Interim Management Statement

RNS Number : 6281T

JPMorgan Glb Emerging Mkts Inc Tst

08 December 2011

 



JPMorgan Global Emerging Markets Income Trust plc

Interim Management Statement (unaudited)

For the three months ended 31st October 2011

This interim management statement relates to the quarter from 1st August 2011 to 31st October 2011 and contains information that covers that period, unless otherwise stated. 

Financial performance - Cumulative Total Return *

	1 month	3 months	1 year	Since inception
Share price	+6.3%	-5.8%	-4.6%	+4.3%
Net asset value	+7.6%	-8.6%	-3.8%	+5.8%
Benchmark	+9.3%	-10.4%	-8.6%	+0.4%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st October 2011	As at 7th December 2011
Total assets	£165.1m	£172.3m
Share price	105.8p	105.8p
Net asset value	101.0p	103.2p
Premium	4.7%	2.5%
Gearing	107.1%	104.9%

Share prices shown are closing, bid

Net asset values are shown excluding income, with debt at par value.

Source: JPMAM/Morningstar

Material events

On 21st October 2011 the Board announced that Richard Robinson would be appointed as an independent non-executive Director of the Company with effect from 1st December 2011.

Materials events post 31st October 2011

At the Annual General Meeting of the Company held on 10th November 2011, shareholders passed Special Resolutions which gave Directors the authority to make market purchases of up to 14.99% of the Company's issued share capital, and to disapply pre-emption rights on the allotment of new Ordinary shares and by way of a sale of Treasury shares.

On 22nd November 2011, the Company announced that an application had been made to the UK Listing Authority for a blocklisting of 15,158,585 Ordinary Shares of 1p each to be admitted to the Official List and to the London Stock Exchange for the shares to be admitted to trading on its main market.

Dividends

At the Annual General Meeting of the Company held on 10th November 2011, shareholders approved the Board's recommendation that a final dividend of 1.45p per Ordinary share be paid on 9th December 2011 to shareholders on the register as at the close of business on 18th November 2011.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Ordinary shares in issue as at 1st August 2011	142,655,853
Shares bought back and cancelled	-
New shares issued	5,450,000
Shares in issue as at 31st October 2011	148,105,853

Subsequent to the period end, the Company has issued a further 5,280,000 new ordinary shares. No shares have been repurchased for cancellation. The total number of shares in issue is currently 153,385,853.

Portfolio

Top ten holdings as at 31st October 2011

Stock name	Sector	Weight %
SAFCO	Industrials	2.8
Advanced Information Services	Telecommunication Services	2.7
Cielo S/A	Information Technology	2.6
Kumba Iron Ore	Materials	2.4
Commercial Bank of Qatar	Financials	2.2
Berjaya Sports Toto Berhad	Consumer Discretionary	2.2
Petrochina H	Energy	2.1
KT ADR	Telecommunication Services	2.0
Quanta Computer	Information Technology	2.0
African Bank Investments	Financials	2.0

Sector analysis as at 31st October 2011

Sector	Portfolio %
Financials	18.6
Telecommunication Services	18.3
Information Technology	13.2
Consumer Staples	9.5
Industrials	8.4
Materials	8.0
Energy	7.7
Consumer Discretionary	7.5
Utilities Health Care	6.1 0.0
Cash	2.7
Total	100.0

Geographical Analysis as at 31st October 2011

Country	Portfolio %
Taiwan	11.9
Brazil	9.9
Hong Kong	9.3
South Africa	9.0
Thailand	6.6
China	6.2
Malaysia	5.4
Turkey	4.7
Qatar	4.1
South Korea	3.8
Russia	3.4
Poland	3.2
Saudi Arabia	2.8
Mexico	2.1
Indonesia	2.1
Singapore	2.1
Czech Republic	2.0
India	1.7
Philippines Croatia Kazakhstan	1.4 1.4 1.3
Chile United States Luxembourg Cash	1.1 1.0 0.8 2.7
Total	100.0

By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

8th December 2011

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.jpmglobalemergingmarketsincome.co.uk 

 

END

 

 

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