Interim Management Statement

RNS Number : 5104D

JPMorgan Mid Cap Invest Trust PLC

16 May 2012

 



JPMorgan Mid Cap Investment Trust plc

Interim Management Statement

For the three months ended 31st March 2012

This interim management statement relates to the quarter from 1st January 2012 to 31st March 2012 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	2.2%	17.6%	4.7%	85.0%	-24.0%	77.4%
Net asset value	1.5%	15.6%	2.1%	80.1%	-23.6%	74.4%
Benchmark	1.3%	15.9%	3.3%	101.7%	15.1%	157.9%

* Total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st March 2012	As at 14th May 2012
Total assets	£134.7m	£125.3m
Share price	441.0p	400.3p
Net asset value	517.3p	482.8p
Discount	14.7%	17.1%
Gearing	107.4%	103.5%

Share prices shown are closing bid

Net asset values are shown cum income with debt at fair value

Source: JPMAM/Morningstar

Material events

On 27th March 2012, the Board of JPMorgan Mid Cap Investment Trust plc announced that Jane Lennard had stood down as the joint fund manager, to pursue interests outside investment management.  As a result, Georgina Brittain had assumed responsibility for the management of the portfolio with immediate effect.  William Meadon continued as joint fund manager of the Company with particular responsibility for gearing.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st January 2012 (excluding shares held in Treasury)	24,585,122
Shares held in Treasury as at 1st July 2011	1,400,900
Shares bought back and cancelled Shares bought back into Treasury Shares issued - from Treasury Shares issued -  new	450,142 - - -
Shares in issue at 31st March 2012 (excluding shares held in Treasury) Shares held in Treasury as at 31st March 2012	24,134,980 1,400,900

Since the 31st March 2012 the Company has bought back an additional 37,800 shares for cancellation.  The shares in issue as at the date of this announcement are 24,097,180 (excluding shares held in Treasury).

Portfolio Analyses

Top ten holdings as at 31st March 2012

Stock name	Sector	Weight %
Ashtead	Industrials	2.6
Travis Perkins	Industrials	2.5
Derwent Valley	Financials	2.4
Hiscox	Financials	2.4
DS Smith	Industrials	2.4
Jardine Lloyd Thompson	Financials	2.4
William Hill	Consumer Services	2.3
Cape	Oil & Gas	2.2
Babcock International	Industrials	2.1
Catlin	Financials	2.0

Sector analysis as at 31st March 2012

	Portfolio %
Financials	24.9
Industrals	22.0
Consumer Services	21.0
Consumer Goods	9.4
Oil & Gas	7.7
Technology	7.5
Telecommunications	3.3
Basic Materials	2.5
Utilities	1.7
Health Care	0.2
Cash	-0.2
Total	100.00

By order of the Board

Alison Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

16th May 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.jpmmidcap.co.uk 

 

END

 

 

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