4th Feb 2016 12:54
LONDON (Alliance News) - Jupiter European Opportunities Trust PLC on Thursday said its net asset value rose by 3.1% in the six months to November 30.
Over the first half of its financial year, the trust's NAV rose to 563.03 pence per share from 546.27p. With dividends added back, the total return was 3.8%.
The performance was ahead of the trust's FTSE Europe ex-UK Total Return Index benchmark, which declined by 4.7% over the same period.
Meanwhile the market price of the trust's shares rose by 6.2% over the same period.
"Markets have fallen sharply in the opening weeks of 2016. Nevertheless, patient investors have hitherto been rewarded for backing your company's investment strategy in both bull and bear markets. The portfolio manager's investment style remains unchanged and he will continue to seek businesses with unique products or services and a proven record of profitability for the company's investment portfolio irrespective of the wider market environment," Chairman Hugh Priestley said.
The portfolio is managed by Alexander Darwall of Jupiter Asset Management Ltd, part of Jupiter Fund Management PLC.
"There are few companies that are not assailed by the challenges posed by changes in technology, regulations and consumer behaviour. Whilst many companies will struggle to meet these challenges, some will adapt successfully and be strengthened in their responses: for the winners the opportunities are greater than ever. We seek to identify patterns of success which can be found in many different businesses," Darwall said.
"Thus we seek to identify and invest in a wide range of businesses which enjoy pricing power and growth drivers; produce strong products and services; and where the competitive landscape is favourable. For these winning business models the outlook is fair," the fund manager said.
Shares in the trust were up 0.4% at 559.00p on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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