Interim Management Statement

RNS Number : 9864G

JPMorgan Asian Investment Tst PLC

10 February 2010

 



JPMorgan Asian Investment Trust plc

Interim Management Statement (unaudited)

For the three months ended 31st December 2009

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

31st December 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	6.9%	4.9%	48.1%	31.1%	120.2%
Net asset value	3.5%	4.3%	46.6%	25.4%	104.5%
Benchmark	6.0%	5.6%	53.2%	39.2%	123.3%

* total return with net dividends reinvested and calculated using the diluted net asset value which assumes that all outstanding Subscription shares have been converted into Ordinary shares.

Source: JPMAM/Fundamental Data

Financial position

	As at 31st  December 2009	As at 9th February 2010
Total assets	£391.4m	£361.3m
Share price	193.0p	173.9p
Diluted net asset value	207.4p	189.01p
Undiluted net asset value	220.2p	201.1p
Discount to diluted net asset value	7.0%	8.0%
Subscription share price	50.5p	37.8p
Gearing	105.7%	106.0%

Share prices shown are closing bid

Net asset values are shown with debt at par value

Source: JPMAM/Fundamental Data

Material Events

At the Annual General Meeting of the Company held on 1st February 2010, all of the Ordinary Resolutions put to shareholders were passed.  In addition, four items of special business were passed which:

i)          allow the Company to allot new Ordinary shares up to an aggregate nominal amount of £4,062,552, representing approximately 10% of the Company's issued Ordinary share capital; and

ii)         allow the Company to disapply pre-emption rights on the allotment of Ordinary shares; and

iii)        allow the Company to make market purchases of up to 24,359,065 Ordinary shares, representing 14.99% of the Company's issued share capital; and

iv)        led to the adoption of new Articles of Association.

Material transactions

Changes to share capital

	Ordinary shares of 25p
Ordinary shares in issue on 1st October 2009	160,460,074
Shares bought back and cancelled	-
Shares issued due to exercise of Subscription shares	2,042,034
As at 31st December 2009	162,502,108

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 holders should note that the conversion price of the Subscription Shares will increase from 137 pence to 176 pence on 1 April 2010. This means that, if shareholders decide to convert their Subscription Shares into Ordinary Shares before 1 April 2010, they will acquire one new JPMorgan Asian Investment Trust plc Ordinary Share for 137 pence per share for each Subscription Share they convert. With effect from 1 April 2010 shareholders' right to convert the Subscription Shares will remain, but it will cost 176 pence per share to convert if they choose to do so. The conversion price will increase again to 203 pence per share on 1 April 2012. There is a useful chart highlighting these dates and prices available in the section titled 'Subscription Shares' under 'Investor Information' on the website www.jpmorganinvestmenttrusts.co.uk.

Portfolio

Top ten holdings as at 31st December 2009

Stock name	Sector	Weight %
China Construction Bank 'H'	Financials	4.4
Samsung Electronics	Information Technology	2.9
Ping An Insurance 'H'	Financials	2.8
Industrial and Commercial Bank of China 'H'	Financials	2.6
Hon Hai Precision Industry	Information Technology	2.6
Olam	Consumer Services	2.4
Wharf	Financials	2.4
Keppel Land	Financials	2.4
Sung Hai kai Properties	Financials	2.3
United Microelectronics	Information Technology	2.3

Sector breakdown as at 31st December 2009

	Portfolio %
Financials	39.5
Industrials	14.7
Materials	14.1
Information Technology	8.8
Consumer Staples	8.7
Consumer Discretionary	6.0
Energy	5.5
Telecommunication Services	0.0
Utilities	0.0
Health Care	0.0
Cash	2.7
Total	100.0

Geographical Breakdown as at 31st December 2009

	Portfolio %
Hong Kong	20.0
China	17.3
India	14.6
South Korea	14.0
Singapore	11.3
Taiwan	8.3
Indonesia	7.3
Thailand	4.5
Cash	2.7
Total	100.0

By order of the Board

Alison Vincnet, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

10th February 2010

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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