Interim Management Statement

RNS Number : 7479G

JPMorgan Overseas IT PLC

17 May 2011

 



JPMorgan Overseas Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 31st March 2011

This interim management statement relates to the quarter from 1st January 2011 to 31st March 2011 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	1.3%	-1.3%	9.1%	59.2%	52.6%	93.7%
Net asset value	0.9%	-0.8%	7.2%	50.2%	42.5%	68.7%
Benchmark	1.4%	2.0%	8.0%	25.0%	21.9%	36.1%

Source: JPMAM/Morningstar

* total return with net dividends reinvested

Financial position

	As at 31st March 2011	As at 13th May 2011
Total assets	£247.7m	£253.7m
Share  price	860.0p	903.0p
Net asset value (Discount)/Premium** Actual Gearing***	868.3p (1.0)% 106.5%	881.6p 2.4% 105.9%

Share prices shown are closing bid

Source: JPMAM/Morningstar

** The Company will continue to manage the discount at which the share price trades relative to its net asset value at around 5% if it should become necessary by means of repurchases of the Company's shares in the market.

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

Material Transactions

Changes to share capital

	Issued Shares
As at 1st January 2011	26,174,698
Shares bought back and cancelled	-
Shares cancelled from Treasury Shares issued	- -
As at 31st March 2011	26,174,698

	Shares held in Treasury
As at 1st January 2011	447,966
Shares bought back into Treasury	-
Shares cancelled from Treasury Shares sold from Treasury	-   68,500
As at 31st March 2011	379,466

The positive move in the Company's share price rating resulting from an increased demand for shares enabled the Company to sell 68,500 shares from Treasury at a premium to to net asset value during the period.

Portfolio Analyses

Ten largest holdings as at 31^st March 2011****

Stock name	Country	Weight %
Rhodia	France	2.7
Intercontinental Hotels	United Kingdom	2.3
Royal Dutch Shell A	United Kingdom	2.3
Lanxess	Germany	2.2
InterOil	United States of America	2.1
Walt Disney	United States of America	2.0
JPMorgan Emerging Markets Inv Tst	United Kingdom	1.9
KBC	Belgium	1.9
First Quantum Minerals	Canada	1.9
Cookson	United Kingdom	1.8

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

Portfolio analysis as at 31^st March 2011

Sector	Portfolio %
Basic Industries	15.4
Transport Services & Consumer Cyclicals	9.7
Energy	9.2
Industrial Cyclicals	8.6
Consumer Non Durable	7.5
Banks - Capital Markets	5.7
Insurance	5.5
Healthcare	5.4
Banks - Banks & Finance	4.5
Telecommunications	4.3
Retail	4.3
Media	4.2
Autos	3.6
Other	3.1
Utilities	2.4
Technology - Semi Conduct	1.8
Property	1.2
Technology - Hardware	1.0
Technology - Software	0.8
Cash	1.8
Total	100.0

Geographical	Portfolio %
Europe & Middle East ex UK	30.2
North America	25.6
United Kingdom	19.8
Japan	8.7
Pacific ex Japan	8.6
Emerging Markets	5.3
Cash	1.8
Total	100.0

By order of the Board

Divya Amin, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

17th May 2011

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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