Interim Management Statement

RNS Number : 8013Z

JPMorgan Chinese Inv Tst PLC

11 February 2014

 



JPMorgan Chinese Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 31st December 2013

This interim management statement relates to the quarter from 1st October 2013 to 31st December 2013 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	0.6%	10.4%	11.6%	-3.0%	83.0%	157.8%
Benchmark	-2.3%	1.5%	4.9%	0.4%	74.0%	162.0%
Net asset value**	0.1%	6.2%	13.6%	6.1%	90.3%	208.6%

* Total return with net dividends reinvested

** Capital only, diluted for Subscription shares.

Source: J.P. Morgan/Morningstar

Financial position

	As at 31st December 2013	As at 10th February 2014
Total assets	£151.8m	£144.1m
Share price*	161.2p	155.5p
Net asset value **	177.6p	166.3p
Discount	9.2%	6.5%
Gearing	10.7%	8.9%

* Share prices shown are closing bid

** Cum Income, diluted for Subscription shares.

Source: J.P. Morgan/Morningstar

Material events

On 2nd December 2013, the Board of JPMorgan Chinese Investment Trust plc announced that, subject to shareholder approval at the Annual General Meeting to be held on 27th January 2014, a dividend of 1.60 pence per share would be paid on 3rd February 2014 to shareholders on the register at the close of business on 13th December 2013, having an ex-dividend date of 11th December 2013.

The Company's final results for the year ended 30^th September 2013 were announced on 2nd December 2013.

Material events post 31st December 2013

AGM

At the Annual General Meeting of the Company held on 27th January 2014, all of the Ordinary Resolutions put to shareholders were passed.  In addition, the following items of Special Business were passed which:

i.)         allow the Company to allot shares up to an aggregate nominal amount of £1,947,874 representing approximately 10% of the Company's issued share capital;

ii.)        allow the disapplication of pre-emption rights on the allotment of shares; and

iii.)       allow the Company to make market purchases of up to 11,322,160 Ordinary shares representing 14.99% of the Company's issued share capital;

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st October 2013*	77,914,965
Shares held in Treasury at 1st October 2013	2,383,539
Shares bought back and cancelled	-
Shares issued - new Shares bought back into Treasury Shares issued - from Treasury	- - -
Shares in issue at 31st December 2013*	77,914,965
Shares held in Treasury at 31st December 2013	2,383,539

*Including treasury shares

Since the period end and up to the date of this announcement, the Company has not issued or brought back any shares

Portfolio Analyses

Top ten holdings as at 31st December 2013

Stock name	Sector	Weight %
Taiwan Semiconductor	Information Technology	6.0
Tencent China Mobile	Information Technology	6.0
China Construction Bank H	Financials	4.6
AIA JF China New Generation Fund	Financials Financials	4.4 4.0
Industrial and Commercial Bank of China H	Financials	3.1
CNOOC	Energy	2.5
Galaxy Entertainment Group	Consumer Discretionay	2.5
Hutchinson Whampoa	Industrials	2.4
Ping An Insurance H	Financials	2.3

Sector breakdown as at 31st December 2013

Sector	% of Portfolio
Financials	37.4
Information Technology	22.9
Consumer Discretionary	12.2
Industrials	7.3
Energy Consumer Staples	5.5 4.3
Utilities	4.1
Materials	2.2
Telecommunication Services Health Care	1.4 0.5
Cash	2.2
Total	100.0

Geographical breakdown as at 31st December 2013

Country	% of Portfolio
China - H Shares	24.5
Taiwan	22.9
Hong Kong	18.8
P Chip	12.1
Red Chip	8.3
China A Shares	6.1
China Others	3.0
China B Shares	2.1
Cash	2.2
Total	100.0

By order of the Board

Lucy Dina, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

11th February 2014

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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