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 23rd July 2014

Source: JPMAM/Morningstar

 

Material events

 

On 10th 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 23rd 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 23nd July 2014.

On 15th 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 6th June 2014.

On 21st July 2014, the Company announced that following the review of the Company's management fee arrangements, with effect from 1st 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 22nd 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 23rd 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: 020 7742 4000

 

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


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