Interim Management Statement

RNS Number : 8673G

JPMorgan Claverhouse IT PLC

12 May 2014

 



JPMorgan Claverhouse Investment Trust plc

Interim Management Statement

For the three months ended 31st March 2014

This interim management statement relates to the quarter from 1st January 2014 to 31st March 2014 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	-3.1%	2.3%	24.1%	49.4%	156.5%	155.3%
Benchmark	-2.6%	-0.6%	8.8%	28.8%	113.3%	128.7%
Net asset value	-3.5%	0.8%	18.5%	41.0%	138.6%	148.8%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st March 2014	As at 9th May 2014
Total assets	£424.4m	£423.6m
Share price	606.5p	611.0p
Net asset value	622.6p	626.7p
Discount	2.6%	2.5%
Gearing	16.7%	9.0%

Share prices shown are closing bid

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

Source: JPMAM/Morningstar

Material events

On 3rd March 2014 a fourth quarterly interim dividend of 6.00 pence per share for the year ended 31st December 2013 was paid to shareholders on the register at the close of business on 7th February 2014.

On 5th March 2014, the Company announced the annual results for the year ended 31st December 2013.

Material events since the period end

Following the Annual General Meeting of the Company held on 9th April 2014, 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 £1,368,099 representing approximately 10% 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 £1,368,099; 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 9th April 2014, the Directors declared that a first quarterly interim dividend of 4.50 pence per share for the year ending 31st December 2014 would be paid on 2nd June 2014 to shareholders on the register at the close of business on 2nd May 2014.

On 10^th April 2014, the Company announced that its full portfolio as at 28^th February 2014 was available on its website and that the Company will be publishing the historic portfolio information, as at the end of the previous month, on the Company's website on a monthly basis.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st January 2014	54,723,979
Shares bought back and cancelled	-
Shares bought into Treasury	-
Shares cancelled from Treasury	-
Shares issued	-
As at 31st March 2014	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 2014

Stock name	Sector	Weight %
Royal Dutch Shell	Oil & Gas	7.1
HSBC Holdings	Financials	5.6
BP	Oil & Gas	5.3
GlaxoSmithKline	Health Care	4.3
Rio Tinto	Basic Materials	3.4
Vodafone	Telecommunications	3.3
British American Tobacco	Consumer Goods	3.2
Lloyds Banking	Financials	3.0
AstraZeneca	Health Care	3.0
BT	Telecommunications	2.9

Sector analysis as at 31st March 2014

	Portfolio %
Financials	29.3
Consumer Services	15.0
Oil & Gas	12.4
Consumer Goods	11.4
Industrials	8.6
Health Care	7.3
Telecommunications	6.2
Basic Materials	5.8
Technology	2.5
Utilities	2.2
Future	-4.2
Cash	3.5
Total	100.00

By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

12th May 2014

Registered office: 60 Victoria Embankment, London EC4Y 0JP

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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