Interim Management Statement

RNS Number : 2431B

JPMorgan Russian Securities PLC

28 February 2014

 



JPMorgan Russian Securities plc

Interim Management Statement

For the three months ended 31st January 2014

This interim management statement relates to the quarter from 1st November 2013 to 31st January 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	-12.4%	-15.2%	-15.4%	-32.8%	195.2%	203.5%
Benchmark	-10.7%	-15.3%	-21.0%	-28.6%	143.1%	221.6%
Net asset value	-11.4%	-12.1%	-15.7%	-27.3%	219.2%	204.0%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st January 2014	As at 26th February 2014
Total assets	£284.5m	£279.2m
Share price	474.6p	469.0p
Net asset value	541.5p	531.6p
Discount	12.4%	11.8%
Gearing/(Net Cash)	(1.2)%	(2.5)%

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 November 2013	52,667,112
Shares bought back and cancelled	135,000
Shares issued	-
As at 31st January 2014	52,532,112

Portfolio

Top ten holdings as at 31st January 2014

Stock name	Sector	Weight %
Lukoil ADR	Energy	11.5
Sberbank of Russia ADR	Financials	10.6
Magnit	Consumer Staples	6.9
Novatek GDR	Energy	6.3
Gazprom ADR	Energy	5.4
JSC MMC Norilsk Nickel ADR	Materials	5.2
Tatneft ADS	Energy	4.4
Mobile Telesystems ADR	Telecommunication Services	4.0
Megafon GDR	Telecommunication Services	3.8
Sistema GDR	Telecommunication Services	3.3

Sector analysis as at 31st January 2014

Sector	Portfolio %
Energy	36.4
Financials	15.8
Consumer Staples	13.2
Telecommunication Services	12.2
Materials	9.6
Consumer Discretionary	7.6
Industrials	3.0
Information Technology	1.0
Utilities	0.0
Cash	1.2
Total	100.00

By order of the Board

Alison Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

28th February 2014

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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