Interim Management Statement

RNS Number : 0375Z

JPMorgan European Smaller Co.

31 January 2014

 



JPMorgan European Smaller Companies Trust plc

Interim Management Statement

For the three months ended 31^st December 2013

This interim management statement relates to the quarter from 1st October 2013 to 31st December 2013 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	2.7%	13.2%	59.6%	38.3%	134.5%	406.3%
Benchmark	1.4%	8.2%	36.6%	20.1%	98.2%	202.2%
Net asset value	3.5%	11.1%	49.0%	27.0%	108.5%	349.1%

* Total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st December 2013	As at 30th January 2014
Total assets	£479.0m	£476.3m
Share  price	1144.0p	1162.0p
Net asset value Discount Gearing	1248.6p 8.4% 17.4%	1255.9p 7.5% 11.8%

Share prices shown are closing bid

Net asset values are capital only with debt at par value

Source: JPMAM/Morningstar

Material events

The Company's results for the six months ended 30^th September 2013 were announced on 26^th November 2013.

On 26^th November 2013 the Board announced that an interim dividend of 6.0 pence per share would be paid on 15^th January 2014 to shareholders on the register at the close of business on 20^th December 2013.

Material Transactions

Changes to share capital

	Issued Shares
As at 1st October 2013		33,429,577
Shares bought back and cancelled		1,400,000
Shares bought back into Treasury Shares cancelled from Treasury Shares issued		- - -
As at 31st December 2013		32,029,577

Since the period end and up to the date of this announcement, the Company has not bought back any additional shares for cancellation.

Portfolio Analyses

Ten largest holdings as at 31^st December 2013

Stock name	Sector	Weight %
USG People	Industrials	2.8
Austriamicrosystems	Information Technology	2.3
Sogefi	Consumer Discretionary	2.3
Bankinter	Financials	2.1
Gamesa Wirecard	Industrials Information Technology	2.1 2.1
Jumbo	Consumer Discretionary	2.0

NCC                                                                         Industrials                                    2.0

Leoni                                                                        Consumer Discretionary              1.9

Saft Groupe                                                              Industrials                                    1.9

Sector breakdown as at 31^st December 2013

Sector	% of Portfolio
Industrials	41.3
Consumer Discretionary	23.4
Financials	13.0
Information Technology	9.9
Health Care	3.7
Telecommunication Services	2.9
Materials	2.7
Consumer Staples	1.3
Cash	1.8
Total	100.0

By order of the Board

Rebecca Burtonwood, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

31^st January 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.

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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