Interim Management Statement

RNS Number : 8833A

JPMorgan Chinese Inv Tst PLC

08 February 2011

 



JPMorgan Chinese Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 31st December 2010

This interim management statement relates to the quarter from 1st October 2010 to 31st December 2010 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	4.3%	13.9%	16.7%	27.5%	129.7%	240.0%
Net asset value**	3.0%	9.9%	20.4%	17.4%	134.5%	172.8%
Benchmark	2.8%	7.0%	16.8%	21.1%	99.8%	151.7%

* Total return with net dividends reinvested

** Capital only, diluted for Subscription shares.

Source: J.P. Morgan/Morningstar

Financial position

	As at 31st December 2010	As at 7th February 2011
Total assets	£143.3m	£131.9m
Share price*	171.5p	161.50p
Net asset value **	172.2p	168.31p
Premium/(Discount)	(0.4)%	(4.05)%
Gearing Subscription share price	104% 28.5p	104.7% 20.0p

* Share prices shown are closing bid

** Cum Income, diluted for Subscription shares.

Source: J.P. Morgan/Morningstar

Material events

AGM

At the Company's Annual General Meeting ('AGM') held on 14th December 2010, all of the resolutions put to shareholders were passed, including the following items of Special Business which:

i)          allow the Company to allot new Ordinary shares up to an aggregate nominal amount of £1,940,339 representing approximately 10% of the Company's issued Ordinary share capital (including shares held in Treasury);

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

iii)        allow the Company to make market purchases of up to 11,634,273 Ordinary shares and 1,916,447 Subscription shares, representing 14.99% of the Company's issued share capital (excluding shares held in Treasury);

Loan Facility

JPMorgan Chinese Investment Trust plc gave notification that it entered into a 364 day revolving £20m credit facility agreement with Scotiabank (Ireland) Limited on 27^th January 2011. The Company has an option to extend the facility for a further 364 days at the expiry of this term. The Company's £8m revolving credit facility with Lloyds TSB Bank expired on 28 January 2011. As previously stated, the Board has given the Investment Managers the flexibility to gear the Company's portfolio within the range of 90% to 115% invested. As at the close of business on 7th February 2011 the Company was 104.7% invested.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st October 2010	77,308,159
Shares held in Treasury at 1st October 2010	-
Shares bought back and cancelled	-
Shares issued - new Shares issued - conversion of Subscription shares Shares bought back into Treasury Shares issued - from Treasury                                             f	400,000 11,514 -
Shares in issue at 31st December 2010	77,719,395
Shares held in Treasury at 31st December 2010	-

Since the period end and up to the date of this announcement, the Company has issued 100,000 Ordinary Shares of 25p each, which was issued on 18 January 2011.  The Company has not repurchased any shares since the period end.

	Subscription Shares of 1p
Shares in issue as at 1st October 2010	12,790,249
Shares exercised	11,514
Shares repurchased	-
As at 31st December 2010	12,779,013

Since the period end and up to the date of this announcement, the Company has issued 26,138 Ordinary Shares of 25p each following the exercise of conversion rights by a number of uncertificated subscription shareholders.  

Portfolio Analyses

Top ten holdings as at 31st December 2010

Stock name	Country of Listing / Classification	% of Portfolio
JF China Pioneer 'A' Share Fund	China - A	5.5
CNOOC	Hong Kong - Red Chip	4.5
China Construction Bank 'H'	Hong Kong - H	3.7
Cheung Kong	Hong Kong	3.0
China Mobile	Hong Kong - Red Chip	2.9
Taiwan Semiconductor	Taiwan	2.8
Bank of China 'H'	Hong Kong - H	2.8
Ping An Insurance 'H'	Hong Kong - H	2.3
Hon Hai Precision industry	Taiwan	2.3
Tencent	China Others	2.2

Sector breakdown as at 31st December 2010

Sector	% of Portfolio
Financials (including property)	39.1
Information Technology	17.8
Materials	9.3
Energy	9.0
Industrials	7.0
Consumer Discretionary	6.2
Consumer Staples	4.6
Telecommunication Services	2.9
Health Care	1.7
Utilities	0.5
Cash	1.9

By order of the Board

Christopher Cordrey, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

8th February 2011

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, fact sheets and portfolio information can be found at www.jpmchinese.co.uk

 

END

 

 

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