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Fund Profile


Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by Jupiter Green. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

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Jupiter Green Investment Trust (LON:JGC) owns a portfolio of primarily small and mid-sized companies from a global investment universe which provide solutions to environmental challenges, such as climate change. The investment team, led by Jon Wallace, have flexibility to allow them to capture a dynamic range of drivers, categorised into six themes that will identify companies beyond just the traditional green investing areas like renewable energy, and including the likes of sustainable agriculture and green buildings (see Portfolio). As such, JGC is likely to have a high active share, even against its small cap benchmark, though Jon and the team expect superior stock selection to provide outperformance.

Despite recent volatility in markets, especially in the smaller growth stocks which the team focus on, changes have been limited. Trading has been focussed on stock specifics, which have been driven by shifting attitudes towards environmental issues. This has improved the fundamental outlook for a number of holdings. The team believe markets are beginning to acknowledge the real-world resilience of the portfolio’s themes, and that significant momentum is building in policy and consumer and business behaviour which support the fundamental investment case for their holdings. Despite this, the trust remains at a wide Discount, likely in our view due to concerns over the portfolio’s growth bias.

Stock specific factors rather than any of the trust’s themes or investment buckets, have driven Performance so far in 2023. Broad macro factors, such as the passing of the US’ Inflation Reduction Act (IRA) which has considerable support for environmental issues, has though improved the fundamental outlook for JGC’s companies. This has helped long-term performance to return back to outperforming the benchmarks, despite a challenging 2022.

Analyst's View

Environmental investing, for the most part, remains a niche, with many generalist trusts dipping into the space to try to capture short-term gains. However, we believe JGC offers a more thorough approach, and therefore likely to have more lasting returns. The team have a more nuanced take on the environmental sector, meaning they are able to identify opportunities other investors may miss (see Portfolio). The effect is enhanced by the smaller company bias, meaning their companies are likely to be specialists offering a solution as a sole focus, rather than being another division of a multinational. We believe this offers the trust strong long-term tailwinds, although investors need to be prepared for a potentially bumpier ride along the way.

The appetite for investing in environmental challenges has waned recently, as factors such as inflation and rising interest rates have taken centre stage. However, the drivers behind these issues have not gone away and have arguably been bolstered by the spike in energy prices, recent changes in government policy and consumer preferences (see Performance). As such, we believe the demand for products and services in the space is likely to remain robust. However, valuations have fallen based on market sentiment which may prove an attractive entry point. We believe the wide Discount that JGC’s shares are currently trading on, also as a result of sentiment towards the trust’s growth bias, further enhances this.


  • Long-term structural growth drivers, through smaller companies offering a longer runway
  • Trading on a wide discount versus its own history
  • Wider consideration of environmental issues offers a more nuanced take on the theme


  • Smaller company focus with a growth bias may struggle in a higher interest rate environment
  • Structural sector underweights could lead to periods of underperformance
  • Limited size means higher ongoing charges figure
Continue to Portfolio

Fund History

15 Apr 2024 Fund Analysis
JGC’s recovery is gathering momentum, but the discount has yet to react…
19 Dec 2023 Results analysis: Jupiter Green
Despite challenging market conditions this year, JGC sees a brighter outlook ahead…
26 Jul 2023 Fund Analysis
JGC’s fundamental story continues to show resilience, but the discount remains wide…
13 Jul 2023 Results analysis: Jupiter Green
JGC delivered positive share price returns, despite a very volatile year…
21 Dec 2022 Reasons to be cheerful
We find reasons to be cheery this Christmas in the long-term trends which are going to transform society and generate returns…
08 Dec 2022 Results analysis: Jupiter Green
JGC’s nimbleness may be able to exploit the disconnect between the environmental story and the market volatility...
08 Dec 2022 Fund Analysis
Macro events have boosted JGC’s story, but pulled down valuations leaving a potential opportunity...
04 Oct 2022 How US investment in clean energy could help Jupiter Green
The trust is trading at a wide discount but stands to gain from the Inflation Reduction Act…
21 Sep 2022 Jolly green giant
There could be a solution to economic troubles on the horizon, and one where the UK is a world leader...
22 Jul 2022 The mother of invention (and returns?)
Finding companies that cater to an urgent need is easier than figuring out who the next Bill Gates is going to be…
22 Jul 2022 Results analysis: Jupiter Green
JGC’s wide discount suggests investors may have oversold after a tough few months for the trust…
16 Jun 2022 Have green stocks been over sold?
Jupiter Green is trading at a steep discount, despite many of its holdings continuing to perform well…
18 May 2022 Energy shock: looking at both sides of the coin
Jon Wallace and Noelle Guo say the energy shock faced by consumers now is reminiscent of the 1970s, which may boost usage of existing energy efficient technologies and spawn new ones...
30 Mar 2022 You say tomato…
Do it yourself or put it into a global fund and leave it to the experts - our analyst debate the merits of each approach...
17 Dec 2021 Results analysis: Jupiter Green
JGC has experienced some short-term NAV volatility, but the long-term attractions remain…
08 Dec 2021 Fund Analysis
JGC provides diversified exposure to exciting companies leading the charge to a more sustainable future…
24 Nov 2021 Holding back the tears
While the final text of COP26 fell short of what many had hoped for, the writing is on the wall for fossil fuels and, from an investment perspective, the age of sustainability has only just begun…
10 Nov 2021 A fair wind
As the world grapples with the challenge of climate change, we examine a fund which aims to generate growth for its shareholders via companies which can deliver a cleaner future…
27 Oct 2021 Gone with the wind
One of our analysts looks at the implications of the shocking rise in energy prices and the opportunities it highlights for investment trusts...
15 Sep 2021 Bargains galore
We review our discounted opportunities portfolio, with one constituent rallying more than 30% in just two months…
14 Jul 2021 Building back greener
As governments turn their focus towards the COVID-19 economic recovery, they are increasingly incorporating sustainability goals into their efforts. For sustainable investors, this presents a clear opportunity…
10 Jun 2021 Green is good!
2021 will see billions dedicated to sustainable initiatives, which brings with it a host of possible investment opportunities...
19 May 2021 Fund Analysis
JGC’s focus on mid/small caps seems to have been well-timed, and is now regularly issuing shares…
23 Apr 2021 Reuse, recycle and rethink sustainability
Over the last three years, sustainability has gone from being something of an investment trend to an imperative for many investors...
10 Mar 2021 A true original
ESG has become a buzzword in recent years but Jupiter Green, which has forged a successful track record in socially responsible investing since launch in 2006, was into it before it was ‘cool’…
10 Mar 2021 Spring Conference '21
Audio and presentations from 21 of the UK’s leading investment trust managers…
04 Mar 2021 Slides and Audio: Jupiter Green
Download the presentation and listen to the audio from our 'Ideas for your ISA' Spring Conference on 03 March...
24 Feb 2021 Dire Straits or Money for Nothing?
As discounts reach historically narrow levels across the board – our analysts debate whether a premium is a price worth paying…
04 Feb 2021 Eurovision 2021
We highlight potential opportunities within the European investment trust space…
29 Jan 2021 Flash update: Jupiter Green
Jon Wallace is promoted to lead manager…
16 Dec 2020 My haven’t you grown!
How sustainability has gone from zero to hero in 2020…
15 Dec 2020 Results analysis: Jupiter Green
The team behind the newly revamped Jupiter Green believe the COVID crisis has sharpened the focus on sustainability, creating a multi-decade opportunity for companies in the portfolio…
04 Dec 2020 Slides and Audio: Jupiter Green
Our research team at Kepler Trust Intelligence hosted a 30 minute webinar update with Charlie Thomas, Head of Strategy, Environment & Sustainability at Jupiter Asset Management...
10 Nov 2020 Fund Analysis
JGC is now focussing on mid & small caps, which we see as a positive for its prospects…
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