Interim Management Statement

RNS Number : 4206U

JPMorgan Glb Emerging Mkts Inc Tst

02 December 2013

 



JPMorgan Global Emerging Markets Income Trust plc

Interim Management Statement (unaudited)

for the three months ended 31^st October 2013

This interim management statement relates to the quarter from 1^st August 2013 to 31^st October 2013 and contains information that covers that period, unless otherwise stated. 

Financial performance - Cumulative Total Return *

	1 month	3 months	1 year	3 years	Since inception
Share price	+6.4%	+3.4%	+11.2%	+24.4%	+35.5%
Net asset value	+4.8%	+1.5%	+13.3%	+26.8%	+39.3%
Benchmark	+5.7%	+3.6%	+6.8%	+0.4%	+10.0%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st October 2013	As at 28th November 2013
Total assets	£345.8m	£317.7m
Share price	125.0p	118.0p
Net asset value	121.9p	115.8p
Premium	2.6%	1.9%
Gearing	8.0%	5.7%

Share prices shown are closing, bid

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

Source: JPMAM/Morningstar

Material events

On 5^th August the Company announced that the fourth quarterly interim dividend of 2.10p per share for the year ending 31^st July 2013 would be paid on 25^th October 2013, with a record date of 20^th September 2013 (ex-dividend date 18^th September 2013).

The Company's final results were announced on 11^th October 2013.

On 14^th October 2013 the Company published a supplementary prospectus which is supplemental to, and should be read in conjunction with, the prospectus published on 21^st June 2013 (the 'Prospectus') in connection with the placing of up to 200,000,000 shares.

The supplementary prospectus was required following the announcement of the Company's final results for the financial year ended 31st July 2013, which constituted a significant new factor relating to information included in the Prospectus.

Materials events post 31^st October 2013

At the Annual General Meeting of the Company held on 28^th November 2013, shareholders passed Special Resolutions which gave Directors the authority to make market purchases of up to 14.99% of the Company's issued share capital, and to disapply pre-emption rights on the allotment of new Ordinary shares and by way of a sale of Treasury shares.

Material transactions

Changes to share capital

	Ordinary Shares of 1p
Ordinary shares in issue as at 1st August 2013	234,369,438
Shares bought back and cancelled	-
New shares issued	17,060,000
Shares in issue as at 31st October 2013	251,429,438

Subsequent to the period end, a further 1,800,000 shares have been issued.  No shares have been repurchased for cancellation.

Portfolio

Top ten holdings as at 31^st October 2013

Stock name	Sector	Weight %
Delta Electronics	Information Technology	2.1
Bidvest Group	Industrials	2.0
Wynn Macau	Consumer Discretionary	2.0
Banco do Brasil	Financials	2.0
Bank of China H	Financials	1.9
Cielo	Information Technology	1.9
Sberbank ADR	Financials	1.9
Powszechny Zaklad Ubezpieczen	Financials	1.8
Imperial	Consumer Discretionary	1.8
Lukoil ADR	Energy	1.8

Sector analysis as at 31^st October 2013

Sector	Portfolio %
Financials	17.8
Telecommunication Services	15.4
Consumer Discretionary	13.9
Information Technology	12.5
Energy	9.7
Industrials	9.4
Materials	7.6
Consumer Staples Utilities	7.1 2.3
Health Care	0.0
Cash	4.3
Total	100.0

Geographical Analysis as at 31^st October 2013

Country	Portfolio %
China	17.8
South Africa	14.8
Taiwan	13.8
Brazil	11.5
Russia	7.5
Turkey	6.1
South Korea	5.1
Saudi Arabia	3.2
Thailand	2.7
Indonesia	2.4
Poland	2.4
India	2.3
Others	6.1
Cash	4.3
Total	100.0

By order of the Board

Rebecca Burtonwood, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

2^nd December 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.jpmglobalemergingmarketsincome.co.uk 

 

END

 

 

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