Interim Management Statement

RNS Number : 7151I

JPMorgan Russian Securities PLC

17 March 2010

 



JPMorgan Russian Securities plc

Interim Management Statement

For the three months ended 31st January 2010

This interim management statement relates to the quarter from 31st October 2009 to 31st January 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
Share price	5.2%	19.0%	207.9%	3.5%	182.0%
Net asset value	5.0%	17.6%	222.1%	2.2%	179.1%
Benchmark	3.9%	14.6%	163.2%	17.4%	238.0%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position

	As at 31st January 2010	As at 15th March 2010
Total assets	£302.5m	£347.8m
Share price	495.0p	559.0p
Net asset value	546.6p	629.1p
Discount	-9.4%	-11.15%
Gearing	99.4%	96.1%

Share prices shown are closing bid

Net asset values are shown with debt at par value

Source: JPMAM/Fundamental Data

Material events

At the Company's Annual General Meeting held on 9th March 2010, all resolutions were passed, including a special resolution to allow the Company to repurchase its own shares.

The Chairman further reported that the Board are reviewing ways to strengthen the Company's discount control policies.  

Material transactions

	Ordinary Shares of 1p
Shares in issue as at 1st October 2010	55,932,812
Shares bought back and cancelled	166,000
Shares issued	-
As at 31st January 2010	55,766,812

Portfolio

Top ten holdings as at 31st January 2010

Stock name	Sector	Weight %
Sberbank of Russia	Financials	13.0
JSC MMC Norilsk Nickel ADR	Materials	9.7
Vimpel Communications ADR	Telecommunication Services	7.2
Sistema GDR	Telecommunication Services	6.8
Magnitogorsk Iron & Steel GDR	Materials	6.1
Magnit GDR	Consumer Staples	6.0
Novolipetsk Iron & Steel GDS	Materials	5.0
Tatneft ADS	Energy	4.8
CTC Media	Consumer Discretionary	4.7
Mobile Telesystems ADS	Telecommunication Services	4.2

Sector analysis as at 31st January 2010

	Portfolio %
Materials	23.1
Telecommunication Services	20.3
Financials	17.2
Consumer Staples	12.4
Consumer Discretionary	10.7
Energy	8.8
Health Care	2.7
Industrials	2.5
Information Technology	0.9
Utilities	0.8
Cash	0.6
Total	100.00

By order of the Board

Alison Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

17th March 2010

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.

 

END

 

 

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