Interim Management Statement

RNS Number : 4601F

JPMorgan Glb Emerging Mkts Inc Tst

23 May 2013

 



JPMorgan Global Emerging Markets Income Trust plc

Interim Management Statement (unaudited)

for the three months ended 30th April 2013

This interim management statement relates to the quarter from 1st February 2013 to 30th April 2013 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	+0.2%	+3.6%	+19.8%	+38.1%
Net asset value	-0.5%	+3.7%	+20.4%	+44.1%
Benchmark	-1.7%	-0.4%	+8.5%	+12.2%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 30th April 2013	As at 22nd May 2013
Total assets	£316.0m	£337.2m
Share price	130.8p	139.0p
Net asset value	128.1p	136.6p
Premium	2.0%	1.8%
Gearing	8.3%	8.3%

Share prices shown are closing, bid

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

Source: JPMAM/Morningstar

Material events

The results for the six months ended 31^st January 2013 were published on 26^th March 2013.

There were no other material events during the reporting period.

Materials events post 30th April 2013

On 20^th May 2013, the Board published proposals to put in place a new Placing Programme to enable the Company to continue to issue further shares after its existing share allotment authorities have been exhausted.  The share issue proposals would permit the Company to issue up to 67,265,831 Shares to investors without first having to offer them, pro rata, to shareholders.  The Board also published its proposals to amend the Company's investment policy in order to allow the Company the flexibility to take advantage of the current low cost borrowing environment.  The investment policy proposals would allow the Company to take out debt with longer maturities than is envisaged by the existing investment policy.

It was also announced that the Board and the Manager have agreed in principle to amend the performance fee that can be earned by the Manager.

Dividends

A second quarterly interim dividend of 0.9 pence per share for the year ending 31st July 2013 was paid on 16th April 2013 to shareholders on the register at the close of business on 15th March 2013.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Ordinary shares in issue as at 1st February 2013	200,419,438
Shares bought back and cancelled	-
New shares issued	21,750,000
Shares in issue as at 30th April 2013	222,169,348

Since the period end and up to the date of this announcement2,600,000 shares have been issued and no shares have been repurchased for cancellation.

Portfolio

Top ten holdings as at 30th April 2013

Stock name	Sector	Weight %
Delta Electronics	Information Technology	2.1
Bank of China	Financials	2.1
SMJ	Consumer Discretionary	2.0
Imperial	Consumer Discretionary	1.9
Powszechny Zaklad Ubezpieczen	Financials	1.9
Advanced Info Services	Telecommunication Services	1.9
Telekomunikasi Indonesia	Telecommunication Services	1.9
Turkiye Petrol Rafinerileri	Energy	1.8
Foschini	Consumer Discretionary	1.8
Lukoil ADR	Energy	1.8

Sector analysis as at 30th April 2013

Sector	Portfolio %
Financials	16.2
Telecommunication Services	16.1
Consumer Discretionary	14.5
Energy	11.0
Information Technology	10.2
Industrials	9.9
Consumer Staples	7.8
Materials	7.5
Utilities Health Care	5.6 0.0
Cash	1.2
Total	100.0

Geographical Analysis as at 30th April 2013

Country	Portfolio %
South Africa	14.6
Brazil	12.4
Taiwan	11.7
Hong Kong	8.4
China	8.1
Russia	6.3
Turkey	6.1
Korea	4.5
Indonesia	4.0
Poland	3.9
India	3.3
Thailand	3.3
Singapore	2.3
Saudi Arabia	2.2
Kazakhstan	1.9
Qatar	1.7
Philippines Mexico Malaysia United States Cash	1.4 1.1 0.8 0.8 1.2
Total	100.0

By order of the Board

Rebecca Burtonwood, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

23rd May 2013

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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