Interim Management Statement

RNS Number : 5121S

JPMorgan Overseas IT PLC

07 November 2013

 



JPMorgan Overseas Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 30th September 2013

This interim management statement relates to the quarter from 1st July 2013 to 30th September 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	1.5%	4.7%	21.8%	17.3%	98.0%	192.0%
Net asset value	1.1%	3.3%	20.4%	24.2%	88.3%	149.4%
Benchmark	0.5%	1.1%	17.4%	30.3%	59.6%	108.4%

Source: JPMAM/Morningstar

* Total return with net dividends reinvested

Financial position

	As at 30th September 2013	As at 5th November 2013
Total assets	£250.1m	£265.1m
Share  price	908.0p	939.5p
Net asset value Discount** Actual Gearing***	963.8p 5.8% 7.6%	1,014.6p 7.4% 6.7%

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

2013 Final Results were released on 25^th September 2013.

Material events post 30^th September

On 4^th November 2013, the Board announced that the Company will issue 277,210 Ordinary shares following the exercise of conversion rights by Subscription shareholders. Dealings in the new Ordinary shares commenced today.

Material Transactions

Changes to share capital

	Issued Shares (incl. Shares held in Treasury)
As at 1st July 2013	26,174,698
Shares bought back and cancelled	-
Shares cancelled from Treasury Shares issued	- -
As at 30th September 2013	26,174,698

As at 30th September 2013, 2,749,379 shares were held in Treasury and 4,806,402 in Subscription shares.

Following the dealings of the Subscription share conversions today, the shares in issue are 26,451,908 Ordinary shares (including 2,749,379 held in Treasury), and 4,529,192 Subscription shares.

Portfolio Analyses

Ten largest holdings as at 30th September 2013****

Stock name	Country	Weight %
Interoil	United States of America	3.7
UPM-Kymmene	Europe	2.5
Bayer	Europe	2.2
Solvay	Europe	2.2
Google	United States of America	2.2
Fluor	United States of America	2.1
Morgan Stanley	United States of America	2.1
Schneider Electric	Europe	2.1
EADS	Europe	2.1
Bank of America	United States of America	2.1

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

Portfolio analysis as at 30th September 2013

Sector	Portfolio %
Industrial Cyclical	14.5
Basic Industries	10.3
Transport Svcs & Cons Cyclical	9.7
Healthcare	9.5
Energy	8.3
Retail Media Consumer non Durables	7.1 6.7 6.0
Technology - Semi conductors Insurance	4.1 3.8
Banks - Capital Markets	3.6
Banks - Banks and Finance	2.9
Autos	2.8
Technology - Hardware Property Telecommunications Technology - software Utilities Other Cash	2.0 1.8 1.3 1.3 0.0 2.7 1.6
Total	100.0
Geographical	Portfolio %
North America	38.9
Europe & Middle East ex UK	28.4
United Kingdom Developed Asia	17.6 7.3
Emerging Markets	3.8
Japan	2.4
Cash	1.6
Total	100.0

By order of the Board

Divya Amin, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

7th November 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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