Interim Management Statement

RNS Number : 6195F

JPMorgan Glb Emerging Mkts Inc Tst

18 June 2012

 



JPMorgan Global Emerging Markets Income Trust plc

Interim Management Statement (unaudited)

for the three months ended 30th April 2012

This interim management statement relates to the quarter from 1st February 2012 to 30th April 2012 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	-2.1%	+3.7%	+2.9%	+15.5%
Net asset value	-2.3%	+3.4%	+3.9%	+19.7%
Benchmark	-2.8%	-1.6%	-10.2%	+3.5%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 30th April 2012	As at 15th June 2012
Total assets	£201.5m	£194.4m
Share price	113.6p	108.3p
Net asset value	111.0p	105.1p
Premium	2.3%	3.0%
Gearing	103.9%	106.1%

Share prices shown are closing, bid

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

Source: JPMAM/Morningstar

Material events

There were no material events during the reporting period.

Materials events post 30th April 2012

On 10th May 2012, following a General Meeting of the Company, the Board announced that all of the Resolutions put to shareholders were passed which gave the Directors the authority to disapply pre-emption rights in respect of the allotment of up to 49,615,700 new ordinary shares.

On 17th May 2012, in connection with the Prospectus published on 14th May 2012 and the Resolutions passed at the General Meeting of the Company on 10th May 2012, the Company announced that it had made an application to the UK Listing Authority for a block listing of 16,674,443 Ordinary Shares of 1p each to be admitted to the Official List and to the London Stock Exchange for the shares to be admitted to trading on its main market.  Shares would be issued under the block listing pursuant to the Placing Programme to partially satisfy market demand for the Shares and to raise further money for investment in accordance with the Company's investment policy. The blocklisting was subsequently granted.

Dividends

A second quarterly interim dividend of 0.9 pence per share for the year ending 31st July 2012 was paid on 16th April 2012 to shareholders on the register at the close of business on 23rd March 2012.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Ordinary shares in issue as at 1st February 2012	153,635,853
Shares bought back and cancelled	-
New shares issued	13,108,585
Shares in issue as at 30th April 2012	166,744,438

Subsequent to the period end, no shares have been issued or repurchased for cancellation.

Portfolio

Top ten holdings as at 30th April 2012

Stock name	Sector	Weight %
Advanced Information Services	Telecommunication Services	3.1
Bank of China	Financials	2.5
Lukoil ADR	Energy	2.3
Safco	Industrials	2.3
Quanta Computer	Information Technology	2.1
Tata Motors	Consumer Discretionary	2.1
Souza Cruz	Consumer Staples	2.0
Commercial Bank of Qatar	Financials	2.0
Mobile Telesystems	Telecommunication Services	2.0
Asustek Computer	Information Technology	2.0

Sector analysis as at 30th April 2012

Sector	Portfolio %
Telecommunication Services	18.6
Financials	13.7
Materials	12.2
Information Technology	10.7
Industrials	10.6
Consumer Staples	9.7
Consumer Discretionary	9.3
Energy	7.4
Utilities Health Care	5.4 0.0
Cash	2.4
Total	100.0

Geographical Analysis as at 30th April 2012

Country	Portfolio %
Taiwan	13.6
Brazil	12.4
China	10.0
South Africa	8.5
Thailand	7.3
Russia	5.1
Turkey	4.8
Hong Kong	4.0
Poland	3.8
Qatar	3.7
India	3.1
Malaysia	2.6
Mexico	2.3
Saudi Arabia	2.3
Korea	2.1
Other	12.0
Cash	2.4
Total	100.0

By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

18th June 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.jpmglobalemergingmarketsincome.co.uk 

 

END

 

 

IMSGGUPAQUPPGAR