The Jupiter Global Fund - Jupiter Asset Management

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the jupiter global fund Directors ■■Directors Adrian Creedy (Chairman) Garth Lorimer Turner** Jacques Elvinger* Patrick Zurstrassen* Adrian Creedy (British) is the Chief Operating Officer and Company Secretary of Jupiter Fund Management plc. He is a Solicitor of the Supreme Court of England and Wales. He is also a Director of Jupiter Asset Management Limited. Adrian Creedy superseded Garth Lorimer Turner as Chairman on 14 September 2012. Garth Lorimer Turner (British) is a Solicitor of the Supreme Court of England & Wales, a Solicitor of the Supreme Court of Hong Kong and a Bermuda Barrister & Attorney. He is a Director of several companies, including investment funds. Following the closure of Jupiter Asset Management (Bermuda) Limited’s Bermuda Office, Garth Lorimer Turner resigned as an employee of the Jupiter Group on 30 June 2012 and became an independent director. Jacques Elvinger is a partner of the Luxembourg law firm of Elvinger Hoss & Prussen. Patrick Zurstrassen is an independent director chairing the European Confederation of Directors’ Associations. *Independent **Independent since 30 June 2012 8
the jupiter global fund Chairman’s Review ■■Chairman’s Review Dear Shareholder The eurozone crisis and prospects for global growth have preoccupied investors’ minds in the last 12 months. To combat the former we have seen European leaders attending numerous summits, but making only slow progress, much of which has been driven by the European Central Bank (ECB). Amid market panic as 2011 closed, ECB president Mario Draghi introduced a lending programme for European banks – the Long Term Refinancing Operation (‘LTRO’) – which effectively allowed the European banks to borrow at favourable rates for three years. Shares across the world responded by rallying strongly. Better economic news from the US also lifted investor sentiment. Soon afterwards, however, tensions in the Middle East pushed up the oil price (any rise acts as a drag on consumption) and evidence emerged that growth in developing economies such as China and India had started to slow. In response, the authorities in these areas swiftly cut interest rates. Japan took the unusual step of setting an inflation target for the first time, offering investors hope that it would one day emerge from its decade-long deflation trap. Intense political uncertainty and heightened speculation that Greece would leave the euro in the second quarter prompted Draghi to say in July that the ECB would do whatever it took to keep the single currency together. Spain was given an initial €100bn bailout package in return for implementing austerity measures on a population, half of whose youth are unemployed. Meanwhile, the anticipated recovery in emerging giants such as China and India in the second half of 2012 failed to materialise. Indeed these economies continued to show signs of slowing and implemented further stimulus measures. Against the backdrop of a change in leadership later in the year, the Chinese government introduced a US$94bn package to invest in infrastructure development. This came in addition to other packages from provincial authorities. However, concerns remained that the world’s second largest economy would experience a harder than expected landing and this would have a knock-on effect on its Asian neighbours and later other economies. The Bank of England, meanwhile, expanded its ‘Quantitative Easing’ (QE) programme to assist the flagging UK economy, effectively printing money to buy government bonds from banks; its total purchases of government bonds reached roughly a third of the entire market. In September 2012, the US too launched yet more QE until further notice. All this QE helped push up the gold price as more central banks sought to diversify their reserves away from paper currencies such as the US dollar, in danger of being devalued by continuous money printing. As the period came to a close, Draghi unveiled another building block for dealing with the eurozone crisis – a bond buying programme for the debt of troubled nations. Spanish and Italian bond yields fell from crisis levels in response but concerns remained that Spain would need to seek a second bailout. Looking ahead, we expect eurozone concerns to continue. Despite recent action from the ECB, the problems in the peripheral European countries have not gone away. Growth is simply far too low in countries such as Spain, Greece, Portugal and Italy to stabilise national debt levels, let alone create employment and attract investment. However, the US economy appears to be stabilising and lower inflation rates in emerging giants such as China should offer greater scope to cut interest rates and stimulate economies. The Jupiter Global Fund range offers investors a broad range of strategies and geographies, all of which seek to employ Jupiter’s emphasis on achieving robust outperformance. During the year, we launched another Fund, Jupiter Dynamic Bond, to take advantage of opportunities in the corporate bond market. The Fund is run by fixed income specialist Ariel Bezalel with the help of the investment managers of Jupiter’s fixed income and multi asset team. In this uncertain world, we believe that investors are likely to favour quality companies that can grow their earnings, maintain dividends and strengthen their balance sheets. Being able to manage portfolios actively and capitalise on opportunities when they arise is likely to be crucial for patient investors who, like us, believe that the world is going through a prolonged period of structural change. Adrian Creedy Chairman 30 October 2012 9
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The Jupiter Global Fund - Jupiter Asset Management

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