JPMorgan US Smaller Companies Investment Trust plc
Interim Management Statement
For the three months ended 30th September 2011
This interim management statement relates to the quarter from 1st July 2011 to 30th September 2011 and contains information that covers that period, unless otherwise stated.
Financial performance - Cumulative Performance *
|
1 Month |
3 Months |
1 Year |
3 Years |
5 Years |
10 Years |
Share price |
-2.1% |
-18.6% |
6.8% |
20.0% |
0.5% |
58.0% |
Net asset value |
-7.2% |
-20.5% |
-0.1% |
17.1% |
-3.1% |
41.3% |
Benchmark |
-7.3% |
-19.5% |
-2.7% |
12.1% |
12.2% |
66.0% |
* Total return with net dividends (if any) reinvested
Source: JPMAM/Morningstar
Financial position
|
As at 30th September 2011 |
As at 15th November 2011 |
Total assets |
£50.7m |
£57.9m |
Share price |
778.3p |
835.0p |
Net asset value |
843.0p |
986.5p |
Discount |
7.7% |
15.4% |
Gearing |
108.7% |
105.3% |
Share prices shown are closing, bid
Net asset values are shown excluding income with debt at par value
Source: JPMAM/Morningstar
Material events
The Company announced on 22nd August 2011 that it had appointed Grant Thornton to act as auditor to the Company.
Material events post 30th September 2011
On 28th October 2011 the Company announced that it had appointed Numis Securities Limited to act as its broker and financial adviser with immediate effect.
Material transactions
Changes to share capital
|
Ordinary Shares of 25p |
Shares in issue as at 1st July 2011 |
5,264,610 |
Shares bought back and cancelled |
38,000 |
As at 30th September 2011 |
5,226,610 |
The Company has purchased a further 18,487 shares for cancellation since 30th September 2011.
Portfolio Analyses
Ten largest holdings as at 30th September 2011
Stock name |
Sector |
Weight % |
Papa Johns |
Consumer Discretionary |
2.6 |
Coventry Health Care |
Health Care |
2.5 |
Jarden |
Consumer Discretionary |
2.5 |
Silgan |
Materials & Processing |
2.5 |
Penn National Gaming |
Consumer Discretionary |
2.4 |
ProAssuarnce |
Financial Services |
2.3 |
Calamos Asset Management |
Financial Services |
1.9 |
Douglas Dynamics |
Producer Durables |
1.9 |
Team |
Producer Durables |
1.8 |
RBC Bearings |
Materials & Processing |
1.8 |
|
|
|
Sector breakdown as at 30th September 2011
|
Portfolio % |
|
|
Consumer Discretionary |
25.5 |
Financial Services |
23.6 |
Producer Durables |
11.2 |
Health Care |
10.8 |
Technology |
7.0 |
Materials & Processing |
6.6 |
Energy |
3.8 |
Utilities |
3.4 |
Consumer Staples |
1.3 |
Cash |
6.8 |
|
100.0 |
By order of the Board
Jonathan Latter, for and on behalf of
JPMorgan Asset Management (UK) Limited, Secretary - Telephone 0207 742 6000
16th November 2011
Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ
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.jpmussmallercompanies.co.uk