Interim Management Statement

RNS Number : 3671N

JPMorgan Chinese Inv Tst PLC

25 July 2014

 



JPMorgan Chinese Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 30th June 2014

This interim management statement relates to the quarter from 1st April 2014 to 30th June 2014 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	2.1%	2.1%	13.5%	0.7%	39.7%	225.7%
Net asset value	1.1%	4.9%	4.1%	4.5%	47.5%	175.7%
Benchmark	1.8%	3.6%	8.1%	7.5%	57.6%	243.2%

* total return with net dividends reinvested

Source: J.P. Morgan/Morningstar

Financial position

	As at 30th June 2014	As at 23rd July 2014
Total assets	£143.3m	£148.8m
Share price*	155.0p	161.5p
Net asset value **	176.3p	183.5p
Discount	-12.1%	-12.0%
Gearing	6.6%	7.6%

* Share prices shown are closing bid

** Cum Income with debt at fair value.

Source: J.P. Morgan/Morningstar

Material events

On 15th  April 2014, the Company announced that its full portfolio as at 28th February 2014 was available on its website and that the Company would be publishing the historic portfolio information, as at the end of the previous month, on the Company's website on a monthly basis going forward.

On 23rd May 2014, the Company's results for the six months ended 31st March 2014 were announced.

Material events post 30th June 2014

On 1st July 2014, the Company entered into arrangements to ensure compliance with the Alternative Investment Fund Managers Directive ("AIFMD"). Following a review of the Company's arrangements, the Company's Board of Directors approved the appointment of JPMorgan Funds Limited as the Company's Alternative Investment Fund Manager and Company Secretary to the Company.  The Board also appointed BNY Mellon Trust & Depositary (UK) Limited to act as the Company's Depositary.  The Company's Custodian, JPMorgan Chase Bank, NA remained as Custodian as a delegate of the Depositary.

On 25th July 2014 the Board of JPMorgan Chinese Investment Trust plc announced the appointment of Mr. Oscar Wong as an independent non-executive Director ('NED') of the Company with effect from 1st August 2014.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st April 2014	77,914,965
Shares held in Treasury at 1st April 2014	2,383,539
Shares bought back and cancelled	-
Shares issued - new Shares bought back into Treasury Shares issued - from Treasury	- - -
Shares in issue at 30th June 2014	77,914,965
Shares held in Treasury at 30th June 2014	2,383,539

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

Portfolio Analyses

Top ten holdings as at 30th June 2014

Stock name	Weight %
Taiwan Semiconductor	7.3
Tencent	6.3
China Construction Bank H	4.9
AIA Cheung Kong	4.6 2.7
China Petroleum & Chemical H Agricultural Bank of China	2.7 2.5
China Minsheng Banking H	2.3

Delta Electronics                                                    2.2

Hutchinson Whampoa                                            2.1

Sector breakdown as at 30th June 2014

Sector	% of Portfolio
Financials	32.1
Information Technology	28.1
Consumer Discretionary	9.3
Industrials	7.6
Energy	5.4
Health Care	4.1
Managed Funds	3.7
Consumer Staples Utilities	3.4 2.9
Materials	1.4
Telecommunication Services Cash	1.0 1.0
Total	100.0

Geographical breakdown as at 30th June 2014

Country	% of Portfolio
Taiwan	27.6
China - H Shares	22.7
Hong Kong	18.0
Hong Kong - P Chip	13.3
Hong Kong - Red Chip	7.8
China Others	5.3
China - A Shares	3.5
China - B Shares Cash	0.8 1.0
Total	100.0

By order of the Board

Lucy Dina, for and on behalf of

JPMorgan Funds Limited, Secretary

25th July 2014

Registered office: 60 Victoria Embankment, London, EC4Y 0JP

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 FUNDS 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 at www.jpmchinese.co.uk

 

END

 

 

IMSLLFLLDFIEFIS