Interim Management Statement

RNS Number : 9328Y

JPMorgan Japanese Inv. Trust PLC

30 January 2014

 



JPMorgan Japanese Investment Trust plc

(the 'Company')

Interim Management Statement

For the three months ended 31^st December 2013

This interim management statement relates to the quarter from 1^st October 2013 to 31^st December 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	0.8%	3.4%	49.1%	37.5%	79.9%	41.1%
Benchmark	-0.2%	-0.3%	24.5%	12.5%	25.1%	61.2%
Net asset value	1.1%	1.3%	45.2%	31.7%	47.9%	35.2%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st   December 2013	As at 29th January 2014
Total assets	£497.3m	£500.4m
Share price	243.5p	236.0p
Net asset value	265.7p	266.4p
Discount	8.3%	11.4%
Gearing	13.0%	14.1%

Share prices shown are closing bid

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

Source: JPMAM/Morningstar

Material events

The Company's final results for the year ended 30^th September 2013 were announced on 13^th November 2013. 

On 23^rd December 2013 a dividend of 2.8p per share was paid to shareholders on the register at the close of business on 29^th November 2013. 

On 20^th December 2013 Begbies resigned as the Company's Auditors and PricewaterhouseCoopers LLP was appointed.

At the Annual General Meeting of the Company, held on 20^th December 2013, all of the Ordinary Resolutions put to shareholders were passed.  In addition, the following items of Special Business were passed which:

i)          allow the Company to allot new Ordinary shares up to an aggregate nominal amount of £2,015,600 representing approximately 5% of the Company's issued Ordinary share capital;

ii)         allow the Company to disapply pre-emption rights on allotment of relevant securities; and

iii)        allow the Company to make market purchases of up to 24,171,000 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 2013	161,248,078
Shares bought back and cancelled	-
Shares issued - new	-
Shares bought back into treasury	-
Shares issued - from treasury	-
As at 31st December 2013	161,248,078

There were no share issues or buybacks during the quarter and there have been no share issues or buybacks since the period end.

Portfolio Analyses

Top ten holdings as at 31^st December 2013

Stock name	Sector	Weight %
Sumitomo Mitsui Financial	Banks		4.6
Mitsubishi UFJ Financial Group	Banks		4.1
Softbank	Information & Communication		3.9
Orix	Other Financing Business		3.4
Mazda Motor	Transportation Equipment		3.0
Hitachi	Electric Appliances		2.7
Daikin Industries	Machinery		2.4
Taiheiyo Cement	Glass & Ceramics		2.3
Rakuten	Services		2.2
Sumitomo Realty & Development	Real Estate		2.2

Sector Breakdown as at 31^st December 2013

	Portfolio %
Services	12.8
Banks	11.5
Information & Communication	9.8
Electric Appliances	9.7
Real Estate	7.7
Transportation Equipment	7.4
Retail Trade	7.1
Machinery	6.8
Other Financing Business	6.3
Pharmaceutical	4.5
Wholesale Trade Glass & Ceramics	3.6 3.6
Non-Ferrous Metals Chemicals Construction	2.1 1.9 0.9
Metal Products	0.9
Other Products	0.4
Precision Instruments	0.4
Cash	2.6
Total	100.0

By order of the Board

Rebecca Burtonwood, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

30^th January 2014

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.jpmjapanese.co.uk 

 

END

 

 

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