Interim Management Statement

RNS Number : 6988D

JPMorgan American IT PLC

18 May 2012

 



JPMorgan American Investment Trust plc

Interim Management Statement (unaudited)

For the three months ended 31st March 2012

This interim management statement relates to the quarter from 1st January 2012 to 31st March 2012 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	1.8%	10.6%	7.6%	67.7%	55.9%	34.9%
Net asset value	2.9%	9.6%	6.1%	65.1%	41.9%	34.9%
Benchmark	3.2%	9.4%	8.5%	67.1%	33.4%	28.8%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 14th May 2012	As at 31st March 2012	31st December 2011
Total assets	£469.0m	£501.2m	£450.4m
Share price	887.5p	950.0p	859.0p
Net asset value	852.6p	937.4p	855.9p
Premium /Discount (-)	4.1%	1.3%	-0.7%
Gearing	96.9%	97.2%	97%

Share prices shown are closing bid

Net asset values are shown with debt at fair value

Source: JPMAM/Morningstar

Material events

There were no material events during the quarter.

Material events post 31st March 2012

On 4th May 2012, the Board of JPMorgan American Investment Trust plc announced that Hamish Buchan retired as Chairman and non-executive Director and that Sarah Bates assumed the role of chairman with effect from the same date.  On 4th May 2012, the Board also announced the appointments of Simon Bragg and Sir Alan Collins as independent non-executive Directors of the Company, with effect from the same date.

At the Annual General Meeting held on 4th May 2012, all resolutions were passed, including the following items of Special Business:

1)      will allow the Company to allot new ordinary shares up to an aggregate nominal amount of £1,195,700;

2)      will disapply pre-emption rights on the allotment of such new ordinary shares;        and

3)      will allow the Company to make market purchases of up to 7,169,430 ordinary shares representing 14.99% of the Company's issued share capital.

Material transactions

Changes to share capital:      

	Ordinary Shares of 25p
Shares in issue as at 1st January 2012	46,204,047
Shares bought back and cancelled	-
Shares issued - new	1,244,045
As at 31st March 2012	47,448,092

Since the quarter end an additional 380,000 ordinary shares have been issued.  Therefore, the number of shares in issue as at the date of this report is 47,828,092.

Portfolio Analyses

Top ten holdings as at 31st March 2012

Stock name	Sector	Weight %
Apple Exxon Mobil Microsoft IBM Berkshire Hathaway Pfizer Qualcomm Merck & Co Philip Morris International Conoco Phillips	Information Technology Energy Information Technology Information Technology Financials Health Care Information Technology Health Care Consumer Staples Energy	5.1 4.0 4.0 2.8 2.2 2.2 2.1 2.1 1.9 1.8

Sector analysis as at 31st March 2012

Sector	31st March 2012 %	31st December 2011 %
Information Technology Health Care Energy Financials Consumer Discretionary Consumer Staples Industrials Telecommunication Services Materials Utilities Cash	21.3 14.0 12.3 10.3 9.6 8.5 6.2 3.3 1.2 1.2 12.1	19.5 14.2 12.3 9.4 9.2 9.0 6.4 3.6 1.0 1.8 13.6
Total	100.0	100.0

Asset analysis as at 31st March 2012

	31st March 2012  %
Large companies	84.3
Small companies	3.2
Liquidity	12.1
Unrealised hedge value	0.4
Total	100.0

By order of the Board

Alison Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

18th May 2012

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.jpmamerican.co.uk.

 

END

 

 

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