Interim Management Statement

RNS Number : 5514D

JPMorgan Claverhouse IT PLC

17 May 2012

 



JPMorgan Claverhouse Investment Trust plc

Interim Management Statement

For the three months ended 31st March 2012

This interim management statement relates to the quarter from 1st January 2012 to 31st March 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	-0.5%	4.3%	-2.8%	66.8%	-6.3%	42.7%
Net asset value	-1.6%	7.2%	-2.3%	65.3%	-2.9%	52.7%
Benchmark	-0.9%	6.1%	1.4%	67.9%	9.5%	65.6%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st March 2012	As at 15th May 2012
Total assets	£304.8m	£287.5m
Share price	426.0p	398.0p
Net asset value	470.7p	426.7p
Discount	9.5%	6.7%
Gearing	114.2%	114.8%

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 2012 a fourth quarterly interim dividend of 7.75 pence per share for the year ended 31st December 2011 was paid to shareholders on the register at the close of business on 10th February 2012.

Material events since the period end

Following the Annual General Meeting of the Company held on 20th April 2012, 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 20th April 2012, the Directors declared that a first quarterly interim dividend of 3.50 pence per share for the year ending 31st December 2012 would be paid on 1st June 2012 to shareholders on the register at the close of business on 4th May 2012.

On 26th April 2012 the Board announced that the Association of Investment Companies ('AIC') had confirmed that the Company's application to move from the AIC UK Growth sector to the AIC UK Growth & Income sector had been approved and took effect on 1st May 2012.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st January 2012	54,733,979
Shares bought back and cancelled	-
Shares bought into Treasury	10,000
Shares cancelled from Treasury	-
Shares issued	-
As at 31st March 2012	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 2012

Stock name	Sector	Weight %
Royal Dutch Shell	Oil & Gas	7.9
BP	Oil & Gas	6.1
HSBC Holdings	Financials	4.9
Vodafone	Telecommunications	4.6
GlaxoSmithKline	Health Care	4.2
British American Tobacco	Consumer Goods	3.5
Rio Tinto	Basic Materials	3.3
AstraZeneca	Health Care	3.0
Prudential	Financials	2.8
Barclays	Financials	2.5

Sector analysis as at 31st March 2012

	Portfolio %
Financials	20.8
Oil & Gas	17.5
Consumer Goods	12.7
Industrials	9.7
Basic Materials	9.6
Consumer Services	9.0
Health Care	8.0
Telecommunications	6.8
Utilities	2.4
Technology	1.1
Cash	2.4
Total	100.00

By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

17th May 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.jpmclaverhouse.co.uk 

 

END

 

 

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