# Jupiter Financial Innovation
## Schedule of Investments as at 30 September 2020 (continued)
| Forward Currency Exchange Contracts |
| --- |
| Currency Purchased | Amount Purchased | Currency Sold | Amount Sold | Maturity Date | Counterparty | Unrealised Gain/(Loss) EUR | % of Net Assets |
| EUR | 51,698 | USD | 60,453 | 01/10/2020 | J.P. Morgan | 75 | – |
| EUR | 2,474 | USD | 2,894 | 02/10/2020 | J.P. Morgan | 2 | – |
| EUR | 100,140 | USD | 116,601 | 15/10/2020 | J.P. Morgan | 596 | – |
| USD | 5,886 | EUR | 5,008 | 02/10/2020 | J.P. Morgan | 19 | – |
| USD | 2,872,802 | EUR | 2,424,921 | 15/10/2020 | J.P. Morgan | 27,622 | 0.04 |
| Total Unrealised Gain on Forward Currency Exchange Contracts - Assets	28,314	0.04 |
| EUR | 93,873 | USD | 110,342 | 02/10/2020 | J.P. Morgan | (353) | – |
| EUR | 115,099 | USD | 136,551 | 15/10/2020 | J.P. Morgan | (1,476) | – |
| USD | 51,968 | EUR | 44,443 | 01/10/2020 | J.P. Morgan | (65) | – |
| USD | 105,556 | EUR | 90,502 | 15/10/2020 | J.P. Morgan | (388) | – |
| Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities | (2,282) | – |
| Net Unrealised Gain on Forward Currency Exchange Contracts - Assets | 26,032 | 0.04 |

| Contracts for Difference |  |
| --- | --- |
|  |  |  |  | Unrealised Gain/(Loss) | % of |
| Country	Security Description | Currency | Holdings | Counterparty | EUR | Net Assets |
| Cayman Islands	OneConnect Financial Technology Co. Ltd. | USD | 36,588 | J.P. Morgan | 47,491 | 0.08 |
| Cayman Islands	StoneCo Ltd. | USD | 32,451 | J.P. Morgan | 62,838 | 0.10 |
| Ireland	Accenture plc | USD | 1,342 | J.P. Morgan | 4,781 | 0.01 |
| United Kingdom	Endava plc | USD | 18,240 | J.P. Morgan | 78,858 | 0.13 |
| United Kingdom	London Stock Exchange Group plc | GBP | 24,621 | Bank of America Merrill Lynch | 29,619 | 0.05 |
| United States of America	Black Knight, Inc. | USD | 5,804 | J.P. Morgan | 2,848 | 0.01 |
| United States of America	Coupa Software, Inc. | USD | 1,287 | J.P. Morgan | 1,327 | – |
| United States of America	Crowdstrike Holdings, Inc. | USD | 14,164 | J.P. Morgan | 63,254 | 0.10 |
| United States of America	Equinix, Inc. | USD | 1,813 | J.P. Morgan | 30,902 | 0.05 |
| United States of America	Fiserv, Inc. | USD | 10,318 | J.P. Morgan | 11,414 | 0.02 |
| United States of America	Switch, Inc. | USD | 9,000 | J.P. Morgan | 1,061 | – |
| United States of America	Veeva Systems, Inc. | USD | 3,280 | J.P. Morgan | 9,789 | 0.02 |
| Total Unrealised Gain on Contracts for Difference - Assets |  |  |  | 344,182 | 0.57 |
| Germany	Deutsche Boerse AG | EUR | 16,453 | J.P. Morgan | (13,079) | (0.02) |
| United Kingdom	Avast plc | GBP | 10,552 | Bank of America Merrill Lynch | (318) | – |
| United Kingdom	Segro plc | GBP | 115,732 | Bank of America Merrill Lynch | (30,472) | (0.05) |
| United States of America	Moody's Corp. | USD | 7,718 | J.P. Morgan | (18,064) | (0.03) |
| United States of America	Nasdaq, Inc. | USD | 2,911 | J.P. Morgan | (8,788) | (0.02) |
| United States of America	nCino, Inc. | USD | 2,629 | J.P. Morgan | (6,142) | (0.01) |
| United States of America	Proofpoint, Inc. | USD | 1,332 | J.P. Morgan | (1,876) | – |
| United States of America	RingCentral, Inc. | USD | 555 | J.P. Morgan | (3,600) | (0.01) |
| United States of America	Shift4 Payments, Inc. | USD | 7,780 | J.P. Morgan | (11) | – |
| United States of America	Visa, Inc. | USD | 3,205 | J.P. Morgan | (5,527) | (0.01) |
| Total Unrealised Loss on Contracts for Difference - Liabilities |  |  |  | (87,877) | (0.15) |
| Net Unrealised Gain on Contracts for Difference - Assets |  |  |  | 256,305 | 0.42 |

The accompanying notes form an integral part of these financial statements.
| Jupiter Flexible Income |  |
| --- | --- |
| Review of Portfolio as at 30 September 2020 |
| Performance |  |  |  |
| NAV | 30 September 2020 | 30 September 2019 /Launch Date | % Change |
| Class A USD Acc HSC | $92.92 | $97.75 | (4.94) |
| Class C USD Acc HSC | $93.34 | $97.81 | (4.57) |
| Class D EUR Acc | € 93.26 | € 99.05 | (5.85) |
| Class D EUR Q Inc | € 91.69 | € 102.13 | (5.84) + |
| Class D EUR Q Inc Dist | € 86.49 | € 96.34 | (5.84) + |
| Class D USD Acc HSC 1 | $94.86 | $100.00 | (5.14) |
| Class D USD Q Inc IRD HSC | $89.43 | $98.99 | (4.09) + |
| Class F EUR Acc | € 102.22 | € 108.35 | (5.66) |
| Class I EUR Acc | € 100.42 | € 106.61 | (5.81) |
| Class I EUR Q Inc | € 91.26 | € 101.61 | (5.80) + |
| Class L AUD M Inc IRD HSC | AUD 88.11 | AUD 99.70 | (6.24) + |
| Class L EUR Acc | € 98.98 | € 105.83 | (6.47) |
| Class L EUR Q Inc Dist | € 85.82 | € 96.23 | (6.47) + |
| Class L SGD M Inc IRD HSC | SGD 88.77 | SGD 99.70 | (5.32) + |
| Class L USD Acc HSC 2 | $94.30 | $100.00 | (5.70) |
| Class L USD M Inc HSC | $93.71 | $103.14 | (4.74) + |
| Class L USD M Inc IRD HSC | $89.10 | $99.73 | (4.75) + |
| Class N USD Acc HSC | $92.72 | $97.72 | (5.12) |

+ Performance takes into consideration dividend distributions during the year.
- Launch date 19 November 2019
- Launch date 19 November 2019


## Market Review
It was a turbulent 12 months for global markets. After steady gains in the final quarter of 2019, global stocks and corporate bonds tumbled in early 2020 on concerns that the Covid-19 pandemic would plunge the global economy into a severe recession. This was followed by strong rallies in the second and third quarters of 2020 as sentiment was lifted by unprecedented levels of monetary and fiscal support from governments and central banks. The euro reached levels last seen in 2018. This meant that, for example, the MSCI World returned just under 5% in US dollar terms in July, but lost money in euros. Hopes for greater inflation were resuscitated in August when the US Federal Reserve announced a change to its inflation targeting policy, saying it would target an average 2% inflation rate and allow for periods of overshooting.
Markets turned more volatile in September, however, in the absence of any developments on the fiscal, vaccine or fundamental fronts. Adding to the worries were rising Covid-19 infection rates, renewed lockdowns in some parts of the world, unchanged Federal Reserve interest rate policy, and growing uncertainty about the US election.

## Policy Review
It was a challenging period for many multi-asset income strategies and the fund was no exception, detracting over the 12 months. While many of our macro calls proved right, income assets suffered from underperformance across the board, and the significant appreciation of the euro in 2020 impacted relative performance.
Since the depths of the crisis in the first quarter of 2020, the outperformance of lower income assets, especially growth equities and technology, has been significant. For example, the Nasdaq returned 11% in Q3 while higher income indices like Europe and the UK were only just in positive territory. This dragged on performance for a strategy that has a primary objective of paying investors a consistent and robust level of yield: the fund distributed 5% to investors in euro terms, all from income, in the 12 months to 30 September 2020. The fund’s core income equity allocations in Europe and the UK detracted over the period, especially compared to non- income-focused multi-asset funds which do not have a structural allocation to higher yield assets. Not all income assets underperformed, however, as high yield credit and financials debt made good positive contributions.

Translation (ENFR, 2020-09-30):
# Jupiter Financial Innovation
Liste des placements en date du 30 septembre 2020 (suite)
| Contrats de change à terme |
| --- |
| Devise | Montant | Devise | Montant |  |  | Plus-value/ (moins-value) non réalisée | % de |
| achetée | acheté | vendue | vendu | Échéance | Contrepartie | EUR | l’actif net |
| EUR | 51 698 | USD | 60 453 | 01/10/2020 | J.P. Morgan | 75 | – |
| EUR | 2 474 | USD | 2 894 | 02/10/2020 | J.P. Morgan | 2 | – |
| EUR | 100 140 | USD | 116 601 | 15/10/2020 | J.P. Morgan | 596 | – |
| USD | 5 886 | EUR | 5 008 | 02/10/2020 | J.P. Morgan | 19 | – |
| USD | 2 872 802 | EUR | 2 424 921 | 15/10/2020 | J.P. Morgan | 27 622 | 0,04 |
| Plus-value totale non réalisée sur contrats de change à terme - Actif	28 314	0,04 |
| EUR | 93 873 | USD | 110 342 | 02/10/2020 | J.P. Morgan | (353) | – |
| EUR | 115 099 | USD | 136 551 | 15/10/2020 | J.P. Morgan | 1 476 | – |
| USD | 51 968 | EUR | 44 443 | 01/10/2020 | J.P. Morgan | (65) | – |
| USD | 105 556 | EUR | 90 502 | 15/10/2020 | J.P. Morgan | (388) | – |
| Moins-value totale non réalisée sur contrats de change à terme - Passif |  | (2 282) | – |
| Plus-value nette non réalisée sur contrats de change à terme - Actif |  | 26 032 | 0,04 |

| Contrats sur différence |  |
| --- | --- |
|  |  |  | Participa- |  | Plus-value/ (moins-value) non réalisée | % de |
| Pays | Description du titre | Devise | tions | Contrepartie | EUR | l’actif net |
| Îles Caïmans | OneConnect Financial Techno- logy Co. Ltd. | USD | 36 588 | J.P. Morgan | 47 491 | 0,08 |
| Îles Caïmans | StoneCo Ltd. | USD | 32 451 | J.P. Morgan | 62 838 | 0,10 |
| Irlande | Accenture plc | USD | 1 342 | J.P. Morgan | 4 781 | 0,01 |
| Royaume-Uni | Endava plc | USD | 18 240 | J.P. Morgan | 78 858 | 0,13 |
| Royaume-Uni | London Stock Exchange Group plc | GBP | 24 621 | Bank of America Merrill Lynch | 29 619 | 0,05 |
| États-Unis | Black Knight, Inc. | USD | 5 804 | J.P. Morgan | 2 848 | 0,01 |
| États-Unis | Coupa Software, Inc. | USD | 1 287 | J.P. Morgan | 1 327 | – |
| États-Unis | Crowdstrike Holdings, Inc. | USD | 14 164 | J.P. Morgan | 63 254 | 0,10 |
| États-Unis | Equinix, Inc. | USD | 1 813 | J.P. Morgan | 30 902 | 0,05 |
| États-Unis | Fiserv, Inc. | USD | 10 318 | J.P. Morgan | 11 414 | 0,02 |
| États-Unis | Switch, Inc. | USD | 9 000 | J.P. Morgan | 1 061 | – |
| États-Unis | Veeva Systems, Inc. | USD | 3 280 | J.P. Morgan | 9 789 | 0,02 |
| Plus-value totale non réalisée sur contrats sur différence - Actif	344 182	0,57 |
| Allemagne | Deutsche Boerse AG | EUR | 16 453 | J.P. Morgan | (13 079) | (0,02) |
| Royaume-Uni | Avast plc | GBP | 10 552 | Bank of America Merrill Lynch | (318) | – |
| Royaume-Uni | Segro plc | GBP | 115 732 | Bank of America Merrill Lynch | (30 472) | (0,05) |
| États-Unis | Moody’s Corp. | USD | 7 718 | J.P. Morgan | (18 064) | (0,03) |
| États-Unis | Nasdaq, Inc. | USD | 2 911 | J.P. Morgan | (8 788) | (0,02) |
| États-Unis | nCino, Inc. | USD | 2 629 | J.P. Morgan | (6 142) | (0,01) |
| États-Unis | Proofpoint, Inc. | USD | 1 332 | J.P. Morgan | (1 876) | – |
| États-Unis | RingCentral, Inc. | USD | 555 | J.P. Morgan | (3 600) | (0,01) |
| États-Unis | Shift4 Payments, Inc. | USD | 7 780 | J.P. Morgan | (11) | – |
| États-Unis | Visa, Inc. | USD | 3 205 | J.P. Morgan | (5 527) | (0,01) |
| Total moins-value non réalisée sur contrats sur différence - Passif | (87 877) | (0,15) |
| Plus-value nette non réalisée sur contrats sur différence - Actif | 256 305 | 0,42 |
| Les notes annexes font partie intégrante des présents états financiers. |  |  |