Interim Management Statement

RNS Number : 5102Q

JPMorgan Asian Investment Tst PLC

04 August 2010

 



JPMorgan Asian Investment Trust plc

Interim Management Statement (unaudited)

For the three months ended 30th June 2010

This interim management statement relates to the quarter from 1st April 2010 to

30th June 2010 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
Share price	3.2%	- 6.2%	21.9%	12.0%	89.1%
Net asset value	-1.1%	- 4.9%	24.9%	8.8%	85.2%
Benchmark	-1.2%	-3.6%	34.4%	26.6%	104.9%

* total return with net dividends reinvested

Source: JPMAM / MorningStar

Financial position

	As at 30th  June 2010	As at 2nd August 2010
Total assets	£414.1m	£418.2m
Share price	192.0p	200.9p
Diluted net asset value*	212.5p	218.0p
Undiluted net asset value +	214.9p	220.8p
Discount to diluted net asset value	9.6%	7.9%
Gearing	102.6%	105.3%

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 transactions

Changes to share capital

	Ordinary shares of 25p
Ordinary shares in issue on 1st April 2010	163,781,834
Shares bought back and cancelled	100,000
Shares issued due to exercise of Subscription shares	15,572,588
As at 30th June 2010	179,254,422

Subscription Shares

The Conversion Prices of the Subscription Shares, calculated as at the close of business on 2 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 1 April 2010 and 31 March 2012, 176 pence.

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

Subscription Share Conversion of shares held in Certificated form

Shareholders wishing to convert their JPMorgan Asian Investment Trust Subscription Shares, who hold their shares in Certificated form, should refer to the instructions on the reverse of their Subscription Share Certificate(s).

Subscription Share Conversion through CREST

Shareholders wishing to convert their JPMorgan Asian Investment Trust Subscription Shares, who hold their Shares through CREST, should use the following participation and member account IDs when processing their applications:

CREST Participant ID = 6RA97
CREST Member Account ID = RA135723

The USE (Unmatched Stock Event) instruction should be input by 1.00 pm and received by 3.00 pm on the last business day of each month, in order to receive the new Ordinary shares by the tenth business day of the following month. Any instructions received after this time (i.e. in the current month) will not be credited with the Ordinary share entitlement until the tenth business day of the subsequent month.

Subscription Share Conversion through the JPMorgan ISA or Share Plan

JPMorgan investors wishing to convert their JPMorgan Asian Subscription Shares should download the JPMorgan ISA or Share Plan Subscription Share Conversion Form from the Company's website, complete and return it together with a cheque to the freepost address at the top of the form. Forms must be received at least seven business days before the calendar month in which the conversions are applicable.

Portfolio

Top ten holdings as at 30th June 2010

Stock name	Country	Weight %
China Construction Bank 'H'	China	3.7
Ping An Insurance 'H'	China	3.3
Samsung Electronics	South Korea	2.7
Maruti Suzuki India	India	2.6
United Tractors	Indonesia	2.5
Samsung Engineering	South Korea	2.4
Industrial & Commercial Bank of China 'H'	China	2.4
Infrastructure Development Finance	India	2.3
KB Financial	South Korea	2.2
Siam Cement	Thailand	2.2

Sector breakdown as at 30th June 2010

	Portfolio %
Financials	27.9
Industrials	22.9
Materials	13.8
Consumer Staples	9.4
Information Technology	8.7
Consumer Discretionary	7.1
Energy	3.8
Utilities	1.3
Health Care	1.1
Cash	4.0
Total	100.0

Geographical Breakdown as at 30th June 2010

	Portfolio %
Hong Kong	7.6
India	15.3
China	26.5
Singapore	13.7
South Korea	13.0
Taiwan	8.3
Indonesia	6.4
Thailand	5.2
Cash	4.0
Total	100.0

By order of the Board

Alison Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

4th August 2010

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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