Interim Management Statement

RNS Number : 2001K

JPMorgan Chinese Inv Tst PLC

16 August 2012

 



JPMorgan Chinese 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	0.6%	-3.8%	-19.9%	11.2%	23.1%	160.8%
Net asset value**	-0.6%	-4.3%	-16.3%	21.8%	23.6%	167.5%
Benchmark	-0.1%	-4.8%	-12.2%	23.9%	26.1%	136.3%

* 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: J.P. Morgan/Morningstar

Financial position

	As at 30th June 2012	As at 15th August 2012
Total assets	£120.9m	£123.9m
Share price*	126.0p	129.0p
Net asset value **	139.6p	143.6p
Discount	-9.7%	-10.2%
Gearing Subscription share price	109.8% 3.5p	110.0% 3.3p

* Share prices shown are closing bid

** Cum Income with debt at fair value, diluted for Subscription shares.

Source: J.P. Morgan/Morningstar

Material events

There were no material events during the period.

Material events post 30th June 2012

On 23rd July 2012 the Board of JPMorgan Chinese Investment Trust plc announced the appointment of Mr John Misselbrook as an independent non-executive Director of the Company with immediate effect.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st April 2012	77,867,026
Shares held in Treasury at 1st April 2012	-
Shares bought back and cancelled	-
Shares issued - new Shares issued - conversion of Subscription shares Shares bought back into Treasury Shares issued - from Treasury	- 895 -
Shares in issue at 30th June 2012	77,867,921
Shares held in Treasury at 30th June 2012	-

Since the period end and up to the date of this announcement, the Company has issued an additional 937 shares following the conversion of subscription shares on 2nd August 2012.  The Company has also repurchased 62,643 shares into Treasury since the period end. The resulting number of shares in issue is 77,868,858.

	Subscription Shares of 1p
Shares in issue as at 1st April 2012	12,731,382
Shares exercised	895
Shares repurchased	-
As at 30th June 2012	12,730,487

Since the period end and up to the date of this announcement, the Company has issued 937 Ordinary Shares of 25p each following the exercise of conversion rights by a number of subscription shareholders.  

Portfolio Analyses

Top ten holdings as at 30th June 2012

Stock name	Country of Listing /Classification	Weight %
Taiwan Semiconductor	Taiwan	6.0
China Mobile	Hong Kong - Red Chip	5.3
JF China New Generation Fund	China - A	4.7
JF China Pioneer A Share Fund Tencent	China - A Hong Kong - P Chip	4.6 4.1
China Construction Bank H AIA	China - H Hong Kong - Others	3.8 3.7
Cheung Kong	Hong Kong - Others	2.8

CNOOC                                                                   Hong Kong - Red Chip               2.5

Ping An Insurance H                                                China - H                                     2.4

Sector breakdown as at 30th June 2012

Sector	% of Portfolio
Financials	34.9
Information Technology	20.6
Managed Funds	9.4
Consumer Discretionary	8.2
Energy	6.1
Telecommunication Services	5.8
Industrials	4.7
Consumer Staples Materials	4.1 2.6
Utilities	2.3
Cash	1.3
Total	100.0

Geographical breakdown as at 30th June 2012

Country	% of Portfolio
Taiwan	22.7
China - H	21.0
Hong Kong - Others	21.0
Hong Kong - Red Chip	12.0
Hong Kong - P Chip	9.8
China - A	9.4
China - B	2.3
China Others Cash	0.5 1.3
Total	100.0

By order of the Board

Lucy Dina, 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 at www.jpmchinese.co.uk

 

END

 

 

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