Interim Management Statement

RNS Number : 1474M

JPMorgan Asian Investment Tst PLC

10 August 2011

 



JPMorgan Asian Investment Trust plc

Interim Management Statement (unaudited)

For the three months ended 30th June 2011

This interim management statement relates to the quarter from 1st April 2011 to 30th June 2011 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	1.4%	1.0%	24.4%	46.9%	95.5%	224.4%
Net asset value	-1.0%	- 1.2%	21.5%	42.3%	90.0%	203.3%
Benchmark	0.1%	-0.1%	17.1%	56.0%	98.5%	223.5%

* total return with net dividends reinvested and calculated using the diluted net asset value which assumes that all outstanding Subscription shares have been converted into Ordinary shares.

Source: JPMAM/Morningstar

Financial position

	As at 30th  June 2011	As at 5th August 2011
Total assets	£465.0m	£436.8m
Share price	237.3p	216.5p
Subscription share price	55.3p	49.25p
Diluted net asset value*	256.6p	235.8p
Undiluted net asset value+	262.2p	240.0p
Discount to diluted net asset value	7.5%	8.2%
Gearing	99.5%	101.0%

Share prices shown are closing bid

* Net asset value (capital only with debt at par value), assuming that all outstanding Subscription shares have been converted into Ordinary shares.

+ Net asset value (capital only with debt at par value).

Source: JPMAM/Morningstar

Material events

There were no material events during the period.

Material events post 30th June 2011

Since the period end Dr Linda Yueh was appointed as an independent non-executive Director of the Company with effect from 1st July 2011.

Material transactions

Changes to share capital

	Ordinary shares of 25p
Ordinary shares in issue on 1st April 2011	168,235,868
Shares bought back and cancelled	0
Shares issued due to exercise of Subscription shares	35,909
As at 30th June 2011	168,271,777

Since the period end and up to the date of this announcement, the Company has issued a further 28,904 Ordinary shares following the exercise of Subscription shares.

Subscription Shares

The Conversion Prices of the Subscription Shares, calculated as at the close of business on 2nd February 2009 and based on the Company's Net Asset Value of 135.04 pence, are as follows:

If Subscription Share Rights are exercised between 1st April 2010 and 31st March 2012, 176 pence.

If Subscription Share Rights are exercised between 1st April 2012 and 31st March 2014, 203 pence.

Portfolio Analyses

Top ten holdings as at 30th June 2011

Stock name	Country		Weight %
Samsung Electronics		South Korea		3.9
Agricultural Bank of China H		China		3.5
Hyundai Heavy Industrials		South Korea		3.0
Samsung Engineering		South Korea		2.8
Siam Cement		Thailand		2.6
Astra International		Indonesia		2.5
China Construction Bank H		China		2.4
Keppel United Tractors		Singapore Indonesia		2.4 2.4
Amorepacific		South Korea		2.2

 Sector breakdown as at 30th June 2011

Sector		Portfolio %
Industrials		23.5
Financials	21.5
Materials	20.5
Consumer Discretionary	11.3
Information Technology	8.6
Consumer Staples	7.0
Energy Telecommunication Services	3.1 1.5
Utilities	1.2
Health Care	0.4
Cash	1.4
Total	100.0

Geographical Breakdown as at 30th June 2011

	Portfolio %
China	23.7
South Korea	23.3
Hong Kong		11.0
Taiwan	9.4
Singapore		8.8
India		8.4
Indonesia	6.4
Thailand	5.7
Malaysia	1.9
Cash	1.4
Total	100.0

By order of the Board

Alison Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

10th August 2011

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.jpmasian.co.uk. 

 

END

 

 

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