Interim Management Statement

RNS Number : 1355P

JPMorgan Russian Securities PLC

19 March 2009

 



JPMorgan Russian Securities plc

Interim Management Statement

For the three months ended 31st January 2009

This interim management statement relates to the quarter from 31st October 2008 to 31st January 2009 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	-17.3%	-37.5%	-75.0%	-59.0%	2.9%
Net asset value	-15.9%	-33.3%	-75.1%	-57.0%	-4.8%
Benchmark	-14.6%	-26.0%	-61.7%	-37.3%	32.3%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position 

	As at 31st January 2009	As at 17th March 2009
Total assets	£100.7m	£103.1m
Share price	160.8p	195.0p
Net asset value	169.7p	224.2p
Discount	-5.3%	-13.1%
Gearing	99.6%	98.3%

Share prices shown are closing bid

Net asset values are shown with debt at fair value

Source: JPMAM/Fundamental Data

Material events 

At the Company's Annual General Meeting held on 13th March 2009, all resolutions were passed, including a special resolution to allow the Company to repurchase its own shares. 

Material transactions 

There have been no changes to the share capital over the period.

Portfolio

Top ten holdings as at 31st January 2009

Stock name	Sector	Weight %
Sberbank Rossii	Financials	8.9
Tatneft GDR	Energy	7.5
Gazprom ADS	Energy	6.7
Magnit	Consumer Staples	6.0
Cherepovets Severstal GDR	Materials	5.5
Magnitogorsk Iron & Steel GDR	Materials	5.3
Mechel ADR	Materials	5.3
Novolipetsk Steel GDS	Materials	5.0
Surgutneftegaz ADR	Energy	4.4
Comstar GDR	Telecommunication Services	3.9

Sector analysis as at 31st January 2009

	Portfolio %
Materials	26.0
Energy	25.9
Financials	10.8
Consumer Staples	8.8
Telecommunication Services	7.5
Consumer Discretionary	7.2
Industrials	3.5
Health Care	1.7
Information Technology	1.5
Utilities	0.6
Other	0.5
Cash	6.0
Total	100.00

By order of the Board

Alison Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary
18th March 2009

Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ

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.jpmrussian.co.uk For investor information please contact the JPMorgan helpline on Freephone 0800 40 30 30.

 

END

 

 

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