Interim Management Statement

RNS Number : 6689H

JPMorgan Overseas IT PLC

06 November 2008

 



JPMorgan Overseas Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 30th September 2008 

This interim management statement relates to the quarter from 1st July 2008 to 30th September 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	-12.1%	-10.8%	-20.0%	-1.2%	47.5%	66.9%
Net asset value	-10.5%	-8.4%	-17.3%	0.4%	32.5%	54.7%
Benchmark	-10.5%	-6.9%	-16.8%	-0.1%	30.6%	43.1%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position 

	As at 30th September 2008	As at 5th November 2008
Total assets	£151.7m	£127.2m
Share price	505p	444.0p
Net asset value+  Discount Gearing	552.9p 8.7%    102.1%	481.2p 7.7% 102.6%

Share prices shown are closing bid

Source: JPMAM/Fundamental Data

+The above Net asset values include the £1.5m (5.67 pence per share) VAT recoverable that was recognised and reported in the Company's Annual Report and Accounts for the year ended 30 June 2008.

Changes to share capital 

	Issued Shares
As at 1st July 2008	26,940,948
Shares bought back and cancelled	324,500
Shares bought back into Treasury  Shares cancelled from Treasury  Shares issued	- - -
As at 30th September 2008	26,616,448

During the quarter, the Company made market purchases of 324,500 shares for cancellation, representing 1.20% of the shares outstanding at the beginning of the financial year.

Portfolio Analyses 

Ten largest holdings as at 30th September 2008*

Stock name

Sector

Weight %

JPMorgan Emerging Markets Inv Trust                                   Financials                 2.6

Total                                                                                        Energy                     2.6

Vodafone                                                               Telecommunication Services     2.5

Zurich Financial Services                                                         Financials                2.1

Intesa Sanpaolo                                                                        Financials                2.1

El Paso                                                                                     Energy                     2.1

Cisco Systems                                                           Information Technology         1.9

Mitsubishi                                                                               Industrials                 1.9

Philip Morris International                                              Consumer Staples             1.8

IBM                                                                          Information Technology         1.8

* Excluding liquidity fund holdings which are held as an alternative to cash.

Portfolio analysis as at 30th September 2008

Sector	Portfolio %
Financials  Information Technology  Energy  Industrials  Consumer Staples  Consumer Discretionary  Health Care  Telecommunication Services  Materials  Utilities  Cash  Total	25.3 13.6 12.2 11.4 8.5 7.4 7.1 6.6 6.2 2.9 -1.2 100.00

Geographical  Continental Europe  Developed Asia  Emerging Markets  Japan North America  United Kingdom  Cash	Portfolio % 28.4 6.0 8.3 8.3 40.5 9.7 -1.2
Total	100.00

  Post quarter end events

As detailed by the Chairman in his statement in the Company's 2008 Annual Report and the Final Results announcement dated 26 September 2008, Jeroen Huysinga assumed responsibility for the day to day management of the Company's portfolio on 1 October 2008. 

By order of the Board

Divya Amin, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

6th November 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.jpmoverseas.co.uk

 

END

 

 

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