Interim Management Statement

RNS Number : 5487X

JPMorgan Chinese Inv Tst PLC

16 February 2012

 



JPMorgan Chinese Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 31st December 2011

This interim management statement relates to the quarter from 1st October 2011 to 31st December 2011 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	-3.7%	-0.1%	-30.2%	31.7%	24.9%	138.5%
Net asset value**	3.2%	3.5%	-22.9%	38.2%	38.4%	126.1%
Benchmark	3.7%	5.3%	-18.1%	42.0%	34.2%	106.9%

* Total return with net dividends reinvested

** Capital only, diluted for Subscription shares.

Source: J.P. Morgan/Morningstar

Financial position

	As at 31st December 2011	As at 10th February 2012
Total assets	£111.3m	£124.0
Share price*	118.5p	135.8p
Net asset value **	131.7p	147.0p
Discount	-11.9%	-7.6%
Gearing Subscription share price	108% 6.3p	108.8% 6.4p

* Share prices shown are closing bid

** Cum Income, diluted for Subscription shares.

Source: J.P. Morgan/Morningstar

Material events

AGM

At the Annual General Meeting of the Company held on 16th December 2011, all of the Ordinary Resolutions put to shareholders were passed.  In addition, the following three items of Special Business were passed which:

i)          allow the Company to allot new Ordinary shares up to an aggregate nominal amount of £1,946,617 representing approximately 10% of the Company's issued Ordinary share capital;

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 11,671,915 Ordinary shares and 1,908,785 Subscription shares, representing 14.99% of the Company's issued share capital.

Material events post 31st December 2011

On 9th February 2012 the Board of JPMorgan Chinese Investment Trust plc announced that, due to growing ill health, Madam Yujiang Zhao had tendered her resignation from the Board with immediate effect. Madam Zhao had been a non-executive Director of the Company since 1st February 2005.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st October 2011	77,864,621
Shares held in Treasury at 1st October 2011	-
Shares bought back and cancelled	-
Shares issued - new Shares issued - conversion of Subscription shares Shares bought back into Treasury Shares issued - from Treasury	- 61 -
Shares in issue at 31st December 2011	77,864,682
Shares held in Treasury at 31st December 2011	-

Since the period end and up to the date of this announcement, the Company has issued an additional 400 shares following the conversion of subscription shares on 1st February 2012.  The Company has not repurchased any shares since the period end. The resulting number of shares in issue is 77,865,082.

	Subscription Shares of 1p
Shares in issue as at 1st October 2011	12,733,787
Shares exercised	61
Shares repurchased	-
As at 31st December 2011	12,733,726

Since the period end and up to the date of this announcement, the Company has issued 400 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 2011

Stock name	Country of Listing /Classification	Weight %
Taiwan Semiconductor	Taiwan	6.3
JF China New Generation Fund	China - Others	6.2
China Mobile	Hong Kong - Red Chip	5.2
China Construction Bank H	China - H	4.8
Industrial & Commercial Bank of China H CNOOC	China - H Hong Kong - Red Chip	4.4 3.7
AIA	Hong Kong - Others	3.4

Cheung Kong                                                           Hong Kong - Others                    3.0

Tencent                                                                    P Chip                                          2.9

Agricultural Bank of China H                                   China - H                                     2.5

Sector breakdown as at 31st December 2011

Sector	% of Portfolio
Financials (including property)	42.7
Information Technology	14.9
Energy	8.4
Materials	7.3
Telecommunication Services	6.3
Consumer Staples	6.1
Consumer Discretionary	5.4
Industrials Utilities	4.7 2.6
Other	0.5
Cash	1.1
Total	100.0

Geographical breakdown as at 31st December 2011

Country	% of Portfolio
China - H	25.0
Taiwan	24.2
Hong Kong - Others	19.2
Hong Kong - Red Chip	11.5
China Others	8.9
Hong Kong - P Chip	8.2
China - B	1.9
Cash	1.1
Total	100.0

By order of the Board

Christopher Cordrey, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

16th February 2012

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 at www.jpmchinese.co.uk

 

END

 

 

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