Interim Management Statement

RNS Number : 5788I

JPMorgan Glb Emerging Mkts Inc Tst

16 June 2011

 



JPMorgan Global Emerging Markets Income Trust plc

Interim Management Statement (unaudited)

For the quarter ended 30^th April 2011

This interim management statement relates to the quarter from 1^st February 2011 to 30^th April 2011 and contains information that covers that period, unless otherwise stated. 

Financial performance - Cumulative Total Return *

	1 month	3 months
Share price	+1.31%	+8.33%
Net asset value	-0.38%	+3.96%
Benchmark	-0.92%	+3.85%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 30th April 2011	As at 15th June 2011
Total assets	£171.9m	£169.4m
Share price	116.0p	113.8p
Net asset value	112.5p	110.9p
Premium	3.1%	2.6%
Gearing	108.2%	105.4%

Share prices shown are closing, bid

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

Source: JPMAM/Morningstar

Material events

During the period, the Company had a Placing and Offer for Subscription of C Shares. The proceeds of the issue net of issue costs were £26.4 million. Applications were received under the Placing for 20,347,455 C shares and under the Offer for Subscription for 6,054,870 C shares. Accordingly, applications under both the Placing and Offer were satisfied in full for 26,402,325 C Shares to be admitted on 19^th April 2011 to the Official List following receipt of applications.  Since the period end, the C shares were converted into Ordinary Shares at a conversion ratio of 0.872304 and accordingly, 23,030,853 Ordinary Shares were admitted to trading on the London Stock Exchange's main market for listed securities on 18th May 2011.

On 1st June 2011, Mrs Sarah Fromson was appointed as an independent non-executive Director of the Company.

Dividends

A first interim dividend of 1.00 pence per share for the period ending 31st July 2011 was paid on 4th March 2011.

A second interim dividend of 2.25p per share was paid on 3^rd June 2011.

Material transactions

Changes to share capital

	Ordinary Shares of 1p except otherwise stated
Ordinary shares in issue as at 31st January 2011	116,400,000
Shares bought back and cancelled	-
New Ordinary shares issued	650,000
Shares in issue as at 30th April 2011	117,050,000

Subsequent to the period end, the Company has issued 23,030,853 Ordinary Shares as a result of the C Share issue as described above and a further 925,000 new ordinary shares. No shares have been repurchased for cancellation. The total number of shares in issue is currently 141,305,853.

Portfolio

Top ten holdings as at 30^th April 2011

Stock name	Sector	Weight %
Kumba Iron Ore	Materials	2.6
HTC	Information Technology	2.5
SAFCO	Industrials	2.4
African Bank Investments	Financials	2.4
Turkiye Petrol Rafinerileri	Energy	2.4
Quanta Computer	Information Technology	2.1
Telekomunikacja Polska	Telecommunication Services	2.1
Petrochina H	Energy	2.0
Berjaya Sports	Consumer Discretionary	2.0
Industries Qatar	Industrials	1.9

Sector analysis as at 30^th April 2011

Sector	Portfolio %
Financials	18.7
Telecommunication Services	15.0
Information Technology	14.8
Industrials	9.2
Energy	9.1
Materials	8.6
Consumer Staples	8.3
Consumer Discretionary	7.4
Utilities	7.0
Cash	1.9
Total	100.00

Geographical Analysis as at 30^th April 2011

Country	Portfolio %
Taiwan	15.9
Brazil	11.6
South Africa	10.5
Hong Kong	7.3
Thailand	5.7
Turkey	5.7
China	5.6
South Korea	5.4
Russia	3.9
Malaysia	3.7
Qatar	3.7
Poland	3.3
Indonesia	2.9
Saudi Arabia	2.4
Mexico	2.0
Kazakhstan	1.6
Croatia	1.5
Philippines	1.3
Czech Republic Singapore Chile Luxembourg	1.2 1.2 1.1 0.6
Cash	1.9
Total	100.00

By order of the Board

Christopher Cordrey, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

16th June 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.jpmglobalemergingmarketsincome.co.uk 

 

END

 

 

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