High oil and gas prices have delivered a dramatic spike to the profits of fossil fuel companies which has caused a significant relative performance headwind to any investment strategy that excludes such industries. This has fed into the inflation dynamics mentioned before, as well as triggering much talk about the role that fossil fuels have to play in the global economy. The disruption to commodities markets, as well as energy markets, has been profound, as Ukraine and Russia are major exporters of key industrial, agricultural and fossil fuel materials. Sadly, there seems little immediate prospect of a ceasefire or peace deal.Īny talk of the economic consequences pales into insignificance next to the human suffering we are witnessing in Ukraine, but our responsibility is to invest our shareholders' capital and so we naturally have a duty to consider how the war has impacted global investment markets. At the time of writing, the remarkable bravery and success of the Ukrainians in resisting the invasion has forced Russia onto the back foot, with the main theatre of conflict now centred on the eastern parts of Ukraine. ![]() The dominant global news story through the final two months of the year under review, however, was the terrible events unfolding in Ukraine, as Russia's full scale invasion took many people by surprise and triggered a geopolitical and humanitarian crisis. This shift in discussed in more detail in the Investment Adviser's Review. This change in guidance led to a significant downturn in market sentiment and a shift in market leadership from higher growth companies in favour of cheaply valued companies. In March 2022, the US Federal Reserve raised base interest rates for the first time since December 2018, and signalled further incremental rises to come. The re-emergence of inflation has been the subject of much debate in investment markets for a while now, but speculation about whether inflation would be persistent or transitory really took hold during the first quarter of 2022, when the consensus judged that inflation was likely to be more persistent, and that Central Banks would need to be more aggressive in fighting inflation. Reality didn't turn out that way, although it is notable now that most governments across the world are trying to live with COVID-19 rather than eradicate it altogether through tough lockdowns. ![]() This raised hopes that, from the summer of 2021 onwards, the tide would turn against the pandemic and societies and economies could unlock. In the first half of the year under review, vaccines against COVID-19 started to be rolled out around the world. The need for environmental solutions to climate challenges remains as pressing as ever, but the attention of global investment markets and global policymakers have been somewhat taken up with other matters. I am pleased to present the Annual Report and Accounts for the Jupiter Green Investment Trust PLC ('the Company') for the twelve months to 31 March 2022. ▲ For definitions of the above Alternative Performance Measures please refer to the Glossary of Terms on page 93. ^ Being the exercise price for the purposes of the 2022 subscription rights. MSCI World Small Cap Index, both expressed in sterling terms. *** With effect from 2 September 2020 the Company retrospectively changed its benchmark from the FTSE ET100 Total Return Index to the Investment performance adjusted for the new issues and the subsequent cancellation of shares. ** In April, July and August 2007, new ordinary shares totalling 20,249,074 were issued and a total of 737,963 ordinary shares were cancelled in March 2008. ![]() ![]() Investment performance adjusted for the new issues of Ordinary shares. * In September 2006, new ordinary shares totalling 1,058,859 were issued and in November 2006, new ordinary shares totalling 600,000 were issued. Performance (excluding dividend income) Since Launch Ongoing charges ratio (%) excluding finance costs ▲ (with dividend paid of 0.64p added back 2021: 1.30p)ĭiluted net asset value per ordinary share ▲ĭiluted net asset value per ordinary share (p) Undiluted net asset value per ordinary share (p) Undiluted net asset value per ordinary share ▲ Total assets less current liabilities (£'000) Legal Entity Identifier: 549300MFRCR13CT1L845Īnnual Financial Results for the year ended 31 March 2022įinancial Highlights for the year ended 31 March 2022 Jupiter Green Investment Trust plc ('the company')
0 Comments
Leave a Reply. |