Interim Management Statement

RNS Number : 1744K

JPMorgan Japan Smaller Co Tst PLC

25 July 2013

 



JPMorgan Japan Smaller Companies Trust plc

Interim Management Statement (Unaudited)

For the three months ended 30th June 2013

This Interim Management Statement relates to the quarter from 1st April 2013 to 30th June 2013 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	5.6%	4.4%	33.1%	34.3%	18.6%	27.7%
Net asset value**	0.8%	5.1%	32.6%	29.1%	24.0%	21.9%
Benchmark	-0.5%	-2.7%	18.1%	28.2%	57.2%	109.5%

* total return with net dividends reinvested

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

Source: JPMAM/Morningstar

Financial position

	As at 30th  June 2013	As at 24th July 2013
Total assets	£98.8m	£104.3m
Share price	191.0p	200.0p
Net asset value	216.0p	228.3p
Discount	11.6%	12.4%
Subscription Share price	24.0p	40.0p
Gearing	7.6%	9.4%

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

Results for the year ended 31^st March 2013 announced 19^th June 2013.

Material events post 30th June 2013

AGM

At the Company's Annual General Meeting, which was held on Tuesday 16th July 2013, all of the Ordinary Resolutions put to shareholders were passed.  The following Special Business was also passed which:

i.)         allowed the Company to allot new shares up to an aggregate nominal amount of £394,911 representing 10% of the Company's issued share capital;

ii.)        allowed the disapplication of pre-emption rights on the allotment of new Ordinary shares;

iii.)       allowed the Company to make market purchases of up to 5,858,335 Ordinary shares and 1,078,928 Subscription shares, representing 14.99% of the Company's issued share capital less shares held in Treasury;

John Gibbon retired as a Director of the Company on 16^th July 2013.

Material transactions

Changes to share capital

	Ordinary Shares of 10p
Shares in issue as at 1st April 2013 (including shares held in Treasury)	39,491,138
Shares held in Treasury as at 1st April 2013	409,500
Shares bought back and cancelled	-
Shares issued - new Shares issued - exercise of Subscription shares Shares bought back into Treasury Shares issued - from Treasury	- 14,590 - -
Shares in issue at 30th June 2013	39,505,728
Treasury shares in issue at 30th June 2013	409,500

	Subscription Shares of 1p
Shares in issue as at 1st April 2013	7,197,658
Shares exercised	14,590
Shares repurchased	-
Shares in issue at 30th June 2013	7,183,068

Portfolio Analyses

Top ten holdings as at 30th June 2013

Stock name	Sector	% of Portfolio
Don Quijote	Consumer Discretionary	2.7
Tokyo Tatemono	Financials	2.4
Taiheiyo Cement	Materials	2.3
Seven Bank	Financials	2.1
Sysmex	Health Care	2.0
Nissin Kogyo	Consumer Discretionary	1.8
Suruga Bank	Financials	1.7
Mitsubishi UFJ Lease & Financial	Financials	1.7
Anicom	Financials	1.6
Disco	Information Technology	1.6

Sector analysis as at 30th June 2013

	% of Portfolio
Financials	22.2
Consumer Discretionary	17.4
Industrials	17.3
Information Technology	13.2
Health Care	9.3
Materials	8.7
Consumer Staples	6.3
Telecommunication Services	0.8
Utilities	0.0
Energy	0.0
Cash	4.8
Total	100.0

By order of the Board

Andrew Norman, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

25th July 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.jpmjapansmallercompanies.co.uk 

 

END

 

 

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