Interim Management Statement

RNS Number : 6392N

JPMorgan European Smaller Co.

29 July 2014

 



JPMorgan European Smaller Companies Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 30th June 2014

This interim management statement relates to the quarter from 1st April 2014 to 30th June 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	0.6%	-5.0%	39.1%	28.3%	128.4%	397.4%
Benchmark	-2.1%	-2.2%	26.1%	21.6%	98.1%	201.2%
Net asset value	-3.5%	-7.5%	28.4%	19.9%	113.8%	326.3%

* Total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 30th June 2014	As at 28th July 2014
Total assets	£477.3m	£458.0m
Share price*	1,132.0p	209.0p
Net asset value* Discount Gearing	1,252.6p 9.6% 19.4%	239.1p 12.6% 14.1%

Share prices shown are closing bid

Net asset values are cum income with debt at fair value

*5 for 1 stock split took place on 23^rd July 2014

Source: JPMAM/Morningstar

Material events

On 10^th April 2014, the Company announced that its full portfolio as at 28th February 2014 was available on its website and that the Company would be publishing the historic portfolio information, as at the end of the previous month, on the Company's website on a monthly basis going forward.

On 23^rd May 2014, the Company's results for the year ended 31st March 2014 were announced.

Material events post 30th June 2014

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

At the Company's Annual General Meeting held on 8th July 2014, all of the ordinary resolutions put to shareholders were passed. In addition, four items of special business were passed which allow the Company to allot shares in the Company up to an aggregate nominal amount of £400,369 representing approximately 5% of the Company's issued ordinary share capital as at the date of the passing of the resolution, allow the disapplication of pre-emption rights on the allotment of new ordinary shares, allow the Company to make market purchases of up to 14.99% of the Company's issued share capital and allow the sub-division of each 25 pence ordinary share into five ordinary shares of 5 pence each.

The 5 for 1 sub-division of the ordinary shares took place on 23^nd July 2014.

On 15^th July 2014, the Company paid a final dividend of 8.5 pence per share to shareholders on the register at the close of business on 6^th June 2014.

On 21^st July 2014, the Company announced that following the review of the Company's management fee arrangements, with effect from 1^st April 2015, the base fee will be calculated as 1% of the net asset value of the Company's shares. The current arrangement is 1.3% of market capitalisation.

On 22^nd July 2014, Mr Davidson and Mr Marescotti increased their shareholdings in the Company by 25 shares and 10 shares respectively as a result of dividend reinvestments.

Material Transactions

Changes to share capital

	Issued Shares
As at 1st April 2014		32,029,577
Shares bought back and cancelled		-
Shares bought back into Treasury Shares cancelled from Treasury Shares issued		- - -
As at 30th June 2014		32,029,577

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

On 23^rd July 2014, the Company undertook a stock split on a five for one basis resulting in an issued share capital of 160,147,885 shares.

Portfolio Analyses

Ten largest holdings as at 30th June 2014

Stock name	Weight %
Drillisch	2.2
Saft	2.2
NKT Holding	2.2
Aareal Bank	2.1
Jazztel UBI Soft Entertainment	2.1 2.1
Sacyr Vallehermoso	2.0

Haulotte                                                                  1.8

Geox                                                                       1.8

Alfran Technologies                                                1.7

Sector breakdown as at 30th June 2014

Sector	% of Portfolio
Industrials	34.8
Consumer Discretionary	21.0
Information Technology	12.4
Materials	9.5
Financials	6.6
Telecommunication Services	5.8
Energy	4.4
Consumer Staples Health Care	3.2 2.7
Utilities	0.0
Cash	-0.4
Total	100.0

By order of the Board

Rebecca Burtonwood, for and on behalf of

JPMorgan Funds Limited, Secretary

29th July 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.

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 FUNDS 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

 

 

IMSBXGDRDBDBGSC