Interim Management Statement

RNS Number : 4855O

JPMorgan Russian Securities PLC

19 September 2011

 



JPMorgan Russian Securities plc

Interim Management Statement

For the three months ended 31st July 2011

This interim management statement relates to the quarter from 30th April 2011 to 31st July 2011 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	-4.0%	-4.5%	15.1%	1.1%	57.4%	1064.6%
Net asset value	-2.2%	-1.8%	17.3%	4.2%	66.3%	971.4%
Benchmark	0.5%	0.4%	29.2%	35.8%	85.3%	905.7%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st July 2011	As at 15th September 2011
Total assets	£396.8m	£311.6m
Share price	647.0p	515.0p
Net asset value	717.7p	564.0p
Discount	-9.9%	-8.7%
Gearing	98%	97.5%

Share prices shown are closing bid

Net asset values are shown cum income with debt at par value

Source: JPMAM/Morningstar

Material events

There were no material events during the reporting period.

Material transactions

	Ordinary Shares of 1p
Shares in issue as at 1st May 2011	55,284,112
Shares bought back and cancelled	-
Shares issued	-
As at 31st July 2011	55,284,112

Since the period end, on 5th August 2011, the Company repurchased 30,000 shares for cancellation.  The number of shares in issue following this repurchase is 55,254,112.

Portfolio

Top ten holdings as at 31st July 2011

Stock name	Sector	Weight %
Sberbank of Russia	Financials	13.4
Magnit GDR	Consumer Staples	11.8
ISC MMC Norilsk Nickel ADR	Materials	7.4
Mobile Telesystems ADR	Telecommunication Services	5.8
Tatneft ADR	Energy	4.8
Dixy	Consumer Discretionary	4.7
Novolipetsk Iron & Steel GDS	Materials	4.5
Sistema GDR	Telecommunication Services	3.9
CTC Media	Consumer Discretionary	3.6
Bank Saint Petersburg	Financials	3.6

Sector analysis as at 31st July 2011

	Portfolio %
Consumer Staples	21.3
Financials	17.5
Materials	17.2
Consumer Discretionary	11.8
Telecommunication Services	9.7
Energy	9.6
Health Care	3.8
Industrials	3.6
Utilities	2.9
Information Technology	0.3
Cash	2.3
Total	100.00

By order of the Board

Alison Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

19th September 2011

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.

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.jpmrussian.co.uk 

 

END

 

 

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