# Jupiter Flexible Macro
| Quantity	Security Description	Currency | Counterparty | Market Value EUR | % of Net Assets |
| --- | --- | --- | --- |
| 1,049,339	Taiwan Stock Exchange Weighted Index,	USD | Bank of America Merrill Lynch | 1,982 | 0.02 |
| Total Market Value on Option Purchased Contracts - Assets |  | 1,982 | 0.02 |


## Schedule of Investments as at 30 September 2020 (continued)

### Option Purchased Contracts
Call, 12,722.535, 08/10/2020
| Option Written Contracts |  |
| --- | --- |
|  |  |  | Market Value | % of |
| Quantity	Security Description | Currency | Counterparty | EUR | Net Assets |
| (1,097,061)	Kospi 200 Index, Call, 319.682, 08/10/2020 | USD | Bank of America Merrill Lynch | (924) | (0.01) |
| Total Market Value on Option Written Contracts - Liabilities |  |  | (924) | (0.01) |

The accompanying notes form an integral part of these financial statements.
| Jupiter Global Absolute Return |  |
| --- | --- |
| Review of Portfolio as at 30 September 2020 |
| Performance |  |  |  |
| NAV | 30 September 2020 | 30 September 2019 | % Change |
| Class A USD Acc HSC | $7.62 | $9.75 | (21.85) |
| Class C USD Acc HSC | $7.77 | $9.88 | (21.36) |
| Class D CHF Acc HSC 1 | - | CHF 9.07 | - |
| Class D EUR A Inc Dist | €6.96 | €8.99 | (21.99)+ |
| Class D EUR Acc | €7.18 | €9.22 | (22.13) |
| Class D GBP Acc HSC | fi7.43 | fi9.48 | (21.62) |
| Class D SEK Acc HSC | SEK 71.99 | SEK 92.30 | (22.00) |
| Class D USD Acc HSC | $7.81 | $9.87 | (20.87) |
| Class I EUR Acc | €7.18 | €9.20 | (21.96) |
| Class L EUR A Inc Dist 2 | - | €9.00 | - |
| Class L EUR Acc | €6.97 | €8.99 | (22.47) |
| Class L SEK Acc HSC | SEK 69.93 | SEK 90.23 | (22.50) |
| Class L USD Acc HSC 3 | - | $9.65 | - |
| Class N USD Acc HSC | $7.57 | $9.70 | (21.96) |
| Benchmark in Fund base currency LIBOR EUR 3-month** |  |  | (0.41) |

+ Performance takes into consideration dividend distributions during the year.
- Closed on 25 February 2020.
- Closed on 17 March 2020.
- Closed on 29 September 2020.

** Please see individual share class KIID for relevant index and currency.

## Market Review
Global stock markets trended higher in the fourth quarter of 2019, and continued to rise at the start of 2020, led by ‘growth’ stocks (i.e. highly valued stocks). Markets sold off sharply in the last week of February and into March, as investors reacted to the coronavirus pandemic and its impact on the global economy. Even as markets slumped, the most expensive ‘growth’ stocks sold off less sharply than the cheapest ‘value’ stocks (i.e. lowly valued stocks), widening an already extended value/growth spread. Developed market government bonds rose in the first quarter, particularly US Treasuries, with 10-year and 30-year US Treasury yields reaching record lows, and gold also rallied sharply.
Global stock markets rebounded in the second quarter, and continued to rise further in the third quarter, supported by unprecedented levels of monetary and fiscal support from central banks and governments globally, as well as the reversal of the most stringent lockdown measures and hopes for Covid-19 vaccine developments. The value vs growth performance spread widened yet further as stock markets recovered. On several measures, the poor performance of value relative to growth has exceeded that seen during the 1930s depression and the dotcom bubble.

## Policy Review
The Jupiter Global Absolute Return fund lost much ground in the 12 months under review. The fund’s structure, where we are long
1 
‘value’ stocks and short
2 
‘not value’ or growth stocks, resulted in losses during the period, as growth stocks continued to rally while cheaper value stocks generally fell.

### In the short book:
The largest detractors during the period included short positions in highly-rated ‘glamour’ growth stocks like Tesla and Wayfair. Stocks like these have become very volatile recently, moving dramatically higher on reports of sales growth, despite only marginal profitability. We introduced partial hedges for some of our short positions (including Tesla and Wayfair) which partially offset losses in the period.
Elsewhere, our short position in M3, a Japanese online platform used by medical professionals, was another notable detractor. The company’s share price jumped following its first-quarter results, despite announcing unimpressive numbers, and continued to rise in price. M3 looks extremely expensive on a reverse discounted cash flow (DCF) basis, or any traditional valuation metric. It is also pursuing a very aggressive international growth strategy, which we believe has a low probability of adding value to the business.

Translation (ENFR, 2020-09-30):
# Jupiter Flexible Macro
| Quantité	Description du titre	Devise | Contrepartie | Valeur Marché EUR | % de l’actif net |
| --- | --- | --- | --- |
| 1 049 339	Taiwan Stock Exchange Weighted Index,	USD | Bank of America Merrill Lynch | 1 982 | 0,02 |
| Valeur de marché totale sur Contrats d’option acquis - Actif |  | 1 982 | 0,02 |


## Liste des placements en date du 30 septembre 2020 (suite)

### Contrats d’achat d’options
Call, 12 722 535, 08/10/2020

### Contrats de souscription d’options
1 097 061	Kospi 200 Index, Call, 319 682, 08/10/2020	USD	Bank of America Merrill Lynch	(924)	(0,01)
Valeur de marché totale sur Contrats d’options vendus - Passif	(924)	(0,01)
Les notes annexes font partie intégrante des présents états financiers.