Interim Management Statement

RNS Number : 2911B

JPMorgan Fleming Japanese Smllr Cos

13 August 2008

 



JPMorgan Fleming Japanese Smaller Companies Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 30th June 2008

This interim management statement relates to the quarter from 1st April 2008 to 

30th June 2008 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	-6.9%	-5.0%	-28.5%	-31.2%	7.8%	72.0%
Net asset value	-7.0%	-8.8%	-29.4%	-32.8%	-1.3%	53.4%
Benchmark	-6.6%	-1.1%	-15.7%	-10.0%	33.3%	41.6%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position 

	As at 30th June 2008	As at 12th August 2008
Total assets	£76.8m	£71.5m
Share price	161.0p	140.0p
Net asset value	176.9p	162.8p
Discount	9.0%	14.0%
Gearing	102.8%	106.1%

Share prices shown are closing bid

Net asset values are shown with debt at fair value

Source: JPMAM/Fundamental Data

Material events 

At the Company's Annual General Meeting ('AGM') held on 24th July 2008, all of the resolutions put to shareholders were passed, including items of Special Business which allow the Company to:

i.)    allot new shares up to an aggregate nominal amount of £393,094, representing 10% of the Company's issued share capital.

ii.)    disapply pre-emption rights on the allotment of new ordinary shares;

iii.)    make market purchases of up to 5,892,482 ordinary shares representing 14.99% of the Company's issued share capital.

iv.)    sell ordinary shares previously held in Treasury, up to an aggregate nominal amount of £393,094 representing 10% of the Company's issued share capital; 

v.)    disapply pre-emption rights on the sale of ordinary shares from Treasury; and 

           vi.)    adopt new Articles of Association.

Material transactions 

Changes to share capital 

	Shares of 10p
Shares in issue as at 1st April 2008	39,309,423
Shares bought back and cancelled	-
Shares issued	-
As at 30th June 2008	39,309,423

The Company did not issue or repurchase any shares during the quarter. 

Portfolio

Top ten holdings as at 30th June 2008

Stock name	Sector	Weight %
DTS	Information Technology	3.7
Ai Holdings	Information Technology	3.6
Towa	Information Technology	3.1
Tecmo	Consumer Discretionary	2.9
Moshi Moshi Hotline	Industrials	2.9
Aeon Delight	Industrials	2.5
Showa Aircraft Industry	Industrials	2.3
JFE Shoji	Industrials	2.2
SRA Holdings	Information Technology	2.1
Abc-Mart	Consumer Discretionary	2.1

Sector analysis as at 30th June 2008

	Portfolio %
Information Technology	24.0
Industrials	22.7
Consumer Discretionary	21.1
Financials	21.1
Health Care	3.5
Materials	2.1
Consumer Staples	2.1
Energy	1.2
Utilities	0.6
Telecommunication Services	0.3
Cash	1.3
Total	100.00

By order of the Board

Andrew Norman, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

13th August 2008

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. 

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.jpmfjapanesesmallercompanies.co.uk 

 

END

 

 

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