Interim Management Statement

RNS Number : 4656R

JPMorgan Emerging Mkts Invest Trust

19 November 2012

 



JPMorgan Emerging Markets Investment Trust plc

Interim Management Statement

For the three months ended 30th September 2012

This interim management statement relates to the quarter from 1st July 2012 to 30th September 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	2.1%	2.0%	10.9%	21.4%	23.4%	534.1%
Net asset value	2.8%	4.2%	13.3%	26.0%	24.5%	486.3%
Benchmark	4.3%	4.7%	12.8%	16.7%	18.3%	368.2%

* Total return using capital-only NAVs, with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 30th September 2012	As at 16th November 2012
Total assets	£750.2m	£755.7m
Share price	542.0p	547.5p
Subscription Share price	64.0p	76.0p
Net asset value	603.0p	614.95p
Discount	10.1%	10.97%
Net Cash	4.7%	1.02%

Share prices shown are closing, bid

Net asset values are shown excluding income, with debt at par value.

Source: JPMAM/Morningstar

Material events

At the Annual General Meeting of the Company held on 12th November 2012, all the ordinary business put to shareholders was passed. In addition, three items of special business were passed which:

i.)      allow the Company to allot new shares up to an aggregate nominal amount of £1,523,800, representing 5% of the Company's issued Ordinary share capital;

ii.)     allow the disapplication of pre-emption rights on the allotment of new Ordinary shares and by way of a sale of Treasury shares; and

iii.)    allow the Company to make market purchases of up to 18,273,418 Ordinary shares and 1,528,399 Subscription shares each representing 14.99% of the Company's issued share capital.

The full text of all the resolutions can be found in the Notice of Annual General Meeting contained in the Annual Report and Accounts which is available for viewing at the National Storage Mechanism which can be located at www.morningstar.co.uk/uk/NSM and from the Company's website, www.jpmemergingmarkets.co.uk 

The Investment Manager's AGM presentation and a summary of proxy votes received are available on the Company's website, www.jpmemergingmarkets.co.uk

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Ordinary shares in issue as at 1st July 2012	114,762,153
Shares bought back in to Treasury	93,335
Shares issued due to exercise of Subscription shares	7,235,236
Ordinary Shares in issue as at 30th September 2012 Ordinary Shares in issue as at 30th September 2012	121,904,054 10,196,136

Since 30th September 2012, the Company has issued, due to exercise of Subscription shares, a further 608 shares and has bought back a total of 831,420 shares into Treasury.

Portfolio Analyses

Top ten holdings as at 30th September 2012

Stock name	Country	Weight %
Housing Development Finance	India	3.8
Taiwan Semiconductor Manufacturing ADS	Taiwan	2.7
Grupo Financiero Banorte	Mexico	2.3
Companhia Vale do Rio Doce ADR	Brazil	2.3
Ultrapar Participacoes	Brazil	2.2
Hyundai Motor	Korea	2.2
International Personal Finance	United Kingdom	2.2
Petroleo Brasileiro ADR	Brazil	2.2
Hyundai Mobis	Korea	2.1
Turkiye Garanti Bankasi	Turkey	2.1

Sector analysis as at 30th September 2012

Sector	Portfolio %
Financials	31.9
Consumer Staples	18.6
Consumer Discretionary	10.5
Industrials	9.3
Information Technology	8.9
Materials	6.2
Energy	5.9
Telecommunication Services	3.5
Health Care	0.7
Cash	4.5
Total	100.00

Geographical Analysis as at 30th September 2012

Country	Portfolio %
Brazil	16.4
India	13.1
South Africa	12.9
Hong Kong	10.0
China	8.8
Mexico	6.7
South Korea	6.1
Taiwan	5.4
Indonesia	4.6
Turkey	2.8
Russia	2.7
UK	2.2
Malaysia	1.4
Chile	1.3
Argentina	1.1
Cash	4.5
Total	100.00

By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

19th November 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 www.jpmemergingmarkets.co.uk 

 

END

 

 

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