JUPITER GREEN INVESTMENT TRUST PLC

Quarterly Report • Dec 7, 2022

National Storage Mechanism | Additional information

RNS Number : 8040I

Jupiter Green Investment Trust Plc

07 December 2022

Jupiter Green Investment Trust plc ('the company')

Legal Entity Identifier: 549300MFRCR13CT1L845

Half Yearly Financial Report for the six months to 30 September 2022 (unaudited)

Financial Highlights for the six months to 30 September 2022

Capital Performance

	As at	As at
	30.09.22	31.03.22
Total Assets less current liabilities (£'000)	50,020	55,390

Ordinary Share Performance

	As at	As at
	30.09.22	31.03.22	% Change
Mid-market price (p)	192.50	210.00	-8.3
Undiluted net asset value per ordinary share (p)	234.51	258.43	-9.3
Undiluted net asset value per ordinary share (p) (with dividends paid of nil added back (2021: 0.64p))	234.51	259.07	-9.5
Diluted net asset value per ordinary share (p)**	236.69	259.18	-8.7
Diluted net asset value per ordinary share (p) (with dividends paid of nil added back (2021: 0.64p))	236.69	259.82	-8.9
MSCI World Small Cap Total Return Index			-7.5
Discount to net asset value (%)	17.91	18.74
Ongoing charges ratio (%) excluding finance costs	1.75	1.57	+11.6

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

Chairman's Statement

I am pleased to present the Interim Report and Accounts for the Jupiter Green Investment Trust PLC ('the Company') for the six months to 30 September 2022.

The attention of global investors and policymakers continues to focus on the war in Ukraine, its impacts on the global supply of energy, commodities and food and the inflationary consequences borne by business and consumers. The need for environmental solutions to solve the globe's climate and ecological challenges appears more pressing than ever.

The period featured in this report, covering almost the entire time since Russia's invasion of Ukraine which catalysed a growing inflationary crisis in global investment markets, was an extremely challenging time. Investors, almost regardless of asset class or region, have faced tumbling equity markets and rising bond yields against a backdrop of geopolitical and monetary policy turmoil.

One of the key routes that price dislocation has fed into overall inflation is through the energy market. The current fossil fuel energy shock highlights how critical energy systems are to everyday life and living standards. Furthermore, that environmental solutions - on both the demand and supply-side of the energy equation - are pivotal to urgently shaping sustainable and resilient energy systems.

The reaction to a similar energy shock in the 1970s saw the first green shoots of the renewable energy industry emerge. Today too there are compelling opportunities over the medium and longer-term, not just in renewable energy generation solutions, but to supporting technologies and infrastructure.

This 'whole system' approach is a recurring motif in the environmental solutions universe, as a disparate array of companies combine to navigate the various ecological challenges facing the world and identify meaningful solutions.

Another area that has come under the spotlight as an unfortunate result of soaring inflation is food security, as supply of agricultural commodities from both Russia and Ukraine has been severely disrupted. The security and resilience of agricultural supply chains will surely come under greater scrutiny as issues such as affordability, security and sustainability all continue to challenge the sector. Here, too, the industry is ripe for innovative solutions to solve these sustainability- linked problems through the food supply chain.

This environment is a rich hunting ground for investors in environmental solutions. However, the range of opportunities and the inevitable risks of investing in any asset class mean that taking an active approach based on detailed fundamental analysis and active engagement across multiple themes remains important. This is something the Company's Investment Advisers remain committed to delivering, and you can read more about the performance and positioning of their strategy in the following pages.

Investment performance

During the six months under review, the net asset value per ordinary share decreased 9.3%. With dividend income included, the total return for the period was -9.5%. This contrasts with a fall of 8.3% in the company's share price and a -7.5% fall in the company's benchmark index, the MSCI World Small Cap Total Return Index. The company's focus on environmental solutions means that the investment portfolio may bear little resemblance to the geographical and sectoral weightings of the benchmark. This may lead to significant variation between the performance of the company's net asset value and the performance of the benchmark over short periods of time. A review of investment performance over the course of the period is set out by Jon Wallace in the Investment Adviser's Review in the following pages.

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.

On 24 August 2022 the company entered into a new 2-year revolving loan facility agreement with Royal Bank of Scotland International Limited of £5 million which the Investment Adviser has been authorised by the board to draw down for investment purposes.

The facility to gear the company's investment portfolio is deployed tactically by the Investment Adviser with a view to enhancing shareholder returns. The directors have determined that the maximum level of gearing will be 25% of the company's total assets at the time of drawdown. As at 30 September 2022 the company's net gearing level was zero (being the amount of drawn down bank debt, less cash held on the balance sheet pending investment on that date, as a proportion of the company's total assets). While the loan facility was used to apply gearing to the portfolio during the period, the net gearing at the end of this period reflected a more cautious stance on the part of the Investment Adviser given a deterioration in the nearer-term risks to market sentiment.

Discount Management

During the period from 1 April to 30 September, the discount traded at an average of 15%, troughing at 23%. As at 30 September 2022, the share price of £1.92 was at a discount of 17.9% to the net asset value per share of £2.34. The Board bought back shares amounting to £0.2m during the period in order to limit the extent of the discount.

Despite the use of share buy backs to limit the volatility of the discount, at the time of writing the discount increased to 20% which is disappointing. The Board would like to grow the size of the Company in the medium term, but is mindful of the need to ensure there is liquidity of its shares and that fixed costs are borne by the greatest number of shareholders.

Outlook

Technology and innovation are key to combating the world's climate and environmental crisis. These solutions are now setting the pace for policy and regulation - a welcome reversal to the previous relationship. The scale of change required to reverse global warming is creating significant opportunities for investors to support environmental solutions companies, which provide products and services critical to achieving sustainability targets. It is becoming ever more evident that environmental solutions technologies will proliferate to as-yet unpenetrated sectors of the global economy.

Governments are likely to continue to play a major role, in terms of providing incentives for the development of environmental solutions as part of the path to net zero, and through regulating all companies to improve transparency around climate and biodiversity impact.

As attitudes toward addressing climate solutions shift, there is a broadening of the value chain beyond the conventional lens. The opportunities throughout the market that this creates will be plentiful and we firmly believe the Jupiter Green Investment Trust remains well-positioned to identify and take advantage of them.

Michael Naylor

Chairman

6 December 2022

Investment Adviser's Review

Market review

Global stock and bond markets slumped in the six months under review as concerns grew around persistent inflation, moderating economic growth and hawkish central bank policy. Investors priced in a faster pace of interest rate hikes after US Federal Reserve Chairman Jerome Powell delivered a hawkish message at his Jackson Hole, Wyoming speech in August. He said a period of lower growth might be necessary in order to control inflation. In Europe, energy prices surged as Russia cut supplies in retaliation for sanctions related to the war in Ukraine. In China, the economy was constrained by a faltering property market and lockdowns intended to control COVID-19.

In July, a largely unexpected breakthrough in Washington led to the Inflation Reduction Act (IRA), which was subsequently passed by Congress in August. The act represents the largest government investment in addressing climate change in US history and provides $370bn over 10 years for climate solutions.

Market volatility rose, including in September, when UK government bonds sold off after the new government introduced a mini budget that proved unpopular with investors, and forced the Bank of England to step in with an emergency bond buying program to stabilise the gilt market.

Policy review

The Company's approach to investing in environmental solutions remains focussed on six environmental solutions themes:

·      Circular economy: solutions for sustainable materials and resource stewardship

·      Clean energy: generation, storage and distribution

·      Sustainable Oceans & Freshwater Systems: conservation and management

·      Green Mobility: technologies and services for sustainable movement

·      Green Buildings & Industry: enabling a low carbon transition

·      Sustainable Agriculture & Land Ecosystems: solutions protecting natural resources and well- being

Within those themes, the Company is focused on companies - many of them on the smaller end of the market capitalisation spectrum - that are at the forefront of innovating technological solutions to environmental challenges with a large potential market ('innovators'), as well as companies that are already rapidly delivering proven solutions in their markets ('accelerators'). We believe this approach should deliver attractive capital growth to shareholders over the long term.

Portfolio Review

As referenced in the annual report, the period under review was characterised by an ongoing slump in the share price of some innovator stocks, largely due to profit-taking amidst a change in market sentiment that turned against businesses with/focused on longer-term growth potential.

Conversely, the top performers in the period were largely 'accelerator' stage businesses, including First Solar, Advanced Drainage Systems and Xylem.

In the wake of passage of the US IRA (which we believe will in time present a multi-year catalyst for environmental solutions), the Clean Energy theme, which includes companies such as First Solar, was particularly buoyant.

Advanced Drainage Systems, a position we added to in the first quarter on market weakness, advanced after posting strong results and pointing to good earnings growth momentum.

The Sustainable Agriculture and Land theme was the largest detractor on a thematic basis, with European materials stocks such as DSM and Borregaard among the bottom of the portfolio contributors. A Eurocentric client base combined with energy cost pressures in Europe have presented a challenging near-term environment for such businesses.

Results also were challenging in the green mobility theme names, where the auto supply chain is still under pressure from global auto-production cuts.

Significant Portfolio Activity

The Company initiated a new position in Ansys, the world's leading engineering simulation software provider. Ansys has diversified end sector exposure and strong financial profile. As a solution that helps avoid waste, in particular in industrial environments, the company also sits in our Circular Economy theme.

The Company sold out of BorgWarner to manage auto supply chain exposure and exited the remaining position in Umicore, taking advantage of rumoured talk of a bid for the company, over concern about the progress and risks to its cathode materials business for electric vehicles.

Outlook

We see the market volatility as presenting opportunities for long-term investors, although we remain cautious on near-term outlooks for companies in a challenging environment for earnings visibility. The US IRA underlines the strong fundamental drivers for environmental solutions investment despite the complex risk picture.

The shock to energy markets is accelerating its reform, with plans to de-couple power prices from the effects of commodity price swings (particularly natural gas) emerging across Europe and the UK, for example. We also see this as likely to be a positive catalyst in the market for solutions across several of our themes.

In all, we believe the long-term growth picture for environmental solutions is stronger than ever, noting the often-overlooked credentials for key 'green' solutions in delivering wider benefits than tackling environmental challenges alone, such as delivering energy security and long-term affordability, which serves to underpin a step-change in their growth rates. This is not a dynamic that is restricted to nascent technologies. On the contrary, in many cases this enhances the investment case for technologies that are already well-proven and relatively mature but where - in our opinion - the structural growth opportunity is underappreciated in investment markets.

Jon Wallace

Investment Manager

Jupiter Asset Management Limited Investment Adviser

6 December 2022

Investment Portfolio as at 30 September 2022

Company	Country of Listing	Market Value £'000	Percentage of Portfolio
Evoqua Water Technologies	United States of America	1,807	4.0
NextEra Energy Partners	United States of America	1,694	3.7
Regal Rexnord	United States of America	1,411	3.1
Koninklijke DSM	Netherlands	1,372	3.0
Monolithic Power Systems	United States of America	1,357	3.0
Schneider Electric	France	1,343	2.9
Valmont Industries	United States of America	1,327	2.9
Prysmian	Italy	1,319	2.9
Sensirion Holding	Switzerland	1,305	2.9
Daikin Industries	Japan	1,304	2.8
Veolia Environnement	France	1,282	2.8
First Solar	United States of America	1,208	2.6
Watts Water Technologies	United States of America	1,148	2.5
Renewi	United Kingdom	1,140	2.5
Hannon Armstrong Sustainable Infrastructure Capital, REIT	United States of America	1,128	2.5
Vestas Wind Systems	Denmark	1,123	2.4
Infineon Technologies	Germany	1,120	2.4
Acuity Brands	United States of America	1,116	2.4
SolarEdge Technologies	United States of America	1,114	2.4
Stantec	Canada	1,076	2.3
Advanced Drainage Systems	United States of America	1,032	2.2
Orsted	Denmark	1,030	2.2
Clean Harbors	United States of America	1,012	2.2
TOMRA Systems	Norway	1,007	2.2
ANSYS	United States of America	999	2.2
Xylem	United States of America	939	2.0
Borregaard	Norway	871	1.9
Daiseki	Japan	864	1.9
Aptiv	Jersey	789	1.7
Sensata Technologies Holding	United Kingdom	778	1.7
Flat Glass Group	China	778	1.7
Trainline	United Kingdom	766	1.7
Innergex Renewable Energy	Canada	751	1.6
Shimano	Japan	704	1.5
Horiba	Japan	681	1.5
Novozymes	Denmark	660	1.5
Azbil	Japan	646	1.4
Befesa	Luxembourg	622	1.4
Casella Waste Systems	United States of America	573	1.2
Mayr Melnhof Karton	Austria	570	1.2
Greencoat Renewables	Ireland	559	1.2
ANDRITZ	Austria	533	1.2
Brambles	Australia	529	1.2
Atlas Copco	Sweden	509	1.1
Corbion	Netherlands	491	1.1
Re:NewCell	Sweden	448	1.0
Ceres Power Holdings	United Kingdom	364	0.8
Knorr-Bremse	Germany	289	0.6
Agronomics	Isle of Man	214	0.5
Hoffmann Green Cement Technologies	France	196	0.4
Agronomics Warrant 11/12/2023	Isle of Man	-	-
Total Investments		45,898	100.0

The holdings listed above are all equity shares unless otherwise stated.

Cross Holdings in other Investment Companies

As at 30 September 2022, 1.2% 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.

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 would have materially affected the financial position or performance of the company. Details of related party transactions are contained in the Annual Report and Accounts for the period ended 30 September 2022.

Principal Risks and Uncertainties

The principal risks and uncertainties faced by the company can be divided into the following areas:

· Investment policy and process;

· Investment strategy and share price movements;

· Climate Change;

· Geopolitical;

· Liquidity risk;

· Gearing risk;

· Regulatory risk;

· Credit and counterparty risk;

· Loss of key personnel;

· Operational; and

· Financial.

The board reported on the above principal risks and uncertainties in the Annual Report & Accounts for the 30 September 2022.

Going Concern

The directors, having considered the company's investment objective, risk management and capital management policies, the diversified portfolio of readily realisable securities which can be used to meet short-term funding commitments and the ability of the company to meet all of its liabilities and ongoing expenses, are satisfied that the company has adequate resources to continue in operation for the foreseeable future. The directors continue to adopt the going concern basis of accounting in preparing the accounts.

As part of its assessment, the board has noted that shareholders will be required to vote on the continuation of the company at the 2023 AGM.

Directors' Responsibility Statement

The directors of Jupiter Green Investment Trust PLC confirm to the best of their knowledge:

(a)  The condensed set of financial statements have been prepared in accordance with applicable UK adopted International Accounting Standards and give a true and fair view of the assets, liabilities, financial position and profit or loss of the company as at 30 September 2022.

(b)  The Chairman's Statement, the Investment Adviser's Review and the Interim Management Report include a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules.

(c)  The Interim Management Report includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules.

The Half Yearly Financial Report has not been audited or reviewed by the company's auditor.

For and on behalf of the board

Michael Naylor

Chairman

6 December 2022

Statement of Comprehensive Income

For the six months to 30 September 2022 (unaudited)

	Six months to  30 September 2022			Six months to 30 September 2021
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
(Loss)/gain on investments held at fair value through profit or loss (Note 2)	-	(6,126)	(6,126)	-	3,728	3,728
Foreign exchange gain	-	1,038	1,038	-	68	68
Income	495	-	495	458	-	458
Total (loss)/income	495	(5,088)	(4,593)	458	3,796	4,254
Investment management fee	(45)	(136)	(181)	(51)	(153)	(204)
Other expenses	(280)	-	(280)	(218)	-	(218)
Total expenses	(325)	(136)	(461)	(269)	(153)	(422)
Net (loss)/return on ordinary activities before finance costs and taxation	170	(5,224)	(5,054)	189	3,643	3,832
Finance costs	(9)	(28)	(37)	(5)	(16)	(21)
(Loss)/return on ordinary activities before taxation	161	(5,252)	(5,091)	184	3,627	3,811
Taxation	(77)	-	(77)	(65)	-	(65)
Net (loss)/return after taxation	84	(5,252)	(5,168)	119	3,627	3,746
(Loss)/return per ordinary share (Note 3)	0.39p	(24.56)p	(24.17)p	0.56p	16.95p	17.51p

The total column of this statement is the income statement of the Company, prepared in accordance with UK adopted International Accounting Standards. 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 period.

All income is attributable to the equity holders of Jupiter Green Investment Trust PLC. There are no minority interests.

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 2022

	30 September 2022 (unaudited) £'000	31 March 2022 (audited) £'000
Non-current assets
Investments held at fair value through profit or loss	45,898	53,776
Current assets
Prepayments and accrued income	175	181
Cash and cash equivalents	7,209	4,614
	7,384	4,795
Total assets	53,282	58,571
Current liabilities
Other payables	(3,262)	(3,181)
Total net assets less current liabilities	50,020	55,390
Capital and reserves
Called up share capital	34	34
Share premium	2,468	2,465
Redemption reserve*	239	239
Retained earnings (Note 5)*	47,279	52,652
Total equity shareholders' funds	50,020	55,390
Net asset value per ordinary share (Note 6)	234.51p	258.43p
Diluted net asset value per ordinary share	236.69p	259.18p

* 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 6 December 2022 and signed on its behalf by:

Michael Naylor

Chairman

Company Registration number 05780006

Statement of Changes in Equity

For the six months to 30 September 2022

For the six months to	Share Capital	Share Premium	Redemption Reserve	Retained Earnings	Total
30 September 2022 (unaudited)	£'000	£'000	£'000	£'000	£'000
Balance at 31 March 2022	34	2,465	239	52,652	55,390
Net loss for the period	-	-	-	(5,168)	(5,168)
Ordinary shares reissued from treasury	-	3	-	3	6
Ordinary shares repurchased	-	-	-	(208)	(208)
Balance at 30 September 2022	34	2,468	239	47,279	50,020
For the six months to	Share Capital	Share Premium	Redemption Reserve	Retained Earnings	Total
30 September 2021 (unaudited)	£'000	£'000	£'000	£'000	£'000
Balance at 31 March 2021	34	1,563	239	51,468	53,304
Net return for the period	-	-	-	3,746	3,746
Ordinary shares reissued from treasury	-	892	-	2,062	2,954
Ordinary shares repurchased	-	-	-	(187)	(187)
Dividend declared and approved by shareholders	-	-	-	(137)	(137)
Balance at 30 September 2021	34	2,455	239	56,952	59,680

Cash Flow Statement

For the six months to 30 September 2022 (unaudited)

	2022 £'000	2021 £'000
Cash flows from operating activities
Investment income received (gross)	476	444
Deposit interest received	1	-
Investment management fee paid	(153)	(232)
Other cash expenses	(203)	(77)
Net cash inflow from operating activities before taxation	121	135
Interest paid	(37)	(21)
Taxation	(77)	(65)
Net cash inflow from operating activities	7	49
Net cash flows from investing activities
Purchases of investments	(1,545)	(8,560)
Sales of investments	3,297	3,991
Net cash inflow/(outflow) from investing activities	1,752	(4,569)
Cash flows from financing activities
Shares repurchased	(208)	(187)
Shares reissued from treasury	6	2,954
Drawdown of short-term bank loan	-	1,600
Equity dividends paid	-	(137)
Net cash (outflow)/inflow from financing activities	(202)	4,230
Increase/(decrease) in cash	1,557	(290)
Cash and cash equivalents at start of period	4,614	3,161
Realised gain on foreign currency	1,038	68
Cash and cash equivalents at end of period	7,209	2,939

Notes to the Financial Statements

1. Accounting Policies

The Accounts comprise the unaudited financial results of the company for the period to 30 September 2022. The Accounts are presented in pounds sterling, as this is the functional currency of the Company. 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 April 2021 is consistent with the requirements of UK adopted International Accounting Standards, 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.

An analysis of retained earnings broken down into revenue (distributable) items and capital (distributable) items is given in Note 5.

Investment Management fees and finance costs are charged 75 per cent. to capital and 25 per cent to revenue (2021: 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.

2. (Loss)/gain on investments

	Six months to 30 September 2022 £'000	Six months to 30 September 2021 £'000
Net gain realised on sale of investments	1,175	958
Movement in unrealised (losses)/gains	(7,301)	2,770
(Loss)/gain on investments	(6,126)	3,728

3. Earnings per Ordinary Share

The earnings per Ordinary share figure is based on the net loss for the six months of £5,168,000 (six months to 30 September 2021: net profit £3,746,000) and on 21,381,592 Ordinary shares (six months to 30 September 2021: 21,399,073), 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 2022 £'000	Six months to 30 September 2021 £'000
Net revenue profit	84	119
Net capital (loss)/profit	(5,252)	3,627
Net total (loss)/profit	(5,168)	3,746
Weighted average number of ordinary shares in issue during the period	21,381,592	21,399,073
Revenue earnings per ordinary share (p)	0.39	0.56
Capital (losses)/earnings per ordinary share (p)	(24.56)	16.95
Total (losses)/earnings per ordinary share (p)	(24.17)	17.51
4. Transaction Costs The following transaction costs were incurred during the period:
	Six months to 30 September 2022 £'000	Six months to 30 September 2021 £'000
Purchases	1	11
Sales	2	2
Total	3	13

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 2022	-	52,652	52,652
Movement during the period:
Net return/(loss) for the period	84	(5,252)	(5,168)
Ordinary shares reissued from treasury	-	3	3
Shares repurchased	-	(208)	(208)
At 30 September 2022	84	47,195	47,279

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 £50,020,000 (31 March 2022: £59,680,000) and on 21,329,544 (31 March 2022: 21,433,314) ordinary shares, being the number of ordinary shares in issue at the period end excluding treasury shares.

	Six months to	Year ended
30 September 2022	31 March 2022
£'000	£'000
Undiluted
Ordinary shareholders' funds	50,020	55,390
Number of ordinary shares in issue	21,329,544	21,433,314
Net asset value per ordinary share (pence)	234.51p	258.43p
Diluted
Ordinary shareholders' funds	55,532	61,106
Number of ordinary shares in issue	23,462,498	23,576,645
Net asset value per ordinary share (pence)	236.69p	259.18p

The diluted net asset value per ordinary share assumes that all outstanding dilutive Subscription shares, being one for ten ordinary shares, will be converted to ordinary shares at the end of the financial year.

7. Fair valuation of investments

The financial assets measured at fair value in the Statement of Financial Position are grouped into the fair value hierarchy as follows:

30 September 2022                                   31 March 2022                        Level 1        Level 2        Level 3              Total        Level 1        Level 2       Level 3       Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Equity Investments	45,898	-	-	45,898	53,776	-	-	53,776
	45,898	-	-	45,898	53,776	-	-	53,776

Level 1 reflects financial instruments quoted in an active market.

Level 2 reflects financial instruments whose fair value is evidenced by comparison with other observable current market transactions in the same instrument or based on a valuation technique whose variables includes only data from observable markets.

Level 3 reflects financial instruments whose fair value is determined in whole or in part using a valuation technique based on assumptions that are not supported by prices from observable market transactions in the instrument and not based on available observable market data.

8. Principal risk profile

The principal risks which the Company faces include exposure to:

(i) market price risk, including currency risk, interest rate risk and other price risk

(ii) credit and counterparty risk

(iii) liquidity risk

Market price risk - This is the risk that the fair value or future cash flows of a financial instrument held by the Company may fluctuate because of changes in market prices. This market risk comprises three elements - currency risk, interest rate risk and other price risk.

Credit and counterparty risk - This is the exposure to loss from the failure of a counterparty to deliver securities or cash for acquisitions or to repay deposits.

Liquidity risk - This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities.

Further details of the Company's management of these risks can be found in Note 13 of the Company's Annual report and accounts for the year ended 31 March 2022.

There have been no changes to the management of or the exposure to these risks since that date.

9. 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 is 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, per annum, after deduction of the value of any Jupiter managed investments.

The management fee payable to JUTM for the period 1 April 2022 to 30 September 2022 was £181,646 (year to 31 March 2022: £409,172) with £60,981 (31 March 2022: £33,296) outstanding at period end.

The Company has invested from time to time in funds managed by Jupiter Investment Management PLC or its subsidiaries. There was no such investment during current period (31 March 2022: Nil).

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.

Availability of Half Yearly Financial Report

The Half Yearly Financial Report will shortly be available on company's website www.jupiteram.com/JGC.

A copy of the Half Yearly Financial Report will also be submitted to the National Storage Mechanism and will soon be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

By Order of the Board

Jupiter Asset Management Limited

Company Secretary

6 December 2022

For further information, please contact:

Nick Black

Head of Investment Trusts & Alternatives

Jupiter Asset Management Limited

investmentcompanies@jupiteram.com

020 3817 1000

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