TIDMJEO
RNS Number : 4277D
Jupiter European Opps. Trust PLC
28 January 2015
Jupiter European Opportunities Trust PLC
Half Yearly Financial Report for the six months to 30 November
2014 (unaudited)
Financial Highlights
Capital Performance
30 November 31 May % Change
2014 2014
Total Assets less Current Liabilities
(GBP'000) 434,080 409,191 +6.1
Ordinary Share Performance
30 November 31 May
2014 2014 % Change
Net Asset Value (pence) 466.41 451.26 +3.4*
Mid Market Price (pence) 462.0 460.0 +0.4
FTSE World Europe ex-UK Total
Return Index** 964.65 969.03 -0.45
(Discount)/Premium to Net Asset
Value (%) (0.9) 1.9
* Ongoing Charges figure for the period was 1.14% (31.05.14:
1.09%).
** This document contains information based on the FTSE World
Europe ex UK Total Return Index. 'FTSE(R)' is a trade mark jointly
owned by the London Stock Exchange Plc and The Financial Times
Limited and is used by FTSE International Limited ('FTSE') under
licence. The FTSE World Europe ex UK Total Return Index is
calculated by FTSE. FTSE does not sponsor, endorse or promote the
product referred to in this document and is not in any way
connected to it and does not accept any liability in relation to
its issue, operation and trading. All copyright and database rights
in the index values and constituent list vest in FTSE.
Performance since launch
Year-
on-year
Net Asset change in Year-
Total Assets Value Net Asset on-year
less per Value per change in
Current Ordinary Ordinary Benchmark
Liabilities Share Share Index
Year ended 31 May GBP'000 p % %
20 November 2000 (launch) 93,969 94.66 - -
2001 83,600 89.29 -5.7 -8.0
2002 91,028 91.12 +2.0 -10.7
2003 84,592 83.82 -8.0 -19.0
2004 97,915 109.25 +30.3 +15.7
2005 (restated)*** 117,679 133.54 +22.2 +19.3
2006 154,927 167.47 +25.4 +26.2
2007 182,278 224.58 +34.1 +30.0
2008 188,519 230.56 +2.7 -0.1
2009 131,457 162.35 -29.6 -25.3
2010 185,504 232.40 +43.1 +14.4
2011 252,813 316.73 +36.3 +24.2
2012 231,584 291.05 -8.1 -24.2
2013 340,801 403.58 +38.7 +43.3
2014 409,191 451.26 +11.8 +13.4
30 November 2014 434,080 466.41 +3.4 -0.45
***Prior to 2005, financial information was prepared under UK
GAAP. From 2006 all information is prepared under IFRS.
Chairman's Statement
Net asset value per share (NAV) appreciated by 3.4 per cent.,
from 451.26p to 466.41p, during the six months under review. This
compares with a marginal fall in our benchmark, the FTSE World
Europe ex-UK Total Return Index, in the same period. Over the
twelve months to 30 November 2014, NAV rose by just under 12 per
cent., compared with a 5.7 per cent. increase in the benchmark,
thus more than erasing the underperformance on which I reported to
you a year ago. The reasons for this outperformance are cogently
summarised in Alexander Darwall's Investment Adviser's Review, so
there is no need to repeat them here. It has, nonetheless, been
heartening to see how well your Company's investments have been
performing, especially in the most recent period, against the
background of weakening economic growth in the eurozone (although
patently not in the US or UK) and underlines the importance of
identifying potentially rewarding investment opportunities at an
early stage of their development, and before the majority of
investors have woken up to their especial merits.
Growing Your Company
We faced some criticism from shareholders at the recent Annual
General Meeting of your Company regarding our continuing emphasis
on the desirability of increasing the size of your Company,
specifically by issuing new shares to meet demand when such demand
cannot be satisfied by purchasing those shares which are available
on a day-to-day basis - the so-called "free float". It was pointed
out that such issues represent good news for your Company's
brokers, who charge a commission on share transactions, and for
your Company's Managers, whose fees increase as your Company grows
in size. Both allegations are valid, however, all new shares were
issued at a premium to NAV, resulting in added value for existing
shareholders.
However, it is also the case that greater liquidity in your
Company's shares renders them more attractive to wealth managers
and other institutional investors who predominate in importance,
although not in number, on your Company's share register. Such
shareholders appreciate being able to buy, or sell, large blocks of
shares without causing major fluctuations in the share price. The
advent of the Retail Distribution Review has enhanced the
attractions of your Company, thanks to its track record, and
resulted in higher institutional demand for its shares.
Thus, during the period under review a total of 2,391,207 new
shares were issued, raising GBP11,141,000 net of expenses. For a
while your shares traded at a discount to NAV, but the discount was
so marginal that there was no question of buying in shares for
cancellation or for treasury (and thus diminishing the size of your
Company).
Outlook
It is somewhat perplexing that a sharp fall in energy costs,
resulting chiefly from oversupply rather than lack of demand,
should have been taken - initially at least - so negatively by
equity investors. Certainly this will lead to a bout of deflation;
in Europe it has already happened. But there is good and bad
deflation. The latter comes about when consumers (as has been the
case in Japan) defer making purchases in the knowledge that such
purchases will become cheaper later on. Yet there seems no logical
reason why Mr. and Mrs. Average, who are paying considerably less
for a litre of petrol than was the case a few months ago, should
hoard such a saving rather than go out and spend a little more. In
the UK, at least, it appears that wages are at last running ahead
of inflation, which should lead to greater confidence on the part
of consumers.
However, we also face a General Election which, according to the
bookies, is likely to result in no single party winning an overall
majority and could be followed by a second Election later in the
year. As regards Europe, we wait to see whether the European
Central Bank does enough by way of quantitative easing (viz.
printing money) to satisfy the markets and whether the result of
the Greek election hastens the long-predicted breakup of the
eurozone with its "one size fits all" business model.
But markets, they say, climb a wall of worry; and if a company
invents a mousetrap superior to all others, to paraphrase Emerson,
investors will beat a path to their door. We believe our Manager
has identified a number of such companies. Equally, we will do our
best to avoid getting mousetrapped ourselves.
Hugh Priestley
Chairman
28 January 2015
Investment Adviser's Review
The Net Asset Value of the Company's Ordinary shares rose by 3.4
per cent. during the six months to 30 November 2014. This compares
with a 0.5 per cent. decline, Sterling adjusted, of the FTSE World
Europe ex-UK Index, your Company's benchmark. The Company's total
borrowings rose slightly during the period under review to GBP51.8m
at 30 November, representing gearing of 11.0 per cent. The MSCI
Latin America Index was 0.8 per cent. higher; the MSCI AC Asia
ex-Japan Index was up by 10.6 per cent. exactly the same increase
in the Japanese Nikkei-225.
An intensification of the factors that should boost economic
activity - ultra low interest rates, lower oil prices and the
benefits which come with new disruptive business models - should
have boosted growth rates. Yet GDP expansion in the eurozone was,
according to the IMF, only 0.8 per cent. in 2014 and is expected to
be 1.3 per cent. in 2015. Even though the European Central Bank
(ECB) reduced its main refinancing rate from 0.25 per cent. to 0.05
per cent., a new historic low, lending growth remained subdued.
Capital expenditure remained low as corporates remain unconvinced
by the political agenda; and whilst consumer spending was stronger,
here too a suspicion of public finances acted as a restraint. Over
the six months under review the WTI oil price fell 36 per cent. yet
Europe did not get the full benefit of this positive development as
it pursues a high cost energy policy. The lacklustre growth rates
in Europe contrast with the IMF's estimates for the US of 2.2 per
cent. and 3.1 per cent. for 2014 and 2015 respectively. More
flexible labour markets and significantly lower energy costs help
explain why American growth rates are much higher. The same
forecaster anticipates global growth of 3.3 per cent. in 2014 and
3.8 per cent. in 2015, again showing that Europe is lagging behind.
Consensus estimates are for 4 per cent. earnings growth for
corporate Europe in 2014.
The modest outperformance of your Company's assets is partly due
to the sector exposures: underweight in the financial and oil and
gas sectors, which underperformed; overweight in consumer sectors
which outperformed. Macro drivers had a clear impact on some of
your investments. For instance, the impact of slower growth rates
in leading emerging markets accounted for Experian's poor
performance. Its second biggest market, Brazil, has suffered from
falling energy prices. On the other hand, the good performance of
the consumer sectors chimes with the macro data which show stronger
growth in consumer spending, whereas capital expenditure fell. The
more significant driver of outperformance, however, is stock
selection. The standout successes were in the financial sector
where Provident Financial (home credit), Leonteq (the Swiss
provider of structured financial products), Grenkeleasing (a German
based leasing company) and Deutsche Börse (the German stock
exchange) all significantly added to returns. These companies are
all to a greater or lesser extent beneficiaries of the challenges
faced by the mainstream banks. Other 'winners' included Reed
Elsevier, the Anglo Dutch publishing business and the healthcare
companies, NovoNordisk and Fresenius. All three benefited from
strong industry positions coupled with robust demand for their
products globally. On the other hand, the oil services companies
Fugro and CGG, and the agriculture technology business Syngenta,
detracted from returns. The oil services companies have proved to
be more geared to the oil price than the oil companies themselves.
Yet we have retained a small investment in CGG as their strong
seismic technology should be rewarded, even if not in the near
term. We have retained a significant exposure to Syngenta, a world
leader in technology based products in agriculture notwithstanding
a poor recent record. We believe that it is singularly well
positioned to profit from the continuing demand for technology in
agriculture.
There were six outright sales but none was a major holding. In
the case of Biotest, the German pharmaceutical company, we
identified a deterioration in the prospects for the core business
and decided to sell; Fugro's management seemed slow and reluctant
to face the structural challenges of their oil services business;
Croda's growth rates started to decline; Neopost's results
disappointed; CTS Eventim's growth prospects are less visible and
assured than in the past; and Barry Callebaut's management has
given us cause for concern.
Most purchases reinforced existing positions. Of these the most
significant was Inmarsat, the world's dominant satellite operator
in the maritime market. The company holds some unique assets
including valuable US wireless spectrum and an inchoate new global
satellite service. The holding in Luxottica was also increased,
despite management changes, because its portfolio of sunglass
brands continues to generate profits growth. The company has an
unusually strong industry position: pricing power, global reach and
the benefits of vertical integration. There were three significant
new purchases. We bought SGS, the world's leading testing and
inspection company. We believe that it is a 'winner' with Chinese
industry both within China and as it expands overseas. We also took
a position in Grifols, one of the world's leading blood plasma
companies. Its strong product range underpins our confidence in
this business model. The other significant new investment was that
of Marine Harvest, the world's largest salmon farming company.
Whilst demand for salmon is steadily growing worldwide, capacity
growth is more restricted: this should lead to a more profitable
future.
Outlook
Whilst the ECB's asset-quality review (AQR) and the latest
European Banking Authority stress tests ostensibly provided
reassurance about the health of the banks and thereby confidence
that monetary policies will drive equity markets, we remain
sanguine. Indeed, our investment style is not based on any easy
'macro' improvement. Rather it is based on an unremitting adherence
to key company characteristics that have served us well in a range
of economic scenarios: strong products or services; pricing power;
secular demand growth; and an ability to shape the company's
future. Changing consumer behaviour together with technology
advances creates plenty of challenges and opportunities; we believe
that our process for identifying them is still an appropriate
one.
Alexander Darwall
Fund Manager
Jupiter Asset Management Limited
Investment Adviser
28 January 2015
Investment Portfolio as at 30 November 2014
30 November 2014 31 May 2014
Market Percentage Market Percentage
value of value of
Company Country of Listing GBP'000 portfolio GBP'000 portfolio
Wirecard Germany 38,017 7.9 33,898 7.6
Provident Financial UK 37,355 7.7 34,230 7.6
Novo Nordisk Denmark 35,801 7.4 32,247 7.2
Reed Elsevier Netherlands 34,262 7.1 28,203 6.3
Syngenta Switzerland 29,196 6.0 29,491 6.6
Novozymes Denmark 28,126 5.8 27,711 6.2
Fresenius Germany 24,065 5.0 21,811 4.9
Experian UK 23,209 4.8 23,736 5.3
Johnson Matthey UK 18,338 3.8 17,710 3.9
Inmarsat UK 18,334 3.8 13,916 3.1
Amadeus Spain 18,013 3.7 16,645 3.7
Leonteq Switzerland 16,861 3.5 7,768 1.7
Coloplast Denmark 15,794 3.3 13,891 3.1
Intertek Group UK 14,823 3.1 18,517 4.1
Grenkeleasing Germany 13,690 2.8 12,032 2.7
Ingenico France 13,636 2.8 10,617 2.4
DnB NOR Norway 12,211 2.5 11,208 2.5
Edenred France 9,440 2.0 9,383 2.1
Zodiac Aerospace France 8,524 1.8 7,990 1.8
Ryanair Ireland 7,138 1.5 5,253 1.2
Gemalto Netherlands 7,112 1.5 8,475 1.9
Luxottica Group Italy 6,985 1.4 995 0.2
Deutsche Börse Germany 6,808 1.4 5,483 1.2
Hexagon Sweden 6,403 1.3 5,912 1.3
Borregaard Norway 6,093 1.3 2,131 0.5
UPM-Kymmene Finland 4,513 0.9 1,575 0.4
SGS Switzerland 3,461 0.7 - -
Dassault Systemes France 3,347 0.7 3,027 0.7
KWS Saat Germany 3,089 0.6 3,004 0.7
Elementis UK 3,062 0.6 1,859 0.4
Tomra Systems Norway 2,913 0.6 7,969 1.8
Svenska Cellulosa Sweden 2,640 0.5 2,908 0.6
Grifols Spain 2,454 0.5 - -
Marine Harvest Norway 2,376 0.5 - -
Bayer Germany 1,920 0.4 - -
CGG France 1,864 0.4 2,794 0.6
Ossur Iceland 1,373 0.3 - -
Statoil Norway 602 0.1 - -
-------------------- ------------------- ------- ---------- ------- ----------
Total 483,848 100.0
----------------------------------------- ------- ---------- ------- ----------
Cross Holdings in other Investment Companies
As at 30 November 2014 and 31 May 2014, none of the Company's
assets were invested in the securities of other listed closed-ended
investment funds. It is the Company's stated policy that it will
not invest in other listed closed-ended investment funds.
Interim Management Report
Related Party Transactions
During the first six months of the current financial year no
transactions with related parties have taken place which have
materially affected the financial position or performance of the
Company. Details of related party transactions are contained in the
Annual Report and Accounts of the Company for the year ended 31 May
2014.
Principal Risks and Uncertainties
The Company is exposed to the effect of variations in the price
of its investments. A fall in the value of its portfolio will have
an adverse effect on Shareholders' funds. It is not the aim of the
Board to eliminate entirely the risk of capital loss, rather it is
its aim to seek capital growth. Other key risks faced by the
Company relate to foreign currency movements, interest rates,
liquidity risk, gearing risk, the discount to Net Asset Value,
regulatory risk, loss of key personnel, operational and financial
risks.
Going Concern
The Half Yearly Financial Report has been prepared on a going
concern basis. The Directors consider that this is the appropriate
basis as they have a reasonable expectation that the Company has
adequate resources to continue in operational existence for the
foreseeable future. In considering this, the Directors took into
account the Company's investment objective, risk management
policies and capital management policies, the diversified portfolio
of readily realisable securities which can be used to meet
short-term funding commitments and the ability of the Company to
meet all of its liabilities and ongoing expenses. Thus the
Directors continue to adopt the going concern basis of accounting
in preparing the financial statements.
Directors' Responsibility Statement
We, the Directors of Jupiter European Opportunities Trust PLC,
confirm to the best of our knowledge that:
(a) The condensed set of financial statements have been prepared
in accordance with the Accounting Standards Board's statement
'Half-Yearly Financial Reports' and give a true and fair view of
the assets, liabilities, financial position and profit of the
Company for the period ended 30 November 2014;
(b) The Chairman's Statement, the Investment Adviser's Review
and the Interim Management Report include a fair review of the
information required by Disclosure and Transparency Rule 4.2.7R;
and
(c) The Interim Management Report includes a fair review of the
information required by Disclosure and Transparency Rule 4.2.8R on
related party transactions.
The Half Yearly Financial Report has not been audited or
reviewed by the Company's auditors.
By Order of the Board
H M Priestley
Chairman
28 January 2015
Statement of Comprehensive Income
For the six months to 30 November 2014 (unaudited)
30 November 2014 30 November 2013
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain on investments
at fair
value through profit
or loss - 20,696 20,696 - 13,301 13,301
Foreign exchange gain/(loss)
on loan - 902 902 - 1,375 1,375
Currency exchange gain/(loss) - 4 4 - (143) (143)
Investment income 2,171 - 2,171 2,173 - 2,173
------------------------------ ------- ------- ------- ------- ------- -------
Total income 2,171 21,602 23,773 2,173 14,533 16,706
------------------------------ ------- ------- ------- ------- ------- -------
Investment management
fee (1,939) - (1,939) (1,457) - (1,457)
Performance fee - (3,303) (3,303) - - -
Other expenses (303) - (303) (544) - (544)
------------------------------ ------- ------- ------- ------- ------- -------
Total expenses (2,242) (3,303) (5,545) (2,001) - (2,001)
------------------------------ ------- ------- ------- ------- ------- -------
Return before finance
costs
and tax (71) 18,299 18,228 172 14,533 14,705
Finance costs (262) - (262) (244) - (244)
------------------------------ ------- ------- ------- ------- ------- -------
Return before taxation (333) 18,299 17,966 (72) 14,533 14,461
Taxation (125) - (125) (164) - (164)
------------------------------ ------- ------- ------- ------- ------- -------
Return after taxation (458) 18,299 17,841 (236) 14,533 14,297
------------------------------ ------- ------- ------- ------- ------- -------
Return per Ordinary
share (0.50)p 20.07p 19.57p (0.27)p 16.68p 16.41p
------------------------------ ------- ------- ------- ------- ------- -------
The total column of this statement is the income statement of
the Company prepared in accordance with IFRS. The supplementary
revenue return and capital return columns are both prepared under
guidance produced by the Association of Investment Companies (AIC).
All items in the above statement derive from continuing
operations.
The financial information does not constitute 'accounts' as
defined in section 434 of the Companies Act 2006.
Statement of Financial Position
As at 30 November 2014
30 November 31 May
2014 2014
(unaudited) (audited)
GBP'000 GBP'000
Non current assets
Investments held at fair value through
profit or loss 483,848 448,497
Current assets
Receivables 1,331 3,748
Cash at bank 5,138 5,056
----------- ---------
6,469 8,804
------------------------------------------ ----------- ---------
Total assets 490,317 457,301
Current liabilities (56,237) (48,110)
------------------------------------------ ----------- ---------
Total net assets less current liabilities 434,080 409,191
------------------------------------------ ----------- ---------
Capital and reserves
Called up share capital 931 907
Share premium 95,685 85,486
Special reserve 33,687 33,687
Capital redemption reserve 45 45
Retained earnings 303,732 289,066
------------------------------------------ ----------- ---------
Total equity 434,080 409,191
------------------------------------------ ----------- ---------
Net Asset Value per Ordinary share 466.41p 451.26p
------------------------------------------ ----------- ---------
Statement of Changes in Equity
For the six months to 30 November 2014
Capital
Share Share Special Redemption Retained
For the six months
to Capital Premium Reserve Reserve Earnings Total
30 November 2014 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------- ------- ------- ------- ---------- -------- -------
1 June 2014 907 85,486 33,687 45 289,066 409,191
----------------------- ------- ------- ------- ---------- -------- -------
Net gain for the
period - - - - 17,841 17,841
----------------------- ------- ------- ------- ---------- -------- -------
Ordinary shares issue 24 10,199 - - - 10,223
----------------------- ------- ------- ------- ---------- -------- -------
2014 interim dividend - - - - (3,175) (3,175)
----------------------- ------- ------- ------- ---------- -------- -------
Balance at 30 November
2014 931 95,685 33,687 45 303,732 434,080
----------------------- ------- ------- ------- ---------- -------- -------
Capital
Share Share Special Redemption Retained
For the six months
to Capital Premium Reserve Reserve Earnings Total
30 November 2013 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------- ------- ------- ------- ---------- -------- -------
1 June 2013 844 59,589 33,687 45 246,636 340,801
----------------------- ------- ------- ------- ---------- -------- -------
Net gain for the
period - - - - 14,297 14,297
----------------------- ------- ------- ------- ---------- -------- -------
Ordinary shares issue 51 20,731 - - - 20,782
----------------------- ------- ------- ------- ---------- -------- -------
2013 interim dividend - - - - (3,045) (3,045)
----------------------- ------- ------- ------- ---------- -------- -------
Balance at 30 November
2013 895 80,320 33,687 45 257,888 372,835
----------------------- ------- ------- ------- ---------- -------- -------
Cash Flow Statement
For the six months to 30 November 2014 (unaudited)
2014 2013
GBP'000 GBP'000
Cash flows from operating activities
Purchases of investments (50,062) (49,920)
Sales of investments 35,411 30,884
Realised gains/(losses) on foreign
currency 4 (143)
Payment to CFD counterparty - (244)
Investment income received 3,597 1,199
Interest (paid)/received (16) 17
Investment management fee paid (1,877) (1,420)
Other cash expenses (369) (589)
Dividend paid (3,175) (3,045)
--------------------------------------- -------- ---------
Cash outflow from operating activities
before finance costs and taxation (16,487) (23,261)
Finance costs paid (258) (192)
Taxation paid (41) (919)
--------------------------------------- -------- ---------
Net cash outflow from operating
activities (16,786) (24,372)
Financing activities
Ordinary shares issued 11,141 20,782
Short-term loans received 12,000 98,805
Short-term loans paid (6,273) (103,454)
--------------------------------------- -------- ---------
Increase/(decrease) in cash 82 (8,239)
Cash and cash equivalents at start
of period 5,056 12,009
--------------------------------------- -------- ---------
Cash and cash equivalents at end
of period 5,138 3,770
--------------------------------------- -------- ---------
Notes to the Financial Statements
1. Accounting Policies
The accounts comprise the unaudited financial results of the
Company for the six month period from 1 June 2014 to 30 November
2014. The accounts are presented in pounds sterling, as this is the
functional currency of the Company.
The accounts have been prepared in accordance with International
Financial Reporting Standards (IFRS), which comprise standards and
interpretations approved by the International Accounting Standards
Board (IASB) and International Accounting Standards Committee
(IASC), as adopted by the European Union (EU).
Where presentational guidance set out in the Statement of
Recommended Practice (SORP) for investment trusts issued by the
Association of Investment Companies (AIC) in January 2009 and
replaced in November 2014 is consistent with the requirements of
IFRS, the directors have sought to prepare the financial statements
on a basis compliant with the recommendations of the SORP.
The Company continues to adopt the going concern basis in the
preparation of the financial statements.
2. Gains on investments
Six months to Six months to
30 November 2014 30 November 2013
GBP'000 GBP'000
Net gain realised on sale
of investments 13,018 6,193
Movement in investment holding
gains 7,678 7,108
------------------------------- ---------------- ----------------
Gains on investments 20,696 13,301
------------------------------- ---------------- ----------------
3. Return per Ordinary share
The earnings per Ordinary share figure is based on the net
profit for the six months of GBP17,841,000 (six months to 30
November 2013: profit GBP14,297,000) and on 91,183,487 (six months
to 30 November 2013: 87,112,081) Ordinary shares, being the
weighted average number of Ordinary shares in issue during the
period.
The return per Ordinary share figure detailed above can be
further analysed between revenue and capital, as below.
Six months to Six months to
30 November 2014 30 November 2013
GBP'000 GBP'000
Net revenue loss (458) (236)
Net capital profit 18,299 14,533
------------------------------ ---------------- ----------------
Net total profit 17,841 14,297
------------------------------ ---------------- ----------------
Weighted average number of
Ordinary
shares in issue during the
period 91,183,487 87,112,081
Revenue earnings per Ordinary
share (0.50)p (0.27)p
Capital earnings per Ordinary
share 20.07p 16.68p
------------------------------ ---------------- ----------------
Total return per Ordinary
share 19.57p 16.41p
------------------------------ ---------------- ----------------
4. Net Asset Value per Ordinary share
The Net Asset Value per Ordinary share is based on the net
assets attributable to the Ordinary shareholders of GBP434,080,000
(31 May 2014: GBP409,191,000) and on 93,067,681 (31 May 2014:
90,676,474) Ordinary shares, being the number of Ordinary shares in
issue at the period end.
5. Related Parties
Alexander Darwall, the fund manager is an employee of the
Investment Adviser, Jupiter Asset Management Limited ('JAM'), a
company within the same group as the Alternative Investment Fund
Manager, Jupiter Unit Trust Managers Limited ('JUTM'). These
companies received investment management fees as set out below.
Jupiter Unit Trust Managers Limited is contracted to provide
investment management services to the Company (subject to
termination by not less than one year's notice by either party) for
a quarterly fee of 0.1875 per cent. of the net assets of the
Company excluding the value of any Jupiter managed investments
payable in arrears on 31 May, 31 August, 30 November and the last
calendar day of February.
The Management fee paid to Jupiter Asset Management Limited
(JAM) for the period 1 June 2014 to 21 July 2014 was GBP467,189.00
and to Jupiter Unit Trust Managers Limited (JUTM) for the period 22
July 2014 to 30 November 2014 was GBP1,292,873.00 respectively.
Jupiter Unit Trust Managers Limited is also entitled to an
investment performance fee which is based on the out-performance of
the Net Asset Value per Ordinary share over the total return on the
Benchmark Index, the FTSE World Europe ex-UK total return index in
an accounting period. Any performance fee payable will equal 15 per
cent. of the amount by which the increase in the Net Asset Value
per Ordinary share (plus any dividends per Ordinary share paid or
payable and any accrual for unpaid performance fees for the period)
exceeds the higher of (a) the Net Asset Value per Ordinary share on
the last business day of the previous accounting period; (b) the
Net Asset Value per Ordinary share on the last day of a period in
respect of which a performance fee was last paid; and (c) 100p. In
each case the values of (a), (b) and (c) are increased by the
percentage by which the total return of the Benchmark Index
increases or decreases during the calculation period. The total
amount of any performance fee payable in respect of one accounting
period is limited to 4.99 per cent. of the Total Assets of the
Company.
A copy of the Half-Yearly Financial Report will shortly be
available for download from the Company's website
www.jupiteram.com/JEO
For further information, please contact:
Richard Pavry
Head of Investment Trusts
Jupiter Asset Management Limited, Company Secretary
investmentcompanies@jupiteram.com
020 3817 1496
28 January 2015
This information is provided by RNS
The company news service from the London Stock Exchange
END
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