Interim Management Statement

RNS Number : 3849M

JPMorgan Chinese Inv Tst PLC

28 January 2009

 



JPMorgan Chinese Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 31st December 2008 

This interim management statement relates to the quarter from 1st October 2008 to 31st December 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	18.9%	2.8%	-32.3%	22.1%	41.4%	149.7%
Net asset value	14.4%	4.1%	-34.6%	30.8%	62.2%	133.2%
Benchmark	14.5%	3.2%	-30.1%	15.3%	50.6%	82.5%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position 

	As at 31st December 2008	As at 23rd January 2009
Total assets	£72.1m	£68.2m
Share price	92.8p	85.5p
Net asset value	98.2p	92.7p
Discount	5.5%	7.8%
Gearing Subscription share price	96.7% 4.5p	95.8% 5.5p

Share prices shown are closing bid

Net asset values are shown with debt at par value

Source: JPMAM/Fundamental Data

Material events 

AGM

At the Company's Annual General Meeting ('AGM') held on 16th December 2008, all of the resolutions put to shareholders were passed, including two items of Special Business which:

i) will allow the Company to make market purchases of up to 11,311,753 ordinary shares and 
   2,119,047 subscription shares, representing 14.99% of the issued share capital of the relevant 
   share class.

ii) will allow the Company to dissapply pre-emption rights on the sale of shares out of Treasury.

VAT

Following the successful outcome, in June 2007, of the action brought to declare that VAT should not be charged on management fees of investment trust companies, the Board is pleased to announce that, during the period, it reached agreement with the Company's manager, JPMorgan Asset Management ('JPMAM'), on the recovery of past VAT. The total recovery was £21,921.91, which included an amount of £2,976.91 of interest, paid to the Company on 18th December 2008. 

The VAT recovery has been credited to the Company's revenue and capital accounts in accordance with the Board's policy for allocation of management fees and finance costs for each of the periods for which VAT is recovered. 

Material transactions 

Changes to share capital 

	Ordinary Shares of 25p
Shares in issue as at 1st October 2008	75,462,001
Shares bought back and cancelled	-
Shares issued - new Shares bought back into Treasury Shares issued - from Treasury	- - 450,000
As at 31st December 2008	75,462,001

Of the 75,462,001 shares in issue, 4,329,000 shares are held in Treasury.  The Company has not cancelled or issued any shares in the current financial quarter.

	Subscription Shares of 1p
Shares in issue as at 1st October 2008	14,136,407
Shares converted	-
Shares repurchased	-
As at 31st December 2008	14,136,407

Portfolio Analyses 

Top ten holdings as at 31st December 2008 

Stock name

Sector

Weight %

China Mobile                                                   Telecommunication Services        9.2

China Life Insurance 'H'                                  Financials                                      5.2

Industrial & Commercial Bank of China 'H'    Financials                                      4.8

Taiwan Semiconductor                                    Information Technology               4.5

CNOOC                                                          Energy                                          4.2

China Construction Bank 'H'                           Financials                                     3.9

China Petroleum & Chemical 'H'                     Energy                                          3.6

Chunghwa Telecom                                         Telecommunication Services        3.3

Cheung Kong                                                   Financials                                     3.1

JF China Pioneer 'A' Share Fund                      Financials                                     2.9

Sector breakdown as at 31st December 2008

Sector

Portfolio %

Financials                                                                 39.9

Information Technology                                          15.6

Telecommunication Services                                   14.9

Energy                                                                       9.7

Industrials                                                                  6.7

Utilities                                                                      5.2

Consumer Discretionary                                            2.7

Materials                                                                    1.9

Cash                                                                           3.4

Total                                                                      100.0

By order of the Board

Christopher Legg, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

28th January 2009

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, fact sheets and portfolio information can be found at www.jpmchinese.co.uk

 

END

 

 

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