# Jupiter Global Ecology Growth
## 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 |  |  |  |  |
| Semiconductors & Semiconductor Equipment |  |  |  |  |
| First Solar, Inc. | USD | 4,363 | 244,949 | 1.95 |
| Infineon Technologies AG | EUR | 9,501 | 226,694 | 1.81 |
|  |  |  | 471,643 | 3.76 |
| Water Utilities |  |  |  |  |
| Beijing Enterprises Water Group Ltd. | HKD | 372,000 | 122,762 | 0.98 |
|  |  |  | 122,762 | 0.98 |
| Total Equities |  |  | 12,191,745 | 97.16 |
| Total Transferable securities and money market instruments admitted to an official exchange listing |  |  | 12,191,745 | 97.16 |
| Collective Investment Schemes - AIF |  |  |  |  |
| Closed-ended Funds |  |  |  |  |
| Jupiter Green Investment Trust plc | GBP | 66,500 | 148,643 | 1.18 |
|  |  |  | 148,643 | 1.18 |
| Total Collective Investment Schemes - AIF |  |  | 148,643 | 1.18 |
| Total Investments |  |  | 12,340,388 | 98.34 |
| Cash |  |  | 191,422 | 1.53 |
| Other assets/(liabilities) |  |  | 16,907 | 0.13 |
| Total Net assets |  |  | 12,548,717 | 100.00 |

The accompanying notes form an integral part of these financial statements.
| Jupiter Global Ecology Growth 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	21,068	USD | 24,635 | 01/10/2020 | J.P. Morgan | 30 | – |
| USD	494	EUR | 420 | 02/10/2020 | J.P. Morgan | 2 | – |
| Total Unrealised Gain on Forward Currency Exchange Contracts - Assets	32	– |
| EUR | 1,231 | USD | 1,447 | 02/10/2020 | J.P. Morgan | (5) | – |
| USD | 1,224 | EUR | 1,047 | 01/10/2020 | J.P. Morgan | (1) | – |
| USD | 128 | GBP | 100 | 01/10/2020 | J.P. Morgan | – | – |
| Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities | (6) | – |
| Net Unrealised Gain on Forward Currency Exchange Contracts - Assets | 26 | – |

The accompanying notes form an integral part of these financial statements.
| Jupiter Global Emerging Markets Corporate Bond |  |
| --- | --- |
| Review of Portfolio as at 30 September 2020 |
| Performance |  |  |
| NAV	30 September 2020 | 30 September 2019 /Launch Date | % Change |
| Class A USD Acc	$103.58 | $100.44 | 3.13 |
| Class A USD Q Inc Dist 1	 $107.67 | $100.00 | 10.18 + |
| Class C USD Acc	$104.23 | $100.53 | 3.68 |
| Class D EUR Acc HSC 2	 € 100.44 | € 100.00 | 0.44 |
| Class D USD Acc	$105.25 | $101.00 | 4.21 |
| Class I EUR Acc HSC 3	 € 98.36 | € 100.00 | (1.64) |
| Class I USD A Inc Dist	$122.14 | $117.17 | 4.24 + |
| Class I USD Acc	$98.57 | $99.96 | 4.24 |
| Class L USD Acc 4	 $102.59 | $100.00 | 2.59 |
| Class L USD Q Inc Dist	$102.36 | $104.83 | 3.4 + |
| Class N USD Acc	$103.28 | $100.40 | 2.87 |
| Class N USD Q Inc Dist 5	 $107.56 | $100.00 | 10.07 + |
| Benchmark in Fund base currency JPM CEMBI Broad Diversified Index* |  | 4.85 |
| + Performance takes into consideration dividend distributions during the year. |  |  |
| * Please see individual share class KIID for relevant index and currency. |  |  |
| 1 Launch date 30 April 2020. |  |  |
| 2 Launch date 31 December 2019. |  |  |
| 3 Launch date 21 February 2020. |  |  |
| 4 Launch date 19 November 2020. |  |  |
| 5 Launch date 30 April 2020. |  |  |


## Market Review
Emerging market (EM) bonds rose in the fourth quarter of 2019, as markets were buoyed by a ‘phase one’ trade deal between the US and China and more supportive global macroeconomic data, particularly from developed markets. While EM debt continued to rally at the beginning of 2020, investor confidence fell sharply towards the end of February as concerns grew about the coronavirus outbreak and its impact on the global economy.
Moving into the second quarter, EM bonds rebounded strongly, with risk-on sentiment driven by a range of factors including the reversal of the most stringent lockdown measures across many parts of the world, and unprecedented monetary and fiscal measures across both developed and emerging market countries.
Emerging market debt (EMD) continued to perform well in July and August, supported by ongoing co-ordinated global fiscal and monetary policy stimulus and positive news on vaccine developments. The market took a pause from its rally in September, however, selling off during the second half of the month due to renewed concerns about rising infections across Europe, a weaker outlook for the US economy coming from the US Federal Reserve (Fed), and delays on US fiscal stimulus.
In addition, ahead of the US election and the lower levels of liquidity available during the holiday period in China in October, there was some portfolio reshuffling and a decline in risk appetite in September.

## Performance Review
The Jupiter Global Emerging Markets Corporate Bond fund underperformed the JPM CEMBI Broad Diversified Index in the 12 months under review, though it remains first quartile in its peer group since launch (March 2017).
Before the coronavirus outbreak, the fund was defensively positioned; we chose not to chase the indiscriminate market rally, where we believed some valuations were looking stretched and were no longer reflecting companies’ fundamentals. Then, when the novel coronavirus first broke out in China, we took the view that the market was underestimating its likely overall impact on global economic growth, so we increased the fund’s defensiveness further. As a result of this positioning, we were able to mitigate some of the potential drawdowns as we entered the crisis.

Translation (ENFR, 2020-09-30):
# Jupiter Global Ecology Growth
## 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 | 21 068 | USD | 24 635 | 01/10/2020 | J.P. Morgan | 30 | – |
| USD | 494 | EUR | 420 | 02/10/2020 | J.P. Morgan | 2 | – |
| Plus-value totale non réalisée sur contrats de change à terme - Actif	32	– |
| EUR | 1 231 | USD | 1 447 | 02/10/2020 | J.P. Morgan | (5) | – |
| USD | 1 224 | EUR | 1 047 | 01/10/2020 | J.P. Morgan | (1) | – |
| USD | 128 | GBP | 100 | 01/10/2020 | J.P. Morgan | – | – |
| Moins-value totale non réalisée sur contrats de change à terme - Passif | (6) | – |
| Plus-value nette non réalisée sur contrats de change à terme - Actif | 26 | – |

Les notes annexes font partie intégrante des présents états financiers.