On the whole, we’d say that Jupiter’s interims are in line although we acknowledge that there is reason for optimism. The H1 outturn is a little better than expected most notably with a net inflow in Q2 driven by institutional inflows and improving intermediary although we do not think that this is unquestionably “turning a corner”. With the rating now well into the teens, we think that the shares are now indicating a clear return to organic growth without having given us confidence of that. We reiterate our HOLD.
