Interim Management Statement

RNS Number : 2053K

JPMorgan Asian Investment Tst PLC

16 August 2012

 



JPMorgan Asian Investment Trust plc

Interim Management Statement (unaudited)

For the three months ended 30th June 2012

This interim management statement relates to the quarter from 1st April 2012 to 30th June 2012 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	-1.1%	-8.3%	-24.7%	14.1%	4.9%	127.7%
Net asset value	0.4%	-6.2%	-20.5%	20.3%	4.7%	137.9%
Benchmark	1.1%	-5.1%	-11.4%	39.6%	31.5%	187.4%

* total return with net dividends reinvested and calculated using the diluted net asset value which assumes that all outstanding Subscription shares have been converted into Ordinary shares.

Source: JPMAM/Morningstar

Financial position

	As at 30th   June 2012	As at 15th August 2012
Total assets	£306.2m	£322.1m
Share price	176.5p	185.5p
Diluted net asset value*	202.6p	213.1p
Undiluted net asset value+	202.6p	213.7p
Discount to diluted net asset value	-12.3%	-13.0%
Subscription share price	10.5p	10.0p
Gearing++	96.2%	98.6%

Share prices shown are closing bid

* Net asset value (cum income with debt at fair value), assuming that all outstanding Subscription shares have been converted into Ordinary shares.

+ Net asset value (cum income with debt at fair value).

++ Shows gearing factor inclusive of exposure via index futures.

Source: JPMAM/Morningstar

Material Events

On 14th May 2012, in accordance with Listing Rule 9.6.14, the Board of JPMorgan Asian Investment Trust plc announced that, with effect from 3rd May 2012, Linda Yueh joined the Board of Scottish Mortgage Investment Trust plc as a non-executive Director.

Conditional Tender Offer and Ongoing Discount Management

On 3rd April 2012, the Company announced that it had obtained shareholder approval at its Annual General Meeting held on 1st February 2012, to implement, at the Board's discretion, two conditional tender offers for up to 5% of the Company's Ordinary shares. Such Tender Offers were to be considered by the Board if the Company's Ordinary shares traded at an average discount of more than 9% relative to their diluted cum-income net asset value (the 'discount') over the period between 1st October 2011 and 31st March 2012 and the period between 1st April 2012 and 30th September 2012.

The Company announced that in respect of the measurement period for the six months to 31st March 2012, the Company's Ordinary Share average daily discount was 8.97 per cent. Accordingly the Company would not be implementing a Tender Offer in respect of this period. 

The Board announced that it closely monitored the level of discount at which the Company's Ordinary shares traded relative to their net asset value and continued to use the Company's buyback powers so as to stabilise the discount in normal market conditions to between 8 and 10 per cent.

Material transactions

Changes to share capital

	Ordinary shares of 25p
Ordinary shares in issue on 1st April 2012	150,922,005
Shares bought back and cancelled	2,800,000
Shares issued due to exercise of Subscription shares	3,035,512
As at 30th June 2012	151,157,517

Since the period end and up to the date of this announcement, the Company has bought back an additional 410,000 shares for cancellation resulting with a total shares in issue of 150,747,517.

Portfolio Analyses

Top ten holdings as at 30th June 2012

Stock name	Country	Weight %
Samsung Electronics	South Korea	7.1
Agricultural Bank of China H China Construction Bank H	China China	3.2 3.0
AIA	Hong Kong	2.7
Hyundai Motor Taiwan Semiconductor	South Korea Taiwan	2.5 2.4
Hong Kong Electric Holdings	Hong kong	2.2
Kasikornbank Non-Voting Depository Receipt	Thailand	2.1
HDFC Bank	India	2.1
KB Financial	Korea	2.1

Sector breakdown as at 30th June 2012

	Portfolio %
Financials	28.3
Consumer Discretionary	18.2
Information Technology	15.6
Industrials	9.0
Telecommunication Services	6.2
Consumer Staples	5.6
Materials	4.6
Energy	4.1
Utilities	3.5
Cash	4.9
Total	100.0

Geographical Breakdown as at 30th June 2012

	Portfolio %
Korea	22.8
China	21.6
Hong Kong	15.5
Thailand	8.1
Taiwan	7.9
India	6.5
Singapore	6.1
Indonesia	5.3
Malaysia Philippines	1.3 0.0
Cash	4.9
Total	100.0

By order of the Board

Alison Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

16th August 2012

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.

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.jpmasian.co.uk

 

END

 

 

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