JPMorgan Japanese Investment Trust plc
(the 'Company')
Interim Management Statement
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 |
3.9% |
2.7% |
0.6% |
32.6% |
72.0% |
15.8% |
Benchmark |
3.7% |
4.2% |
-1.5% |
18.2% |
37.2% |
42.7% |
Net asset value |
4.7% |
2.3% |
0.0% |
26.5% |
58.2% |
14.9% |
* total return with net dividends reinvested
Source: JPMAM/Morningstar
Financial position
|
As at 30th June 2014 |
As at 22nd July 2014 |
Total assets |
£451.7m |
£465.6m |
Share price |
218.3p |
223.6p |
Net asset value |
242.8p |
244.4p |
Discount |
10.1% |
8.5% |
Gearing |
11.7% |
11.4% |
Share prices shown are closing mid
Net asset values are shown excluding income with debt at par value
Source: JPMAM/Morningstar
Material events
On 22nd May 2014, the Company's results for the six months ended 31st March 2014 were announced.
On 10th April 2014, the Company announced that its full portfolio as at 28th February 2014 was available on its website and that the Company would be publishing the historic portfolio information, as at the end of the previous month, on the Company's website on a monthly basis going forward.
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 25p |
|
|
Shares in issue as at 1st April 2014 |
161,248,078 |
Shares bought back and cancelled |
- |
Shares issued - new |
- |
Shares bought back into treasury |
- |
Shares issued - from treasury |
- |
As at 30th June 2014 |
161,248,078 |
There were no share issues or buybacks during the quarter or since the period end.
Portfolio Analyses
Top ten holdings as at 30th June 2014
Stock name |
Sector |
Weight % |
|
||
Sumitomo Mitsui Financial |
Banks |
4.1 |
|||
Mitsubishi UFJ Financial |
Banks |
4.0 |
|
||
Orix |
Other Financing Business |
3.4 |
|
||
Mazda Motors |
Transportation Equipment |
2.9 |
|
||
Softbank |
Information & Communication |
2.9 |
|
||
Hitachi |
Electric Appliances |
2.8 |
|
||
Keyence |
Electric Appliances |
2.4 |
|
||
Daikin Industries |
Machinery |
2.3 |
|
||
Taiheiyo Cement |
Glass & Ceramics |
2.3 |
|
||
KDDI |
Information & Communication |
2.2 |
|
||
Sector Breakdown as at 30th June 2014
|
Portfolio % |
Electric Appliances |
15.2 |
Services |
12.3 |
Banks |
10.2 |
Information & Communication |
10.2 |
Transportation Equipment |
7.0 |
Retail Trade |
6.6 |
Machinery |
5.4 |
Other Financing Business |
5.4 |
Pharmaceutical |
4.9 |
Real Estate |
4.6 |
Glass & Ceramics Chemicals |
3.8 2.8 |
Others Cash |
9.0 2.6 |
Total |
100 |
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: 020 7742 4000
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.jpmjapanese.co.uk