JPMorgan Chinese Investment Trust plc
Interim Management Statement (Unaudited)
For the three months ended 30th June 2008
This interim management statement relates to the quarter from 1st April 2008 to 30th June 2008 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
|
-17.5%
|
-5.9%
|
-4.5%
|
61.9%
|
121.2%
|
194.7%
|
Net asset value
|
-13.4%
|
-7.2%
|
-4.4%
|
70.5%
|
149.8%
|
181.1%
|
Benchmark
|
-12.2%
|
-6.2%
|
-1.3%
|
47.7%
|
117.3%
|
103.2%
|
* total return with net dividends reinvested
Source: JPMAM/Fundamental Data
Financial position
|
As at 30th June 2008
|
As at 30th July 2008
|
Total assets
|
£86.6m
|
£83.6m
|
Share price
|
100.0p
|
103.0p
|
Net asset value
|
111.5p
|
111.0p
|
Discount
|
10.3%
|
7.2%
|
Gearing
|
104.7%
|
102.9%
|
Share prices shown are closing bid
Net asset values are shown with debt at fair value
Source: JPMAM/Fundamental Data
Material events
At a General Meeting of the Company held on 14th April 2008 resolutions were passed approving the Bonus Issue of Subscription Shares as described in the Company's Prospectus dated 18th March 2008, renewing the Company's buy-back authority which permits the Company under certain circumstances to buy back up to 14.99 per cent of its issued Ordinary Share Capital, and approving the continuation of the Company in its current form until the end of the Annual General Meeting to be held in 2013.
Material transactions
Changes to share capital
|
Ordinary Shares of 25p
|
|
|
Shares in issue as at 1st April 2008
|
75,462,001
|
Shares bought back and cancelled
|
-
|
Shares issued – new
Shares bought back into Treasury
Shares issued – from Treasury
|
-
-
-
|
As at 30th June 2008
|
75,462,001
|
Of the 75,462,001 shares in issue, 4,779,900 shares are held in Treasury. The Company has not cancelled or issued any shares in this financial quarter.
Portfolio Analyses
Top ten holdings as at 30th June 2008
Stock name
|
Sector
|
Weight %
|
China Mobile Telecommunication Services 7.2
JF China Pioneer 'A' Share Fund Financials 7.1
Taiwan Semiconductor Information Technology 5.1
China Construction Bank 'H' Financials 5.0
Cheung Kong Financials 3.7
CNOOC Energy 3.4
China Life Insurance Financials 3.2
China Merchant Bank 'H' Financials 3.1
China Petroleum & Chemical Energy 3.0
Hon Hai Precision Information Technology 2.8
Sector breakdown as at 30th June 2008
Sector
|
Portfolio %
|
Financials 41.8
Information Technology 17.4
Telecommunication Services 11.7
Energy 8.6
Consumer Discretionary 5.6
Materials 4.4
Industrials 3.2
Utilities 2.4
Other 2.0
Consumer Staples 0.6
Cash 2.3
Total 100.0
By order of the Board
Lucy Dina, for and on behalf of
JPMorgan Asset Management (UK) Limited, Secretary
31st July 2008
Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ
Telephone: 020 7742 6000
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, fact sheets and portfolio information can be found at www.jpmchinese.co.uk