Interim Management Statement

RNS Number : 1336S
JPMorgan Emerging Mkts Invest Trust
12 May 2009
 



JPMorgan Emerging Markets Investment Trust plc


Interim Management Statement (unaudited)


For the three months ended 31st March 2009


This interim management statement relates to the quarter from 1st January 2009 to 31st March 2009 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

14.2%

2.8%

-23.5%

-4.8%

122.6%

259.1%

Net asset value

11.7%

-2.4%

-27.3%

-7.5%

98.6%

188.0%

Benchmark

13.7%

1.3%

-26.6%

-6.2%

70.8%

140.4%


* total return with net dividends reinvested

Source: JPMAM/Fundamental Data


Financial position 



As at 31st March 2009

As at 11th May 2009

Total assets

  £374.0m

£450.1m

Share price

  318.5p

378.0p

Net asset value

  334.7p

408.0p

Discount

  4.8%

7.4%

Gearing

  95.5%

98.5%


Share prices shown are closing bid

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

Source: JPMAM/Fundamental Data


Material events 

On 6th March 2009, the Board announced that it was considering proposals for a bonus issue of subscription shares to shareholders, which would confer the right (but not the obligation) to subscribe for ordinary shares in the Company. Today, the Company published its proposals to issue subscription shares by way of a bonus issue to qualifying shareholders on the basis of one subscription share for every five existing ordinary shares held on the record date, which will require the adoption of new Articles. The bonus issue is conditional on the passing of the resolution to be proposed at the general meeting of the Company to be held on 10th June 2009, as well as the admission of the subscription shares to the Official List and to trading on the main market of the London Stock Exchange. 







Material transactions 

Changes to share capital 


Ordinary Shares of 25p 



Shares in issue as at 1st January 2009

110,303,742

Shares bought back and cancelled

-

Shares issued - new

-

Shares in issue as at 31st March 2009

110,303,742


The Company has not repurchased or issued any shares in this financial quarter.


Portfolio

Top ten holdings as at 31st March 2009


Stock name

Sector

Weight %

Petroleo Brasileiro ADR

Energy

8.4

Companhia Vale de Rio Doce ADR

Materials

4.8

America Movil ADR

Telecommunication Services

3.5

China Merchants Bank 'H'

Financials

3.4

China Mobile

Telecommunication Services

3.3

Sasol

Energy

3.2

MTN

Telecommunication Services

3.2

Infosys Technologies ADR

Information Technology

2.8

Bharti Airtel

Telecommunications Services

2.8

Housing Development Finance 

Financials

2.7


Sector analysis as at 31st March 2009

Sector

Portfolio %

Financials

18.6

Telecommunication Services 

15.2

Consumer Staples

14.7

Materials

12.9

Energy

12.3

Consumer Discretionary

8.8

Information Technology

7.4

Industrials

2.9

Health Ccare

2.3

Cash

4.9

Total

100.00



 

Geographical Analysis as at 31st March 2009

Country

Portfolio %

Brazil

17.9

South Africa

13.3

India

11.4

China

9.9

Hong Kong

7.8

Mexico

7.7

Korea

7.5

Taiwan

5.0

Russia

3.7

Indonesia

2.6

Israel

2.0

Egypt

1.8

Malaysia

1.3

Chile

0.8

China

0.8

Other

1.6

Cash

4.9

Total

100.00


By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary


12th May 2009


Registered office: Finsbury Dials, 20 Finsbury StreetLondonEC2Y 9AQ

Telephone: 020 7742 6000


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.jpmemergingmarkets.co.uk 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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