Interim Management Statement

RNS Number : 6993D

JPMorgan Overseas IT PLC

18 May 2012

 



JPMorgan Overseas Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 31st March 2012

This interim management statement relates to the quarter from 1st January 2012 to 31st March 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	0.8%	9.6%	-7.5%	81.4%	41.0%	77.7%
Net asset value	-0.2%	9.4%	-4.2%	76.5%	37.6%	64.7%
Benchmark	0.6%	8.8%	-0.4%	58.0%	18.9%	41.8%

Source: JPMAM/Morningstar

* total return with net dividends reinvested

Financial position

	As at 31st March 2012	As at 17th May 2012
Total assets	£213.9m	£194.6
Share  price	781.0p	699.0p
Net asset value (Discount)/Premium** Actual Gearing***	816.8p (4.4)% 99.3%	742.4p (5.8)% 97.4%

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 4th January 2012 the Board of JPMorgan Overseas Investment Trust plc announced the appointment of Gay Collins as an independent non-executive Director of the Company, with effect from 21st February 2012.

Material Transactions

Changes to share capital

	Issued Shares (incl. Shares held in Treasury)
As at 1st January 2012	26,174,698
Shares bought back and cancelled	-
Shares cancelled from Treasury Shares issued  As at 31st March 2012	- - 26,174,698

During the quarter, the Company bought back 114,118 shares for holding in Treasury and did not issue any new shares.  As at 31st March 2012, 347,088 shares were held in Treasury.

Portfolio Analyses

Ten largest holdings as at 31st March 2012****

Stock name	Country	Weight %
Associated British Foods	United Kingdom	2.6
Citigroup	United States of America	2.4
InterOil	United States of America	2.4
Intercontinental Hotels	United Kingdom	2.3
Sodexo	France	2.2
Nokian Renkaat	Finland	2.1
United Health Group	United States of America	2.1
Wells Fargo	United States of America	2.0
JPMorgan Emerging Markets Inv Trust	Emerging Markets	2.0
ACE	Switzerland	1.9

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

Portfolio analysis as at 31st March 2012

Sector	Portfolio %
Transport Services & Consumer Cyclicals	14.0
Basic Industries	10.2
Healthcare	10.0
Industrial Cyclicals	9.7
Energy	9.2
Consumer Non Durable	8.9
Banks - Capital Markets	7.3
Insurance	4.4
Autos	4.4
Other	3.2
Utilities	2.5
Retail	2.4
Technology - Hardware	2.4
Media	2.4
Property	2.3
Banks - Banks & Finance	2.0
Technology - Semi Conduct	1.7
Technology - Software	1.2
Telecommunications	1.0
Cash	0.8
Total	100.0

Geographical	Portfolio %
North America	34.5
Europe & Middle East ex UK	25.9
United Kingdom	19.9
Pacific ex Japan	7.6
Japan	6.3
Emerging Markets	5.0
Cash	0.8
Total	100.0

By order of the Board

Divya Amin, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

18th May 2012

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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