Interim Management Statement

RNS Number : 6474M

JPMorgan Russian Securities PLC

19 September 2012

 



JPMorgan Russian Securities plc

Interim Management Statement

For the three months ended 31st July 2012

This interim management statement relates to the quarter from 1st May 2012 to 31st July 2012 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	2.2%	-9.2%	-23.8%	51.4%	-11.6%	440.7%
Net asset value	4.1%	-6.4%	-22.5%	56.7%	-11.1%	511.8%
Benchmark	3.9%	-7.5%	-24.7%	46.3%	10.2%	507.4%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st July 2012	As at 18th September 2012
Total assets	£303.8m	£322.5m
Share price	493.3p	527.0p
Net asset value	556.6p	591.0p
Discount	-11.4%	-10.8%
Gearing	99.7%	97.4%

Share prices shown are closing bid

Net asset values are shown cum income with debt at par value

Source: JPMAM/Morningstar

Material events

There were no material events during the reporting period.

Material transactions

	Ordinary Shares of 1p
Shares in issue as at 1st May 2012	53,851,612
Shares bought back and cancelled	100,000
Shares issued	-
As at 31st July 2012	53,751,612

Since the period end, on 10th August 2012, the Company repurchased a further 20,000 shares for cancellation.  The number of shares in issue following this repurchase is 53,731,612.

Portfolio

Top ten holdings as at 31st July 2012

Stock name	Sector	Weight %
Lukoil ADR	Energy	11.7
Sberbank of Russia ADR	Financials	9.7
Mobile Telesystems ADR	Telecommunication Services	6.0
Tatneft ADS	Energy	5.2
Gazprom ADR	Energy	4.6
Dixy	Consumer Discretionary	4.5
Novatek GDR	Energy	4.3
Magnit	Consumer Staples	3.9
JSC MMC Norilsk Nickel	Materials	3.8
Mostotrest	Industrials	3.4

Sector analysis as at 31st July 2012

Sector	Portfolio %
Energy	31.1
Materials	13.7
Consumer Staples	13.3
Financials	11.6
Consumer Discretionary	10.3
Telecommunication Services	10.1
Industrials	3.4
Health Care	2.3
Utilities	1.9
Cash	2.3
Total	100.00

By order of the Board

Alison Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

19th September 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.

Please note that up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can be found at www.jpmrussian.co.uk 

 

END

 

 

IMSUKOARUOAKAAR