Interim Management Statement

RNS Number : 0353T

JPMorgan Russian Securities PLC

21 September 2010

 



JPMorgan Russian Securities plc

Interim Management Statement

For the three months ended 31st July 2010

This interim management statement relates to the quarter from 30^th April 2010 to 31st July 2010 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
Share price	8.0%	-7.1%	72.5%	0.7%	145.3%
Net asset value	7.2%	-8.4%	71.6%	-2.3%	143.6%
Benchmark	5.8%	-7.8%	50.3%	13.2%	179.0%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position

	As at 31st July 2010	As at 17th September 2010
Total assets	£338.3m	£346.9m
Share price	568.5p	585.5p
Net asset value	621.5p	626.0p
Discount	-8.5%	-7.3%
Gearing	96.8%	97.3%

Share prices shown are closing bid

Net asset values are shown with debt at par value

Source: JPMAM/Fundamental Data

Material events

Mr Alexander Easton was appointed to the Board on 1st September 2010.

Mr Easton forged a 19 year career with UBS Investment Bank and its former entities. He started his career as an options and futures trader, and progressed into business management eventually becoming head of European equities at UBS Investment Bank, having previously been joint head of global trading. During his 19 years he was also the managing director responsible for UBS Brunswick (Russia) and was the trading person responsible for a number of Russian corporate deals. Mr Easton also has closed end fund experience from the sell side perspective.

Material transactions

	Ordinary Shares of 1p
Shares in issue as at 1st May 2010	55,284,112
Shares bought back and cancelled	-
Shares issued	-
As at 31st July 2010	55,284,112

Portfolio

Top ten holdings as at 31st July 2010

Stock name	Sector	Weight %
Sberbank of Russia	Financials	12.4
Magnit GDR	Consumer Staples	9.4
Mobile Telesystems ADS	Telecommunication Services	6.5
CTC Media	Consumer Discretionary	5.8
JSC MMC Norilsk Nickel ADR	Materials	5.6
Magnitogorsk Iron & Steel GDR	Materials	4.8
Novolipetsk Iron & Steel GDS	Materials	4.6
Tatneft ADS	Energy	4.4
Sistema GDR	Telecommunication Services	4.3
LUKOIL ADR	Energy	3.2

Sector analysis as at 31st July 2010

	Portfolio %
Consumer Staples	16.6
Financials	16.2
Materials	15.5
Energy	13.7
Telecommunication Services	12.9
Consumer Discretionary	12.4
Health Care	4.1
Utilities	3.3
Industrials	1.4
Information Technology	0.7
Cash	3.2
Total	100.00

By order of the Board

Alison Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

20th September 2010

Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ

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.jpmrussian.co.uk For investor information please contact the JPMorgan helpline on Freephone 0800 40 30 30.

 

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