Company Announcements

Jupiter Green Investment Trust plc ('the Company')

Legal Entity Identifier: 549300MFRCR13CT1L845

Half Yearly Financial Report for the six months to 30 September 2023 (unaudited)

*     Being the net asset value per share assuming that all annual subscription rights are taken up.

Chairman's Statement

Here we present the Interim Report and Accounts for the Jupiter Green Investment Trust PLC ('the Company') for the six months to 30 September 2023.

In a broad macro sense, the period under review could be characterised by major developed market central banks - most notably the US Federal Reserve (Fed) - converging around interest rate policies.

Performance

The Net Asset Value of the Company delivered a total return of -10.0%, vs +0.1% for the MSCI World Small Cap (£) Index whilst the share price total return delivered -11.4% over the period.

Market backdrop

We are disappointed with the performance of the portfolio over the period, however due to the prevailing macroeconomic environment, we are of the belief that the prospects for the portfolio companies and their respective addressable markets remains undimmed. Your portfolio manager, Jon Wallace will go into more detail in his report below.

The dominant narrative in the market now is one of central banks rates staying 'higher for longer' as economic indicators broadly point towards resilient economic growth, rising wage growth, and inflation that remains well above target levels in developed economies. This creates a challenging backdrop for investors, and during the last six months there have been few obvious areas of significant growth - the one exception being a small cadre of US- listed technology companies that are presumed to be beneficiaries of coming shift towards artificial intelligence.

Within the Environmental Solutions thematic universe, key developments over the past six months have included the publication of the Global Stocktake Technical Assessment report. Released in September, it in no uncertain terms states that the world is currently not on track to meet the goals of the Paris Agreement. This chimes with previous reports, such as the IPCC's Sixth Assessment Report, released in March, but crucially there remains an acknowledgement that the technologies already exist to reach the targets, if they are implemented in time. A bold call to action, and one in which the Company should be well- positioned to benefit from given the emphasis we place on companies that are developing of scaling able to provide environmental solutions.

On the policy front, just a day after this reporting period ended - on 1 October 2023 - the European Union's Carbon Border Adjustment Mechanism (CBAM) entered its transitional phase, with the first reporting period for importers 31 January 2024. It joins the PROVE IT Act in the US, which requires the Department of Energy to study and compare the carbon emissions of carbon-intensive sectors. The increasingly likelihood and rising onus on global reporting standards may offer opportunities for compliant companies to benefit from that trend, while presenting a clear risk to those firms unwilling to adapt.

Outlook

Technological advances and innovation are key to combating the world's climate and environmental crisis. These solutions are now helping to set the pace for policy and regulation - a welcome reversal to the previous relationship where solutions were constrained by policy. The scale of change required to reverse global warming is creating significant opportunities for investors to support environmental solutions companies, which provide products and services critical to achieving sustainability targets. It is becoming ever more evident that these solutions will spread widely and to as-yet unpenetrated sectors of the global economy.

Governments are likely to continue to play a major role, in terms to encouraging development of environmental solutions as part of the path to net zero, and through the regulating of all companies to improve transparency around climate and biodiversity impact.

As attitudes toward addressing climate solutions shift, there is a broadening of the value chain beyond the conventional lens. The opportunities throughout the market that this creates will be plentiful and we firmly believe the Jupiter Green Investment Trust remains well-positioned to identify them.

Discount control / share buybacks

In order to manage the discount, the board continues to utilise shareholder authority to undertake share buybacks of ordinary shares when they are trading at a sustained discount. Over the period, the company bought back 930,000 ordinary shares for cancellation, equating to £1,932,000, at an average discount of -15.86%, which positively accrued £368,000 to NAV.

Continuation vote

The board was pleased that 98.34% of shareholders voted in favour of the company's continuation and believe that the company operates in a segment with significant supportive tailwinds and an opportunity to identify investment opportunities in the most innovative and accelerating companies as well as those which are more established for many years to come.

Board Succession

I have served this Company as a director for the last 14 years, and have been Chairman since 2016, and despite my deep passion for the company and its Investment objectives, and support for the investment manager, it is my intention to stand down before the company's next AGM.

In the meantime, the board through its nominations committee, will embark on a recruitment process to identify suitable candidates with the requisite skills and experience in order to take the company forward. More details of the succession plan will be published in the forthcoming Annual report.

Michael Naylor

Chairman

Investment Adviser's Review

Market review

The period under review was challenging for global equity markets as central banks converged around 'Higher for Longer' rhetoric with regard to interest rates in an effort to quell persistent inflation, though the latter surprised on the downside later in the period. This, combined with generally declining economic indicators resulted in a wider risk-off sentiment and weighed on global equities.

Aside from market factors, UK Prime Minister Rishi Sunak announced a 'roll-back' on green policies, for example pushing back targets for vehicle electrification and delaying a ban on new gas boilers. While these policies are generally disjointed from wider global developments, the period saw pockets of dilution to regulatory and policy drivers intended to increase the uptake of environmental solutions.

Policy review

The Company's approach to investing in environmental solutions remains focused on six themes:

·      Circular economy: solutions for sustainable materials and resource stewardship

·      Clean energy: generation, storage and distribution

·      Sustainable Oceans & Freshwater Systems: conservation and management

·      Green Mobility: technologies and services for sustainable movement

·      Green Buildings & Industry: enabling a low carbon transition

·      Sustainable Agriculture & Land Ecosystems: solutions protecting natural resources and well- being

The Company underperformed in the period in an environment split between momentum and increasing risk-off sentiment as central banks converged around higher interest rates. While the portfolio was weaker in part owing to not having exposure to buoyant sectors that sit outside of our environmental solutions thematic, expectations of persistently higher interest rates also weighed on valuations for relatively capital intensive sectors.

In this backdrop the largest detractor to performance during the was the Clean Energy theme. We continue to see compelling opportunities for renewable energy solutions and related infrastructure in the long-term. Our largest allocation within the Clean Energy theme is Prysmian, which provides cable technologies critical to power grid upgrade markets that we see as buoyed by multiple converging growth drivers including renewable energy capacity growth, grid resilience and energy security.

In a similar vein, environmental solutions that are more clearly associated with critical challenges in the immediate future have generally fared better. The largest positive performance contributor was our Sustainable Oceans & Water Systems theme. Advanced Drainage Systems, which manufactures pipes and products for stormwater management and drainage solutions, was a top stock specific contributor. The Company's largest thematic allocation, Green Buildings and Industry (GBI) also generated positive contribution. Many of our holdings within this theme are industrial companies whose physical products are reliant on global supply chains. As Covid-related disruptions have eased, holdings have been benefitting from a structural tailwind of energy price volatility which encourages the take-up of energy efficient solutions that are a large component of this opportunity set.

Some portfolio changes during the period include the addition to holdings within our Circular Economy theme, including Ansys, a US-based industrials software company, and Renewi, a European waste management company and long-held position in the Company that was later subject to a takeover bid. We reduced several positions following strong short- term performance including Advanced Drainage, and disposed of Daikin on growing concerns around of reputational and regulatory risks due to its current and legacy exposure to PFAS (long-lasting chemicals which are difficult to break down in the environment) as well mounting signals that the global market for low-carbon heat-pumps is slowing as production capacity increases significantly.

Outlook

We have a long-held conviction that environmental challenges in all their forms are central to global development in the long term. This provides compelling growth opportunities for companies focussed on delivering real-world solutions to climate change and wider forms of natural capital protection including water and biodiversity. Our conviction in this view remains undimmed. We expect the volatility in equity markets to continue into the near-term, presenting opportunities for long-term active investors focussing on structural growth trends such as energy transition and more widely across our six environmental solution investment themes.

The landmark US Inflation Reduction Act, and the recent response from the European Commission such as the Net-Zero Industry Act, signal that environmental solutions markets have crossed a watershed moment where they are no longer peripheral, but instead integral to future economies and markets.

Given the rising incidence of large-scale natural disasters, including intense flooding and wildfires, politicians are increasingly considering the importance of adaptation measures, rather than mitigation solutions, to combat the worst effects of these disasters. While we believe adaptation solutions do have a role, we believe the most appropriate approach for investors is to recognise the nuance, and to avoid considering opportunities through an either one or the other lens, instead seeking solutions where climate adaptation and mitigation converge. We ideally seek those opportunities which provide clear mitigation or two- pronged solutions to the vital challenges the world is facing.

Jon Wallace

Investment Manager

Jupiter Asset Management Limited Investment Adviser

Green ESG Grouping

As at 30 September 2023 (ex-cash)

Investment Portfolio as at 30 September 2023

The holdings listed above are all equity shares unless otherwise stated.

Cross Holdings in other Investment Companies

As at 30 September 2023, 0.98% of the company's total assets was invested in Greencoat Renewables, a UK listed investment company.

Whilst the requirements of the UK Listing Authority permit the company to invest up to 10% of the value of the total assets of the company (before deducting borrowed money) in other investment companies (including investment trusts) listed on the Main Market of the London Stock Exchange, it is the directors' current intention that the company invests not more than 5% in other 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 would have materially affected the financial position or performance of the company. Details of related party transactions are contained in the Annual Report and Accounts for the year ended 30 March 2023.

Principal Risks and Uncertainties

The principal risks and uncertainties faced by the company can be divided into the following areas:

·     Investment policy and process;

·     Investment strategy and share price movements;

·     Climate Change;

·     Geopolitical;

·     Liquidity risk;

·     Gearing risk;

·     Regulatory risk;

·     Credit and counterparty risk;

·     Loss of key personnel;

·     Operational; and

·     Financial.

The board reported on the above principal risks and uncertainties in the Annual Report & Accounts for the year ended 31 March 2023.

Going Concern

The directors, having considered the company's investment objective, risk management 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, are satisfied that the company has adequate resources to continue in operation for the foreseeable future. The directors continue to adopt the going concern basis of accounting in preparing the accounts.

As part of its assessment, the board has noted that shareholders will be required to vote on the continuation of the company at the 2026 AGM.

Further information regarding the planned life of the company can be found on the report.

Directors' Responsibility Statement

The directors of Jupiter Green Investment Trust PLC confirm to the best of their knowledge:

(a) The condensed set of financial statements have been prepared in accordance with applicable UK adopted International Accounting Standards and give a true and fair view of the assets, liabilities, financial position and profit or loss of the company as at 30 September 2023.

(b) The Chairman's Statement, the Investment Adviser's Review and the Interim Management Report include a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules.

(c) The Interim Management Report includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules.

The Half Yearly Financial Report has not been audited or reviewed by the company's auditor.

For and on behalf of the board

Michael Naylor

Chairman

Statement of Comprehensive Income for the six months to 30 September 2023 (unaudited)

                                                                                Six months to 30 September 2023    Six months to 30 September 2022

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.

No operations were acquired or discontinued during the period.

All income is attributable to the equity holders of Jupiter Green Investment Trust PLC. There are no minority interests.

The financial information does not constitute 'accounts' as defined in section 434 of the Companies Act 2006.

Statement of Financial Position as at 30 September 2023

*  Under the company's Articles of Association, dividends may be paid out of any distributable reserve of the company.

Approved by the board of directors and authorised for issue in December 2023 and signed on its behalf by:

Michael Naylor

Chairman

Company Registration number 05780006

Statement of changes in Equity for the six months to 30 September 2023

Cash Flow Statement for the six months to 30 September 2023 (Unaudited)

Notes to the Financial Statements

1.   Accounting Policies

The Accounts comprise the unaudited financial results of the company for the period to 30 September 2023.

The Accounts are presented in pounds sterling, as this is the functional currency of the Company. All values are rounded to the nearest thousand pounds (£'000) except where indicated.

The accounts have been prepared in accordance with UK adopted International Accounting Standards.

Where presentational guidance set out in the Statement of Recommended Practice (SORP) for Investment Trusts issued by the Association of Investment Companies (AIC) in April 2021 is consistent with the requirements of UK adopted International Accounting Standards, the directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP.

The Board continues to adopt the going concern basis in the preparation of the financial statements.

(a)  Income recognition

Income includes dividends from investments quoted ex-dividend on or before the date of the Statement of Financial Position.

Dividends receivable from equity shares are taken to the revenue return column of the Statement of Comprehensive Income.

Special dividends are treated as repayment of capital or as revenue depending on the facts of each particular case.

(b) Presentation of Statement of Comprehensive Income

In order to better reflect the activities of an investment trust company and in accordance with Association of Investment Companies (AIC), supplementary information which analyses the Statement of Comprehensive Income between items of a revenue and capital nature has been presented alongside the statement.

An analysis of retained earnings broken down into revenue (distributable) items and capital (distributable) items is given in Note 5.

Investment Management fees and finance costs are charged 75 per cent. to capital and 25 per cent to revenue (2022: 75 per cent to capital and 25 per cent to revenue). All other operational costs (including administration expenses to capital) are charged to revenue.

i.    Basis of valuation of investments

Investments are recognised and derecognised on a trade date where a purchase and sale of an investment is under contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at cost, being the consideration given.

All investments are classified as held at fair value through profit or loss. All investments are measured at fair value with changes in their fair value recognised in the Statement of Comprehensive Income in the period in which they arise. The fair value of listed investments is based on their quoted bid price at the reporting date without any deduction for estimated future selling costs.

Foreign exchange gains and losses on fair value through profit and loss investments are included within the changes in the fair value of the investments.

For investments that are not actively traded and/or where active stock exchange quoted bid prices are not available, fair value is determined by reference to a variety of valuation techniques. These techniques may draw, without limitation, on one or more of: the latest arm's length traded prices for the instrument concerned; financial modelling based on other observable market data; independent broker research; or the published accounts relating to the issuer of the investment concerned.

2.   Loss on investments

3.   Earnings per Ordinary Share

The earnings per Ordinary share figure is based on the net loss for the six months of £5,661,000 (six months to 30 September 2022: net loss £5,168,000) and on 20,681,929 Ordinary shares (six months to 30 September 2022: 21,381,592), being the weighted average number of Ordinary shares in issue during the period.

The earnings per ordinary share figure detailed above can be further analysed between revenue and capital, as below.

4. Transaction Costs

5. Retained Earnings

The table below shows the movement in the retained earnings analysed between revenue and capital items.

6. 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 £47,012,000 (31 March 2023: £54,578,000) and on 20,190,779 (31 March 2023: 21,107,155) ordinary shares, being the number of ordinary shares in issue at the period end excluding treasury shares.

The diluted net asset value per ordinary share assumes that all outstanding dilutive Subscription shares, being one for ten ordinary shares, will be converted to ordinary shares at the end of the financial year.

7. Fair valuation of investments

The financial assets measured at fair value in the Statement of Financial Position are grouped into the fair value hierarchy as follows:

Level 1 reflects financial instruments quoted in an active market.

Level 2 reflects financial instruments whose fair value is evidenced by comparison with other observable current market transactions in the same instrument or based on a valuation technique whose variables includes only data from observable markets.

Level 3 reflects financial instruments whose fair value is determined in whole or in part using a valuation technique based on assumptions that are not supported by prices from observable market transactions in the instrument and not based on available observable market data.

8. Principal risk profile

The principal risks which the Company faces include exposure to:

(i)  market price risk, including currency risk, interest rate risk and other price risk;

(ii) credit and counterparty risk; and

(iii) liquidity risk.

Market price risk - This is the risk that the fair value or future cash flows of a financial instrument held by the Company may fluctuate because of changes in market prices. This market risk comprises three elements - currency risk, interest rate risk and other price risk.

Credit and counterparty risk - This is the exposure to loss from the failure of a counterparty to deliver securities or cash for acquisitions or to repay deposits.

Liquidity risk - This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities.

Further details of the Company's management of these risks can be found in Note 13 of the company's Annual report and accounts for the year ended 31 March 2023.

There have been no changes to the management of or the exposure to these risks since that date.

9. 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 ('JAM'), the Investment Adviser. JUTM receives an investment management fee 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. The basis for calculation of the management fee charged to the company is a tiered fee amounting to 0.70% of net assets up to £150 million, reducing to 0.60% for net assets over £150 million and up to £250 million, and reducing further to 0.50% for net assets in excess of £250 million, per annum, after deduction of the value of any Jupiter managed investments.

The management fee payable to JUTM for the period 1 April 2023 to 30 September 2023 was £176,759 (year to 31 March 2023: £369,162) with £26,922 (31 March 2023: £64,344) outstanding at period end.

The Company has invested from time to time in funds managed by Jupiter Investment Management PLC or its subsidiaries. There was no such investment during current period (31 March 2023: 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.

Availability of Half Yearly Financial Report

The Half Yearly Financial Report will shortly be available on company's website www.jupiteram.com/JGC.

A copy of the Half Yearly Financial Report will also be submitted to the National Storage Mechanism and will soon be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

By Order of the Board

Jupiter Asset Management Limited

Company Secretary

18 December 2023

For further information, please contact:

Nick Black

Head of Investment Trusts & Alternatives

Jupiter Asset Management Limited

investmentcompanies@jupiteram.com

020 3817 1000

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