Interim Management Statement

RNS Number : 8537G

JPMorgan American IT PLC

18 May 2011

 



JPMorgan American Investment Trust plc

Interim Management Statement (unaudited)

For the three months ended 31^st March 2011

This interim management statement relates to the quarter from 1st January 2011 to 31^st March 2011 and contains information that covers that period, unless otherwise stated. 

Financial performance - Cumulative Total Return *

	1 month	3 months	1 Year	3 Years	5 Years	10 Years
Share price	1.8%	6.8%	11.4%	56.0%	45.0%	30.2%
Net asset value	1.6%	3.8%	9.4%	42.1%	30.3%	27.8%
Benchmark	1.5%	3.4%	9.1%	31.6%	21.1%	18.4%

* Total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 17th May  2011	As at 31st  March 2011	As at 31st December 2010
Total assets	£442.6m	£440.9m	£423.8m
Share price	885.0p	894.0p	837.0p
Net asset value	870.9p	879.4p	850.8p
Discount/Premium	+1.6%	+1.7 %	-1.6 %
Gearing	98.0%	99.5%	104.2 %

Share prices shown are closing bid

Net asset values are shown with debt at fair value

Source: JPMAM/Morningstar

Material events

There were no material events to report for the three months ended 31st March 2011.

Subsequent to the period end, the Company held its Annual General Meeting on 6th May 2011. All of the resolutions put to shareholders were passed, including the following items of Special Business:

1) to allow the Company to make market purchases of up to 6,442,090 ordinary shares representing 14.99% of the Company's issued share capital;

2) to allow the Company to allot new ordinary shares up to an aggregate nominal amount of £1,099,712;

3) to disapply pre-emption rights on the allotment of such new ordinary shares;

In addition, the Company undertook two non pre-emptive placings of shares subsequent to the period end. One on 13th April 2011, when it issued 1,012,533 new ordinary shares at a price of 872 pence per share and another on 11th May 2011, when it issued 242,965 new ordinary shares at a price of 894 pence per share.

Material transactions

Changes to share capital:      

	Ordinary Shares of 25p
Shares in issue as at 1st January 2011	42,850,949
Shares bought back and cancelled	-
Shares issued - new	125,000
As at 31st March 2011	42,975,949

The Company did not repurchase any shares in the three months ended 31st March 2011.

Portfolio

Top ten holdings as at 31^st March 2011:

Stock name	Sector	Weight %
Exxon Mobil IBM Microsoft Chevron Apple United Technologies Pfizer Merck & Co Wells Fargo National-Oilwell	Energy Information Technology Information Technology Energy Information Technology Industrials Health Care Health Care Financials Energy	4.4 2.7 2.5 2.3 2.2 2.0 2.0 1.9 1.9 1.8

Sector analysis as at 31^st March 2011:

Sector	31st March 2011 %	31st December 2010 %
Information Technology Energy Health Care Financials Industrials Consumer Staples Consumer Discretionary Telecommunication Services Materials Utilities Cash	16.4 15.0 13.2 12.2 9.2 8.0 8.0 3.1 2.5 1.5 10.9	17.3 14.0 13.3 12.6 10.2 7.5 9.8 3.0 2.5 1.6 8.2
Total	100.0	100.0

Asset analysis as at 31^st March 2011:

Large companies	83.4
Small companies	5.6
Unquoted investments	0.1
Cash	9.9
Unrealised hedge value	1.0
Total	100.0

By order of the Board

Andrew Norman, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

18th May 2011

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.jpmamerican.co.uk.

 

END

 

 

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