# Jupiter Global Ecology Diversified
## 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 |
| EUR | 447,429 | CAD | 696,876 | 30/10/2020 | J.P. Morgan | 3,174 | 0.02 |
| EUR | 46,336 | GBP | 41,877 | 01/10/2020 | J.P. Morgan | 451 | – |
| EUR | 7,522 | GBP | 6,841 | 02/10/2020 | J.P. Morgan | 27 | – |
| EUR | 65,403 | GBP | 59,483 | 15/10/2020 | J.P. Morgan | 241 | – |
| EUR | 183,933 | HKD | 1,662,401 | 30/10/2020 | J.P. Morgan | 897 | 0.01 |
| EUR | 138,384 | JPY | 17,001,140 | 30/10/2020 | J.P. Morgan | 1,078 | 0.01 |
| EUR | 394,876 | NZD | 700,729 | 30/10/2020 | J.P. Morgan | 1,346 | 0.01 |
| EUR | 7,916,006 | USD | 9,225,389 | 30/10/2020 | J.P. Morgan | 42,760 | 0.23 |
| GBP | 102,350 | EUR | 111,480 | 15/10/2020 | J.P. Morgan | 643 | – |
| Total Unrealised Gain on Forward Currency Exchange Contracts - Assets	50,617	0.28 |
| EUR | 158,522 | AUD | 261,679 | 30/10/2020 | J.P. Morgan | (456) | – |
| EUR | 68,638 | GBP | 62,877 | 15/10/2020 | J.P. Morgan | (242) | – |
| EUR | 1,516,421 | GBP | 1,387,239 | 30/10/2020 | J.P. Morgan | (2,898) | (0.02) |
| EUR | 297,561 | NOK | 3,309,866 | 30/10/2020 | J.P. Morgan | (910) | – |
| EUR | 604,287 | SEK | 6,425,259 | 30/10/2020 | J.P. Morgan | (4,909) | (0.03) |
| GBP | 11,564,976 | EUR | 12,714,060 | 15/10/2020 | J.P. Morgan | (44,904) | (0.25) |
| Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities |  |  | (54,319) | (0.30) |
| Net Unrealised Loss on Forward Currency Exchange Contracts - Liabilities |  |  | (3,702) | (0.02) |
|  |  |  |  |  |
| Financial Futures Contracts |  |  |  |  |
|  | Number of |  | Unrealised Gain/(Loss) | % of |
| Security Description | Contracts | Currency | EUR | Net Assets |
| Euro-OAT, 08/12/2020 | (3) | EUR | (7,395) | (0.04) |
| Long Gilt, 29/12/2020 | (3) | GBP | (1,101) | (0.01) |
| Total Unrealised Loss on Financial Futures Contracts - Liabilities |  |  | (8,496) | (0.05) |
| Net Unrealised Loss on Financial Futures Contracts - Liabilities |  |  | (8,496) | (0.05) |

The accompanying notes form an integral part of these financial statements.
| Jupiter Global Ecology Growth |  |
| --- | --- |
| Review of Portfolio as at 30 September 2020 |
| Performance |  |  |  |
| NAV | 30 September 2020 | 30 September 2019 | % Change |
| Class D EUR A Inc Dist | €14.01 | €13.29 | 5.90 + |
| Class L EUR A Inc Dist | €13.70 | €13.07 | 4.82 + |
| Class L EUR Acc | €16.37 | €15.61 | 4.87 |
| Class L GBP A Inc | fi16.31 | fi15.14 | 7.73 |
| Class L USD Acc | $12.46 | $11.08 | 12.45 |
| Benchmark in Fund base currency FTSE ET100 Index |  |  | 59.18 |

+ Performance takes into consideration dividend distributions during the year.

## Market Review
It was a turbulent 12 months for global stock markets. After steady gains in the final quarter of 2019, global stocks tumbled in 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. The gradual easing of lockdown measures also contributed to improving investor sentiment, although hopes for a swift economy recovery were dented by signs of the start of a second wave of infections in September.
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
While the fund beat the IA Global peer group, it underperformed the more concentrated FTSE ET100 comparator index which had a stellar run primarily driven by an outstanding return for Tesla, the index’s largest constituent which is not held in the portfolio. In broad terms, a lower exposure to US equities detracted from performance relative to the comparator index, as did overweight allocations to both UK and Japanese equities.
The Clean Energy theme, which has been dominant since mid- March, benefited from former Vice-President Joe Biden’s clean energy proposal, as well as the European Commission’s pledge to reduce greenhouse gas emissions. Wind turbine maker Vestas reintroduced full-year revenue guidance following a surge in second-quarter sales; while wind farm operator Orsted warned that second-quarter earnings had been knocked by low power prices as a result of reduced demand for electricity during lockdown, it left its full-year guidance unchanged. Shares of both companies hit all-time highs during the third quarter of 2020.
Other top contributors to returns included Tomra (Circular Economy theme) and Infineon Technologies (Mobility), which saw strong performance after raising around €1bn to help finance its purchase of Cypress Semiconductor. The acquisition is expected to strengthen Infineon’s focus on structural growth drivers, coupling its own prowess in managing electric drive trains with Cypress’s superior connectivity in areas such as in- car entertainment. Shimano was another contributor in the Mobility theme. The Japanese maker of brakes, gears and components benefited from the global surge in demand for bicycles as people embrace new modes of transportation due to the coronavirus pandemic.
On the negative side, our position in UK-listed bus and rail transport company National Express was a key detractor. National Express reported losses for the first half of 2020 as passengers stayed away from its bus and coach service during the pandemic and its shares have remained under pressure on fears of a prolonged second wave. Veolia Environnement (Water) also had a negative impact on relative returns, as did LKQ (Circular Economy) and Itron (Energy Efficiency).

Translation (ENFR, 2020-09-30):
# Jupiter Global Ecology Diversified
## 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 | 447 429 | CAD | 696 876 | 30/10/2020 | J.P. Morgan | 3 174 | 0,02 |
| EUR | 46 336 | GBP | 41 877 | 01/10/2020 | J.P. Morgan | 451 | – |
| EUR | 7 522 | GBP | 6 841 | 02/10/2020 | J.P. Morgan | 27 | – |
| EUR | 65 403 | GBP | 59 483 | 15/10/2020 | J.P. Morgan | 241 | – |
| EUR | 183 933 | HKD | 1 662 401 | 30/10/2020 | J.P. Morgan | 897 | 0,01 |
| EUR | 138 384 | JPY | 17 001 140 | 30/10/2020 | J.P. Morgan | 1 078 | 0,01 |
| EUR | 394 876 | NZD | 700 729 | 30/10/2020 | J.P. Morgan | 1 346 | 0,01 |
| EUR | 7 916 006 | USD | 9 225 389 | 30/10/2020 | J.P. Morgan | 42 760 | 0,23 |
| GBP | 102 350 | EUR | 111 480 | 15/10/2020 | J.P. Morgan | 643 | – |
| Plus-value totale non réalisée sur contrats de change à terme - Actif	50 617	0,28 |
| EUR | 158 522 | AUD | 261 679 | 30/10/2020 | J.P. Morgan | (456) | – |
| EUR | 68 638 | GBP | 62 877 | 15/10/2020 | J.P. Morgan | (242) | – |
| EUR | 1 516 421 | GBP | 1 387 239 | 30/10/2020 | J.P. Morgan | (2 898) | (0,02) |
| EUR | 297 561 | NOK | 3 309 866 | 30/10/2020 | J.P. Morgan | (910) | – |
| EUR | 604 287 | SEK | 6 425 259 | 30/10/2020 | J.P. Morgan | (4 909) | (0,03) |
| GBP | 11 564 976 | EUR | 12 714 060 | 15/10/2020 | J.P. Morgan | (44 904) | (0,25) |
| Moins-value totale non réalisée sur contrats de change à terme - Passif |  | 54 319 | (0,30) |
| Moins-value nette non réalisée sur contrats de change à terme - Passif |  | (3 702) | (0,02) |
|  |  |  |  |
| Contrats financiers à terme standardisés |  |  |  |
| Nombre de |  | Plus-value/ (moins-value) non réalisée | % de |
| Description du titre	contrats | Devise | EUR | l’actif net |
| Euro-OAT, 08/12/2020	(3) | EUR | (7 395) | (0,04) |
| Long Gilt, 29/12/2020	(3) | GBP | (1 101) | (0,01) |
| Total moins-value non réalisée sur contrats financiers à terme standardisés - Passif |  | (8 496) | (0,05) |
| Moins-value nette non réalisée sur contrats financiers à terme standardisés - Passif |  | (8 496) | (0,05) |

Les notes annexes font partie intégrante des présents états financiers.