Interim Management Statement

RNS Number : 7578E

JPMorgan American IT PLC

15 May 2013

 



JPMorgan American Investment Trust plc

Interim Management Statement (unaudited)

For the three months ended 31st March 2013

This interim management statement relates to the quarter from 1st January 2013 to 31st March 2013 and contains information that covers that period, unless otherwise stated. 

Financial performance - Cumulative Total Return *

	1 month	3 months	1 Year	3 Years	5 Years	10 Years
Share price	3.9%	18.0%	14.5%	37.1%	92.0%	175.6%
Net asset value	3.6%	16.6%	15.3%	33.5%	74.5%	149.9%
Benchmark	3.7%	18.3%	19.5%	41.5%	70.7%	127.9 %

* total return with net dividends reinvested

Share prices shown are closing bid

Net asset values are shown with debt at par value on a cum income basis

Source: JPMAM/Morningstar

Financial position

	As at 13th May 2013	As at 31st March 2013	31st December 2012
Total assets	£607.4m	£594.2m	£514.6m
Share price	1087.0p	1069.0p	906.0p
Net asset value	1076.2p	1059.1p	904.4p
Premium /Discount (-)	1.0%	0.9%	0.2%
Gearing/(Net Cash)	(0.5)%	(3.3)%	(0.6)%

Share prices shown are closing bid

Net asset values are shown with debt at fair value on a cum income basis

Source: JPMAM/Morningstar

Material events

There were no material events during the quarter.

Material events post 31st March 2013

At the Annual General Meeting held on 1st May 2013, all resolutions were passed, including the following items of Special Business:

1)      to allow the Company to allot new ordinary shares up to an aggregate nominal amount of £1,268,570;

2)      to disapply pre-emption rights on the allotment of such new ordinary shares;          

3)      to allow the Company to make market purchases of up to 7,568,689 ordinary shares representing 14.99% of the Company's issued share capital;

4)      to amend the Company's Articles of Association to permit the distribution of capital profits; and

5)       to increase the maximum aggregate Directors' fees payable from £175,000 to £225,000 per annum.

At the conclusion of the Annual General Meeting, James Fox, a Director of the Company since 2003 retired from the Board. Mr Fox was succeeded as Audit Committee Chairman by Simon Bragg.

At the Annual General Meeting, the Chairman commented "James has served as a director since 2003 and has been the Company's Audit Committee Chairman throughout his time on the Board. His understanding of the US, knowledge of investment and investment company matters and rigour as Chairman of the Audit Committee have contributed significantly to the success of the Company over the last 10 years. On the behalf of the Board, I would like to thank James for his commitment to the Company and wish him well for the future."

Material transactions

Changes to share capital:      

	Ordinary Shares of 25p
Shares in issue as at 1st January 2013	50,241,592
Shares bought back and cancelled	-
Shares issued - new	250,000
As at 31st March 2013	50,491,592

Since the quarter end an additional 251,200 ordinary shares have been issued.  Therefore, the number of shares in issue as at the date of this report is 50,742,792.

Portfolio Analyses

Top ten holdings as at 31st March 2013

Stock name	Sector	Weight %
Exxon Mobil Apple Microsoft Pfizer IBM Philip Morris International Merck & Co Qualcomm United Technologies Chevron	Energy Information Technology Information Technology Health Care Information Technology Consumer Staples Health Care Information Technology Industrials Energy	3.5 3.3 2.9 2.6 2.4 1.8 1.8 1.7 1.6 1.6

Sector analysis as at 31st March 2013

Sector	31st March 2013 %	31st December 2012 %
Information Technology Health Care Financials Consumer Discretionary Energy Consumer Staples Industrials Telecommunication Services Utilities Materials Cash	18.9 14.1 13.0 12.0 11.2 7.5 7.2 2.5 1.7 0.5 11.4	19.6 14.7 12.3 11.5 11.2 7.9 7.4 3.0 1.6 0.5 10.3
Total	100.0	100.0

Asset analysis as at 31st March 2013

	31st March 2013  %
Large companies	82.8
Small companies	5.8
Liquidity	11.9
Unrealised hedge value	-0.5
Total	100.0

By order of the Board

Alison Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

15th May 2013

Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ

Telephone: [phone]

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.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

ENDS

Please note that up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can be found at www.jpmamerican.co.uk.

 

END

 

 

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