Interim Management Statement

RNS Number : 4601F
JPMorgan Glb Emerging Mkts Inc Tst
23 May 2013
 



JPMorgan Global Emerging Markets Income Trust plc

 

Interim Management Statement (unaudited)

for the three months ended 30th April 2013

 

This interim management statement relates to the quarter from 1st February 2013 to 30th April 2013 and contains information that covers that period, unless otherwise stated. 

 

Financial performance - Cumulative Total Return *

 


1 month

3 months

1 year

Since inception

Share price

+0.2%

+3.6%

+19.8%

+38.1%

Net asset value

-0.5%

+3.7%

+20.4%

+44.1%

Benchmark

-1.7%

-0.4%

+8.5%

+12.2%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

 

Financial position


As at 30th April

2013

As at 22nd May

2013

Total assets

£316.0m

£337.2m

Share price

130.8p

139.0p

Net asset value

128.1p

136.6p

Premium

2.0%

1.8%

Gearing

               8.3%

8.3%

 

Share prices shown are closing, bid

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

Source: JPMAM/Morningstar

 

Material events

 

The results for the six months ended 31st January 2013 were published on 26th March 2013.

 

There were no other material events during the reporting period.

 

Materials events post 30th April 2013

 

 

On 20th May 2013, the Board published proposals to put in place a new Placing Programme to enable the Company to continue to issue further shares after its existing share allotment authorities have been exhausted.  The share issue proposals would permit the Company to issue up to 67,265,831 Shares to investors without first having to offer them, pro rata, to shareholders.  The Board also published its proposals to amend the Company's investment policy in order to allow the Company the flexibility to take advantage of the current low cost borrowing environment.  The investment policy proposals would allow the Company to take out debt with longer maturities than is envisaged by the existing investment policy.

 

 

It was also announced that the Board and the Manager have agreed in principle to amend the performance fee that can be earned by the Manager.

 

 

Dividends

 

A second quarterly interim dividend of 0.9 pence per share for the year ending 31st July 2013 was paid on 16th April 2013 to shareholders on the register at the close of business on 15th March 2013.

 

Material transactions

 

Changes to share capital


Ordinary Shares of 25p

Ordinary shares in issue as at 1st February 2013

200,419,438

Shares bought back and cancelled

-

New shares issued

21,750,000

Shares in issue as at 30th April 2013

222,169,348

 

Since the period end and up to the date of this announcement2,600,000 shares have been issued and no shares have been repurchased for cancellation.

 

Portfolio

 

Top ten holdings as at 30th April 2013

 

Stock name

Sector

Weight %

Delta Electronics

Information Technology

2.1

Bank of China

Financials

2.1

SMJ

Consumer Discretionary

2.0

Imperial

Consumer Discretionary

1.9

Powszechny Zaklad Ubezpieczen

Financials

1.9

Advanced Info Services

Telecommunication Services

1.9

Telekomunikasi Indonesia

Telecommunication Services

1.9

Turkiye Petrol Rafinerileri

Energy

1.8

Foschini

Consumer Discretionary

1.8

Lukoil ADR

Energy

1.8

 

Sector analysis as at 30th April 2013

 

Sector

 

Portfolio %

Financials

16.2

Telecommunication Services

16.1

Consumer Discretionary

14.5

Energy

11.0

Information Technology

10.2

Industrials

9.9

Consumer Staples

7.8

Materials

7.5

Utilities

Health Care

5.6

0.0

Cash

1.2

Total

100.0

 

Geographical Analysis as at 30th April 2013

 

Country

Portfolio %

South Africa

14.6

 

Brazil

12.4

 

Taiwan

11.7

 

Hong Kong

8.4

 

China

8.1

 

Russia

6.3

 

Turkey

6.1

 

Korea

4.5

 

Indonesia

4.0

 

Poland

3.9

 

India

3.3

 

Thailand

3.3

 

Singapore

2.3

 

Saudi Arabia

2.2

 

Kazakhstan

1.9

 

Qatar

1.7

 

Philippines

Mexico

Malaysia

United States

Cash

1.4

1.1

0.8

0.8

1.2

 

Total

100.0

 

 

By order of the Board

Rebecca Burtonwood, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

 

23rd May 2013

 

Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ

Telephone: 020 7742 4000

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.jpmglobalemergingmarketsincome.co.uk 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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