# Jupiter Europa
## Schedule of Investments as at 30 September 2020 (continued)

### Option Purchased Contracts
| Quantity | Security Description | Currency | Counterparty | Market Value EUR | % of Net Assets |
| --- | --- | --- | --- | --- | --- |
| 10,000,000 | Aedas Homes SA, Put, 0.980, 05/10/2020 | EUR | J.P. Morgan | 124,150 | 0.22 |
| 275 | EURO STOXX 50 Index, Call, 3,325.000, 18/12/2020 | EUR | UBS | 212,300 | 0.38 |
| 50 | EURO STOXX 50 Index, Call, 3,350.000, 20/11/2020 | EUR | UBS | 21,375 | 0.04 |
| 600 | EURO STOXX 50 Index, Call, 3,425.000, 16/10/2020 | EUR | UBS | 14,400 | 0.03 |
| 400 | EURO STOXX 50 Index, Put, 3,225.000, 18/12/2020 | EUR | UBS | 668,600 | 1.19 |
| 500 | EURO STOXX 50 Index, Put, 3,250.000, 18/12/2020 | EUR | UBS | 893,000 | 1.59 |
| 550 | EURO STOXX 50 Index, Put, 3,300.000, 18/12/2020 | EUR | UBS | 1,124,475 | 2.01 |
| 1,400 | EURO STOXX 50 Index, Put, 3,350.000, 18/12/2020 | EUR | UBS | 3,271,100 | 5.83 |
| 475 | EURO STOXX 50 Index, Put, 3,400.000, 18/12/2020 | EUR | UBS | 1,262,787 | 2.25 |

Total Market Value on Option Purchased Contracts - Assets	7,592,187	13.54

### Option Written Contracts
| Quantity | Security Description | Currency | Counterparty | Market Value EUR | % of Net Assets |
| --- | --- | --- | --- | --- | --- |
| (7,500,000) | Aedas Homes SA, Call, 1.040, 03/11/2020 | EUR | J.P. Morgan | (70,213) | (0.12) |
| (100) | EURO STOXX 50 Index, Put, 2,975.000, 18/12/2020 | EUR | UBS | (81,800) | (0.15) |
| (50) | EURO STOXX 50 Index, Put, 3,050.000, 18/12/2020 | EUR | UBS | (50,925) | (0.09) |
| (200) | EURO STOXX 50 Index, Put, 3,100.000, 16/10/2020 | EUR | UBS | (68,000) | (0.12) |
| (535) | EURO STOXX 50 Index, Put, 3,175.000, 18/12/2020 | EUR | UBS | (779,762) | (1.39) |
| (900) | EURO STOXX 50 Index, Put, 3,175.000, 16/10/2020 | EUR | UBS | (519,300) | (0.93) |
| (250) | EURO STOXX 50 Index, Put, 3,225.000, 16/10/2020 | EUR | UBS | (200,875) | (0.36) |
| (30) | Linde plc, Put, 200.000, 16/10/2020 | EUR | UBS | (14,550) | (0.03) |
| (15) | LVMH Moet Hennessy Louis Vuitton SE, Put, 380.000, 16/10/2020 | EUR | UBS | (5,542) | (0.01) |

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| (100) | STMicroelectronics NV, Put, 25.000, 16/10/2020 | EUR | UBS | (5,950) | (0.01) |

Total Market Value on Option Written Contracts - Liabilities	(1,796,917)	(3.21)
The accompanying notes form an integral part of these financial statements.
| Jupiter European Feeder |  |
| --- | --- |
| Review of Portfolio as at 30 September 2020 |
| Performance |  |  |  |
| NAV | 30 September 2020 | 30 September 2019 | % Change |
| Class Z EUR Acc | €14.41* | €13.60 | 5.96 |
| Class Z GBP Acc | fi18.63* | fi17.10 | 8.95 |
| Benchmark in Fund base currency FTSE World Europe Ex UK Index |  |  | (2.11) |

*Net Asset Values per Share include Swing Pricing Adjustments. Refer to Note 14 for further details.

## Market Review
The period under review began with European equities making further progress towards the latter months of 2019 driven in part by a stabilisation in European economic survey data but mostly because the prospect of a preliminary ‘phase one’ trade deal between the US and China was in clear view. Against a background of low trading volumes and little company news, the year-end rally was supported by an election win in the UK for the Conservative party whose sizeable majority broke the deadlock over Brexit. This was seen at the time as reducing the risk that had been priced into UK and European equities. Although some of the market rise reflected the further growth in profits, shares also rose as a consequence of investors being prepared to pay more for this growth. It was therefore no surprise that European equities started 2020 strongly accompanied by a tentative stabilisation in business sentiment across the eurozone.
Things changed utterly following an outbreak of a highly infectious novel coronavirus in Wuhan just weeks before the Chinese New Year, the largest annual migration in the world. The impact of the arrival of the coronavirus on European markets unfolded in several phases. The sell-off in February of stocks with exposure to China rapidly expanded to anything linked to travel, tourism and then oil, as the OPEC price war began. As panic mounted this soon turned into indiscriminate selling and outright capitulation in March. Evidence suggests this was exacerbated by hedge funds being forced into unwinding leveraged positions, creating extraordinary and often inexplicable moves between and within sectors.
By April, the extraordinary drop in global economic activity had become apparent as lockdown took its toll, particularly on service businesses which were even more badly affected than manufacturers. Nevertheless, global stock markets, including Europe, first stabilized and then began to recover as a result of massive economic programs of direct government assistance. Markets were spurred on by a mix of slowing Covid-19 infections and improving sentiment as countries tentatively emerged from lockdown - all underpinned by remarkable levels of stimulus from governments and global central banks. By July, EU
leaders had reached a deal on a €750bn EU recovery fund which included the biggest green stimulus package in history. However, it will take at least a year before the spending starts. In the meantime, governments across Europe moved to extend furlough programmes, tax deferrals and loan moratoriums as well as considering taking stakes in small and medium-sized businesses to prevent a cascade of bankruptcies. Over the following months, equity markets rallied as investors began to hope the worst of the pandemic might have passed as infection rates slowed, countries tentatively emerged from lockdown and economic data improved, notably in China. All this was underpinned by unprecedented levels of stimulus from governments and global central banks. Volatility returned to financial markets as autumn approached and doubts started to creep in about the effectiveness of policy, a sharp increase in Covid-19 cases, the impact of further restrictions on the real economy as well as the US presidential election.

## Policy Review
The main driver of performance, in our view, was the fund’s exposure to a wide range of diversified, good-quality businesses with international exposure and pricing power.
On the first of October 2019 we took over control of the Fund and began the process of reshaping it to reflect our own investment philosophy and ideas. By the end of the year this was largely complete. Of the top ten holdings at the start of July 2019, the two most significant sales were of Wirecard and Bayer. We retained many of the Fund’s core holdings, although in less dominant positions than in the past. The most prominent new holdings included Altas Copco, Assa Abloy, Davide Campari- Milano, IMCD, Kingspan, Legrand, Pernod Ricard and Sika.
The main positive contributions came from: bioMerieux, Novo Nordisk, Dassault Systemes, IMCD, Kingspan, Diasorin, Atlas Copco, Sika, Eurofins Scientific, Wolters Kluwer, Ubisoft Entertainment, FinecoBank, Davide Campari-Milano and Experian. Set against this, there were three main detractors. Shares in Wirecard fell after the FT published documents supporting its earlier allegations of fraud. We had sold most of the position in this company prior to the FT publication and

Translation (ENFR, 2020-09-30):
# Jupiter Europa
## 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 |
| --- | --- | --- | --- | --- | --- |
| 10 000 000 | Aedas Homes SA, Put, 0,980, 05/10/2020 | EUR | J.P. Morgan | 124 150 | 0,22 |
| 275 | EURO STOXX 50 Index, Call, 3 325 000, 18/12/2020 | EUR | UBS | 212 300 | 0,38 |
| 50 | EURO STOXX 50 Index, Call, 3 350 000, 20/11/2020 | EUR | UBS | 21 375 | 0,04 |
| 600 | EURO STOXX 50 Index, Call, 3 425 000, 16/10/2020 | EUR | UBS | 14 400 | 0,03 |
| 400 | EURO STOXX 50 Index, Put, 3 225 000, 18/12/2020 | EUR | UBS | 668 600 | 1,19 |
| 500 | EURO STOXX 50 Index, Put, 3 250 000, 18/12/2020 | EUR | UBS | 893 000 | 1,59 |
| 550 | EURO STOXX 50 Index, Put, 3 300 000, 18/12/2020 | EUR | UBS | 1 124 475 | 2,01 |
| 1 400 | EURO STOXX 50 Index, Put, 3 350 000, 18/12/2020 | EUR | UBS | 3 271 100 | 5,83 |
| 475 | EURO STOXX 50 Index, Put, 3 400 000, 18/12/2020 | EUR | UBS | 1 262 787 | 2,25 |

Valeur de marché totale sur Contrats d’option acquis - Actif	7 592 187	13,54

### Contrats de souscription d’options
| Quantité | Description du titre | Devise | Contrepartie | Valeur Marché EUR | % de l’actif net |
| --- | --- | --- | --- | --- | --- |
| (7 500 000) | Aedas Homes SA, Call, 1,040, 03/11/2020 | EUR | J.P. Morgan | (70 213) | (0,12) |
| (100) | EURO STOXX 50 Index, Put, 2 975 000, 18/12/2020 | EUR | UBS | (81 800) | (0,15) |
| (50) | EURO STOXX 50 Index, Put, 3 050 000, 18/12/2020 | EUR | UBS | (50 925) | (0,09) |
| (200) | EURO STOXX 50 Index, Put, 3 100 000, 16/10/2020 | EUR | UBS | (68 000) | (0,12) |
| (535) | EURO STOXX 50 Index, Put, 3 175 000, 18/12/2020 | EUR | UBS | (779 762) | (1,39) |
| (900) | EURO STOXX 50 Index, Put, 3 175 000, 16/10/2020 | EUR | UBS | (519 300) | (0,93) |
| (250) | EURO STOXX 50 Index, Put, 3 225 000, 16/10/2020 | EUR | UBS | (200 875) | (0,36) |
| (30) | Linde plc, Put, 200 000, 16/10/2020 | EUR | UBS | (14 550) | (0,03) |
| (15) | LVMH Moet Hennessy Louis Vuitton SE, Put, 380 000, 16/10/2020 | EUR | UBS | (5 542) | (0,01) |

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| (100) | STMicroelectronics NV, Put, 25 000, 16/10/2020 | EUR | UBS | (5 950) | (0,01) |

Valeur de marché totale sur Contrats d’options vendus - Passif	(1 796 917)	(3,21)
Les notes annexes font partie intégrante des présents états financiers.