Interim Management Statement

RNS Number : 4548D

JPMorgan US Smaller Co. IT

16 May 2012

 



JPMorgan US Smaller Companies 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 Performance *

	1 Month	3 Months	1 Year	3 Years	5 Years	10 Years
Share price	0.8%	12.7%	7.8%	113.7%	23.7%	55.7%
Net asset value	3.7%	11.6%	5.8%	105.5%	23.3%	45.9%
Benchmark	2.5%	9.3%	-0.2%	81.7%	34.4%	61.7%

* Total return with net dividends (if any) reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st March 2012	As at 14th May 2012
Total assets	£65.2m	£60.8m
Share price	1,039.0p	983.5p
Net asset value	1,130.4p	1,051.9p
Discount	8.1%	6.5%
Gearing	106.9%	105.5%

Share prices shown are closing, bid

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

Source: JPMAM/Morningstar

Material events

There were no material events during the quarter.

Material events post 31st March 2012

At the Annual General Meeting of the Company held on 1st May 2012, all of the resolutions put to shareholders were passed, including three items of Special Business which:

i)          allow the Directors to exercise all powers for the Company to allot ordinary shares up to an aggregate nominal amount of £129,091 representing approximately 10% of the Company's issued ordinary share capital;

ii)         allow the disapplication of pre-emption rights on the allotment of new ordinary shares; and

iii)        allow the Company to make market purchases of up to 774,027 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 January 2012	5,163,623
Shares bought back and cancelled	-
As at 31st March 2012	5,163,623

The Company has not purchased any shares for cancellation since 31st March 2012.

Portfolio Analyses

Ten largest holdings as at 31st March 2012

Stock name	Sector	Weight %
Jarden	Consumer Discretionary	3.4
Coventry Health Care	Health Care	2.8
Silgan	Materials & Processing	2.6
ProAssurance	Financial Services	2.2
Waste Connections	Producer Durables	2.1
Calamos Asset Management	Financial Services	2.1
Team	Producer Durables	1.9
Cimarex Energy	Energy	1.8
RBC Bearings	Materials & Processing	1.8
TD Ameritrade	Financial Services	1.8

Sector breakdown as at 31st March 2012

	Portfolio %
Financial Services	24.4
Consumer Discretionary	21.4
Producer Durables	17.9
Health Care	10.6
Technology	6.9
Materials & Processing	6.8
Energy	5.2
Utilities	2.3
Consumer Staples	1.1
Cash	3.4
	100.0

By order of the Board

Jonathan Latter, for and on behalf of

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

15th May 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

 

 

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