Interim Management Statement

RNS Number : 2562N

JPMorgan Eur Fldglng Inv Trust PLC

12 February 2009

 



JPMorgan European Fledgeling Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 31st December 2008 

This interim management statement relates to the quarter from 1st October 2008 to 31st December 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	12.6%	2.3%	-27.1%	3.4%	116.2%	230.5%
Net asset value	16.1%	-1.3%	-23.7%	9.1%	115.3%	231.4%
Benchmark	17.4%	-8.5%	-33.8%	-8.9%	52.5%	75.9%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position 

	As at 31st December 2008	As at 11th February 2009
Total assets	£312.5m	£285.5m
Share price	518.0p	466.8p
Net asset value  Discount Gearing	635.7p -18.5% 95.6%	581.0p 19.7% 98.3%

Share prices shown are closing bid

Net asset values are capital only with debt at par value

Source: JPMAM/Fundamental Data

Material events 

Following the successful outcome, in June 2007, of the action brought to declare that VAT should not be charged on management fees for investment trust companies, the Board announced that it had reached agreement with the Company's manager, JPMorgan Asset Management, on the recovery of past VAT. The total recovery, including interest, was £3,314,625. This was reflected in the net asset value announced to the market on 24th December 2008.

Material Transactions

Changes to share capital 

	Issued Shares
As at 1st October 2008		51,293,198
Shares bought back and cancelled		-
Shares bought back into Treasury  Shares cancelled from Treasury  Shares issued		584,000 - -
As at 31st December 2008		51,293,198

During the quarter, the Company did not purchase any shares for cancellation. 

During the quarter, the Company made market purchases of 584,000 shares into Treasury. 

Portfolio Analyses 

Ten largest holdings as at 31st December 2008

Stock name	Sector	Weight %
SCOR	Financials	4.0
Recordati	Health Care	3.9
Barry Callebaut	Consumer Staples	3.7
Davide Campari-Milano	Consumer Staples	3.6
Galenica	Health Care	3.3
Telenet	Telecommunication Services	3.1
Mobistar	Telecommunication Services	3.0
Securitas 'B'	Industrials	2.6
Oesterreichische Post	Industrials	2.5
Ansaldo STS	Industrials	2.5

Portfolio analysis as at 31st December 2008

Sector	Portfolio %
Health Care	26.4
Industrials	14.8
Consumer Staples	13.8
Financials	13.1
Telecommunication Services	8.3
Information Technology	8.2
Consumer Discretionary	5.4
Utilities	4.6
Materials	0.7
Energy	0.0
Cash	4.7
Total	00

By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

12th February 2009

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

 

END

 

 

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