Interim Management Statement

RNS Number : 9238E

JPMorgan Overseas IT PLC

16 May 2013

 



JPMorgan Overseas Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 31st March 2013

This interim management statement relates to the quarter from 1st January 2013 to 31st March 2013 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	0.2%	12.7%	14.1%	15.2%	68.2%	232.4%
Net asset value	1.3%	13.2%	15.8%	18.9%	66.7%	188.2%
Benchmark	1.8%	14.0%	16.3%	25.1%	44.8%	141.5%

Source: JPMAM/Morningstar

* total return with net dividends reinvested

Financial position

	As at 31st March 2013	As at 15th May 2013
Total assets	£245.6m	£245.6m
Share  price Subscription Share Price	875.0p              42.5p	903.0p 42.5p
Net asset value (Discount)/Premium** Actual Gearing***	930.3p (5.9)%     8%	989.42p (8.7)%   7.9%

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 Events

On 11 January 2013 a total of 4,806,402 Subscription Shares were allotted, subject to listing, to Ordinary Shareholders on the register, by way of a bonus issue on the basis of one Subscription Share for every five Ordinary Shares held at that date. This right may be exercised to have effect on 31 October 2013, 30 April 2014, 31 October 2014, 30 April 2015 or 30 October 2015 after which the Subscription Share Rights will lapse.

Material Transactions

Changes to share capital

	Issued Shares (incl. Shares held in Treasury)
As at 1st January 2013	26,174,698
Shares bought back and cancelled	-
Shares cancelled from Treasury Shares issued  Shares issued due to exercise of Subscription shares As at 31st March 2013	- - - 26,174,698

During the quarter, the Company bought back 240,752 shares for holding in Treasury and did not issue any new shares.  As at 31st March 2013, 2,364,406 shares were held in Treasury.

Portfolio Analyses

Ten largest holdings as at 31st March 2013****

Stock name	Country	Weight %
InterOil	United States of America	4.0
Associated British Foods	United Kingdom	3.0
Intercontinental Hotels	United Kingdom	2.4
Solvay	Europe	2.2
Sodexo	Europe	2.2
Google	United States of America	2.2
Time Warner	United States of America	1.9
Covidien	United States of America	1.9
Orix	Japan	1.9
Electrolux	Europe	1.8

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

Portfolio analysis as at 31st March 2013

Sector	Portfolio %
Industrial Cyclicals	12.9
Healthcare	11.3
Transport Services & Consumer Cyclicals	11.2
Basic Industries	9.0
Energy	8.6
Consumer Non Durable	7.7
Retail	5.9
Media	5.1
Banks - Capital Markets	4.2
Autos	4.1
Technology - Semi Conduct	4.0
Insurance	3.9
Telecommunications	1.8
Technology - Hardware	1.6
Banks - Banks & Finance	1.3
Technology - Software	1.3
Property	1.2
Utilities	0.3
Other	3.0
Cash	1.6
Total	100.0

Geographical	Portfolio %
North America	38.7
Europe & Middle East ex UK	27.7
United Kingdom	16.0
Emerging Markets	6.7
Japan	5.8
Pacific ex Japan	3.5
Cash	1.6
Total	100.0

By order of the Board

Divya Amin, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

16^th May 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.jpmoverseas.co.uk 

 

END

 

 

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