Interim Management Statement

RNS Number : 3027Q

JPMorgan European Smaller Co.

30 July 2010

 



JPMorgan European Smaller Companies Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 30th June 2010

This interim management statement relates to the quarter from 1st April 2010 to 30th June 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	10 Years
Share price	-0.5%	-13.3%	20.2%	-22.2%	62.4%	43.5%
Net asset value	-3.2%	-14.1%	26.2%	-16.6%	66.4%	69.2%
Benchmark	-4.1%	-15.8%	22.0%	-20.6%	39.3%	77.0%

* Total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 30th June 2010	As at 29th July 2010
Total assets	£352.7m	£363.9 m
Share  price	634.0p	690p
Net asset value Discount Gearing	769.4p 17.6% 97.9%	811.2p 14.9% 97.4%

Share prices shown are closing bid

Net asset values are capital only with debt at par value

Source: JPMAM/Morningstar

Material events

At the Company's Annual General Meeting held on 8th July 2010, all of the ordinary resolutions put to shareholders were passed. In addition, four Special Resolutions were passed which allow the disapplication of pre-emption rights on the allotment of new ordinary shares; allow the Company to make market purchases of up to 6,849,641 ordinary shares, representing 14.99% of the Company's issued share capital; adopted new articles of association; and changed the name of the Company to JPMorgan European Smaller Companies Trust plc.

Following feedback received from a number of the Company's shareholders, the special resolutions in relation to the re-issue of Treasury Shares and the disapplication of pre-emption rights on the re-issue of Treasury shares were withdrawn.

Material Transactions

Changes to share capital

	Issued Shares
As at 1st April 2010		47,084,653
Shares bought back and cancelled		-
Shares bought back into Treasury Shares cancelled from Treasury Shares issued		684,367 - -
As at 30th June 2010		47,084,653

Subsequent to the quarter end, the Company cancelled the remaining 1,947,914 shares held in Treasury and has repurchased a total of 738,000 shares for cancellation.

Portfolio Analyses

Ten largest holdings as at 30th June 2010

Stock name	Country	Weight %
Mediq                                                              Netherlands                             2.1
Nutreco Holdings                                            Netherlands                            1.8
Sorin                                                                Italy                                         1.8
BIC                                                                  France                                     1.8
Davide Campari-Milano                                  Italy                                         1.7
Bourbon                                                          France                                     1.7
Neopost                                                           France                                     1.7
C.S.M                                                              Netherlands                             1.6
Barco                                                               Belgium                                   1.6
Galenica                                                          Switzerland                              1.5

Portfolio analysis as at 30th June 2010

Sector	Portfolio %
Industrials                                                                    25.7
Consumer Discretionary                                              20.4
HealthCare                                                                 15.3
Consumer Staples                                                        14.0
Materials                                                                      10.6
Information Technology                                              7.7
Financials                                                                    2.0
Energy                                                                         1.7
Utilities                                                                         0.3
Telecommunication Services                                        0.2
Cash                                                                            2.1
Total                                                                            100

By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

30h July 2010

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.jpmeuropeansmallercompanies.co.uk

 

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