Interim Management Statement

RNS Number : 1281W

JPMorgan European Smaller Co.

22 January 2013

 

JPMorgan European Smaller Companies Trust plc

Interim Management Statement

For the three months ended 31^st December 2012

This interim management statement relates to the quarter from 1st October 2012 to 31st December 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	4.6%	10.4%	14.9%	13.1%	7.0%	391.2%
Net asset value	3.2%	7.1%	10.3%	7.2%	6.8%	331.5%
Benchmark	4.5%	8.1%	16.1%	2.7%	-3.9%	231.7%

* Total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st December 2012	As at 21st January 2013
Total assets	£348.4m	£386.5m
Share  price	728.5p	801.0p
Net asset value Discount Gearing	849.6p 14.3% 8.1%	934.1p 14.2% 14.0%

Share prices shown are closing bid

Net asset values are capital only with debt at par value

Source: JPMAM/Morningstar

Material events

The Company's results for the six months ended 30^th September 2012 were announced on 30^th November 2012.

On 28^th November 2012 the Board announced that an interim dividend of 6.0 pence per share would be paid on 16^th January 2013 to shareholders on the register at the close of business on 21^st December 2012.

Paul Manduca retired as Chairman and Director of the Company on 31^st December 2012.  Carolan Dobson was appointed Chairman of the Company on 1^st January 2013.  Ashok Gupta was appointed a Director of the Company on 1^st January 2013.

Material Transactions

Changes to share capital

	Issued Shares
As at 1st October 2012		35,926,923
Shares bought back and cancelled		95,000
Shares bought back into Treasury Shares cancelled from Treasury Shares issued		- - -
As at 31st December 2012		35,831,923

Since the period end and up to the date of this announcement, the Company has not bought back any additional shares for cancellation.

Portfolio Analyses

Ten largest holdings as at 31^st December 2012

Stock name	Country	Weight %
GAM	Switzerland	3.0
MTU Aero Engines	Germany	2.7
Rubis	France	2.7
DiaSorin	Italy	2.7
Eurofins Scientific Fuchs Petrolub	France Germany	2.3 2.3
Andritz	Austria	2.3

Chr. Hansen Holdings                                              Denmark                                      2.2

Flughafen Zurich                                                      Switzerland                                  2.2

Ipsos                                                                         France                                          2.2

Sector breakdown as at 31^st December 2012

Sector	% of Portfolio
Industrials	23.8
Consumer Discretionary	16.4
Financials	15.7
Materials	11.1
Health Care	10.7
Information Technology	8.6
Consumer Staples	4.2
Utilities Telecommunication Services	2.7 2.4
Energy Cash	1.2 3.2
Total	100.0

By order of the Board

Rebecca Burtonwood, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

22^nd January 2013

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.jpmeuropeansmallercompanies.co.uk

 

END

 

 

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