Interim Management Statement

RNS Number : 6774L

JPMorgan Asian Investment Tst PLC

14 August 2013

 



JPMorgan Asian Investment Trust plc

Interim Management Statement (unaudited)

For the three months ended 30th June 2013

This interim management statement relates to the quarter from 1st April 2013 to 30th June 2013 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	-6.7%	-6.6%	17.2%	9.8%	29.5%	210.5%
Net asset value	-6.7%	-5.2%	15.7%	11.3%	30.4%	217.8%
Benchmark	-5.8%	-5.2%	12.6%	16.9%	55.7%	265.8%

* 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 2013	As at 22nd July 2013
Total assets	£249.3m	£249.7m
Share price	204.5p	208.7p
Diluted net asset value*	232.6p	231.1p
Undiluted net asset value+	234.8p	233.1p
Discount to diluted net asset value	-12.1%	-9.6%
Subscription share price	15.5p	20.2p
Gearing	2.8%	1.1%

Share prices shown are closing bid

* Net asset value (cum income), assuming that all outstanding Subscription shares have been converted into Ordinary shares.

+ Net asset value (cum income).

Source: JPMAM/Morningstar

Material Events

On 5th April 2013, the Company announced that over the period between 1st October 2012 and 31st March 2013, the Company's Ordinary Shares have traded at an average daily discount of 10.7 per cent. relative to their diluted cum-income Net Asset Value.   Accordingly the Board decided to exercise its discretion to implement a 5 per cent. Tender Offer in respect of this six month period.

A Circular was published and sent to shareholders on 23rd May 2013 detailing the terms of the 5 per cent Tender Offer.

On 27th June 2013 the Company announced the results of the Tender Offer. 5,340,984 Shares (representing 5 per of the issued share capital of the Company on 5th April 2013) were repurchased under the Tender Offer and cancelled. 46,114,307 Shares were validly tendered under the Tender Offer. As a result, the Basic Entitlement of all Shareholders who validly tendered their Shares was accepted in full and excess tenders were satisfied to the extent of 3.9773% of excess Shares tendered.

Material events post 30th June 2013

On 6th August 2013, the Company announced that due to the reduction of the Company's share capital, following a 24.99% Tender Offer in November 2012, and the subsequent reduction in the amount distributed to Shareholders, Directors were proposing to pay an additional dividend of 0.50 pence per share on 6th September 2013 to Shareholders on the Company's register at the close of business on 16th August 2013. This additional dividend is in respect of the Company's financial year ended 30th September 2012.

Material transactions

Changes to share capital

	Ordinary shares of 25p
Ordinary shares in issue on 1st April 2013	106,816,558
Shares bought back and cancelled	5,990,984
Shares issued due to exercise of Subscription shares	3,761
As at 30th June 2013	100,829,335

Since the period end and up to the date of this announcement, the Company has not bought back or issued any shares.

Portfolio Analyses

Top ten holdings as at 30th June 2013

Stock name	Country	Weight %
Samsung Electronics	South Korea	5.7
Taiwan Semiconductor  Construction Bank H	Taiwan China	4.3 3.4
AIA	China	3.2
Tencent HDFC Bank	China India	3.1 2.4
Hyundai Motor	Korea	2.3
POSCO Housing Development Finance	Materials India	2.2 2.1
KB Financial	Korea	2.0

Sector breakdown as at 30th June 2013

	Portfolio %
Financials	36.7
Information Technology	19.7
Consumer Discretionary	14.0
Industrials	9.1
Materials	7.2
Energy	5.3
Consumer Staples	2.2
Telecommunication Services	2.0
Utilities	1.4
Cash	2.4
Total	100.0

Geographical Breakdown as at 30th June 2013

	Portfolio %
China	22.9
South Korea	17.3
Hong Kong	16.0
Taiwan	14.4
India	13.0
Thailand	6.1
Singapore	3.7
Indonesia	2.6
Malaysia Cash	1.6  2.4
Total	100.0

By order of the Board

Alison Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

14th August 2013

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.jpmasian.co.uk

 

END

 

 

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