Interim Management Statement

Jupiter European Opportunities Trust PLC

Interim Management Statement for the three months ended 28 February 2013

The Board of Jupiter European Opportunities Trust PLC (the "Company") is pleased to announce its interim management statement for the quarter ended 28 February 2013.  

During the period from 1 December 2012 to 28 February 2013, the Company's net asset value per share excluding income and expenses rose by 13.0 per cent. to 392.02p, which compares with a rise of 13.1 per cent. for the Company's benchmark, the FTSE World Europe ex UK Total Return Index, over the same period.

Investment Manager's Report for the Quarter Ended 28 February 2013

Returns across global equity markets were remarkably correlated during the three months under review, reflecting a calm period for equity markets. Indices as diverse as the FTSE World Index, the S&P500 Index and the FTSE World Europe ex UK Index (the Benchmark Index) each returned 13% in sterling terms, while the MSCI Latin America Index returned 14% and the Nikkei 225 Index returned 16%. Sentiment was buoyed by further improvements in US and Chinese economic data and a belief in Europe that Mario Draghi, the President of the European Central Bank, would continue to do "whatever it takes to preserve the euro".

Your Company performed broadly in line with the benchmark over the three months under review but the drivers of returns differed. The structural underweight to Financials detracted from performance while the overweight to Healthcare boosted returns. As usual, performance is best explained by stock specific returns. The best performer over the period was Novozymes, which reported full year results significantly above consensus forecasts. Our patience in this producer of industrial enzymes was rewarded after twelve months of lacklustre share price returns. Novo Nordisk was the next best contributor to performance over the period, in spite of a setback in early February. The US Food and Drug Administration rejected the company's new class of diabetes care drug and stated it required an additional medical study. The same new drug has already been approved in Europe and Japan. Aggreko was the principal detractor from returns over the period. Shares fell after the global leader in temporary power warned that 2013 would be weak as pricing pressures and delayed contract signings created short-term headwinds.

The performance of the Company was enhanced by gearing, which stood at £54,440,500 (representing 14% of NAV) at the end of the period. Turnover was modest during the period. We sold our holdings in Pearson and Ingenico and trimmed back our position in Novo Nordisk. We added to holdings in Fresenius SE and Wirecard.

Your Company aims to invest in businesses that largely owe their fortunes to their own efforts, to unique products and services and to their ability to reach customers globally. These businesses by and large delivered strong profits in 2012 against a background of worsening macroeconomic data in Europe and we remain confident that our investment approach is appropriate for current circumstances.

Alexander Darwall
Fund Manager, Jupiter Asset Management Limited

Total Assets as at 28 February 2013: £325,847,645

Shares in Issue on 28 February 2013: 83,119,523

	Net Asset Value per share excluding income/expenses(p)	Net Asset Value per share including income/expenses(p)	Market Price (p)	Premium
Ordinary Shares*	392.02	391.56	397.00	1%

Portfolio Distribution on 28 February 2013 Percentage of Total Assets plus short term loans/overdraft

Country	%
United Kingdom	36
Denmark	16
Germany	18
France	10
The Netherlands	10
Switzerland	10
Norway	7
Others	6
Cash and fixed interest	(13)
	100

The Company's exposure to other UK listed investment companies was nil on 28 February 2013.

Top Ten Holdings on 28 February 2013

Company	Country of Listing	Percentage of Portfolio
Syngenta	Switzerland	7.3
Experian	United Kingdom	6.7
Novo-Nordisk	Denmark	6.6
Wirecard	Germany	6.1
Novozymes	Denmark	6.0
Intertek Group	United Kingdom	5.8
Croda International	United Kingdom	5.7
Fresenius SE	Germany	5.3
Provident Financial	United Kingdom	4.8
Elsevier	The Netherlands	4.8
		____
		59.1

Comparative Performance to 28 February 2013

	1 Month %	3 Months %	1 Year %	3 Years %	5 Years %	Since Launch %	Since Last Annual Report %
Total Assets*	6.9	13.0	28.9	71.4	81.3	261.0	34.7
FTSE World Europe Ex-UK Index	1.4	13.1	18.6	21.7	18.3	65.1	36.4
FTSE World Europe Inc-UK Index	1.6	11.8	16.7	25.0	22.4	63.0	31.8
Ordinary Share NAV	6.9	13.0	28.9	71.4	81.3	314.1	34.7
Ordinary Share Price	6.3	13.3	43.3	105.4	91.3	291.1	54.0

*Adjusted for changes to share capital and amounts borrowed.

OBJECTIVE OF THE COMPANY

The objective of the Company is to invest in securities of European companies and in sectors or geographical areas which are considered by the investment manager to offer good prospects for capital growth, taking into account economic trends and business development.

INVESTMENT POLICY

The Investment Manager adopts a stock picking approach in the belief that a thorough analysis and understanding of a company is the best way to identify long-term superior growth prospects. This understanding begins with identifying those companies where the ownership structure and incumbent management are conducive to the realisation of the aim of achieving superior long-term earnings growth. The Investment Manager will seek to identify companies which enjoy certain key business characteristics including some or all of the following:

- a strong management record and team, and the confidence that the Investment Manager has in that management's ability to explain and account for its actions;

- proprietary technology and other factors which indicate a sustainable competitive advantage;

- a reasonable expectation that demand for companies' products or services will enhance long-term growth; and

- an understanding that structural changes are likely to benefit rather than negatively impact that company's prospects.

There may be sectors which do not enjoy the business characteristics described above and in such circumstances the Investment Manager will seek to identify companies that are expected to generate superior earnings growth within that sector.

In analysing potential investments, the Investment Manager will employ differing valuation techniques depending on their relevance to the business characteristics of a particular company. However, the underlying feature will be the sustainability and growth of free cash-flow in the long-term.

Material Events

During the period under review there were no material events.

Availability of Monthly Fact Sheets

Monthly fact sheets for the Company are available for download from www.jupiteronline.co.uk and by post or fax on request from the company secretarial department.

The Company's Ordinary shares are listed on the London Stock Exchange and the prices are published in the Financial Times and The Times under `Investment Companies'.

The Net Asset Values of the Company's ordinary shares are calculated weekly and can be viewed on the London Stock Exchange website at www.londonstockexchange.com (under the heading 'Market News').

For further information, please contact:

Richard Pavry
Director of Investment Trusts
Jupiter Asset Management Limited
[e-mail]  
020 7314 4822

Celia L Whitten
Company Secretarial Department
Jupiter Asset Management Limited
[e-mail]
020 7314 5565

The Company's Registered office is at 1 Grosvenor Place, London SW1X 7JJ.

This interim management statement has been prepared solely to provide information to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules.

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information contained therein.

Source: Jupiter European Opportunities Trust PLC via Thomson Reuters ONE

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