Interim Management Statement

RNS Number : 7864Q

JPMorgan Chinese Inv Tst PLC

09 August 2010

 



JPMorgan Chinese Investment Trust plc

("the Company")

Interim Management Statement (Unaudited)

For the three months ended 30th June 2010

This interim management statement relates to the quarter from 1st April 2010 to 30th June 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	-3.1%	-8.5%	17.3%	29.8%	119.7%	102.5%
Net asset value**	-2.9%	-5.7%	24.2%	25.5%	123.9%	71.0%
Benchmark	-2.2%	-5.0%	24.4%	26.5%	89.4%	61.0%

* Total return with net dividends reinvested.

** Capital only, diluted for Subscription shares.

Source: JPMAM/MorningStar.

Financial position

	As at 30th June 2010	As at 6th August 2010
Total assets	£115.5m	£118.5m
Share price*	135.5p	144.0p
Net asset value **	144.3p	147.8p
Discount	6.1%	2.5%
Gearing Subscription share price	100.6% 15.3p	102.7% 16.0p

*Share prices shown are closing bid.

** Cumulative Income.

Source: JPMAM/MorningStar.

Material events

At a Class Meeting of Subscription shareholders of the Company held on 28th June 2010, a special resolution relating to the variation of Subscription Share Rights was duly passed.  In addition, at a General Meeting of Ordinary shareholders held immediately following the Class Meeting, a special resolution relating the adoption of new Articles of Association was duly passed. Further details can be found in the Company's Circular dated 28th May 2010, a copy of which can be found on the Company's website at www.jpmchinese.co.uk

On 1st July 2010 Ms Kathryn Matthews was appointed as an independent non-executive Director of the Company.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st April 2010	76,041,461
Shares held in Treasury at 1st April 2010	0
Shares repurchased and cancelled	-
Shares repurchased into Treasury
Shares issued - new
Shares issued - conversion of Subscription shares	1,258,499
Shares in issue at 30th June 2010	77,299,960
Shares held in Treasury at 30th June 2010	0

	Subscription Shares of 1p
Shares in issue as at 1st April 2010	14,136,407
Shares exercised	1,258,499
Shares repurchased	-
As at 30th June 2010	12,798,448

Since the period end, the Company has issued a further 6,611 Ordinary shares following the exercise of Subscription shares.

Portfolio Analyses

Top ten holdings as at 30th June 2010

Stock name	Country of Listing /Classification	% of Portfolio
CNOOC	Hong Kong Red Chip	4.6
China Construction Bank 'H'	Hong Kong H-Shares	4.5
Taiwan Semiconductor	Taiwan	4.4
China Mobile	Hong Kong Red Chip	4.3
Industrial & Commercial Bank of China 'H'	Hong Kong H-Shares	4.2
China Life Insurance 'H'	Hong Kong H-Shares	3.8
JF China Pioneer 'A' Share Fund	China A-Shares (indirect)	3.8
Hon Hai Precision Industry	Taiwan	2.8
Bank of China 'H'	Hong Kong H-Shares	2.5
Tencent	Hong Kong Others	2.3

Sector breakdown as at 30th June 2010

Sector	% of Portfolio
Financials (including property)	41.5
Information Technology	19.9
Energy	10.2
Consumer Discretionary	6.1
Industrials	5.4
Telecommunication Services	4.8
Materials	4.7
Consumer Staples	4.4
Utilities	1.4
Cash	1.6
Total	100.0

By order of the Board

Christopher Legg, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

9th August 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, fact sheets and portfolio information can be found at www.jpmchinese.co.uk

 

END

 

 

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