Interim Management Statement

RNS Number : 7732G

JPMorgan Overseas IT PLC

09 May 2014

 



JPMorgan Overseas Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 31st March 2014

This interim management statement relates to the quarter from 1st January 2014 to 31st March 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	-0.8%	-0.7%	7.9%	14.0%	123.5%	184.9%
Benchmark	1.0%	0.4%	6.2%	23.0%	95.1%	107.2%
Net asset value	0.4%	-0.5%	8.6%	20.4%	121.9%	149.1%

Source: JPMAM/Morningstar

* total return with net dividends reinvested

Financial position

	As at 31st March 2014	As at 8th May 2014
Total assets	£259.2m	£259.1m
Share  price Subscription Share Price	929.5p              53.0p	932.5p 52.5p
Net asset value (Discount)/Premium** Gearing	999.2p (7.0)%     7.7%	1007.2p (7.4)%   7.5%

Share prices shown are closing bid

Net asset values are shown with debt at fair value on a cum income basis

Source: JPMAM/Morningstar

** The Company will continue to manage the discount at which the share price trades relative to its net asset value at around 5% if it should become necessary by means of repurchases of the Company's shares in the market.

Material events

On 19^th February 2014, the Company announced the half year results to 31 December 2013.

On 21^st March 2014, the Company announced the change in registered office from Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ to 60 Victoria Embankment, London EC4Y 0JP with effect from 1^st April 2014.

Material events post 31^st March 14

On 11^th April 2014, the Company announced that its full portfolio as at 28^th February 2014 was available on its website and that the Company will be publishing the historic portfolio information, as at the end of the previous month, on the Company's website on a monthly basis.

On 1^st May 2014, the Company announced it will issue 5,497 Ordinary shares following the exercise of conversion rights by subscription shareholders. Dealings in the new Ordinary shares are expected to commence on 8^th May 2014.

Material Transactions

Changes to share capital

	Issued Shares (incl. Shares held in Treasury)
As at 1st January 2014	26,451,908
Shares bought back and cancelled	-
Shares cancelled from Treasury Shares issued  Shares issued due to exercise of Subscription shares As at 31st March 2014	- - - 26,451,908

During the quarter, the Company bought back 80,377 shares into Treasury and did not issue any new shares.  As at 31st March 2014, 2,903,493 shares were held in Treasury.

Since the quarter end, the Company has bought back 250,579 shares into Treasury and issued 5,497 new shares due to the exercise of subscription shares, giving a total number of shares in issue of 23,303,333 excluding treasury shares of 3,154,072.

Portfolio Analyses

Ten largest holdings as at 31st March 2014***

Stock name	Sector	Weight %
InterOil	Energy	3.1
UPM-Kymmene	Basic Industries	2.8
Google	Media	2.6
Bayer	Healthcare	2.2
Sodexo	Transport Svcs & Cons Cyclical	2.1
Schneider Electric	Industrial Cyclicals	2.1
Solvay	Basic Industries	2.0
Johnson & Johnson	Healthcare	2.0
Intercontinental Hotels	Transport Svcs & Cons Cyclical	2.0
Morgan Stanley	Banks	1.9

*** Excluding liquidity fund holdings which are held as an alternative to cash.

Portfolio analysis as at 31st March 2014

Sector	Portfolio %
Industrial Cyclicals	13.5
Healthcare	12.7
Basic Industries Energy	10.8 10.0
Media	8.0
Banks	7.7
Transport Services & Consumer Consumer Non Retail	7.3 6.5
Telecommunications	3.9
Autos	3.6
Insurance	3.5
Technology - Semi Conduct	3.3
Consumer Non Durable	2.4
Technology - Software	1.8
Property	1.1
Other	2.7
Cash	1.2
Total	100.0

Geographical	Portfolio %
North America	44.1
Europe & Middle East ex UK	26.0
United Kingdom	15.6
Japan	5.9
Emerging Markets	5.7
Pacific ex Japan	1.5
Cash	1.2
Total	100.0

By order of the Board

Divya Amin, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

9th May 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 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.jpmoverseas.co.uk 

 

END

 

 

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