Interim Management Statement

RNS Number : 7641G

JPMorgan US Smaller Co. IT

09 May 2014

 



JPMorgan US Smaller Companies Investment Trust plc

Interim Management Statement

For the three months ended 31st March 2014

This interim management statement relates to the quarter from 1st January 2014 to 31st March 2014 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	1.8%	-2.3%	26.9%	67.2%	231.6%	166.6%
Benchmark	-0.2%	0.4%	13.5%	38.2%	151.6%	142.8%
Net asset value	1.1%	1.8%	13.4%	50.9%	193.0%	114.5%

* Total return with net dividends (if any) reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st March 2014	As at 8th May 2014
Total assets	£97.5m	£89.5m
Share price	160.0p	150.8p
Net asset value	160.1p	146.5p
Discount (-)/Premium	-0.04%	2.88%
Gearing	4.8%	5.5%

Share prices shown are closing, bid

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

Source: JPMAM/Morningstar

Material events

On 7th February 2014 the Company announced the details of the share issue and share split proposals. A circular was posted to shareholders to provide the details, explain the benefits and set out the reasons why the Directors recommended that shareholders vote in favour of the resolutions to be proposed at the General Meeting scheduled for 4th March 2014. At the General Meeting of the Company, all of the resolutions (two ordinary and one special) put to shareholders were passed:

1.         to effect a sub-division of each of the existing Ordinary Shares of 25 pence each in the capital of the Company into ten Ordinary Shares of 2.5 pence each having attached thereto the rights specified in the Articles of Association of the Company (such sub-division to take effect from 6th March 2014)

2.         to allow the Directors of the Company to exercise all powers of the Company to allot shares in the Company up to an aggregate nominal amount of £277,789 representing approximately 20 per cent. of the Company's issued ordinary share capital as at the date of the passing of the resolution; and

3.         to allow the disapplication of pre-emption rights on the allotment of new ordinary shares up to an aggregate nominal amount of £277,789.

On 11th March 2014, a prospectus to obtain admission to the Official List of any shares issued pursuant to the authority conferred by the resolutions passed at the General Meeting was published.

On 20th March 2014, the Company announced the 31st December 2013 final results.

On 31st March 2014, the Company published a supplementary prospectus which was supplemental to the prospectus published on 11th March 2014 in connection with the placing of up to 50,000,000 shares. 

Material events post 31st March 2014

On 15th April 2014, the Company announced that its full portfolio as at 28th February 2014 was available on its website and that the Company would be publishing the historic portfolio information, as at the end of the previous month, on the Company's website on a monthly basis.

At the Annual General Meeting of the Company held on 29th April 2014, all of the resolutions put to shareholders were passed. In addition, two items of Special Business were passed which:

i)          allow the Company to make market purchases of up to 8,539,942 ordinary shares, representing 14.99% of the Company's issued share capital; and

ii)         allow the payment of a final dividend of 0.7 pence per share on 6th May 2014.

A dividend of 0.7 pence per share was paid on 6th May 2014 to shareholders on the register at the close of business on 11th April 2014 (ex dividend date was 9th April 2014.

Material transactions

Changes to share capital

	Ordinary Shares of 25p (2.5p following stock split)
Shares in issue as at 1st January 2014	5,465,780
Shares issued before stock split Shares in issue as at 5th March 2014 10 for 1 Stock Split (06.03.2014) Shares issued after stock split	90,000     5,555,780 55,557,800 1,256,218
As at 31st March 2014	56,814,018

The Company has issued 156,910 shares since 31st March 2014.

Portfolio Analyses

Ten largest holdings as at 31st March 2014

Stock name	Sector	Weight %
Jarden	Consumer Discretionary	2.5
Waste Connections	Producer Durables	2.5
Brinker International	Consumer Discretionary	2.1
ProAssurance	Financial Services	2.0
Silgan	Materials & Processing	1.8
Associated Bank	Financial Services	1.8
Douglas Dynamics	Producer Durables	1.7
Taminco	Materials & Processing	1.7
Pool	Consumer Discretionary	1.6
RLJ Lodging Trust	Financial Services	1.6

Sector breakdown as at 31st March 2014

	Portfolio %
Financial Services	23.3
Consumer Discretionary	21.3
Producer Durables	18.5
Technology	9.6
Materials & Processing	8.6
Health Care	7.9
Energy	3.8
Utilities	2.7
Consumer Staples	2.7
Cash	1.6
	100.0

 By order of the Board

Lucy Dina, for and on behalf of

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

9th May 2014

Registered office: 60 Victoria Embankment, London EC4Y 0JP

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

 

 

IMSUGUWAAUPCGCB