Interim Management Statement

RNS Number : 1555E

JPMorgan Claverhouse IT PLC

07 May 2013

 



JPMorgan Claverhouse Investment Trust plc

Interim Management Statement

For the three months ended 31st March 2013

This interim management statement relates to the quarter from 1st January 2013 to 31st March 2013 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	1.6%	17.8%	23.9%	31.1%	36.0%	182.4%
Net asset value	1.2%	14.6%	21.3%	29.4%	36.6%	191.7%
Benchmark	1.4%	10.3%	16.8%	28.7%	38.5%	175.3%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st March 2013	As at 6th May 2013
Total assets	£360.5m	£370.7m
Share price	506.0p	511.0p
Net asset value	552.2p	568.17p
Discount	8.4%	10%
Gearing	16.3%	16.9%

Share prices shown are closing bid

Net asset values are shown excluding income with debt at fair value

Source: JPMAM/Morningstar

Material events

On 1st March 2013 a fourth quarterly interim dividend of 8.35 pence per share for the year ended 31st December 2012 was paid to shareholders on the register at the close of business on 8th February 2013.

Material events since the period end

Following the Annual General Meeting of the Company held on 25th April 2013, the Board announced that all of the Ordinary Resolutions put to shareholders were passed.  In addition, three items of special business were passed which:

i)     allow the Directors of the Company to exercise all powers of the Company to allot shares in the Company up to an aggregate nominal amount of £684,049 representing approximately 5% of the Company's issued ordinary share capital as at the date of the passing of the resolution;

ii)    allow the disapplication of pre-emption rights on the allotment of new ordinary shares up to an aggregate nominal amount of £684,049; and

iii)   allow the Company to make market purchases of up to 8,203,124 ordinary shares, representing 14.99% of the Company's issued share capital.

On 25th April 2013, the Directors declared that a first quarterly interim dividend of 4.50 pence per share for the year ending 31st December 2013 would be paid on 3rd June 2013 to shareholders on the register at the close of business on 3rd May 2013.

On 5th March 2013 the Board announced the appointment of Andrew Sutch as a non-executive Director of the Company with effect from 1st April 2013.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st January 2013	54,723,979
Shares bought back and cancelled	-
Shares bought into Treasury	-
Shares cancelled from Treasury	-
Shares issued	-
As at 31st March 2013	54,723,979

The Company has not bought back and cancelled, or issued any shares since the end of the quarter.

Portfolio Analyses

Top ten holdings as at 31st March 2013

Stock name	Sector	Weight %
HSBC Holdings	Financials	7.3
Royal Dutch Shell	Oil & Gas	6.8
BP	Oil & Gas	5.3
Vodafone	Telecommunications	4.7
British American Tobacco	Consumer Goods	3.6
GlaxoSmithKline	Health Care	3.5
Barclays	Financials	3.4
Rio Tinto	Basic Materials	3.2
Prudential	Financials	3.0
BT	Telecommunications	2.9

Sector analysis as at 31st March 2013

	Portfolio %
Financials	27.3
Consumer Goods	12.6
Oil & Gas	12.3
Consumer Services	12.3
Basic Materials	9.0
Telecommunications	7.7
Industrials	7.3
Health Care	6.1
Utilities	2.6
Technology	1.5
Cash	1.3
Total	100.00

By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

7th May 2013

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.jpmclaverhouse.co.uk 

 

END

 

 

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