Interim Management Statement

RNS Number : 5472A

JPMorgan Eur Fldglng Inv Trust PLC

04 August 2008

 



JPMorgan European Fledgeling Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 30th June 2008 

This interim management statement relates to the quarter from 1st April 2008 to 30th June 2008 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	-8.5%	-2.3%	-18.8%	69.5%	275.8%	238.5%
Net asset value	-6.5%	-2.6%	-12.3%	75.0%	250.8%	273.9%
Benchmark	-10.3%	-7.6%	-18.9%	42.3%	152.7%	114.4%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position 

	As at 30th June 2008	As at 31st July 2008
Total assets	£382.7m	£329.5m
Share price	664.0p	632.0p
Net asset value  Discount Gearing	780.4p 14.9% 92.6%	746.5p 15.3% 96.7%

Share prices shown are closing mid

Net asset values are shown with debt at fair value

Source: JPMAM/Fundamental Data

Material events 

At the Company's Annual General Meeting ('AGM') held on 8th July 2008, all of the resolutions put to shareholders were passed, including Special Resolutions which allow the Company to make market purchases of up to 7,688,850 of its ordinary shares, representing 14.99% of the Company's issued share capital, and to disapply pre-emption rights on the sales of ordinary shares from treasury up to an aggregate nominal amount of £1,282,329, representing approximately 10% of the Company's total ordinary share capital in the issue. The Company also adopted new Articles of Association at the conclusion of the AGM.

  Changes to share capital 

	Issued Shares
As at 1st April 2008		51,350,198
Shares bought back and cancelled		57,000
Shares bought back into Treasury  Shares cancelled from Treasury  Shares issued		547,000 - -
As at 30th June 2008		51,293,198

During the quarter, the Company made market purchases of 57,000 shares for cancellation, representing 0.1% of the shares outstanding at the beginning of the financial year. During the quarter, the Company also made market purchases of 547,000 shares into Treasury, representing 1.1 % of the shares outstanding at the beginning of the financial year. 

Portfolio Analyses 

Ten largest holdings as at 30th June 2008

Stock name

Sector

Weight %

Prosegur Compania Securidad                             Industrials                                   2.9

Temenos                                                              Information Technology             2.9

Smit                                                                     Industrials                                   2.8

Gemalto                                                              Information Technology              2.7

Ansaldo STS                                                       Industrials                                    2.5

Trevi Finanziaria Industriale                               Industrials                                    2.5

Krones                                                                Industrials                                    2.4

SBM Offshore                                                    Energy                                          2.3

Unit 4 Agresso                                                   Information Technology                2.3 

Tecnicas Reunidas                                             Industrials                                      2.3

Portfolio analysis as at 30th June 2008

Sector

Portfolio %

Industrials                                                              42.4

Information Technology                                        18.7

Consumer Discretionary                                          8.2

Health Care                                                             7.8

Consumer Staples                                                    5.4

Materials                                                                  4.3 

Energy                                                                     2.3

Utilities                                                                   1.7                

Financials                                                                1.6                     

Telecommunication Services                                   0.1

Other                                                                       0.0

Cash                                                                         7.5

Total                                                                       100

By order of the Board

Divya Amin, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

4th August 2008 

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.jpmeuropeanfledgeling.co.uk

 

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