# Jupiter Eurozone Equity
## 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 |  |  |  |  |
| Netherlands |  |  |  |  |
| ASML Holding NV | EUR | 669 | 209,932 | 3.52 |
| Davide Campari-Milano NV | EUR | 12,654 | 117,657 | 1.97 |
| Euronext NV, Reg. S | EUR | 1,472 | 156,106 | 2.62 |
| Ferrari NV | EUR | 540 | 84,078 | 1.41 |
| Flow Traders, Reg. S | EUR | 2,232 | 74,727 | 1.25 |
| Heineken NV | EUR | 1,548 | 117,168 | 1.97 |
| IMCD NV | EUR | 1,155 | 117,146 | 1.97 |
| Prosus NV | EUR | 1,731 | 134,637 | 2.26 |
| Unilever NV | EUR | 3,491 | 180,834 | 3.04 |
| Wolters Kluwer NV | EUR | 2,462 | 181,055 | 3.04 |
|  |  |  | 1,373,340 | 23.05 |
| Portugal |  |  |  |  |
| EDP - Energias de Portugal SA | EUR | 28,402 | 119,913 | 2.01 |
|  |  |  | 119,913 | 2.01 |
| Spain |  |  |  |  |
| Amadeus IT Group SA | EUR | 2,509 | 118,312 | 1.99 |
|  |  |  | 118,312 | 1.99 |
| Switzerland |  |  |  |  |
| Lonza Group AG | CHF | 182 | 95,473 | 1.60 |
| Partners Group Holding AG | CHF | 105 | 82,096 | 1.38 |
| Sika AG | CHF | 597 | 124,905 | 2.10 |
|  |  |  | 302,474 | 5.08 |
| United Kingdom |  |  |  |  |
| RELX plc | EUR | 14,081 | 266,483 | 4.47 |
|  |  |  | 266,483 | 4.47 |
| Total Equities |  |  | 5,878,945 | 98.68 |
| Total Transferable securities and money market instruments |  |  | 5,878,945 | 98.68 |
| admitted to an official exchange listing |  |  |
| Total Investments | 5,878,945 | 98.68 |
| Cash | 77,646 | 1.30 |
| Other assets/(liabilities) | 1,048 | 0.02 |
| Total net assets | 5,957,639 | 100.00 |

The accompanying notes form an integral part of these financial statements.
| Jupiter Financial Innovation |  |
| --- | --- |
| Review of Portfolio as at 30 September 2020 |
| Performance |  |  |  |
| NAV | 30 September 2020 | 30 September 2019 | % Change |
| Class D EUR Acc | € 13.60 | € 12.21 | 11.38 |
| Class D GBP Acc | fi20.38 | fi17.81 | 14.43 |
| Class D USD Acc | $16.19 | $13.57 | 19.31 |
| Class L EUR Acc | € 19.51 | € 17.66 | 10.48 |
| Class L GBP A Inc | fi22.61 | fi19.92 | 13.50+ |
| Class L USD Acc | $14.87 | $12.56 | 18.39 |
| Class L USD Acc HSC | $15.20 | $13.57 | 12.01 |

Benchmark in Fund base currency MSCI All Country World Financials Index	(20.93)
+ Performance takes into consideration dividend distributions during the year.

## Market Review
After steady gains in the final quarter of 2019, global equities, including financial stocks, tumbled in early 2020 on concerns that the Covid-19 pandemic would plunge the global economy into a severe recession. Central banks and governments reacted swiftly with unprecedented levels of monetary and fiscal support for both companies and individuals, helping to spark a strong rebound in global stocks. 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.
In the US, the Federal Reserve (Fed) slashed interest rates to virtually zero and pledged to keep interest rates at that level until the end of 2023 at the earliest. The Fed also announced it would buy an unlimited amount of bonds and raised its inflation target to allow for periods of inflation above 2%. In general, outside of the US, interest rates were cut to record lows (or maintained at negative levels in the eurozone and Japan) and many central banks extended, reinstated, or introduced bond- buying programmes.
Traditional financial stocks were among the hardest hit by the Covid-19 pandemic. Banks, in particular, lagged behind the strong stock market gains in the second and third quarters of 2020 as the prospect of an extended period of ultra-low interest rates added to concerns of rising unemployment and defaults. Banks also faced central-bank pressure to suspend dividends and share buybacks. In contrast, financial technology companies outperformed traditional financial stocks, helped by an accelerating trend towards digitalisation and a shift to cashless payments.

## Policy Review
The fund outperformed the MSCI ACWI/Financials Index by more than 30 percentage points over the review period, largely due to its focus on financial technology companies and underweight exposure to the traditional banking sector. The Covid-19 pandemic accelerated the shift towards digitalisation and cashless payments, and benefitted e-commerce companies and those that facilitate remote working.
Singapore-based internet company Sea Ltd was the top positive contributor to the fund’s relative performance as its e-commerce platform Shopee continued to gain traction across South East Asia, with increased penetration for its mobile wallet services. Additionally, Sea’s digital entertainment business posted strong growth.
MercadoLibre, a leading online trading site for Latin American markets, was a strong performer in the fund. The company reported strong first-quarter results, with growth figures strengthened by lockdowns across Latin America. Chinese tech giant Alibaba was another notable highlight, as its share price benefited from people having spent more time and money online. The company reported solid first fiscal quarter results, with particularly strong performance coming from its e-commerce and cloud computing business segments. The upcoming IPO of the digital payment and fintech company Ant Financial (33% owned by Alibaba) has also generated a lot of investor interest and was likely supportive of Alibaba’s share price in the third quarter.

Translation (ENFR, 2020-09-30):
# Jupiter Eurozone Equity
## Liste des placements en date du 30 septembre 2020 (suite)
| Investissements | Devise | Quantité/ Valeur nominale | Valeur Marché EUR | % de l’actif net |
| --- | --- | --- | --- | --- |
| Valeurs mobilières et instruments du marché monétaire |  |  |  |  |
| admis à la cote officielle d’une bourse de valeurs |  |  |  |  |
| Actions |  |  |  |  |
| Pays-Bas |  |  |  |  |
| ASML Holding NV | EUR | 669 | 209 932 | 3,52 |
| Davide Campari-Milano NV | EUR | 12 654 | 117 657 | 1,97 |
| Euronext NV, Reg. S | EUR | 1 472 | 156 106 | 2,62 |
| Ferrari NV | EUR | 540 | 84 078 | 1,41 |
| Flow Traders, Reg. S | EUR | 2 232 | 74 727 | 1,25 |
| Heineken NV | EUR | 1 548 | 117 168 | 1,97 |
| IMCD NV | EUR | 1 155 | 117 146 | 1,97 |
| Prosus NV | EUR | 1 731 | 134 637 | 2,26 |
| Unilever NV | EUR | 3 491 | 180 834 | 3,04 |
| Wolters Kluwer NV | EUR | 2 462 | 181 055 | 3,04 |
|  |  |  | 1 373 340 | 23,05 |
| Portugal |  |  |  |  |
| EDP - Energias de Portugal SA | EUR | 28 402 | 119 913 | 2,01 |
|  |  |  | 119 913 | 2,01 |
| Espagne |  |  |  |  |
| Amadeus IT Group SA | EUR | 2 509 | 118 312 | 1,99 |
|  |  |  | 118 312 | 1,99 |
| Suisse |  |  |  |  |
| Lonza Group AG | CHF | 182 | 95 473 | 1,60 |
| Partners Group Holding AG | CHF | 105 | 82 096 | 1,38 |
| Sika AG | CHF | 597 | 124 905 | 2,10 |
|  |  |  | 302 474 | 5,08 |
| Royaume-Uni |  |  |  |  |
| RELX plc | EUR | 14 081 | 266 483 | 4,47 |
|  |  |  | 266 483 | 4,47 |
| Total actions |  |  | 5 878 945 | 98,68 |
| Total Valeurs mobilières et instruments du marché monétaire |  |  |  |  |
| admis à la cote officielle d’une bourse de valeurs |  |  |
| Total Investissements | 5 878 945 | 98,68 |
| Espèces | 77 646 | 1,30 |
| Autres actifs/(passifs) | 1.048 | 0,02 |
| Total de l’actif net | 5 957 639 | 100,00 |

5 878 945	98,68
Les notes annexes font partie intégrante des présents états financiers.