TIDMJEO
RNS Number : 4798X
Jupiter European Opps. Trust PLC
21 February 2017
Jupiter European Opportunities Trust PLC
Half Yearly Financial Report for the six months to 30 November
2016 (unaudited)
Financial Highlights
Capital Performance
30 November 31 May % change
2016 2016
Total assets less current liabilities
(GBP'000) 619,154 613,922 +0.9
Ordinary Share Performance
30 November 31 May % change
2016 2016
Net asset value (pence) 554.92 550.23 +0.9
Net asset value total return
(pence) 560.42 554.03 +1.2
Middle market price (pence) 523.75 530.00 -1.2
FTSE World Europe ex UK Total
Return Index* 1,083.76 977.23 +10.90
Discount to net asset value
(%) (5.6) (3.7) -
Ongoing charges figure (%) 1.10 1.08 -
* This document contains information based on the FTSE World
Europe ex UK Total Return Index. 'FTSE(R)' is a trade mark owned by
the London Stock Exchange Plc 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
2015 558,389 546.27 +21.1 +4.7
2016 613,922 550.23 +0.7 -3.7
30 November 2016 619,154 554.92 +0.9 +10.9
***Prior to 2005, financial information was prepared under UK
GAAP. From 2006 all information is prepared under IFRS.
Chairman's Statement
Over the six months to 30 November 2016 the Net Asset Value per
share of your Company rose by 1.2 per cent. This performance was
behind the return on the Company's benchmark, the FTSE World Europe
ex UK Total Return Index, which increased by 10.9 per cent. over
the same period.
Since the end of November 2016 the Net Asset Value per share has
increased by 5.8 per cent. to 592.83 pence (as at 31 January 2017),
which compares with a return of 7.7 per cent. for the benchmark
over the same period.
The background to your Company's recent underperformance is
considered in depth by our portfolio manager, Alexander Darwall, in
his Investment Adviser's report below and I will not seek to cover
the same ground here except to observe that your Company has
experienced similar periods of underperformance in earlier
investment cycles. Nevertheless, it is pertinent to note that the
return on the net asset value per share of your Company has
significantly outperformed the Company's benchmark over three and
five years. Since the Company's launch in November 2000 the total
return on the net asset value per share, with dividends reinvested
on their payment dates, has been 603.7 per cent. (as at 30 November
2016), which compares with a total return of 120.0 per cent. by the
Company's benchmark over the same period.
Gearing
At the end of the period under review the gearing level on the
Company's investment portfolio had increased to 15 per cent.
Our portfolio manager tends to increase gearing at times of
perceived low valuations, while reducing it as markets recover.
This approach has added sustained value over the course of your
Company's history and we continue to encourage the portfolio
manager to consider the use of gearing as a tactical tool to
improve returns.
Outlook
All companies in our investment universe have to face the
challenges arising from technological advances, changing fashion,
the rising tide of regulation, and other developments too numerous
to mention. Some will adapt successfully, and their shareholders
will be amply rewarded for backing them. Others, lacking the
necessary vision to override such challenges, will fail. Your
manager seeks to identify successful managements, in a variety of
different spheres, ahead of the majority of investors. Success is
not guaranteed; but the long term record speaks for itself.
Hugh Priestley
Chairman
21 February 2017
Investment Adviser's Review
Performance was poor in the period under review. Whilst the FTSE
World Europe ex UK Total Return Index, your Company's benchmark,
rose by 10.9 per cent., Sterling adjusted, the Net Asset Value of
the Company's Ordinary shares returned 1.2 per cent. during the six
months to 30 November 2016. The Company's total borrowings rose
during the period under review to GBP106.4m at 30 November,
representing gearing of 15 per cent.
The FTSE World Index was up by 20.8 per cent., Sterling
adjusted, a better performance than Europe largely because
America's S&P 500 Index was up 23.1 per cent. Other markets
advanced strongly. The MSCI Latin America Index was 34.1 per cent.
higher; the MSCI AC Asia ex-Japan Index was up by 25.8 per cent.;
and the Japanese Nikkei 225 Index advanced by 20.8 per cent.
Whilst the obvious explanation for the relatively disappointing
performance of the European equity markets is political events -
the European Union (EU) crisis and the perceived threat of the new
US Administration - the real explanation lies in Europe's economic
policies. The core of the policy is Quantitative Easing, a cheap
money policy. The European Central Bank's (ECB) main refinancing
rate was reduced to 0 per cent. early in 2016. It is questionable
whether this, together with a marked reluctance to reform the
labour markets, is a successful policy. Growth rates remain low in
Europe. The International Monetary Fund's latest forecasts (October
2016) are for 1.9 per cent. growth in the EU in 2016 and 1.7 per
cent. in 2017; they forecast 3.1 per cent. and 3.4 per cent. world
growth in 2016 and 2017 respectively. Clearly Europe is falling
behind. Corporate borrowing growth has been moderate as companies
are reluctant to commit more capital in Europe. As far as the banks
are concerned there is a further challenge. More companies are
going directly to the capital markets for funding,
disintermediating the banks.
The macro backdrop neither explains nor excuses investment
performance. Sector weightings, the underweight positions in oil
and gas, basic materials and to a lesser extent financials all
penalised performance and partly explain the outcome. But as always
stock selection is the key. We aim to identify companies that
should benefit from 'super-macro' drivers: regulatory changes,
technology developments, changes in consumer or customer behaviour,
or a shifting competitive landscape. We seek evidence that these
drivers have indeed started to unlock multi-year, 'micro'
opportunities for a given company. When we are correct these
drivers can override the impact of macro factors. Equally, where we
suffer reverses it is usually because our analysis of these drivers
was mistaken.
Although the list of 'winners' is an eclectic one with a huge
diversity of activities, we can identify which of the drivers
explains success. Thus Marine Harvest, the largest salmon farming
company in the world, is clearly a beneficiary of changing consumer
habits, in this case increasing consumption of salmon in the West;
BioMerieux, a French diagnostics company, is enjoying a
technological advantage over its competitors; and RELX, the
Anglo-Dutch provider of information and risk analytics, benefits
from its use of digital technology and regulatory changes. Amadeus,
another 'winner', is using its industry leading technology in
airline bookings to develop in the hotel booking segment.
Of the underperforming stocks there is a distinction to be made
between those where we have concerns and those where we don't. The
biggest single negative impact was NovoNordisk: we are concerned.
Our confidence in robust US pricing for their insulin products was
misplaced. The shock of NovoNordisk's near term challenges has
caused us to reconsider our investment. We have concluded that
there are many reasons why we believe that the company has good
prospects: the development of a new class of drug to treat
diabetes, steady demand growth, and scope for innovation and
differentiation.
For these and other reasons we have retained a significant
position. Ingenico and Novozymes also detracted significantly from
performance. The former, a world leader in the electronic payments
business, has suffered from a slowdown in growth in the US. We
consider their problems to be temporary rather than structural. In
fact we believe that new opportunities for Ingenico present
themselves in countries like India where the authorities are
encouraging electronic money transactions. We have therefore
maintained our investment. The growth rate at Novozymes has
declined. The company's prospects appear to be to a certain extent
dependent on energy prices. We are reviewing this position. Amongst
the other notable underperformers were Grenke and ALK Abello.
Neither of these gives us cause for concern. Both companies
continue to generate good profits growth and we remain encouraged
by their prospects. Inmarsat was another disappointing performer.
In both its maritime and aviation operations the news flow has as
yet failed to justify management's bullish assertions. The coming
months are critical in seeing whether or not this optimism is well
founded.
Of the outright sales, ARM Holdings was sold following an offer
to purchase the company. Leonteq too was sold. Only a 1.4 per cent.
position at peak this was sold as we lost confidence in the
management's ability to grow the business. Autoliv, another small
holding, was sold as we considered that there were better ways to
profit from the substantial innovation in the automotive sector.
Instead we initiated a position in Umicore, a global materials
technology and recycling group. Its rechargeable battery materials
put it in a leading place to benefit from the development of
electrification of cars. This was one of only a few new positions
and none was big. The largest new investment was that of Edenred,
constituting barely 1 per cent. of the portfolio at the period end.
Edenred is the world leader in prepaid corporate services. These
services include government funded benefits and corporate expense
management mainly in Europe and Brazil. Under new management we
consider that the company will extend its reach, benefitting from
digital technology. We added to existing holdings in Syngenta
(because there was substantial upside assuming that the bid goes
through as agreed). Of particular note was the substantial addition
to the holding in Carnival. A good industry structure combined with
growing demand for cruising, especially in China, should lead to
healthy profits growth.
The political and other macro events in 2016 presage great
changes. Further upheavals in Europe can reasonably be expected in
2017. Yet we do not anticipate what those changes will be. It is
too soon to tell. There will be challenges and opportunities. Our
strategy remains entirely consistent, focusing on individual
company opportunities which can prosper in a range of
macro-economic scenarios. Correctly identifying 'winners' from the
range of 'drivers', as described above, should shape prospects for
your Company more than macro vicissitudes. In any case, the broad
geographic exposure of 'our' companies operating across the world
mitigates much of the regional macro risk. We remain confident that
plenty of good investment opportunities exist and that our process
for identifying such opportunities is an appropriate one.
Alexander Darwall
Fund Manager
Jupiter Asset Management Limited
21 February 2017
Investment Portfolio as at 30 November 2016
30 November 2016 31 May 2016
Market Percentage Market Percentage
value of value of
Company Country of Listing GBP'000 portfolio GBP'000 portfolio
Syngenta Switzerland 63,813 8.8 54,524 7.7
Wirecard Germany 57,368 7.9 46,812 6.6
RELX Netherlands 54,872 7.6 48,733 6.9
Provident Financial UK 50,978 7.0 48,015 6.8
Novo Nordisk Denmark 47,682 6.6 62,788 8.9
Inmarsat UK 42,722 5.9 33,427 4.7
Deutsche Börse Germany 39,652 5.5 31,779 4.5
Amadeus Spain 37,526 5.2 31,316 4.4
Fresenius Germany 37,019 5.1 33,418 4.7
Experian UK 35,124 4.9 30,355 4.3
Carnival UK 27,061 3.7 6,028 0.9
Grenke Germany 26,650 3.7 31,659 4.5
Ryanair Ireland 18,302 2.5 16,732 2.4
Grifols Spain 16,807 2.3 16,658 2.4
Ingenico France 16,214 2.2 21,703 3.1
BioMerieux France 14,652 2.0 6,729 0.9
Novozymes Denmark 14,254 2.0 45,999 6.6
Coloplast Denmark 13,238 1.8 18,953 2.7
Royal Caribbean
Cruises Liberia 12,125 1.7 9,944 1.4
Dassault Systemes France 9,567 1.3 8,511 1.2
Luxottica Group Italy 8,887 1.2 10,957 1.5
Intrum Justitia Sweden 8,502 1.2 6,015 0.8
Worldpay Group UK 7,833 1.1 8,063 1.1
ALK-Abello Denmark 7,826 1.1 7,666 1.1
Arrow Global
Group UK 7,756 1.1 1,398 0.2
Edenred France 7,661 1.1 - -
Gemalto Netherlands 6,740 0.9 2,310 0.3
Saga UK 5,362 0.7 8,740 1.2
Lonza Group Switzerland 4,991 0.7 2,963 0.4
Marine Harvest Norway 4,694 0.7 14,305 2.0
KWS Saat Germany 4,588 0.6 4,494 0.6
Essilor International France 3,349 0.5 4,486 0.6
Umicore Belgium 2,880 0.4 2,598 0.4
Genus UK 2,812 0.4 - -
Ossur Denmark 1,944 0.3 1,836 0.3
Elementis UK 1,550 0.2 4,003 0.6
Alfa Laval Sweden 602 0.1 - -
---------------------- ------------------- --------- ------------ ------- ----------
Total 723,603 100.0
------------------------------------------- --------- ------------ ------- ----------
Cross Holdings in other Investment Companies
As at 30 November 2016 and 31 May 2016, none of the Company's
assets were invested in the securities of other listed closed-ended
investment companies. It is the Company's stated policy that it
will not invest in other listed closed-ended investment
companies.
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
2016.
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. A detailed explanation of the Risks and Uncertainties facing
the Company can be found in the Annual Report and Accounts for the
year ended 31 May 2016.
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 2016;
(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
21 February 2017
Statement of Comprehensive Income
For the six months to 30 November 2016 (unaudited)
30 November 2016 30 November 2015
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 - 15,048 15,048 - 30,701 30,701
Foreign exchange (loss)/gain
on loan - (5,676) (5,676) - 1,218 1,218
Currency exchange gain/(loss) - 354 354 - (108) (108)
Income 4,703 - 4,703 3,161 - 3,161
------------------------------ ------- ------- ------- ------- ------- --------
Total income 4,703 9,726 14,429 3,161 31,811 34,972
------------------------------ ------- ------- ------- ------- ------- --------
Investment management
fee (2,823) - (2,823) (2,455) - (2,455)
Investment performance
fee - (23) (23) - (8,806) (8,806)
Other expenses (316) - (316) (327) - (327)
------------------------------ ------- ------- ------- ------- ------- --------
Total expenses (3,139) (23) (3,162) (2,782) (8,806) (11,588)
------------------------------ ------- ------- ------- ------- ------- --------
Net return before finance
costs and taxation 1,564 9,703 11,267 379 23,005 23,384
Finance costs (475) - (475) (286) - (286)
------------------------------ ------- ------- ------- ------- ------- --------
Return before taxation 1,089 9,703 10,792 93 23,005 23,098
Taxation (475) - 571 198 - 198
------------------------------ ------- ------- ------- ------- ------- --------
Net return after taxation 1,660 9,703 11,363 291 23,005 23,296
------------------------------ ------- ------- ------- ------- ------- --------
Return per Ordinary
share 1.49p 8.70p 10.19p 0.27p 21.57p 21.84p
------------------------------ ------- ------- ------- ------- ------- --------
The total column of this statement is the income statement of
the Company prepared in accordance with International Financial
Reporting Standards (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 return after taxation is also the total comprehensive profit
for the year.
All income is attributable to the equity holders of Jupiter
European Opportunities Trust PLC.
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 2016
30 November 31 May
2016 2016
(unaudited) (audited)
GBP'000 GBP'000
Non current assets
Investments held at fair value through
profit or loss 723,603 707,402
Current assets
Other receivables 5,331 4,279
Cash and cash equivalents 4,517 6,091
------------------------------------------ ----------- ---------
9,848 10,370
------------------------------------------ ----------- ---------
Total assets 733,451 717,772
------------------------------------------ ----------- ---------
Current liabilities
Other payables (114,297) (103,850)
------------------------------------------ ----------- ---------
Total net assets less current liabilities 619,154 613,922
------------------------------------------ ----------- ---------
Capital and reserves
Called up share capital 1,116 1,116
Share premium 193,561 193,555
Special reserve 33,687 33,687
Capital redemption reserve 45 45
Retained earnings 390,745 385,519
------------------------------------------ ----------- ---------
Total equity shareholders' funds 619,154 613,922
------------------------------------------ ----------- ---------
Net Asset Value per Ordinary share 554.92p 550.23p
------------------------------------------ ----------- ---------
Statement of Changes in Equity
For the six months to 30 November 2016
Capital
Share Share Special Redemption Retained
For the six months
to Capital Premium Reserve Earnings Earnings Total
----------------------------- ------- ------- ------- ---------- -------- -------
30 November 2016 (unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- ------- ------- ------- ---------- -------- -------
Balance at 1 June
2016 1,116 193,555 33,687 45 385,519 613,922
----------------------------- ------- ------- ------- ---------- -------- -------
Net profit for the
period - - - - 11,363 11,363
----------------------------- ------- ------- ------- ---------- -------- -------
Ordinary shares issue - 6 - - - 6
----------------------------- ------- ------- ------- ---------- -------- -------
Dividends declared - - - - (6,137) (6,137)
----------------------------- ------- ------- ------- ---------- -------- -------
Balance at 30 November
2016 1,116 193,561 33,687 45 390,745 619,154
----------------------------- ------- ------- ------- ---------- -------- -------
Capital
Share Share Special Redemption Retained
For the six months
to Capital Premium Reserve Reserve Earnings Total
30 November 2015 (unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- ------- ------- ------- ---------- -------- -------
Balance at 1 June
2015 1,022 142,988 33,687 45 380,647 558,389
----------------------------- ------- ------- ------- ---------- -------- -------
Net profit for the
period - - - - 23,296 23,296
----------------------------- ------- ------- ------- ---------- -------- -------
Ordinary shares issue 66 34,683 - - - 34,749
----------------------------- ------- ------- ------- ---------- -------- -------
Dividends declared
and paid * - - - - (4,133) (4,133)
----------------------------- ------- ------- ------- ---------- -------- -------
Balance at 30 November
2015 1,088 177,671 33,687 45 399,810 612,301
----------------------------- ------- ------- ------- ---------- -------- -------
* Dividends paid during the period were paid out of revenue
reserves.
Cash Flow Statement
For the six months to 30 November 2016 (unaudited)
2016 2015
GBP'000 GBP'000
Cash flows from operating activities
Investment income received (gross) 6,605 4,633
Investment management fee paid (2,794) (2,317)
Investment performance fee paid (5,325) (12,609)
Other cash expenses (308) (307)
------------------------------------- ---------------- --------
Net cash outflow from operating
activities before taxation and
interest (1,822) (10,600)
------------------------------------- ---------------- --------
Interest paid (418) (218)
Taxation 262 232
------------------------------------- ---------------- --------
Net cash outflow from operating
activities (1,978) (10,586)
------------------------------------- ---------------- --------
Cash flows from investing activities
Purchases of investments (95,078) (98,961)
Sales of investments 91,298 52,126
------------------------------------- ---------------- --------
Net cash outflow from investing
activities (3,780) (46,835)
------------------------------------- ---------------- --------
Cash flows from financing activities
Ordinary shares issued 6 34,749
Net drawdown of loan 3,824 24,847
------------------------------------- ---------------- --------
Net cash inflow from financing
activities 3,830 59,596
------------------------------------- ---------------- --------
(Decrease)/increase in cash (1,928) 2,175
------------------------------------- ---------------- --------
Cash and cash equivalents at start
of period 6,091 5,669
Realised gain/(loss) on foreign
currency 354 (108)
------------------------------------- ---------------- --------
Cash and cash equivalents at end
of period 4,517 7,736
------------------------------------- ---------------- --------
Notes to the Financial Statements
1. Accounting Policies
The Accounts comprise the unaudited financial results of the
Company for the period to 30 November 2016. 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 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 2016 30 November 2015
GBP'000 GBP'000
Net gain realised on sale
of investments 28,054 19,196
Movement in unrealised (losses)/gains (13,006) 11,505
-------------------------------------- ---------------- ----------------
Gains on investments 15,048 30,701
-------------------------------------- ---------------- ----------------
3. Return per Ordinary share
Six months to Six months to
30 November 2016 30 November 2015
GBP'000 GBP'000
Net revenue profit 1,660 291
Net capital profit 9,703 23,005
------------------------------ ---------------- ----------------
Net total profit 11,363 23,296
------------------------------ ---------------- ----------------
Weighted average number of
Ordinary
shares in issue during the
period 111,575,331 106,657,219
Revenue earnings per Ordinary
share (p) 1.49 0.27
Capital return per Ordinary
share (p) 8.70 21.57
------------------------------ ---------------- ----------------
Total return per Ordinary
share (p) 10.19 21.84
------------------------------ ---------------- ----------------
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 GBP619,154,000
(31 May 2016: GBP613,922,000) and on 111,575,331 (31 May 2016:
111,575,331) Ordinary shares, being the number of Ordinary shares
in issue at the period end.
5. Related Parties
Jupiter Unit Trust Managers Limited ('JUTM'), the Alternative
Investment Fund Manager, is a company within the same group as
Jupiter Asset Management Limited, the Investment Adviser. JUTM
receives investment management fees as set out below.
JUTM is contracted to provide investment management services to
the Company (subject to termination by not less than twelve months'
notice by either party) for an annual fee of 0.75 per cent. of the
net assets of the Company after deduction of the value of any
Jupiter managed investments, payable quarterly in arrears.
The management fee payable to JUTM for the period 1 June 2016 to
30 November 2016 was GBP2,823,000 (31 May 2016: GBP5,102,000) with
GBP1,372,000 (31 May 2016: GBP1,343,000) outstanding at period
end.
JUTM 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. No performance fee is
payable in respect of the period under review.
The Company has invested from time to time in funds managed by
Jupiter Investment Management Group Limited or its subsidiaries.
There was no such holding as at 30 November 2016 (31 May 2016:
Nil). No investment management fee is payable by the Company to
Jupiter Asset Management Limited in respect of the Company's
holdings in investment trusts, open-ended funds and investment
companies in respect of which Jupiter Investment Management Group
Limited, or any subsidiary undertaking of Jupiter Investment
Management Group Limited, receives fees as investment manager or
investment adviser.
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
21 February 2017
This information is provided by RNS
The company news service from the London Stock Exchange
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