Interim Management Statement

RNS Number : 3303X

JPMorgan European Smaller Co.

13 February 2012

 



JPMorgan European Smaller Companies Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 31st December 2011

This interim management statement relates to the quarter from 1st October 2011 to 31st December 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	-2.5%	-9.4%	-24.6%	27.9%	-7.8%	206.8%
Net asset value	-2.4%	-4.2%	-22.7%	26.9%	0.0%	213.0%
Benchmark	-1.9%	-2.2%	-24.3%	25.0%	-12.8%	136.0%

* Total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st December 2011	As at 10th February 2012
Total assets	£322.7m	£340.0m
Share  price	650.0p	718.5p
Net asset value Discount Gearing	787.6p 17.3% 93%	843.2p 14.8% 101.4%

Share prices shown are closing bid

Net asset values are capital only with debt at par value

Source: JPMAM/Morningstar

Material events

There were no material events during the period.

Material Transactions

Changes to share capital

	Issued Shares
As at 1st October 2011		40,962,803
Shares bought back and cancelled		549,000
Shares bought back into Treasury Shares cancelled from Treasury Shares issued		- - -
As at 31st December 2011		40,413,803

Since the period end and up to the date of this announcement, the Company has bought back an additional 90,000 shares for cancellation.

Portfolio Analyses

Ten largest holdings as at 31st December 2011

Stock name	Sector	Weight %
Elekta	Health Care	3.7
Helvetia	Financials	3.5
Barry Callebaut	Consumer Staples	3.5
Galenica	Health Care	3.4
Mediolanum Neopost	Financials Information Technology	3.4 3.3
Delta	Financials	3.2

Andritz                                                                     Industrials                                    3.1

MTU Aero Engines                                                  Industrials                                    2.7

SBM Offshore                                                          Energy                                         2.4

Sector breakdown as at 31st December 2011

Sector	% of Portfolio
Financials	18.8
Industrials	16.6
Health Care	11.7
Consumer Discretionary	10.2
Information Technology	9.7
Energy	8.2
Consumer Staples	7.7
Telecommunication Services Materials	5.0 3.6
Utilities Other	1.6 0.0
Cash	6.9
Total	100.0

By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

13th February 2012

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.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

ENDS

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

 

END

 

 

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