# Jupiter Global Emerging Markets Short Duration Bond
## Review of Portfolio as at 30 September 2020 (continued)
Performance Review (continued)
We also benefited from our exposure to the Middle East, led by the UAE (e.g. logistics company DP World) and Israel (e.g. pharmaceutical company Teva). Elsewhere, our allocation in Europe was also positive for the fund, with key contributions coming from Russia, through exposure to several oil & gas names, as well as Russian sovereign bonds.
In terms of the fund’s Latin American exposure, we benefited from our positions in Chile, Panama, Guatemala, Colombia and Peru. We are starting to see economic activity pick up again in the region, with PMIs and consumer confidence in several countries rebounding from the lows we saw in the height of lockdowns. Companies generally reported better-than-expected results for the second quarter, with signs of balance sheet recovery, suggesting the negative impact of lockdowns was somewhat overestimated.
On the negative side, elsewhere in the region, our allocation in Argentina detracted from the fund’s returns, as the sovereign debt negotiation with bondholders took longer than expected. This put pressure on several of the corporate bonds we held in the fund, despite strong fundamentals. After recovering some earlier losses, in September, the country’s bonds sold off after the Central Bank of Argentina announced significant new FX (foreign exchange) controls, with corporate issuers of bonds that are set to mature between the middle of October 2020 and the end of March 2021 now required to refinance at least 60% of their maturing debt. We remain relatively cautious on Argentina, choosing to have exposure to the country through some of the largest corporate names, and avoiding its sovereign debt. In September, even those names with the strongest fundamentals, such as YPF, which is held in the fund, participated in the wider selloff. In our view, YPF will manage its 2021 maturities given that, apart from its global bond, its debt mainly comprises bank loans that can be rolled over. The company is in discussions with the central bank about being exempt from the new measures as it already refinanced its short-maturity bonds in July. Furthermore, the central bank is considering an exemption for all oil & gas companies, as the energy sector is one of Argentina’s largest exporters and greatest generators of US dollars.

## Investment Outlook
In terms of spreads and the significant yield premium offered by EM relative to developed markets, emerging market debt valuations remain attractive, in our view. However, we believe we are likely to see some volatility over the short term, considering the uncertainty around global economic recovery and the political landscape in the US. We continue to believe a focus on fundamentals and differentiation by security and country is key, especially given the current market environment. We are generally constructive on countries that have room to take on higher fiscal deficits and high reserve balances, while we are more defensively positioned towards, or look to completely avoid, countries that are running high debt-to-GDP (Gross Domestic Product) ratios and are particularly vulnerable to currency shocks.

### Alejandro Arevalo
Fund Manager
30 September 2020
1 Duration: A measure of a bond price’s sensitivity to changes in interest rates.
| Jupiter Global Emerging Markets Short Duration Bond |  |
| --- | --- |
| Schedule of Investments as at 30 September 2020 |
|  | Quantity/ Nominal | Market Value | % of |
| Investments	Currency | Value | USD | Net Assets |
| Transferable securities and money market instruments admitted to an official exchange listing |  |  |  |
| Bonds |  |  |  |
| Argentina |  |  |  |
| Provincia de Neuquen Argentina, Reg. S 8.625% 12/05/2028	USD | 1,551,000 | 1,143,863 | 0.49 |
| Provincia del Chubut Argentina, Reg. S 7.75% 26/07/2026	USD | 375,000 | 209,062 | 0.09 |
| YPF SA, Reg. S 8.5% 28/07/2025	USD | 3,000,000 | 2,183,452 | 0.93 |
|  |  | 3,536,377 | 1.51 |
| Austria |  |  |  |
| JBS Investments II GmbH, 144A 5.75% 15/01/2028	USD | 1,046,000 | 1,092,034 | 0.47 |
| JBS Investments II GmbH, Reg. S 7% 15/01/2026	USD | 1,750,000 | 1,857,853 | 0.79 |
|  |  | 2,949,887 | 1.26 |
| Bermuda |  |  |  |
| Inkia Energy Ltd., Reg. S 5.875% 09/11/2027	USD | 1,900,000 | 1,993,965 | 0.85 |
| Qatar Reinsurance Co. Ltd., Reg. S, FRN 4.95% Perpetual	USD | 2,250,000 | 2,269,395 | 0.97 |
|  |  | 4,263,360 | 1.82 |
| Canada |  |  |  |
| MEGlobal Canada ULC, Reg. S 5% 18/05/2025	USD | 1,700,000 | 1,840,250 | 0.79 |
|  |  | 1,840,250 | 0.79 |
| Cayman Islands |  |  |  |
| Almarai Sukuk Ltd., Reg. S 4.311% 05/03/2024	USD | 1,600,000 | 1,717,296 | 0.73 |
| Alpha Star Holding III Ltd., Reg. S 6.25% 20/04/2022	USD | 1,000,000 | 960,940 | 0.41 |
| BOS Funding Ltd., Reg. S 4.23% 07/03/2022	USD | 1,000,000 | 1,021,467 | 0.43 |
| BOS Funding Ltd., Reg. S 4% 18/09/2024	USD | 809,000 | 828,408 | 0.35 |
| China SCE Group Holdings Ltd., Reg. S 8.75% 15/01/2021	USD | 1,924,000 | 1,936,026 | 0.83 |
| CIFI Holdings Group Co. Ltd., Reg. S 6.45% 07/11/2024	USD | 1,811,000 | 1,865,389 | 0.80 |
| Comunicaciones Celulares SA, Reg. S 6.875% 06/02/2024	USD | 1,500,000 | 1,526,408 | 0.65 |
| Country Garden Holdings Co. Ltd., Reg. S 7.25% 08/04/2026	USD | 1,000,000 | 1,112,500 | 0.47 |
| Dar Al-Arkan Sukuk Co. Ltd., Reg. S 6.875% 10/04/2022	USD | 2,000,000 | 2,007,400 | 0.86 |
| DP World Salaam, Reg. S, FRN 6% Perpetual	USD | 1,917,000 | 2,012,850 | 0.86 |
| Greentown China Holdings Ltd., Reg. S 5.65% 13/07/2025	USD | 1,704,000 | 1,772,264 | 0.76 |
| Kaisa Group Holdings Ltd., Reg. S 7.875% 09/06/2021	USD | 1,600,000 | 1,600,011 | 0.68 |
| Kaisa Group Holdings Ltd., Reg. S 9.75% 28/09/2023	USD | 1,000,000 | 975,001 | 0.42 |
| MAR Sukuk Ltd., Reg. S 2.21% 02/09/2025	USD | 2,236,000 | 2,242,739 | 0.96 |
| Powerlong Real Estate Holdings Ltd., Reg. S 6.95% 23/07/2023	USD | 1,165,000 | 1,191,202 | 0.51 |
| Powerlong Real Estate Holdings Ltd., Reg. S 6.25% 10/08/2024	USD | 874,000 | 867,421 | 0.37 |
| QIB Sukuk Ltd., Reg. S 3.982% 26/03/2024	USD | 1,766,000 | 1,893,401 | 0.81 |
| Ronshine China Holdings Ltd., Reg. S 8.75% 25/10/2022	USD | 1,000,000 | 1,024,965 | 0.44 |
| Sands China Ltd. 4.6% 08/08/2023	USD | 1,300,000 | 1,394,588 | 0.59 |
| Saudi Electricity Global Sukuk Co. 4, Reg. S 4.222% 27/01/2024	USD | 1,929,000 | 2,087,467 | 0.89 |
| Termocandelaria Power Ltd., Reg. S 7.875% 30/01/2029	USD | 3,143,000 | 3,382,088 | 1.44 |
| Wynn Macau Ltd., Reg. S 5.5% 15/01/2026	USD | 2,000,000 | 1,963,150 | 0.84 |
| Yuzhou Group Holdings Co. Ltd., Reg. S 8.3% 27/05/2025	USD | 250,000 | 252,825 | 0.11 |
| Zhenro Properties Group Ltd., Reg. S 7.35% 05/02/2025	USD | 1,125,000 | 1,095,511 | 0.47 |
|  |  | 36,731,317 | 15.68 |

The accompanying notes form an integral part of these financial statements.
| Jupiter Global Emerging Markets Short Duration Bond Schedule of Investments as at 30 September 2020 (continued) |  |
| --- | --- |
|  | Quantity/ Nominal | Market Value | % of |
| Investments	Currency | Value | USD | Net Assets |
| Transferable securities and money market instruments admitted to an official exchange listing |  |  |  |
| Bonds |  |  |  |
| Chile |  |  |  |
| AES Gener SA, Reg. S, FRN 7.125% 26/03/2079	USD | 2,300,000 | 2,359,646 | 1.01 |
| Empresa Nacional de Telecomunicaciones SA, Reg. S 4.875% 30/10/2024	USD | 2,200,000 | 2,359,626 | 1.01 |
|  |  | 4,719,272 | 2.02 |
| China |  |  |  |
| China Minmetals Corp., Reg. S, FRN 4.45% Perpetual	USD | 1,650,000 | 1,670,042 | 0.71 |
|  |  | 1,670,042 | 0.71 |
| Colombia |  |  |  |
| Banco de Bogota SA, Reg. S 6.25% 12/05/2026	USD | 1,400,000 | 1,520,764 | 0.65 |
| Ecopetrol SA 5.875% 18/09/2023	USD | 1,300,000 | 1,425,125 | 0.61 |
| Ecopetrol SA 4.125% 16/01/2025	USD | 1,400,000 | 1,473,710 | 0.63 |
|  |  | 4,419,599 | 1.89 |
| Cyprus |  |  |  |
| MHP SE, Reg. S 7.75% 10/05/2024	USD | 900,000 | 943,929 | 0.40 |
|  |  | 943,929 | 0.40 |
| Georgia |  |  |  |
| Georgia Global Utilities JSC, Reg. S 7.75% 30/07/2025	USD | 1,600,000 | 1,617,255 | 0.69 |
| Georgian Oil & Gas Corp. JSC, Reg. S 6.75% 26/04/2021	USD | 1,400,000 | 1,421,000 | 0.61 |
|  |  | 3,038,255 | 1.30 |
| India |  |  |  |
| Adani Ports & Special Economic Zone Ltd., Reg. S 3.375%	USD | 923,000 | 940,589 | 0.40 |
| Adani Ports & Special Economic Zone Ltd., Reg. S 4.2% 04/08/2027 | USD | 1,074,000 | 1,086,475 | 0.46 |
| Power Finance Corp. Ltd., Reg. S 3.25% 16/09/2024 | USD | 1,000,000 | 1,016,279 | 0.44 |
| REC Ltd., Reg. S 4.75% 19/05/2023 | USD | 1,000,000 | 1,054,350 | 0.45 |
| REC Ltd., Reg. S 3.375% 25/07/2024 | USD | 1,100,000 | 1,116,059 | 0.48 |
|  |  |  | 5,213,752 | 2.23 |
| Indonesia |  |  |  |  |
| Bank Mandiri Persero Tbk. PT, Reg. S 4.75% 13/05/2025 | USD | 1,800,000 | 1,984,605 | 0.84 |
| Indonesia Asahan Aluminium Persero PT, Reg. S 5.71% 15/11/2023 | USD | 1,250,000 | 1,384,269 | 0.59 |
| Indonesia Asahan Aluminium Persero PT, Reg. S 4.75% 15/05/2025 | USD | 600,000 | 657,750 | 0.28 |
| Pelabuhan Indonesia III Persero PT, Reg. S 4.5% 02/05/2023 | USD | 900,000 | 954,059 | 0.41 |
| Tower Bersama Infrastructure Tbk. PT, Reg. S 4.25% 21/01/2025 | USD | 1,905,000 | 1,914,602 | 0.82 |
|  |  |  | 6,895,285 | 2.94 |
| Ireland |  |  |  |  |
| Alfa Bank AO, Reg. S, FRN 8% Perpetual | USD | 1,800,000 | 1,811,007 | 0.77 |
| Credit Bank of Moscow, Reg. S 5.55% 14/02/2023 | USD | 1,000,000 | 1,039,471 | 0.45 |
| Credit Bank of Moscow, Reg. S 4.7% 29/01/2025 | USD | 900,000 | 908,100 | 0.39 |
| Eurotorg LLC, Reg. S 8.75% 30/10/2022 | USD | 700,000 | 703,906 | 0.30 |
|  |  |  | 4,462,484 | 1.91 |
| Israel |  |  |  |  |
| ICL Group Ltd., Reg. S, 144A 4.5% 02/12/2024 | USD | 1,600,000 | 1,739,817 | 0.74 |
| Leviathan Bond Ltd., Reg. S, 144A 6.125% 30/06/2025 | USD | 1,463,514 | 1,514,737 | 0.65 |
|  |  |  | 3,254,554 | 1.39 |
| The accompanying notes form an integral part of these financial statements. |  |  |  |  |

24/07/2024
| Jupiter Global Emerging Markets Short Duration Bond |  |
| --- | --- |
| Schedule of Investments as at 30 September 2020 (continued) |
|  | Quantity/ Nominal | Market Value | % of |
| Investments	Currency | Value | USD | Net Assets |
| Transferable securities and money market instruments admitted to an official exchange listing |  |  |  |
| Bonds |  |  |  |
| Ivory Coast |  |  |  |
| Ivory Coast Government Bond, STEP, Reg. S 5.75% 31/12/2032	USD | 2,324,000 | 2,155,343 | 0.92 |
|  |  | 2,155,343 | 0.92 |
| Jersey |  |  |  |
| Petropavlovsk 2016 Ltd., Reg. S 8.125% 14/11/2022	USD | 1,800,000 | 1,879,200 | 0.80 |
|  |  | 1,879,200 | 0.80 |
| Kazakhstan |  |  |  |
| Halyk Savings Bank of Kazakhstan JSC, Reg. S 5.5% 21/12/2022	USD | 329,681 | 330,463 | 0.14 |
| KazMunayGas National Co. JSC, Reg. S 3.875% 19/04/2022	USD | 1,100,000 | 1,140,263 | 0.49 |
| KazMunayGas National Co. JSC, Reg. S 4.4% 30/04/2023	USD | 800,000 | 856,384 | 0.36 |
|  |  | 2,327,110 | 0.99 |
| Luxembourg |  |  |  |
| Aegea Finance Sarl, Reg. S 5.75% 10/10/2024	USD | 2,200,000 | 2,270,147 | 0.97 |
| Kernel Holding SA, Reg. S 8.75% 31/01/2022	USD | 1,100,000 | 1,144,000 | 0.49 |
| Kernel Holding SA, Reg. S 6.5% 17/10/2024	USD | 800,000 | 803,200 | 0.34 |
| Minerva Luxembourg SA, Reg. S 6.5% 20/09/2026	USD | 2,800,000 | 2,915,528 | 1.25 |
| Rumo Luxembourg Sarl, Reg. S 7.375% 09/02/2024	USD | 2,275,000 | 2,375,123 | 1.01 |
|  |  | 9,507,998 | 4.06 |
| Mauritius |  |  |  |
| HTA Group Ltd., Reg. S 7% 18/12/2025	USD | 500,000 | 523,573 | 0.22 |
| HTA Group Ltd., Reg. S 7% 18/12/2025	USD | 1,600,000 | 1,675,432 | 0.72 |
| Network i2i Ltd., Reg. S, FRN 5.65% Perpetual	USD | 2,010,000 | 2,020,050 | 0.86 |
|  |  | 4,219,055 | 1.80 |
| Mexico |  |  |  |
| Banco Mercantil del Norte SA, Reg. S, FRN 6.75% Perpetual	USD | 2,950,000 | 2,910,455 | 1.25 |
| Cemex SAB de CV, Reg. S 7.75% 16/04/2026	USD | 1,400,000 | 1,481,200 | 0.63 |
| Petroleos Mexicanos, Reg. S 2.5% 21/08/2021	EUR | 1,700,000 | 1,968,929 | 0.84 |
|  |  | 6,360,584 | 2.72 |
| Morocco |  |  |  |
| Morocco Government Bond, Reg. S 4.25% 11/12/2022	USD | 1,500,000 | 1,579,457 | 0.68 |
| OCP SA, Reg. S 5.625% 25/04/2024	USD | 1,600,000 | 1,740,728 | 0.74 |
|  |  | 3,320,185 | 1.42 |
| Netherlands |  |  |  |
| Dtek Renewables Finance BV, Reg. S 8.5% 12/11/2024	EUR | 1,400,000 | 1,442,721 | 0.61 |
| IHS Netherlands Holdco BV, Reg. S 8% 18/09/2027	USD | 496,000 | 509,020 | 0.22 |
| Listrindo Capital BV, Reg. S 4.95% 14/09/2026	USD | 1,550,000 | 1,553,255 | 0.66 |
| Lukoil International Finance BV, Reg. S 4.563% 24/04/2023	USD | 1,400,000 | 1,491,686 | 0.64 |
|  |  | 4,996,682 | 2.13 |
| Panama |  |  |  |
| Global Bank Corp., Reg. S 4.5% 20/10/2021	USD | 1,700,000 | 1,740,800 | 0.74 |
|  |  | 1,740,800 | 0.74 |
| Senegal |  |  |  |
| Senegal Government Bond, Reg. S 6.25% 30/07/2024	USD | 2,100,000 | 2,165,384 | 0.92 |
|  |  | 2,165,384 | 0.92 |
| The accompanying notes form an integral part of these financial statements. |  |  |  |

| Jupiter Global Emerging Markets Short Duration Bond Schedule of Investments as at 30 September 2020 (continued) |  |
| --- | --- |
|  | Quantity/ | Market |  |
|  | Nominal | Value | % of |
| Investments	Currency | Value | USD | Net Assets |
| Transferable securities and money market instruments |  |  |  |
| admitted to an official exchange listing |  |  |  |
| Bonds |  |  |  |
| Singapore |  |  |  |
| BOC Aviation Ltd., Reg. S 3.25% 29/04/2025	USD | 825,000 | 863,615 | 0.37 |
| ONGC Videsh Vankorneft Pte. Ltd., Reg. S 2.875% 27/01/2022	USD | 1,000,000 | 1,009,575 | 0.43 |
| United Overseas Bank Ltd., Reg. S, FRN 3.875% Perpetual	USD | 2,000,000 | 2,064,000 | 0.88 |
|  |  | 3,937,190 | 1.68 |
| South Africa |  |  |  |
| Eskom Holdings SOC Ltd., Reg. S 5.75% 26/01/2021	USD | 1,900,000 | 1,859,682 | 0.79 |
| FirstRand Bank Ltd., Reg. S, FRN 6.25% 23/04/2028	USD | 900,000 | 932,265 | 0.40 |
| Standard Bank Group Ltd., Reg. S, FRN 5.95% 31/05/2029	USD | 459,000 | 474,025 | 0.20 |
|  |  | 3,265,972 | 1.39 |
| South Korea |  |  |  |
| Woori Bank, Reg. S, FRN 4.25% Perpetual	USD | 300,000 | 308,124 | 0.13 |
| Woori Bank, Reg. S, FRN 5.25% Perpetual	USD | 1,400,000 | 1,459,592 | 0.63 |
|  |  | 1,767,716 | 0.76 |
| Spain |  |  |  |
| AI Candelaria Spain SLU, 144A 7.5% 15/12/2028	USD | 1,850,000 | 2,001,256 | 0.85 |
|  |  | 2,001,256 | 0.85 |
| Supranational |  |  |  |
| African Export-Import Bank (The), Reg. S 4.125% 20/06/2024	USD | 1,000,000 | 1,054,830 | 0.45 |
| Banque Ouest Africaine de Developpement,	USD | 1,500,000 | 1,533,942 | 0.66 |
| Reg. S 5.5% 06/05/2021 |  |  |  |  |
|  |  |  | 2,588,772 | 1.11 |
| Turkey |  |  |  |  |
| Global Liman Isletmeleri A/S, Reg. S 8.125% 14/11/2021 | USD | 1,400,000 | 967,820 | 0.41 |
| KOC Holding A/S, Reg. S 6.5% 11/03/2025 | USD | 1,800,000 | 1,834,528 | 0.79 |
| QNB Finansbank A/S, Reg. S 4.875% 19/05/2022 | USD | 1,200,000 | 1,192,262 | 0.51 |
|  |  |  | 3,994,610 | 1.71 |
| United Arab Emirates |  |  |  |  |
| Emirates NBD Bank PJSC, Reg. S, FRN 6.125% Perpetual | USD | 1,900,000 | 1,966,538 | 0.84 |
| First Abu Dhabi Bank PJSC, Reg. S, FRN 0% Perpetual | USD | 2,300,000 | 2,323,000 | 0.99 |
| Kuwait Projects Co. SPC Ltd., Reg. S 4.229% 29/10/2026 | USD | 1,982,000 | 1,949,703 | 0.83 |
| NBK Tier 1 Financing Ltd., Reg. S, FRN 5.75% Perpetual | USD | 1,500,000 | 1,506,255 | 0.65 |
|  |  |  | 7,745,496 | 3.31 |
| United Kingdom |  |  |  |  |
| Gazprom PJSC, Reg. S 2.95% 15/04/2025 | EUR | 1,400,000 | 1,711,182 | 0.73 |
| NAK Naftogaz Ukraine, Reg. S 7.125% 19/07/2024 | EUR | 1,600,000 | 1,805,538 | 0.77 |
|  |  |  | 3,516,720 | 1.50 |
| United States of America |  |  |  |  |
| Sasol Financing USA LLC 5.875% 27/03/2024 | USD | 2,500,000 | 2,413,750 | 1.03 |
| US Treasury 0.625% 15/08/2030 | USD | 2,300,000 | 2,295,148 | 0.98 |
|  |  |  | 4,708,898 | 2.01 |

The accompanying notes form an integral part of these financial statements.
| Jupiter Global Emerging Markets Short Duration Bond Schedule of Investments as at 30 September 2020 (continued) |  |
| --- | --- |
|  | Quantity/ | Market |  |
|  | Nominal | Value | % of |
| Investments	Currency | Value | USD | Net Assets |
| Transferable securities and money market instruments |  |  |  |
| admitted to an official exchange listing |  |  |  |
| Bonds |  |  |  |
| Virgin Islands, British |  |  |  |
| Gerdau Trade, Inc., Reg. S 4.875% 24/10/2027	USD | 1,700,000 | 1,850,892 | 0.79 |
| Gold Fields Orogen Holdings BVI Ltd., Reg. S 5.125% 15/05/2024	USD | 1,500,000 | 1,635,128 | 0.70 |
| Huarong Finance 2019 Co. Ltd., Reg. S 3.75% 29/05/2024	USD | 1,940,000 | 2,031,033 | 0.86 |
| Wanda Properties Overseas Ltd., Reg. S 6.875% 23/07/2023	USD | 1,200,000 | 1,191,000 | 0.51 |
|  |  | 6,708,053 | 2.86 |
| Total Bonds |  | 162,845,387 | 69.53 |
| Total Transferable securities and money market instruments |  | 162,845,387 | 69.53 |
| admitted to an official exchange listing |  |  |  |  |
| Transferable securities and money market instruments |  |  |  |  |
| dealt in on another regulated market |  |  |  |  |
| Bonds |  |  |  |  |
| Argentina |  |  |  |  |
| Genneia SA, Reg. S 8.75% 20/01/2022 | USD | 1,071,000 | 839,755 | 0.36 |
|  |  |  | 839,755 | 0.36 |
| Australia |  |  |  |  |
| Barminco Finance Pty. Ltd., Reg. S 6.625% 15/05/2022 | USD | 1,650,000 | 1,678,256 | 0.72 |
| Emeco Pty. Ltd. 9.25% 31/03/2022 | USD | 1,500,000 | 1,570,500 | 0.67 |
|  |  |  | 3,248,756 | 1.39 |
| Bermuda |  |  |  |  |
| Tengizchevroil Finance Co. International Ltd., Reg. S 2.625% 15/08/2025 | USD | 2,114,000 | 2,124,834 | 0.91 |
|  |  |  | 2,124,834 | 0.91 |
| Canada |  |  |  |  |
| Canacol Energy Ltd., Reg. S 7.25% 03/05/2025 | USD | 1,750,000 | 1,801,424 | 0.77 |
|  |  |  | 1,801,424 | 0.77 |
| Cayman Islands |  |  |  |  |
| Banco Continental SA, Reg. S 5.5% 18/11/2020 | USD | 800,000 | 804,200 | 0.34 |
| Energuate Trust, Reg. S 5.875% 03/05/2027 | USD | 1,800,000 | 1,875,393 | 0.80 |
| Industrial Senior Trust, Reg. S 5.5% 01/11/2022 | USD | 1,750,000 | 1,815,643 | 0.78 |
| Sands China Ltd., Reg. S 3.8% 08/01/2026 | USD | 200,000 | 209,798 | 0.09 |
| Yuzhou Group Holdings Co. Ltd., Reg. S 8.375% 30/10/2024 | USD | 1,700,000 | 1,763,802 | 0.75 |
|  |  |  | 6,468,836 | 2.76 |
| Chile |  |  |  |  |
| AES Gener SA, Reg. S, FRN 6.35% 07/10/2079 | USD | 400,000 | 405,750 | 0.17 |
|  |  |  | 405,750 | 0.17 |
| Egypt |  |  |  |  |
| Egypt Treasury Bill 0% 12/01/2021 | EGP | 26,000,000 | 1,591,260 | 0.68 |
| Egypt Treasury Bill 0% 19/01/2021 | EGP | 11,000,000 | 673,744 | 0.29 |
|  |  |  | 2,265,004 | 0.97 |
| Luxembourg |  |  |  |  |
| Kenbourne Invest SA, Reg. S 6.875% 26/11/2024 | USD | 2,500,000 | 2,617,975 | 1.12 |
| Nexa Resources SA, Reg. S 6.5% 18/01/2028 | USD | 1,484,000 | 1,618,858 | 0.69 |
|  |  |  | 4,236,833 | 1.81 |
| The accompanying notes form an integral part of these financial statements. |  |  |  |  |

| Jupiter Global Emerging Markets Short Duration Bond Schedule of Investments as at 30 September 2020 (continued) |  |  |  |
| --- | --- | --- | --- |
|  | Quantity/ Nominal | Market Value | % of |
| Investments	Currency | Value | USD | Net Assets |
| Transferable securities and money market instruments dealt in on another regulated market |  |  |  |
| Bonds |  |  |  |
| Mexico |  |  |  |
| Alpha Holding SA de CV, Reg. S 9% 10/02/2025	USD | 1,417,000 | 1,079,046 | 0.46 |
| Cemex SAB de CV, Reg. S 7.375% 05/06/2027	USD | 1,000,000 | 1,076,385 | 0.46 |
| Cydsa SAB de CV, Reg. S 6.25% 04/10/2027	USD | 2,100,000 | 2,137,296 | 0.91 |
| Grupo Bimbo SAB de CV, Reg. S, FRN 5.95% Perpetual	USD | 1,900,000 | 1,998,819 | 0.85 |
| Mexico Generadora de Energia S de rl, Reg. S 5.5% 06/12/2032	USD | 2,476,497 | 2,801,537 | 1.20 |
|  |  | 9,093,083 | 3.88 |
| Netherlands |  |  |  |
| Alcoa Nederland Holding BV, 144A 6.75% 30/09/2024	USD | 1,200,000 | 1,239,750 | 0.53 |
| Metinvest BV, Reg. S 7.75% 23/04/2023	USD | 900,000 | 924,210 | 0.39 |
| Teva Pharmaceutical Finance Netherlands III BV 7.125% 31/01/2025	USD | 1,800,000 | 1,889,064 | 0.81 |
|  |  | 4,053,024 | 1.73 |
| Panama |  |  |  |
| Banco Latinoamericano de Comercio Exterior SA, Reg. S 2.375% 14/09/2025 | USD | 900,000 | 913,950 | 0.39 |
| Banistmo SA, Reg. S 3.65% 19/09/2022 | USD | 2,300,000 | 2,327,335 | 0.99 |
|  |  |  | 3,241,285 | 1.38 |
| Paraguay |  |  |  |  |
| Telefonica Celular del Paraguay SA, 144A 5.875% 15/04/2027 | USD | 1,632,000 | 1,702,176 | 0.73 |
|  |  |  | 1,702,176 | 0.73 |
| Peru |  |  |  |  |
| Corp. Financiera de Desarrollo SA, Reg. S 2.4% 28/09/2027 | USD | 1,226,000 | 1,237,647 | 0.53 |
|  |  |  | 1,237,647 | 0.53 |
| Supranational |  |  |  |  |
| GEMS MENASA Cayman Ltd., Reg. S 7.125% 31/07/2026 | USD | 1,500,000 | 1,481,250 | 0.63 |
|  |  |  | 1,481,250 | 0.63 |
| Turkey |  |  |  |  |
| Akbank T.A.S., Reg. S 6.8% 06/02/2026 | USD | 1,217,000 | 1,179,861 | 0.50 |
|  |  |  | 1,179,861 | 0.50 |
| United States of America |  |  |  |  |
| NBM US Holdings, Inc., Reg. S 7% 14/05/2026 | USD | 2,584,000 | 2,723,536 | 1.16 |
| Talos Production LLC 11% 03/04/2022 | USD | 900,000 | 850,500 | 0.37 |
|  |  |  | 3,574,036 | 1.53 |
| Virgin Islands, British |  |  |  |  |
| Arcos Dorados Holdings, Inc., Reg. S 5.875% 04/04/2027 | USD | 1,743,000 | 1,813,827 | 0.77 |
|  |  |  | 1,813,827 | 0.77 |
| Total Bonds |  |  | 48,767,381 | 20.82 |
| Total Transferable securities and money market instruments dealt in on another regulated market | 48,767,381 | 20.82 |
| Total Investments | 211,612,768 | 90.35 |
| Cash | 16,263,652 | 6.94 |
| Other assets/(liabilities) | 6,340,560 | 2.71 |
| Total net assets | 234,216,980 | 100.00 |
| The accompanying notes form an integral part of these financial statements. |  |  |

Translation (ENFR, 2020-09-30):
# Jupiter Global Emerging Markets Short Duration Bond
## Analyse du Portefeuille au 30 septembre 2020 (suite)
Analyse des marchés
Les obligations des marchés émergents ont gagné du terrain au dernier trimestre 2019, soutenues par l'annonce d'une « phase 1 » d'une entente commerciale entre les États-Unis et la Chine et par des statistiques macroéconomiques plus favorables au plan mondial, notamment sur les marchés développés. Si l'embellie de la dette émergente s'est pour- suivie début 2020, la confiance des investisseurs s'est brutalement effondrée fin février face à la préoccupation grandissante autour de l'éruption de l'épidémie de coronavirus et de son impact sur l'écono- mie mondiale.
Au deuxième trimestre, les obligations émergentes ont enregistré un fort rebond avec un regain d'appétit pour le risque alimenté par une série de facteurs dont la levée des mesures de confinement les plus strictes dans une majeure partie du monde et des plans de relance monétaire et budgétaire sans précédent dans les pays développés et émergents.
La dette émergente s'est maintenue sur une bonne lancée en juillet et août, portée par une relance budgétaire et monétaire coordonnée à l'échelle mondiale et par de bonnes nouvelles du côté de la mise au point de vaccins. Le marché a fait une pause en septembre avec un mouvement de liquidation en deuxième partie de mois du fait d'un regain d'inquiétude autour de la hausse des contaminations en Europe, du fléchissement des perspectives économiques américaines en pro- venance de la Réserve fédérale américaine (Fed) et de retards dans les mesures de relance budgétaire aux États-Unis. Par ailleurs, en amont des élections américaines et face à la baisse des niveaux de liquidité disponible pendant la période de congés en Chine en octobre, le por- tefeuille a été réajusté et l'appétit pour le risque revu à la baisse en septembre.

## Analyse de performance
Le Jupiter Global Emerging Markets Short Duration Bond fund a dégagé une performance de 2,7 % sur la période de 12 mois.
Avant l'éruption du coronavirus, le fonds avait un positionnement défensif ; nous avons choisi de ne pas nous inscrire dans une course-poursuite de la reprise du marché car nous considérions que certaines valorisations semblaient exagérées et ne reflétaient plus les fondamentaux des entreprises. Puis, lorsque la nouvelle du coronavirus est d'abord arrivée en Chine, nous avons estimé que le marché sous-es- timait son impact global probable sur la croissance économique mon- diale et nous avons donc accru davantage encore le profil défensif du fonds. Ce positionnement nous a permis d'atténuer une partie des retombées potentielles de la crise lorsque nous y sommes entrés.
Avec la liquidation des marchés en février et en mars, pour la première fois en plusieurs mois, les valorisations ont commencé à paraître attrayantes parmi les valeurs investment grade (IG) et nous avons pro-
fité des opportunités à mesure qu'elles se profilaient. Nous avons continué à renforcer notre allocation au segment investment grade au deuxième trimestre, à la fois sur les marchés primaires et secondaires, d'abord en nous centrant sur les valeurs de crédit IG les plus solides pour lesquelles, même en cas de reprise prolongée, nous n'attendrions pas de dégradation de leur notation d'IG à HY par les agences, ce qui conduirait à des ventes forcées. Compte tenu du rebond, nous en sommes restés à notre processus d'investissement : nous avons veillé à ne pas chasser à tout prix la reprise mais avons préféré nous concen- trer sur l'identification, au travers d'une analyse exhaustive société par société, des obligations d'entreprises que nous considérons de la meil- leure qualité et avec les fondamentaux les plus solides s'échangeant à des niveaux attractifs. Cette approche a bien fonctionné, ce qui nous a permis de profiter du rebond du marché tout en continuant d'éviter les obligations les plus fragiles.
En fin de deuxième trimestre, nous avons prudemment réintroduit du risque en portefeuille via des obligations BB aux fondamentaux vigou- reux qui s'échangeaient à des niveaux que nous considérions intéres- sants. Le rendement global du portefeuille s'en est trouvé accru. Après une reprise tous azimuts du marché, les investisseurs ont ensuite com- mencé à se concentrer sur les titres de meilleure qualité en juillet, les obligations les mieux notées surperformant alors celles aux notations inférieures en juillet et en août. Notre approche continue, axée sur les fondamentaux, a ainsi porté ses fruits.
Face au recul de l'appétit pour le risque en septembre et à la liquida- tion des marchés, nous avons renforcé la part liquide du fonde à plus de 6 % pour réduire le risque d'accroissement de la volatilité et pour nous permettre de tirer profit d'obligations mal évaluées si toutefois les liquidations massives se poursuivent. Nous avons réduit la duration
1 
du fonds à 2,7 ans pour limiter le risque. Nous avons ajouté des bons du Trésor US en portefeuille, ainsi que plusieurs couvertures de change et des CDS (Credit Default Swaps) pour gérer la volatilité.
Au plan géographique, c'est notre exposition à la région Asie Pacifique, Chine en tête, qui a été la source de performance la plus positive sur la période de 12 mois considérée Nous avons récemment accru notre allocation en Chine, essentiellement via deux secteurs. Le premier est l'immobilier chinois qui a connu une forte reprise depuis la crise de la Covid-19 avec une remontée significative des ventes après la réouver- ture de l'économie chinoise. L'univers des obligations immobilières chinoises est particulièrement vaste et varié, ce qui nous a permis de profiter des écarts de prix. Nous avons également accru notre exposi- tion aux valeurs technologiques chinoises. Nous avons identifié plu- sieurs sociétés ayant des fondamentaux particulièrement vigoureux y compris de solides bilans et dont nous estimons qu'elles devraient profiter de la tendance à la hausse des achats en ligne par les consom- mateurs partout dans le monde.