Interim Management Statement

RNS Number : 0468C

JPMorgan Overseas IT PLC

05 November 2009

 





JPMorgan Overseas Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 30th September 2009 

This interim management statement relates to the quarter from 1st July 2009 to 30th September 2009 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	8.8%	25.7%	31.6%	16.8%	78.1%	56.7%
Net asset value	9.8%	26.9%	27.6%	16.9%	57.7%	45.0%
Benchmark	6.6%	21.4%	11.3%	2.8%	35.3%	16.1%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position 

	As at 30th September 2009	As at 4th November 2009
Total assets	£194.6m	£173.6m
Share price	648.0p	621.0p
Net asset value  Discount** Actual Gearing***	688.9p 5.9% 103.5%	659.1p 5.7% 103.5%

Share prices shown are closing bid

Source: JPMAM/Fundamental Data

** The Company aims to maintain an average discount of around 5%. Average over 3 months was 6.2%. On 30th April 2009, the Board agreed that any shares repurchased under this policy should be held in Treasury. Any shares held in Treasury will only be re-issued at a premium to net asset value.

*** Actual Gearing is based on the most recently available month-end data.

Material events 

On 17th September 2009, the Board announced the appointment of Jonathan Carey as an independent non-executive Director of the Company.  

At the Company's Annual General Meeting held on 27th October 2009, all of the resolutions put to shareholders were passed, including Special Resolutions which allow the Company to disapply pre-emption rights on the allotment of new ordinary shares, to make market purchases of up to 3,897,296 of its ordinary shares (representing 14.99% of the Company's issued share capital), to sell ordinary shares previously held in Treasury, up to an aggregate nominal amount of £649,982 (representing approximately 10% of the Company's issued share capital) at a price above the NAV per share of the existing shares in issue and to disapply pre-emption rights on the sale of ordinary shares from Treasury.

A final dividend of 11.5p per share will be paid on 27th November 2009 to shareholders on the register at the close of business on 6th November 2009.

Material Transactions

Changes to share capital 

	Issued Shares
As at 1st July 2009	26,174,698
Shares bought back and cancelled	-
Shares bought back into Treasury  Shares cancelled from Treasury  Shares issued	170,888 - -
As at 30th September 2009	26,174,698

During the quarter, the Company did not purchase any shares for cancellation. During the quarter, the Company made market purchases of 170,888 shares into Treasury. 

During the quarter, the Company did not issue or sell any shares.

Portfolio Analyses 

Ten largest holdings as at 30th September 2009***

Stock name	Sector	Weight %
Rhodia	Materials	3.0
Lanxess	Materials	2.7
InterOil	Energy	2.7
ING	Financials	2.6
Roche Holdings	Healthcare	2.4
Zurich Financial Services	Financials	2.3
Japan Tobacco	Consumer Staples	2.2
Hewlett Packard	Information Technology	2.1
Imperial Tobacco	Consumer Staples	2.1
Intercontinental Hotels	Consumer Discretionary	2.0

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

Portfolio analysis as at 30th September 2009

Sector	Portfolio %
Financials	18.9
Consumer Discretionary	17.1
Information Technology	13.8
Consumer Staples	12.0
Healthcare	9.4
Materials	9.2
Industrials	8.9
Energy	8.3
Telecommunication Services	3.8
Utilities	2.4
Cash	-3.8
Total	100.0

Geographical	Portfolio %
Continental Europe	37.3
North America	30.6
United Kingdom	15.7
Japan	9.2
Developed Asia	6.4
Emerging Markets	4.6
Cash	-3.8
Total	100.0

By order of the Board

Divya Amin, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

5th November 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.jpmoverseas.co.uk

 

END

 

 

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