Interim Management Statement

RNS Number : 3680B

JPMorgan Japan Smaller Co Tst PLC

16 February 2011

 



JPMorgan Japan Smaller Companies Trust plc

Interim Management Statement (Unaudited)

For the three months ended 31st December 2010

This Interim Management Statement relates to the quarter from 1st October 2010 to 31st December 2010 and contains information that covers that period, unless otherwise stated. 

Financial performance - Cumulative Total Return *

	1 month	3 months	1 Year	3 Years	5 Years	10 Years
Share price	12.0%	8.2%	7.6%	-24.8%	-66.4%	-41.7%
Net asset value**	8.0%	9.5%	7.7%	-21.0%	-61.1%	-40.6%
Benchmark	9.7%	12.8%	23.7%	26.7%	-12.8%	44.8%

* total return with net dividends reinvested

** Capital only, diluted for Treasury shares and Subscription shares

Source: JPMAM/Morningstar

Financial position

	As at 31st  December 2010	As at 15th February 2011
Total assets	£69.6m	£82.8m
Share price	145.0p	158.6p
Net asset value	172.6p	177.5p
Discount	16.0%	10.7%
Subscription Share price	42.3p	41.5p
Gearing	114.3%	114.6%

Share prices shown are closing bid

Net asset values are Capital only with debt at par value, diluted for Treasury shares and Subscription shares

Source: JPMAM/ Morningstar

Material events

There were no material events during the period.

Material transactions

Changes to share capital

	Ordinary Shares of 10p
Shares in issue as at 1st October 2010 (including shares held in Treasury)	39,870,119
Shares held in Treasury as at 1st October 2010	419,500
Shares bought back and cancelled	-
Shares issued - new Shares issued - exercise of Subscription shares Shares bought back into Treasury Shares issued - from Treasury	- 88 - -
Shares in issue at 31st December 2010	39,870,207
Treasury shares in issue at 31st December 2010	419,500

Since the period end and up to the date of this announcement, the Company has issued 416 Ordinary shares following the exercise of conversion rights.

	Subscription Shares of 1p
Shares in issue as at 1st October 2010	7,238,177
Shares exercised	88
Shares repurchased	-
Shares in issue at 31st December 2010	7,238,089

Portfolio

Top ten holdings as at 31st December 2010

Stock name	Sector	% of Portfolio
Press Kogyo	Consumer Discretionary	5.0
NOK	Consumer Discretionary	4.2
Osaka Securities Exchange	Financials	3.8
Trancom	Industrials	3.4
Mitsui Matsushima	Industrials	3.3
F.C.C	Consumer Discretionary	3.3
Musashi Seimitsu Industry	Consumer Discretionary	3.3
Skymark Airlines	Industrials	3.2
Yokogawa Electric	Information Technology	3.1
Cyber Agent	Consumer Discretionary	3.0

Sector analysis as at 31st December 2010

	% of Portfolio
Consumer Discretionary	42.3
Industrials	23.7
Financials	13.0
Materials	11.9
Information Technology	10.9
Consumer Staples	8.9
Health Care	3.6
Energy	0.0
Utilities	0.0
Telecommunication Services	0.0
Cash	-14.3
Total	100.0

By order of the Board

Andrew Norman, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

16th February 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.jpmfjapanesesmallercompanies.co.uk

 

END

 

 

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