Interim Management Statement

RNS Number : 2947Y

JPMorgan Glb Emerging Mkts Inc Tst

20 December 2010

 



JPMorgan Global Emerging Markets Income Trust plc

Interim Management Statement (unaudited)

For the period ended 31st October 2010

This interim management statement relates to the period from the Company's launch on 29th July 2010 to 31st October 2010 and contains information that covers that period, unless otherwise stated. 

Following a Placing and Offer for Subscription, 104,000,000 Ordinary Shares were admitted to the Official List and to trading on the London Stock Exchange's main market for listed securities on 29th July 2010. The proceeds of the issue net of issue costs were £102.32 million. Applications were received under the Placing for 87,118,065 Ordinary shares and under the Offer for Subscription for 16,881,935 Ordinary shares. Accordingly, applications under both the Placing and Offer were satisfied in full.

Financial performance - Cumulative Total Return *

	1 month	3 months
Share price	+4.60%	+9.40%
Net asset value	+1.54%	+10.08%
Benchmark	+1.42%	+9.82%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st October 2010	As at 17th December 2010
Total assets	£123.6m	£143.7m
Share price	114.0p	116.8p
Net asset value	108.1p	112.4p
Premium	5.5%	3.9%
Gearing	99.3%	110.7%

Share prices shown are closing, bid

Net asset values are shown excluding income, with debt at par value.

Source: JPMAM/Morningstar

Material events

On 12th November 2010 the Company entered into an agreement for a secured loan facility of up to $20 million. The loan, which has been drawn down in full, has a term of three years and carries an interest rate of 2.15 per cent. over 6 month US Dollar London Inter-Bank Offer Rate (LIBOR). The Company entered into an interest rate swap agreement to fix the effective interest costs of the loan over its life at 3.34%.

At a General Meeting of the Company held on 18th November 2010, shareholders passed Special Resolutions which gave the Directors the authority to disapply pre-emption rights in respect of the allotment of 11,440,000 new Ordinary shares, representing 10% of the shares then in issue, and authorised general meetings other than an annual general meetings to be called on not less than 14 clear days' notice.

On 19th November 2010, the Company published a Prospectus to obtain Admission to the Official List of any Shares issued pursuant to the authority conferred by the Special Resolution passed on 18th November 2010.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Ordinary shares in issue as at 1st August 2010	104,000,000
Shares bought back and cancelled	-
New shares issued	9,445,000
Shares in issue as at 31st October 2010	113,445,000

Subsequent to the period end, the Company has issued a further 2,605,000 new ordinary shares. No shares have been repurchased for cancellation. The total number of shares in issue is currently 116,050,000.

Portfolio

Top ten holdings as at 31st October 2010

Stock name	Sector	Weight %
Petrochina	Energy	2.1
African Bank Investments	Financials	2.1
HTC	Information Technology	2.1
KT&G	Consumer Staples	2.0
Quanta Computer	Information Technology	2.0
Jiangsu Expressway H	Industrials	1.9
Commercial Bank Of Qatar	Financials	1.9
Telekomunikacja Polska	Telecommunication Services	1.9
Turkiye Petrol Rafinerileri	Energy	1.9
Zhejiang Expressway H	Industrials	1.9

Sector analysis as at 31st October 2010

Sector	Portfolio %
Financials	23.4
Telecommunication Services	13.8
Information Technology	11.7
Materials	10.2
Industrials	9.4
Consumer Staples	9.3
Consumer Discretionary	8.7
Energy	6.5
Utilities Health Care	6.3 0.0
Cash	0.7
Total	100.00

Geographical Analysis as at 31st October 2010

Country	Portfolio %
Taiwan	13.3
Brazil	12.2
South Africa	9.5
South Korea	9.3
China	8.1
Hong Kong	7.9
Thailand	6.1
Turkey	4.8
Malaysia	4.5
Qatar	3.8
Poland	3.4
Russia	2.5
Mexico	2.4
Indonesia	2.4
Saudi Arabia	1.8
Singapore	1.5
Philippines	1.4
Chile	1.3
Croatia Czech Republic Luxembourg	1.3 1.2 0.6
Cash	0.7
Total	100.00

By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

20th December 2010

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.jpmglobalemergingmarketsincome.co.uk 

 

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