Interim Management Statement

RNS Number : 4212X

JPMorgan Japan Smaller Co Tst PLC

14 February 2012

 



JPMorgan Japan Smaller Companies Trust plc

Interim Management Statement (Unaudited)

For the three months ended 31st December 2011

This Interim Management Statement relates to the quarter from 1st October 2011 to 31st December 2011 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	2.9%	-2.2%	-6.3%	-7.6%	-51.7%	-25.1%
Net asset value**	2.0%	-4.1%	-4.3%	-10.0%	-40.9%	-21.3%
Benchmark	2.8%	-4.7%	-3.5%	11.5%	8.8%	74.7%

* total return with net dividends reinvested

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

Source: JPMAM/Morningstar

Financial position

	As at 31st  December 2011	As at 10th February 2012
Total assets	£66.0m	£65.1m
Share price	135.9p	135.0p
Net asset value	164.2p	162.4p
Discount	-16.9%	-16.9%
Subscription Share price	13.3p	16.0p
Gearing	100.0%	98.4%

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

After discussions with JPMorgan Asset Management (UK) Limited and JF Asset Management Limited, the Board of JPMorgan Japan Smaller Companies plc have agreed that the Company's management fee will be reduced to 1.0% per cent per annum chargeable on total gross assets with effect from 1 January 2012. Tiering has been removed.

.

Material transactions

Changes to share capital

	Ordinary Shares of 10p
Shares in issue as at 1st October 2011 (including shares held in Treasury)	39,456,287
Shares held in Treasury as at 1st October 2011	-
Shares bought back and cancelled	-
Shares issued - new Shares issued - exercise of Subscription shares Shares bought back into Treasury Shares issued - from Treasury	- - 35,000 -
Shares in issue at 31st December 2011	39,421,287
Treasury shares in issue at 31st December 2011	35,000

	Subscription Shares of 1p
Shares in issue as at 1st October 2011	7,232,509
Shares exercised	-
Shares repurchased	-
Shares in issue at 31st December 2011	7,232,509

Portfolio Analyses

Top ten holdings as at 31st December 2011

Stock name	Sector	% of Portfolio
Konami	Information Technology	6.0
Don Quijote	Consumer Discretionary	4.5
Capcom	Information Technology	3.9
Cyber Agent	Consumer Discretionary	3.8
Trancom	Industrials	3.7
Ship Healthcare Holdings	Health Care	3.6
Skymark Airlines	Industrials	3.3
F.C.C.	Consumer Discretionary	3.0
Namco Bandai	Consumer Discretionary	3.0
M3	Health Care	2.8

Sector analysis as at 31st December 2011

	% of Portfolio
Consumer Discretionary	36.4
Information Technology	23.6
Industrials	17.8
Health Care	9.7
Materials	5.5
Consumer Staples	4.5
Financials	2.5
Energy	0.0
Utilities	0.0
Telecommunication Services	0.0
Cash	0.0
Total	100.0

By order of the Board

Andrew Norman, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

14th February 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.jpmjapansmallercompanies.co.uk 

 

END

 

 

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