# Jupiter European Opportunities
## Schedule of Investments as at 30 September 2020 (continued)
| Investments | Currency | Quantity/ Nominal Value | Market Value EUR | % of Net Assets |
| --- | --- | --- | --- | --- |
| Transferable securities and money market instruments |  |  |  |  |
| admitted to an official exchange listing |  |  |  |  |
| Equities |  |  |  |  |
| Portugal |  |  |  |  |
| EDP - Energias de Portugal SA | EUR | 460,192 | 1,942,931 | 2.95 |
|  |  |  | 1,942,931 | 2.95 |
| Spain |  |  |  |  |
| Amadeus IT Group SA | EUR | 23,568 | 1,111,349 | 1.69 |
|  |  |  | 1,111,349 | 1.69 |
| Sweden |  |  |  |  |
| Assa Abloy AB 'B' | SEK | 62,898 | 1,259,872 | 1.91 |
| Essity AB 'B' | SEK | 61,103 | 1,767,784 | 2.69 |
|  |  |  | 3,027,656 | 4.60 |
| Switzerland |  |  |  |  |
| Lonza Group AG | CHF | 3,331 | 1,747,374 | 2.66 |
| Partners Group Holding AG | CHF | 1,408 | 1,100,870 | 1.67 |
| Sika AG | CHF | 7,380 | 1,544,047 | 2.35 |
| Stadler Rail AG | CHF | 23,827 | 845,634 | 1.28 |
|  |  |  | 5,237,925 | 7.96 |
| United Kingdom |  |  |  |  |
| Avast plc, Reg. S | GBP | 196,973 | 1,150,879 | 1.75 |
| Croda International plc | GBP | 18,320 | 1,259,797 | 1.91 |
| Prudential plc | GBP | 95,886 | 1,181,427 | 1.80 |
| RELX plc | EUR | 128,476 | 2,431,408 | 3.69 |
|  |  |  | 6,023,511 | 9.15 |
| Total Equities |  |  | 63,604,812 | 96.65 |
| Total Transferable securities and money market instruments |  |  | 63,604,812 | 96.65 |
| admitted to an official exchange listing |  |  |
| Total Investments | 63,604,812 | 96.65 |
| Cash | 1,858,895 | 2.82 |
| Other assets/(liabilities) | 347,084 | 0.53 |
| Total net assets | 65,810,791 | 100.00 |

The accompanying notes form an integral part of these financial statements.
| Jupiter European Opportunities |  |  |
| --- | --- | --- |
| Schedule of Investments as at 30 September | 2020 (continued) |
| Forward Currency Exchange Contracts |  |  |  |  |  |
| Currency	Amount	Currency | Amount | Maturity |  | Unrealised Gain/(Loss) | % of |
| Purchased	Purchased	Sold | Sold | Date | Counterparty | EUR | Net Assets |
| EUR	32	USD | 38 | 01/10/2020 | J.P. Morgan | – | – |

Total Unrealised Gain on Forward Currency Exchange Contracts - Assets
EUR	50	USD	59	02/10/2020	J.P. Morgan	–	–
Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities
The accompanying notes form an integral part of these financial statements.
| Jupiter Eurozone Equity |  |
| --- | --- |
| Review of Portfolio as at 30 September 2020 |
| Performance |  |  |  |
| NAV | 30 September 2020 | 30 September 2019 | % Change |
| Class I EUR Acc | €107.98 | €100.81 | 7.11 |
| Class I GBP Acc | fi108.90 | fi98.91 | 10.10 |
| Benchmark in Fund base currency MSCI EMU Index |  |  | (7.23) |


## Market Review
The period under review began with European equities making further progress towards the latter months of 2019 driven in part by a stabilisation in European economic survey data but mostly because the prospect of a preliminary ‘phase one’ trade deal between the US and China was in clear view, being agreed in mid-December and signed in January. Against a background of low trading volumes and little company news, the year-end rally was supported by an election win in the UK for the Conservative party whose sizeable majority broke the deadlock over Brexit. This was seen at the time as reducing the risk that had been priced into UK and European equities. Although some of the market rise reflected the further growth in profits, shares also rose as a consequence of investors being prepared to pay more for this growth. It was therefore no surprise that European equities started 2020 strongly accompanied by a tentative stabilisation in business sentiment across the eurozone.
Things changed utterly following an outbreak of a highly infectious novel coronavirus in Wuhan just weeks before the Chinese New Year, the largest annual migration in the world. The impact of the arrival of the coronavirus on European markets unfolded in several phases. The sell-off in February of stocks with exposure to China rapidly expanded to anything linked to travel, tourism and then oil, as the OPEC price war kicked off. As panic mounted this soon turned into indiscriminate selling and outright capitulation in March. Evidence suggests this was exacerbated by hedge funds being forced into unwinding leveraged positions, creating extraordinary and often inexplicable moves between and within sectors.
By April, the extraordinary drop in global economic activity had become apparent as lockdown took its toll, particularly on service businesses which were even more badly affected than manufacturers. Nevertheless, global stock markets, including Europe, first stabilized and then began to recover as a result of massive economic programs of direct government assistance. Markets were spurred on by a mix of slowing Covid-19 infections and improving sentiment as countries tentatively emerged from lockdown - all underpinned by remarkable levels of stimulus from governments and global central banks. By July, EU
leaders had reached a deal on a €750bn EU recovery fund which included the biggest green stimulus package in history. However, it will take at least a year before the spending starts. In the meantime, governments across Europe moved to extend furlough programmes, tax deferrals and loan moratoriums as well as considering taking stakes in small and medium-sized businesses to prevent a cascade of bankruptcies.
Over the following months, equity markets rallied as investors began to hope the worst of the pandemic might have passed as infection rates slowed, countries tentatively emerged from lockdown and economic data improved, notably in China. All this was underpinned by unprecedented levels of stimulus from governments and global central banks. Volatility returned to financial markets as autumn approached and doubts started to creep in about the effectiveness of policy, a sharp increase in Covid-19 cases, the impact of further restrictions on the real economy as well as the US presidential election.

## Policy Review
The fund outperformed the FTSE World Europe Index in the 12-month period under review. The main driver of performance, in our view, was the fund’s exposure to a wide range of diversified, good-quality businesses with international exposure and pricing power.
Positive contributions came from a wide range of holdings including: Flow Traders exchange traded funds), Nexi (government supported move towards digital payments in Italy), Euronext (financial market infrastructure/data services) benefitted from strong growth and higher levels of market volatility), Prosus (a unique way to access the growth of Ten Cent in Asia), IMCD (this speciality chemicals distributor acquired a fast-growing, high-margin, asset-light distributor in India), Lonza (saw strong demand for its specialty pharma services), Kingspan (its innovative insulation materials are in demand), Worldline (digital payments) and Sika (specialty chemicals company continued to deliver good growth during pandemic). Other positive contributions came from Iliad, EDP (Energias de Portugal) and Novo Nordisk.

Translation (ENFR, 2020-09-30):
# Jupiter European Opportunities
## Liste des placements en date du 30 septembre 2020 (suite)

### Contrats de change à terme
EUR	32	USD	38	01/10/2020	J.P. Morgan	–	–
Plus-value totale non réalisée sur contrats de change à terme - Actif
EUR	50	USD	59	02/10/2020	J.P. Morgan	–	–
Moins-value totale non réalisée sur contrats de change à terme - Passif
Les notes annexes font partie intégrante des présents états financiers.