Interim Management Statement

RNS Number : 5436K

JPMorgan Smaller Cos IT PLC

19 December 2008

 



JPMorgan Smaller Companies Investment Trust plc

(the 'Company')

Interim Management Statement (unaudited)

For the three months ended 31st October 2008

This interim management statement relates to the quarter from 1st August 2008 to 31st October 2008 and contains information that covers that period, unless otherwise stated.  

Investment objective

Capital growth from a diversified portfolio of smaller UK companies.

Financial performance - Cumulative Total Return *

	1 Month	3 Months	1 Year	3 Years	5 Years	10 Years
Share price	-24.8%	-32.4%	-53.1%	-20.1%	32.0%	132.7%
Net asset value	-25.2%	-35.3%	-54.9%	-21.3%	17.7%	114.3%
Benchmark	-20.6%	-29.2%	-52.2%	-39.1%	-24.1%	10.5%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position 

	As at 31st  October 2008
Total assets	£71.2m
Share price	250.5p
Net asset value per share	305.9p
Discount	18.1%
Gearing	104.7%

Share prices shown are closing bid

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

Source: JPMAM/Fundamental Data

Material events

Further to the comments made in the 2008 Annual Report and Accounts regarding VAT, the Board expects to reach agreement shortly with JPMorgan over the majority of the claims for reimbursement of previous VAT charged on management fees. Upon finalisation of the agreement, the Board intends to pay a special one-off interim dividend of a minimum of 2.5 pence per share as soon as practical.

Material transactions 

Changes to share capital 

	Ordinary Shares of 25p
Shares in issue as at 1st August 2008	20,025,322
Shares bought back and cancelled	21,000
Shares issued - new Shares bought back into treasury Shares issued - from treasury	- - -
As at 31st October 2008	20,004,322

During the quarter, the Company made market purchases of 21,000 of its own shares for cancellation, representing 0.1% of the shares in issue at the beginning of the financial year. The Company has not issued any shares in this financial quarter.

Portfolio

Top ten holdings as at 31st October 2008:

Stock name	Sector	Weight %
Hampson Industries Dechra Pharmaceuticals Cranswick Hill & Smith Micro Focus Telecom Plus Axon Connaught Diploma Brewin Dolphin	Industrials Health Care Consumer Goods Industrials Technology Telecommunications Technology Industrials Industrials Financials	2.7 2.6 2.5 2.3 2.1 2.0 2.0 1.9 1.9 1.9

Sector analysis as at 31st October 2008:

Sector	Portfolio %
Industrials	43.9
Technology	11.1
Consumer Services	9.0
Financials	7.6
Oil & Gas	5.9
Consumer Goods	5.5
Health Care	4.5
Telecommunications	3.1
Basic Materials	1.8
Utilities	0.2
Cash	7.4
Total	100.0

By order of the Board

Divya Amin, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

19 December 2008

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. 

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.jpmsmallercompanies.co.uk. 

 

END

 

 

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