Interim Management Statement

RNS Number : 0720S

JPMorgan Russian Securities PLC

18 September 2014

 



JPMorgan Russian Securities plc

Interim Management Statement

For the three months ended 31st July 2014

This interim management statement relates to the quarter from 1st May 2014 to 31st July 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	-12.0%	6.9%	-16.3%	-33.0%	33.0%	185.1%
Benchmark	-5.9%	10.0%	-14.9%	-34.2%	27.8%	231.6%
Net asset value	-8.0%	10.4%	-16.8%	-31.1%	38.6%	192.6%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st July 2014	As at 16th September 2014
Total assets	£258.7m	£260.3m
Share price	420.5p	430.0p
Net asset value	492.4p	495.5p
Discount	-14.6%	-13.2%
Gearing/(-) Net Cash	-9.7%	-9.9%

Share prices shown are closing bid

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

Source: JPMAM/Morningstar

Material events

On 19^th June 2014, the Company's half year results were announced.

On 1st July 2014, the Company entered into arrangements to ensure compliance with the Alternative Investment Fund Managers Directive ("AIFMD").

Material transactions

	Ordinary Shares of 1p
Shares in issue as at 1st May 2014	52,532,112
Shares bought back and cancelled	-
Shares issued	-
As at 31st July 2014	52,532,112

Portfolio

Top ten holdings as at 31st July 2014

Stock name	Sector	Weight %
Lukoil ADR	Energy	10.7
Magnit	Consumer Staples	10.0
Sberbank of Russia (including ADR)	Financials	7.8
JSC MMC Norilsk Nickel ADR	Materials	6.7
Megafon GDR Mobile Telesystems (including ADR)	Telecommunication Services Telecommunication Services	5.0 4.4
Dixy ADR	Consumer Staples	4.0
Moscow Exchange Micex-RTS (including ADR)	Financials	3.7
Sistema GDR	Telecommunication Services	3.3
Gazprom ADR	Energy	3.2

Sector analysis as at 31st July 2014

Sector	Portfolio %
Energy	21.4
Consumer Staples	14.4
Materials	13.4
Financials	12.7
Telecommunication Services	12.7
Consumer Discretionary	9.0
Information Technology	3.5
Industrials	2.5
Health Care	0.7
Cash	9.7
Total	100.00

By order of the Board

Paul Winship, for and on behalf of

JPMorgan Funds Limited, Secretary

18th September 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.

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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