Interim Management Statement

RNS Number : 8979L

JPMorgan US Smaller Co. IT

13 May 2010

 



JPMorgan US Smaller Companies Investment Trust plc

(formerly JPMorgan US Discovery Investment Trust plc)

Interim Management Statement

For the three months ended 31st March 2010

This interim management statement relates to the quarter from 1st January 2010 to 31st March 2010 and contains information that covers that period, unless otherwise stated. 

Cumulative performance *

	1 Month	3 Months	1 Year	3 Years	5 Years	10 Years
Share price	11.0%	10.6%	61.5%	-6.5%	17.8%	59.4%
Net asset value	7.8%	14.5%	57.2%	-5.7%	12.8%	59.1%
Benchmark	8.4%	15.8%	53.3%	13.3%	44.7%	46.6%

* Total return with net dividends (if any) reinvested

Source: JPMAM/Morningstar

Financial position                 

	As at 31st March 2010	As at 12th May 2010
Total assets	£47.1m	£52.5m
Share price	785.0p	802.0p
Net asset value	864.4p	939.7p
Discount	9.2%	14.7%
Gearing	96.2%	100.4%

Share prices shown are closing bid

Net asset values shown are capital only

Source: JPMAM/ Morningstar

Material events

At the Annual General Meeting of the Company held on 21st April 2010 all resolutions were passed, including 4 special resolutions which  allow the Company to make market purchases of up to 14.99% of the Company's issued share capital; to disapply pre-emption rights on the allotment of new ordinary shares; adopted new articles of association and changed the name of the Company to 'JPMorgan US Smaller Companies Investment Trust plc'..

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st January 2010	5,482,110
Shares issued Shares bought back for cancellation	- 28,500
As at 31st March 2010	5,453,610

During the quarter, the Company made market purchases of 28,500 of its own shares for cancellation. The Company has repurchased a further 10,000 shares for cancellation since the quarter end. The Company did not issue any shares in the quarter or since the quarter end.

Portfolio

Ten largest holdings as at 31st March 2010

Stock name	Sector	Weight %
ProAssurance	Financials	2.3
Herman Miller	Industrials	2.0
Papa John's	Consumer Discretionary	2.0
Exterran	Energy	1.7
IBERIABANK	Financials	1.7
Calamos Asset Management	Financials	1.7
Jarden	Consumer Discretionary	1.7
MWI Veterinary Supply	Health Care	1.6
PSS World Medical	Health Care	1.6
J&J Snack Foods	Consumer Staples	1.6

Sector breakdown as at 31st March 2010

	Portfolio %
Financials	21.9
Consumer Discretionary	18.1
Information Technology	13.5
Industrials	15.0
Health Care	10.7
Energy	5.1
Telecommunication Services	3.8
Cash	3.8
Consumer Staples	3.6
Utilities	2.5
Materials	2.0
	100.0

By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary - Telephone [phone]

12th May 2010

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.jpmusdiscovery.co.uk 

 

END

 

 

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