Interim Management Statement

RNS Number : 3890X

JPMorgan Asian Investment Tst PLC

13 August 2009

 



JPMorgan Asian Investment Trust plc

Interim Management Statement (unaudited)

For the three months ended 30th June 2009

This interim management statement relates to the quarter from 1st April 2009 to 

30th June 2009 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
Share price	-1.2%	19.1%	-3.2%	29.1%	98.6%
Net asset value	-1.1%	19.2%	-6.2%	25.2%	89.8%
Benchmark	-2.5%	17.4%	-0.9%	26.1%	96.3%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position 

	As at 30th  June 2009	As at 11th August 2009
Total assets	£312.0m	£341.8m
Share price	158.8p	170.4p
Net asset value	171.3p	186.9p
Discount	7.3%	9.3%
Gearing	104.6%	101.5%

Share prices shown are closing bid

Net asset values are capital only with debt at par value, diluted for subscription shares

Source: JPMAM/Fundamental Data

Material Events

Mr James Strachan was appointed to the Board on 10th August 2009. 

Mr Strachan is currently a non-executive Director of Legal and General plc, Welsh Water Limited, Care UK plc, Sarasin and Partners LLP and Social Finance Limited. He is also a Visiting Fellow at the LSE (risk and regulation) and a Vice President of RNID. Until 2006, he was Chairman of the Audit Commission, the public services regulator and watchdog and he served as a Director of the Bank of England until May 2009.

After reading Economics and English at Cambridge, he worked in the City both as a commercial and investment banker. Initially with Chase Manhattan, he then spent 13 years at Merrill Lynch, latterly as a Managing Director in London and a Board member of Merrill Lynch International. 

Since 1994 he has also worked in the public and voluntary sectors. He has been a Board member of Ofgem, the energy regulator; the DTI's Business and Energy Boards, the National Lottery's Community Fund; the Disability Rights Commission; Somerset House Trust and Save the Children. He has also been both Chief Executive and Chairman of RNID and a Leadership Patron of the National College of School Leadership. Having been a professional photographer and journalist, he is now an Honorary Fellow of the University of the Arts, London.

Material transactions 

Changes to share capital 

	Ordinary shares  of 25p
Ordinary shares in issue on 1st April 2009	160,007,154
Shares bought back and cancelled	-
Shares issued due to exercise of Subscription shares	185,767
As at 30th  June 2009	160,192,921

During the quarter, the Company made no market purchases of its own shares for cancellation.

Subscription Shares

The Conversion Prices of the Subscription Shares, calculated as at the close of business on 2 February 2009 and based on the Company's Net Asset Value of 135.04 pence, are as follows: 

If Subscription Share Rights are exercised between 1 April 2009 and 31 March 2010, 137 pence. 

If Subscription Share Rights are exercised between 1 April 2010 and 31 March 2012, 176 pence.

If Subscription Share Rights are exercised between 1 April 2012 and 31 March 2014, 203 pence. 

Subscription Share Conversion of shares held in Certificated form

Shareholders wishing to convert their JPMorgan Asian Investment Trust Subscription Shares, who hold their shares in Certificated form, should refer to the instructions on the reverse of their Subscription Share Certificate(s). 

Subscription Share Conversion through CREST

Shareholders wishing to convert their JPMorgan Asian Investment Trust Subscription Shares, who hold their Shares through CREST, should use the following participation and member account IDs when processing their applications: 

CREST Participant ID = 6RA97 
CREST Member Account ID = RA135723 

The USE (Unmatched Stock Event) instruction should be input by 1.00 pm and received by 3.00 pm on the last business day of each month, in order to receive the new Ordinary shares by the tenth business day of the following month. Any instructions received after this time (i.e. in the current month) will not be credited with the Ordinary share entitlement until the tenth business day of the subsequent month. 

Subscription Share Conversion through the JPMorgan ISA or Share Plan 

JPMorgan investors wishing to convert their JPMorgan Asian Subscription Shares should download the JPMorgan ISA or Share Plan Subscription Share Conversion Form from the Company's website, complete and return it together with a cheque to the freepost address at the top of the form. Forms must be received at least seven business days before the calendar month in which the conversions are applicable. 

Portfolio

Top ten holdings as at 30th June 2009

Stock name	Sector	Weight %
China Construction Bank 'H'	Financials	3.7
Industrial & Commercial Bank of China	Financials	3.0
Reliance Industries	Energy	2.9
China Telecom	Telecommunication Services	2.8
China Shenhua Energy 'H'	Energy	2.6
Capitaland	Financials	2.5
Samsung Electronics	Information Technology	2.4
Cheung Kong	Financials	2.1
CNOOC	Energy	2.1
Olam	Consumer Staples	2.1

Sector breakdown as at 30th June 2009

	Portfolio %
Financials	37.4
Industrials	16.7
Materials	10.1
Energy	7.6
Information Technology	6.8
Telecommunication Services	6.0
Consumer Discretionary	6.0
Consumer Staples	4.8
Utilities	0.9
Cash	3.7
Total	100.0

Geographical Breakdown as at 30th June 2009

	Portfolio %
Hong Kong	20.2
China	19.2
Taiwan	13.0
South Korea	11.6
India	11.6
Singapore	11.0
Indonesia	6.4
Thailand	2.3
Malaysia	1.0
Cash	3.7
Total	100.0

By order of the Board

Alison Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

13th August 2009

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. 

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.jpmasian.co.uk.  

 

END

 

 

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