# Jupiter Global Value
## 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 | USD | Net Assets |
| EUR | 230 | USD | 270 | 02/10/2020 | J.P. Morgan | (1) | – |

Net Unrealised Loss on Forward Currency Exchange Contracts - Liabilities	(1)	–
| Jupiter India Select |  |
| --- | --- |
| Review of Portfolio as at 30 September 2020 |
| Performance |  |  |  |
| NAV | 30 September 2020 | 30 September 2019 | % Change |
| Class D EUR Acc | €9.51 | €11.49 | (17.23) |
| Class D GBP Acc | fi7.02 | fi8.25 | (14.91) |
| Class D USD Acc | $9.80 | $11.04 | (11.23) |
| Class L EUR Acc | €12.94 | €15.79 | (18.05) |
| Class L GBP A Inc | fi14.05 | fi16.69 | (15.82)+ |
| Class L USD A Inc | $145.66 | $165.84 | (12.17)+ |
| Benchmark in Fund base currency MSCI India Index |  |  | 0.73 |

+ Performance takes into consideration dividend distributions during the year.

## Market Review
After trending higher in the final quarter of 2019, Indian equities corrected in early 2020, alongside other global stock markets, as the Covid-19 pandemic raised fears of an impending recession. While India experienced relatively few Covid-19 cases in the first quarter, stringent containment measures on the part of the Indian government appeared likely to have a significant impact on domestic economic growth.
Indian equities rebounded over the second and third quarters, as global stock markets were bolstered by unprecedented levels of monetary and fiscal support from central banks and governments globally, positive coronavirus vaccine developments and the reopening of several major economies. In May, the Reserve Bank of India (RBI) cut India’s benchmark interest rate to a record low of 4%, and in its August meeting, while the RBI kept interest rates on hold, it noted that there was space for further monetary action. Meanwhile, the Indian government announced a total support package of USD 264bn, or around 10% of India’s GDP.

## Policy Review
The Jupiter India Select fund underperformed its benchmark over the review period. Underperformance can be partly attributed to the fund’s overweight exposure to small- and mid-cap stocks. While large-cap stocks rallied modestly over the 12 months, small- and mid-cap stocks declined.
Pharmaceutical company Biocon was the top positive contributor to the fund’s relative performance. The company manufactures biologic drugs at its facilities in India and Malaysia, and has experienced little disruption from the Covid-19 pandemic with uptake of newly launched products in the US proceeding as planned, including insulin glargine biosimilar Semglee. Elsewhere in the pharmaceutical industry, Natco Pharma performed particularly well.
Additional positive contributions came from HCL Technologies, which announced in September that it will acquire Australian IT, business and management consulting group DWS. The acquisition should expand its digital offerings, particularly in Australia and New Zealand.
Our underweight exposure to the financials sector also contributed positively to the fund’s relative returns. In particular, not holding Axis Bank and benchmark index heavyweight Housing Development Finance Corporation benefitted the fund, as did holding Max Financial Services. We have reduced our exposure to financials with a substantial proportion of SME and retail lending, and our exposure in the sector is now predominantly through public sector banks, corporate-focused banks and non-lending financials, such as exchanges and life insurance.
On the negative side, being underweight benchmark index heavyweights Reliance Industries and Infosys – which together account for more than 20% of the index – detracted from the fund’s relative returns. We did open a position in Reliance Industries in April following confirmation that Facebook would buy a 10% stake in the conglomerate’s Reliance Jio telecoms business. We believe this is a game changer for the company, in part because Facebook owns WhatsApp, which have more than 400m users in India. The synergies between the two businesses and the large cash injection give us confidence in the longer-term growth outlook for the company.
In terms of stocks held in the fund, Hindustan Petroleum and Bharat Petroleum also detracted from the fund’s performance as lockdown measures weighed on demand. In the third quarter, the companies’ share prices were additionally impacted by the government’s announcement of a further delay to the sale process of Bharat Petroleum. We continue to believe that both companies have strong fundamentals, regardless of whether Bharat Petroleum’s sale is completed.

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

### Contrats de change à terme
| Devise | Montant | Devise | Montant | Date |  | Plus-value/ (moins-value) non réalisée | % de |
| --- | --- | --- | --- | --- | --- | --- | --- |
| achetée | acheté | vendue | vendu | d'échéance | Contrepartie | USD | l’actif net |
| EUR | 230 | USD | 270 | 02/10/2020 | J.P. Morgan | (1) | – |

Moins-value nette non réalisée sur contrats de change à terme - Passif	(1)	–