Interim Management Statement
JPMorgan Russian Securities plc
Interim Management Statement
For the three months ended 31st January 2011
This interim management statement relates to the quarter from 31st October 2010 to 31st January 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 |
-1.9% |
10.8% |
42.6% |
9.8% |
79.9% |
1426.1% |
|
Net asset value |
-1.7% |
9.5% |
36.3% |
9.2% |
88.6% |
1194.9% |
|
Benchmark |
1.3% |
16.3% |
29.4% |
30.3% |
113.5% |
967.9% |
* total return with net dividends reinvested
Source: JPMAM/Morningstar
Financial position
|
|
As at 31st January 2011 |
As at 11th March 2011 |
|
Total assets |
£411.8m |
£418.7m |
|
Share price |
706.0p |
676.0p |
|
Net asset value |
745.0p |
757.4p |
|
Discount |
-5.2% |
-10.75% |
|
Gearing |
98.5% |
95.8% |
Share prices shown are closing bid
Net asset values are shown cum income with debt at par value
Source: JPMAM/Morningstar
Material events
On 11th January 2011, the Company announced the resignation of Mr Paul Teleki as a Director of the Company with effect from 10th January 2011. The Board thanked Mr Teleki for his extensive contribution to the Company during his tenure and wished him well for the future.
Mr Teleki was the Company's Audit Committee Chairman and Mr James Nicholson was appointed his successor with effect from 10th January 2011.
Material transactions
There were no changes to the Company's share capital over the review period, or other material transactions to report.
Portfolio
Top ten holdings as at 31st January 2011
|
Stock name |
Sector |
Weight % |
|
Sberbank of Russia |
Financials |
13.3 |
|
Magnit GDR |
Consumer Staples |
9.4 |
|
Norilsk Nickel ADR |
Materials |
6.9 |
|
CTC Media |
Consumer Discretionary |
5.7 |
|
Magnitogorsk Iron & Steel GDR |
Materials |
5.2 |
|
Novolipetsk Iron & Steel GDS |
Materials |
5.1 |
|
Tatneft ADR |
Energy |
4.0 |
|
Mobile Telesystems ADR |
Telecommunication Services |
4.0 |
|
Bank Saint Petersburg |
Financials |
4.0 |
|
Mostotrest |
Industrials |
3.8 |
Sector analysis as at 31st January 2011
|
|
Portfolio % |
|
Consumer Staples |
18.9 |
|
Materials |
18.0 |
|
Financials |
18.0 |
|
Consumer Discretionary |
13.0 |
|
Energy |
11.2 |
|
Telecommunication Services |
9.1 |
|
Utilities |
3.9 |
|
Industrials |
3.8 |
|
Health Care |
1.9 |
|
Cash |
1.5 |
|
Information Technology |
0.7 |
|
Total |
100.00 |
By order of the Board
Alison Vincent, for and on behalf of
JPMorgan Asset Management (UK) Limited, Secretary
14th March 2011
Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ
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.jpmrussian.co.uk For investor information please contact the JPMorgan helpline on Freephone 0800 40 30 30.
This information is provided by RNS