# Jupiter Global Convertibles
## 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 |
| CHF | 1,309,185 | EUR | 1,212,393 | 01/10/2020 | J.P. Morgan | 127 | – |
| CHF | 1,457,895 | EUR | 1,348,807 | 15/10/2020 | J.P. Morgan | 1,568 | – |
| EUR | 15,286 | CHF | 16,491 | 02/10/2020 | J.P. Morgan | 13 | – |
| EUR | 2,308,098 | CHF | 2,482,112 | 15/10/2020 | J.P. Morgan | 9,042 | – |
| EUR | 4,987,834 | CHF | 5,373,732 | 23/10/2020 | J.P. Morgan | 10,121 | – |
| EUR | 10,691 | GBP | 9,723 | 02/10/2020 | J.P. Morgan | 38 | – |
| EUR | 6,883,001 | GBP | 6,261,420 | 15/10/2020 | J.P. Morgan | 23,764 | – |
| EUR | 42,359,542 | JPY | 5,210,244,903 | 23/10/2020 | J.P. Morgan | 277,137 | 0.06 |
| EUR | 95,739 | USD | 111,500 | 15/10/2020 | J.P. Morgan | 550 | – |
| EUR | 4,229,760 | USD | 4,927,500 | 23/10/2020 | HSBC | 23,831 | 0.01 |
| GBP | 367,559 | EUR | 399,820 | 15/10/2020 | J.P. Morgan | 2,832 | – |
| GBP | 3,024,841 | EUR | 3,306,755 | 23/10/2020 | HSBC | 6,458 | – |
| USD | 13,217,297 | EUR | 11,156,761 | 15/10/2020 | J.P. Morgan | 126,992 | 0.03 |
| USD | 5,000,000 | EUR | 4,258,285 | 23/10/2020 | J.P. Morgan | 9,528 | – |
| Total Unrealised Gain on Forward Currency Exchange Contracts - Assets	492,001	0.10 |
| CHF | 1,624 | EUR | 1,505 | 02/10/2020 | J.P. Morgan | (1) | – |
| CHF | 260,012,090 | EUR | 241,695,444 | 15/10/2020 | J.P. Morgan | (859,234) | (0.18) |
| EUR | 1,840 | CHF | 1,987 | 01/10/2020 | J.P. Morgan | – | – |
| EUR | 3,343,737 | CHF | 3,610,833 | 15/10/2020 | J.P. Morgan | (797) | – |
| EUR | 441,520 | GBP | 404,921 | 15/10/2020 | J.P. Morgan | (2,062) | – |
| EUR | 5,460,783 | GBP | 5,024,374 | 23/10/2020 | J.P. Morgan | (42,588) | (0.01) |
| EUR | 31,599,296 | HKD | 287,009,772 | 23/10/2020 | J.P. Morgan | (7,927) | – |
| EUR | 524,395 | USD | 619,722 | 15/10/2020 | J.P. Morgan | (4,668) | – |
| EUR | 272,351,905 | USD | 319,136,516 | 23/10/2020 | J.P. Morgan | (51,050) | (0.01) |
| GBP | 20,073 | EUR | 22,210 | 01/10/2020 | J.P. Morgan | (216) | – |
| GBP | 25,245,910 | EUR | 27,753,304 | 15/10/2020 | J.P. Morgan | (97,011) | (0.02) |
| USD | 83 | EUR | 71 | 02/10/2020 | J.P. Morgan | – | – |
| USD | 135 | EUR | 116 | 15/10/2020 | J.P. Morgan | – | – |
| USD | 974,342 | EUR | 836,371 | 23/10/2020 | HSBC | (4,709) | – |
| USD | 1,932,850 | EUR | 1,651,992 | 23/10/2020 | J.P. Morgan | (2,184) | – |
| Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities |  |  | (1,072,447) | (0.22) |
| Net Unrealised Loss on Forward Currency Exchange Contracts - Liabilities |  |  | (580,446) | (0.12) |
|  |  |  |  |  |
| Financial Futures Contracts |  |  |  |  |
|  | Number of |  | Unrealised Gain/(Loss) | % of |
| Security Description | Contracts | Currency | EUR | Net Assets |
| S&P 500 Emini Index, 18/12/2020 | (103) | USD | (20,927) | – |
| Total Unrealised Loss on Financial Futures Contracts - Liabilities |  |  | (20,927) | – |
| Net Unrealised Loss on Financial Futures Contracts - Liabilities |  |  | (20,927) | – |

The accompanying notes form an integral part of these financial statements.
| Jupiter Global Ecology Diversified |  |
| --- | --- |
| Review of Portfolio as at 30 September 2020 |
| Performance |  |  |  |
| NAV | 30 September 2020 | 30 September 2019 | % Change |
| Class D GBP Acc HSC | fi12.24 | fi11.28 | 8.51 |
| Class D GBP Q Inc Dist HSC | fi11.26 | fi10.57 | 8.60 + |
| Class I EUR Acc | €12.18 | €11.28 | 7.98 |
| Class I GBP Acc HSC | fi12.26 | fi11.29 | 8.59 |
| Class I GBP Q Inc Dist HSC | fi11.59 | fi10.88 | 8.60 + |
| Class L EUR Acc | €11.84 | €11.04 | 7.25 |

+ Performance takes into consideration dividend distributions during the year.

## Market Review
It was a turbulent 12 months for global markets. After steady gains in the final quarter of 2019, global stocks tumbled in the 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. 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, particularly on concerns that Republicans would contest a Democrat victory.
Clean energy and other sustainable solutions appear to be central to the recovery programmes of many countries. In July, presidential candidate Joe Biden announced a $2trn clean energy proposal that would, over four years, significantly increase the use of clean energy in the transportation, electricity and building sectors. In September, the European Commission said that by 2030 it aimed to reduce greenhouse gas emissions by at least 55% from 1990 levels, compared to its previous target of 40%. The EU’s recovery package also embeds action on climate change by including investment in renewable energy, clean hydrogen, batteries and sustainable energy infrastructure. Even China has unexpectedly pledged to be carbon neutral by 2060.

## Policy Review
The fund added to returns over the period, outperforming the Morningstar peer group. Our preference of retaining liquidity through a 5-10% cash balance was a drag on performance during the rallies in the second and third quarters of 2020, however this was compensated by the strong returns across the fund’s asset allocation.
The bond portfolio led strong returns across ratings, sectors, and maturities. In the last quarter of 2019, risk appetite in credit markets was uncomfortably high, in our view. Emblematic of the market’s appetite for risk was its willingness to buy single-B credit issues with yields as low as 2.25% – the lowest yield for single-B credits we have ever witnessed. Against this backdrop, we therefore thought it prudent to maintain our cautious positioning, remaining alive to potential downside risks to the economic backdrop that were not priced into credit markets. This cautious positioning benefited the fund when the Covid-19 driven crisis threw markets into turmoil in the first quarter of 2020.
Falling yields driven by continued economic concerns and supportive policy drove strong performance from the fund’s large weighting in high quality investment grade bonds. A-rated credits that performed well included American Water (Water) and Canadian National Railway (Mobility). Meanwhile, its range of resilient, ‘through-the-cycle’ BBB-rated issuers such as Vena Energy (Clean Energy), Mondi (Circular Economy), and Infineon (Energy Efficiency) performed well against a backdrop of supportive monetary and fiscal policy.
In terms of trading on the bond side, we were selective in terms of participating in new issues as the quality of additionality from the new issues varied considerably. However we did participate in a subordinated bond from the bank AIB, which offered a higher yield than senior debt and is fairly rare in the world of green bonds; government issuance from Sweden which was well structured, attractively valued, and transport-related, a sector which is a key focus for their sustainability goals; and new issues from Canadian recycled and sustainable packaging specialist Cascades and US hospital property company MPT.

Translation (ENFR, 2020-09-30):
# Jupiter Global Convertibles
## 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 |
| CHF | 1 309 185 | EUR | 1 212 393 | 01/10/2020 | J.P. Morgan | 127 | – |
| CHF | 1 457 895 | EUR | 1 348 807 | 15/10/2020 | J.P. Morgan | 1 568 | – |
| EUR | 15 286 | CHF | 16 491 | 02/10/2020 | J.P. Morgan | 13 | – |
| EUR | 2 308 098 | CHF | 2 482 112 | 15/10/2020 | J.P. Morgan | 9 042 | – |
| EUR | 4 987 834 | CHF | 5 373 732 | 23/10/2020 | J.P. Morgan | 10 121 | – |
| EUR | 10 691 | GBP | 9 723 | 02/10/2020 | J.P. Morgan | 38 | – |
| EUR | 6 883 001 | GBP | 6 261 420 | 15/10/2020 | J.P. Morgan | 23 764 | – |
| EUR | 42 359 542 | JPY | 5 210 244 903 | 23/10/2020 | J.P. Morgan | 277 137 | 0,06 |
| EUR | 95 739 | USD | 111 500 | 15/10/2020 | J.P. Morgan | 550 | – |
| EUR | 4 229 760 | USD | 4 927 500 | 23/10/2020 | HSBC | 23 831 | 0,01 |
| GBP | 367 559 | EUR | 399 820 | 15/10/2020 | J.P. Morgan | 2 832 | – |
| GBP | 3 024 841 | EUR | 3 306 755 | 23/10/2020 | HSBC | 6 458 | – |
| USD | 13 217 297 | EUR | 11 156 761 | 15/10/2020 | J.P. Morgan | 126 992 | 0,03 |
| USD | 5 000 000 | EUR | 4 258 285 | 23/10/2020 | J.P. Morgan | 9 528 | – |
| Plus-value totale non réalisée sur contrats de change à terme - Actif	492 001	0,10 |
| CHF | 1 624 | EUR | 1 505 | 02/10/2020 | J.P. Morgan | (1) | – |
| CHF | 260 012 090 | EUR | 241 695 444 | 15/10/2020 | J.P. Morgan | (859 234) | (0,18) |
| EUR | 1 840 | CHF | 1 987 | 01/10/2020 | J.P. Morgan | – | – |
| EUR | 3 343 737 | CHF | 3 610 833 | 15/10/2020 | J.P. Morgan | (797) | – |
| EUR | 441 520 | GBP | 404 921 | 15/10/2020 | J.P. Morgan | (2 062) | – |
| EUR | 5 460 783 | GBP | 5 024 374 | 23/10/2020 | J.P. Morgan | (42 588) | (0,01) |
| EUR | 31 599 296 | HKD | 287 009 772 | 23/10/2020 | J.P. Morgan | (7 927) | – |
| EUR | 524 395 | USD | 619 722 | 15/10/2020 | J.P. Morgan | (4 668) | – |
| EUR | 272 351 905 | USD | 319 136 516 | 23/10/2020 | J.P. Morgan | (51 050) | (0,01) |
| GBP | 20 073 | EUR | 22 210 | 01/10/2020 | J.P. Morgan | (216) | – |
| GBP | 25 245 910 | EUR | 27 753 304 | 15/10/2020 | J.P. Morgan | (97 011) | (0,02) |
| USD | 83 | EUR | 71 | 02/10/2020 | J.P. Morgan | – | – |
| USD | 135 | EUR | 116 | 15/10/2020 | J.P. Morgan | – | – |
| USD | 974 342 | EUR | 836 371 | 23/10/2020 | HSBC | (4 709) | – |
| USD | 1 932 850 | EUR | 1 651 992 | 23/10/2020 | J.P. Morgan | (2 184) | – |
| Moins-value totale non réalisée sur contrats de change à terme - Passif |  | (1 072 447) | (0,22) |
| Moins-value nette non réalisée sur contrats de change à terme - Passif |  | (580 446) | (0,12) |
|  |  |  |  |
| Contrats financiers à terme standardisés |  |  |  |
| Nombre de |  | Plus-value/ (moins-value) non réalisée | % de |
| Description du titre	contrats | Devise | EUR | l’actif net |
| S&P 500 Emini Index, 18/12/2020	(103) | USD | (20 927) | – |
| Total moins-value non réalisée sur contrats financiers à terme standardisés - Passif |  | (20 927) | – |
| Moins-value nette non réalisée sur contrats financiers à terme standardisés - Passif |  | (20 927) | – |

Les notes annexes font partie intégrante des présents états financiers.