Interim Management Statement

RNS Number : 2140N

JPMorgan Japan Smaller Co Tst PLC

24 July 2014

 



JPMorgan Japan Smaller Companies 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	4.7%	6.9%	3.0%	31.2%	46.5%	-24.3%
Benchmark	5.3%	5.7%	4.2%	24.0%	50.3%	55.7%
Net asset value	5.6%	5.4%	3.9%	32.0%	47.6%	-25.0%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 30th  June 2014	As at 22nd July 2014
Total assets	£121.1m	£121.8m
Share price	196.8p	199.5p
Net asset value	226.2p	227.9p
Discount	13.0%	12.5%
Gearing	10.2%	11.4%

Share prices shown are closing bid

Net asset values are Capital only with debt at par value

Source: JPMAM/ Morningstar

Material events

Results for the year ended 31^st March 2014 were announced on 13^th June 2014.

On 19^th June 2014, the Company announced the resignation of Deloitte LLP as the Company's Auditors with effect from 25^th July 2014. The appointment of Grant Thornton UK LLP will be proposed at the Annual General Meeting on 25^th July 2014.

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").

Material transactions

Changes to share capital	Ordinary Shares of 10p
Shares in issue as at 1st April 2014 (including shares held in Treasury)	39,904,249
Shares held in Treasury as at 1st April 2014	409,500
Shares bought back and cancelled	-
Shares issued - new Shares issued - exercise of Subscription shares Shares bought back into Treasury Shares issued - from Treasury	- 6,784,547 - -
Shares in issue at 30th June 2014	46,688,796
Treasury shares in issue at 30th June 2014	409,500

	Subscription Shares of 1p
Shares in issue as at 1st April 2014	6,784,547
Shares exercised	6,784,547
Shares in issue at 30th June 2014	-

Portfolio Analyses

Top ten holdings as at 30th June 2014

Stock name	Sector	% of Portfolio
Hitachi Capital	Financials	2.5
Cyber Agent	Consumer Discretionary	2.2
Tokyo Tatemono	Financials	2.0
H.I.S.	Consumer Discretionary	1.9
Aida Engineering	Industrials	1.8
Don Quijote	Consumer Discretionary	1.8
Aica Kogya	Industrials	1.8
Misumi	Industrials	1.6
M3	Healthcare	1.6
Sohgo Securities	Industrials	1.6

Sector analysis as at 30th June 2014

	% of Portfolio
Industrials	21.8
Consumer Discretionary	19.5
Financials	18.9
Information Technology	11.0
Materials	9.7
Health Care	6.8
Consumer Staples	5.4
Telecommunication Services	1.3
Utilities	0.0
Energy	0.0
Cash	5.6
Total	100.0

By order of the Board

Rebecca Burtonwood, for and on behalf of

JPMorgan Funds Limited, Secretary

24th July 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 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.jpmjapansmallercompanies.co.uk 

 

END

 

 

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