Interim Management Statement
JPMorgan Japanese Investment Trust plc
(the 'Company')
Interim Management Statement
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 |
14.0% |
18.9% |
24.4% |
5.5% |
-39.0% |
-23.5% |
|
Net asset value |
8.7% |
15.0% |
19.2% |
1.4% |
-33.9% |
-20.0% |
|
Benchmark |
7.4% |
12.4% |
19.4% |
12.5% |
-6.2% |
6.2% |
* total return with net dividends reinvested
Source: JPMAM/Morningstar
Financial position
|
|
As at 31st December 2010 |
As at 15th February 2011 |
|
Total assets |
£341.9m |
£364.4m |
|
Share price |
187.3p |
191.0p |
|
Net asset value |
211.8p |
214.42p |
|
Discount |
11.6% |
10.9% |
|
Gearing |
104.6% |
105.9% |
Share prices shown are closing mid
Net asset values are shown excluding income with debt at par value
Source: JPMAM/Morningstar
Material events
Annual General Meeting
At the Company's Annual General Meeting ('AGM') held on 21st December 2010, resolutions were passed, including Special Resolutions which would allow the Company to allot relevant securities up to an aggregate nominal amount of £2,016,475 or, if less 5% of the total ordinary share capital, to disapply pre-emption rights on such allotments, to make market purchases of up to 24,202,565 of its ordinary shares, representing 14.99% of the Company's issued share capital.
Material transactions
Changes to share capital
|
|
Ordinary Shares of 25p |
|
|
|
|
Shares in issue as at 1st October 2010 |
161,458,078 |
|
Shares bought back and cancelled |
140,000 |
|
Shares issued - new |
- |
|
Shares bought back into treasury |
- |
|
Shares issued - from treasury |
- |
|
As at 31st December 2010 |
161,318,078 |
The Company bought back 140,000 ordinary shares for cancellation during the financial quarter.
Portfolio
Top ten holdings as at 31st December 2010
|
Stock name |
Sector |
Weight % |
|
||
|
Nippon Telegraph & Telephone |
Information & Communication |
5.2 |
|||
|
Mitsubishi UFJ Financial Group |
Banks |
4.8 |
|
||
|
Honda Motor |
Transportation Equipment |
4.6 |
|
||
|
Canon |
Electric Appliances |
3.6 |
|
||
|
Sumitomo Mitsui Financial |
Banks |
3.5 |
|
||
|
Mitsubishi |
Wholesale Trade |
3.0 |
|
||
|
Sumitomo Electric Industries |
Non-Ferrous Metals |
2.7 |
|
||
|
Omron |
Electric Appliances |
2.7 |
|
||
|
Mitsui & Co |
Wholesale Trade |
2.6 |
|
||
|
Sumitomo Corporation |
Wholesale Trade |
2.5 |
|
||
Sector Breakdown as at 31st December 2010
|
|
Portfolio % |
|
Electric Appliances |
16.4 |
|
Transportation Equipment |
13.1 |
|
Wholesale Trade |
12.1 |
|
Information & Communication |
10.6 |
|
Chemicals |
8.8 |
|
Banks |
8.3 |
|
Other |
5.7 |
|
Machinery |
5.1 |
|
Foods |
4.9 |
|
Glass & Ceramics Products |
3.7 |
|
Nonferrous Metals |
3.6 |
|
Retail Trade |
3.3 |
|
Other Financing Business |
2.6 |
|
Pharmaceutical |
1.8 |
|
Land Transportation |
2.8 |
|
Metal Products |
1.8 |
|
Cash |
-4.6 |
|
Total |
100.0 |
By order of the Board
Andrew Norman, for and on behalf of
JPMorgan Asset Management (UK) Limited, Secretary
16th February 2011
020 7742 6000
Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ
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.jpmjapanese.co.uk
This information is provided by RNS