Listing Authority permit the Company to invest up to this 10 per cent. limit, it is the Directors' current intention that the Company invests not more than 5 per cent., in aggregate, of the value of the Total Assets of the Company (before deducting borrowed money) in such other investment companies; and 

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

Gearing
The Company may utilise gearing, at the Directors' discretion, for the purpose of financing the Company's portfolio and enhancing Shareholders 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 general meeting, the Company may not incur borrowings above a limit of 25 per cent. of the Company's Total Assets at the time of drawdown of the relevant borrowings.  No credit facility has been negotiated by the Company to date.

The level of any gearing of the Company's Total Assets from time to time will be disclosed in the monthly factsheets which are available from www.jupiteronline.com/green and on request from the Company Secretary.

In accordance with the requirements of the UK Listing Authority, any material changes in the principal investment policies and restrictions (as set out above) of the Company will only be made with the approval of Shareholders by ordinary resolution.

Company Information

Year end:     31 March

Results:        interim results to 30 September 2013 announced November 2013; final results to 31 March 2014, announced June/July 2014

Monthly fact sheets for the Company are available for download from www.jupiteronline.com/green  and by post or fax on request from the company secretarial department.

The Company's Ordinary shares are listed on the London Stock Exchange and the prices are published in the Financial Times under `Investment Companies'.

The Net Asset Values of the Company's Ordinary shares are calculated daily 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
Investment Trusts
Jupiter Asset Management Limited
[e-mail]  
020 7314 4822

Faith Pengelly
Company Secretarial Department
Jupiter Asset Management Limited
[e-mail]
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.

By order of the Board
Jupiter Asset Management Limited
15 August 2013

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Source: Jupiter Green Investment Trust PLC via Thomson Reuters ONE

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