Interim Management Statement

RNS Number : 4750R

JPMorgan US Smaller Co. IT

19 November 2012

 



JPMorgan US Smaller Companies Investment Trust plc

Interim Management Statement

For the three months ended 30th September 2012

This interim management statement relates to the quarter from 1st July 2012 to 30th September 2012 and contains information that covers that period, unless otherwise stated. 

Financial performance - Cumulative Performance *

	1 Month	3 Months	1 Year	3 Years	5 Years	10 Years
Share price	4.5%	6.5%	31.1%	49.5%	22.2%	164.0%
Net asset value	1.7%	1.6%	32.6%	48.5%	24.1%	121.4%
Benchmark	1.5%	2.2%	26.9%	41.6%	38.6%	149.2%

* Total return with net dividends (if any) reinvested

Source: JPMAM/Morningstar

Financial position

	As at 30th September 2012	As at 16th November 2012
Total assets	64,013,356	62,012,056
Share price	1,020.5p	994.5p
Net asset value	1,117.5p	1,074.4p
Discount	8.7%	7.4%
Gearing	4.2%	3.2%

Share prices shown are closing, bid

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

Source: JPMAM/Morningstar

Material events

There were no material events during the quarter.

Material events post 30th September 2012

On 1st October 2012 the Company announced that it had appointed Mrs Julia Le Blan as an independent non-executive Director of the Company with immediate effect. In addition, on 12th November 2012 the Company announced that Mrs Le Blan had purchased 1,500 shares in the Company on 9th November 2012.

On 9th October 2012 the Company announced that its full portfolio as at 30th June 2012 was available on its website and that in the future the Company would publish the historic portfolio information, as at the end of the previous quarter, on the Company's website on a quarterly basis.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st July 2012	5,163,623
Shares bought back and cancelled	-
As at 30th September 2012	5,163,623

The Company has not purchased any shares for cancellation since 30th September 2012.

Portfolio Analyses

Ten largest holdings as at 30th September 2012

Stock name	Sector	Weight %
Coventry Health Care	Health Care	3.4
Jarden	Consumer Discretionary	2.7
Silgan	Materials & Processing	2.6
Waste Connections	Producer Durables	2.2
ProAssurance	Financial Services	2.2
American Eagle Outfitters	Consumer Discretionary	2.0
RBC Bearings	Materials & Processing	1.9
Associated Banc-Corp	Financial Services	1.8
Douglas Dynamics	Producer Durables	1.8
Patterson-UTI Energy	Energy	1.7

Sector breakdown as at 30th September 2012

	Portfolio %
Financial Services	24.5
Consumer Discretionary	18.4
Producer Durables	16.0
Health Care	9.3
Technology	8.5
Materials & Processing	6.7
Energy	5.2
Utilities	2.4
Consumer Staples	1.2
Cash	7.8
	100.0

By order of the Board

Lucy Dina, for and on behalf of

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

19th November 2012

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.

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.jpmussmallercompanies.co.uk 

 

END

 

 

IMSGGGCPGUPPGCB