Interim Management Statement
JPMorgan European Smaller Companies Investment Trust plc
Interim Management Statement (Unaudited)
For the three months ended 31st December 2010
This interim management statement relates to the quarter from 1st October 2010 to 31st December 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 |
10 Years |
|
Share price |
15.9% |
18.9% |
30.5% |
23.4% |
75.1% |
125.6% |
|
Net asset value |
15.1% |
15.4% |
25.8% |
25.3% |
79.0% |
154.8% |
|
Benchmark |
12.9% |
10.5% |
16.8% |
9.3% |
50.2% |
150.7% |
* Total return with net dividends reinvested
Source: JPMAM/Morningstar
Financial position
|
|
As at 31st December 2010 |
As at 16th February 2011 |
|
Total assets |
£509.7m |
£540.4m |
|
Share price |
874.0p |
882.5p |
|
Net asset value Discount Gearing |
1030.63p 15.2% 116.5% |
1030.2p 14.3% 112.8% |
Share prices shown are closing bid
Net asset values are capital only with debt at par value
Source: JPMAM/Morningstar
Material events
Carolan Dobson was appointed as a non-executive Director of the Company from 1st September 2010.
Material Transactions
Changes to share capital
|
|
Issued Shares |
|
|
|
|
|
|
As at 1st October 2010 |
|
44,178,739 |
|
Shares bought back and cancelled |
|
400,000 |
|
Shares bought back into Treasury Shares cancelled from Treasury Shares issued |
|
- - - |
|
As at 31st December 2010 |
|
43,778,739 |
Subsequent to the quarter end, the Company has repurchased a further 90,000 shares for cancellation.
Portfolio Analyses
Ten largest holdings as at 31st December 2010
|
Stock name |
Country |
Weight % |
|
Outotec Finland 2.1 |
||
|
Galenica Switzerland 2.0 |
||
|
Exor Italy 2.0 |
||
|
Software Germany 2.0 |
||
|
Nokian Renkaa Finland 2.0 |
||
|
Axel Springer Austria 2.0 |
||
|
Fuchs Petrolub Germany 2.0 |
||
|
Andritz Germany 2.0 |
||
|
Gategroup Switzerland 1.9 |
||
|
Kemira Finland 1.9 |
||
Portfolio analysis as at 31st December 2010
|
Sector |
Portfolio % |
|
Industrials 31.0 |
|
|
Consumer Discretionary 27.5 |
|
|
HealthCare 9.6 |
|
|
Information Technology 8.9 |
|
|
Materials 7.6 |
|
|
Financials 6.4 |
|
|
Consumer Staples 5.9 |
|
|
Energy 4.6 |
|
|
Utilities 1.2 |
|
|
Telecommunication Services 1.1 |
|
|
Cash -3.8 |
|
|
Total 100 |
|
By order of the Board
Jonathan Latter, for and on behalf of
JPMorgan Asset Management (UK) Limited, Secretary
17th February 2011
Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ
Telephone: 020 7742 6000
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
This information is provided by RNS