# Jupiter Global Absolute Return
## Schedule of Investments as at 30 September 2020 (continued)

### Option Purchased Contracts
| Quantity | Security Description | Currency | Counterparty | Market Value EUR | % of Net Assets |
| --- | --- | --- | --- | --- | --- |
| 215 | ING Groep NV, Call, 12.000, 18/12/2020 | EUR | UBS | 215 | – |
| 6 | SPDR S&P 500 ETF Trust, Call, 400.000, 16/12/2022 | USD | UBS | 7,050 | 0.06 |
| 11 | Tesla, Inc., Call, 400.000, 09/10/2020 | USD | UBS | 31,233 | 0.27 |
| 4 | Wayfair, Inc., Call, 330.000, 23/10/2020 | USD | UBS | 2,647 | 0.02 |

Total Market Value on Option Purchased Contracts - Assets	41,145	0.35
The accompanying notes form an integral part of these financial statements.
| Jupiter Global Convertibles |  |
| --- | --- |
| Review of Portfolio as at 30 September 2020 |
| Performance |  |  |  |
| NAV | 30 September 2020 | 30 September 2019 | % Change |
| Class A USD Acc HSC | $10.38 | $10.09 | 2.87 |
| Class C USD Acc HSC | $10.35 | $9.99 | 3.60 |
| Class D EUR A Inc | €9.80 | €9.76 | 2.30 + |
| Class D EUR Acc | €11.60 | €11.34 | 2.29 |
| Class D GBP A Inc HSC | fi11.05 | fi10.95 | 2.88 + |
| Class D USD A Inc HSC | $10.67 | $10.46 | 4.00 + |
| Class I CHF Acc HSC | CHF 13.16 | CHF 12.92 | 1.86 |
| Class I EUR Acc | €13.97 | €13.66 | 2.27 |
| Class I EUR Q Inc Dist | €9.37 | €9.34 | 2.30 + |
| Class I GBP A Inc HSC | fi12.40 | fi12.30 | 2.82 + |
| Class I USD Acc HSC | $15.24 | $14.65 | 4.03 |
| Class L CHF Acc HSC | CHF 12.12 | CHF 11.99 | 1.08 |
| Class L EUR Acc | €12.87 | €12.69 | 1.42 |
| Class L GBP A Inc HSC | fi12.08 | fi11.97 | 2.08 + |
| Class L USD Acc HSC | $14.04 | $13.60 | 3.24 |
| Class N USD Acc HSC | $10.29 | $10.03 | 2.59 |

Benchmark in Fund base currency Thomson Reuters Convertible Global Focus Hedged Index**	14.86
+ Performance takes into consideration dividend distributions during the year.
** Please see individual share class KIID for relevant index and currency.

## Performance Review
The Thomson Reuters Convertible Global Focus Hedged EUR Index (a reference benchmark) returned 14.9% over the 12 months ending 30 September 2020, while the Jupiter Global Convertibles Fund returned 1.4%. Please note this refers to the Retail share class (€) only.

## Market Review
The first four months of the reporting period saw markets make steady progress on hopes of some resolution to the trade dispute between the US and China. However, the uncertainty stoked up by President Trump discouraged economic growth so the US Federal Reserve offset the weaker outlook with a series of ‘insurance’ interest rate cuts.
In Europe, Christine Lagarde, took over from Mario Draghi as president of the European Central Bank and urged European governments to boost public investment and harmonise banking. The eurozone’s annual inflation rate continued to decline, ending October at 0.7%. It was to go much lower – reaching -0.2% by the end of the review period. Germany’s manufacturing economy remained in contraction. In Japan, manufacturing activity fell to a 40-month low while service sector activity contracted for the first time since September 2016 after a damaging typhoon and a rise in sales tax.
Equity markets started 2020 on a firm footing as the US and China signed a truncated version of the ‘phase one’ trade agreement. US equities rose further led by a surge in the more expensive growth stocks which greatly outperformed cheaper value stocks, with the gap between the two being significantly wider than the extremes seen in 1999/2000. It was to widen further. However, things changed utterly after the outbreak of a novel coronavirus in China.
As it became apparent that this had spread to northern Italy and onwards, there was indiscriminate selling as investors realised the global economy was facing a major shock. Evidence suggests this was exacerbated by hedge funds being forced into unwinding leveraged positions, creating extraordinary and often inexplicable moves between and within sectors. A flight to safety saw government bonds worldwide rally significantly. The US Treasury market in particular had a phenomenal rally with the US 10-year Treasury yield dropping close to 1% the lowest level on record. It was to go lower.
In March, the pandemic had a major impact across all asset classes and regions as companies and investors faced up to the likelihood of a global recession along with billions of people throughout the world facing quarantine measures. The speed and severity of the economic impact was unprecedented. Manufacturing activity in just about every country contracted. In the US, an 11- year bull market in equities ended. The US Federal Reserve made

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

### Contrats d’achat d’options
| Quantité | Description du titre | Devise | Contrepartie | Valeur Marché EUR | % de l’actif net |
| --- | --- | --- | --- | --- | --- |
| 215 | ING Groep NV, Call, 12 000, 18/12/2020 | EUR | UBS | 215 | – |
| 6 | SPDR S&P 500 ETF Trust, Call, 400 000, 16/12/2022 | USD | UBS | 7.050 | 0,06 |
| 11 | Tesla, Inc., Call, 400 000, 09/10/2020 | USD | UBS | 31 233 | 0,27 |
| 4 | Wayfair, Inc., Call, 330 000, 23/10/2020 | USD | UBS | 2 647 | 0,02 |

Valeur de marché totale sur Contrats d’option acquis - Actif	41 145	0,35
Les notes annexes font partie intégrante des présents états financiers.