13th Jul 2015 16:28
LONDON (Alliance News) - Jupiter Green Investment Trust PLC Monday said its net asset value per share underperformed its benchmark in its recently-ended financial year.
Jupiter said its NAV per share total return in the year ended March 31 was 5.1%, while the MSCI World Small Cap Index saw a total return on NAV per share of 14.6%, and the FTSE ET 100 Index was 9.6%.
Jupiter said that its underperformance can in part be ascribed to the exclusion of its "notable" contribution from the financial, technology and healthcare sectors, as well as the long-standing low exposure to the US markets which saw significant outperformance against most global markets. The drop in oil prices also hit its holdings that provide remediation and pollution management services to the oil sector as well as those involved in biofuels and the solar sector, it added.
"Looking to our new financial year, the outlook for the US economy remains favourable, the UK economy is improving more strongly than many economists had expected, while Japan is seeing signs of recovery in the domestic economy. In Europe however, economic growth remains very weak and further assistance from the ECB is probably needed to accelerate growth. Therefore, while significant geopolitical risks remain and there is still too much leverage in the world's economic system, we are cautiously optimistic about the longer term outlook for global equity markets and believe our Investment Adviser's strong stock and fund selection abilities should again help the company achieve solid investment returns," Chairman Perry Crosthwaite said in a statement.
Shares in Jupiter last traded at 141.00 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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