Interim Management Statement

RNS Number : 9588H

JPMorgan Emerging Mkts Invest Trust

11 November 2008

 



JPMorgan Emerging Markets Investment Trust plc

Interim Management Statement (unaudited)

For the three months ended 30th September 2008

This interim management statement relates to the quarter from 1st July 2008 to 30th September 2008 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	-19.9%	-21.9%	-24.9%	24.8%	172.0%	474.4%
Net asset value	-15.8%	-17.4%	-22.4%	32.3%	170.5%	363.0%
Benchmark	-15.6%	-18.4%	-23.6%	26.3%	119.3%	269.5%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position 

	As at 30th September 2008	As at 10th November 2008
Total assets	£428.7m	£353.9m
Share price	290.0p	297.0p
Net asset value	302.6p	323.2p
Discount	4.2%	8.1%
Gearing	93.7%	95.9%

Share prices shown are closing bid

Source: JPMAM/Fundamental Data

Material events 

At the Company's Annual General Meeting ('AGM') held on 24th July 2008, all of the resolutions put to shareholders were passed, including items of Special Business which allow the Company to:

i.)    continue as an investment trust for a further three year period;

ii.)    allot new shares up to an aggregate nominal amount of £1,378,796, representing    5%  of the Company's issued share capital;

iii.)    disapply pre-emption rights on the allotment of new shares;

iv.)    make market purchases of up to 16,534,530 shares representing 14.99% of the  Company's issued share capital; and

            v.)    adopt new Articles of Association.

Material transactions 

Changes to share capital 

	Ordinary Shares of 25p
Shares in issue as at 1st July 2008	110,303,742
Shares bought back and cancelled	-
Shares issued - new	-
Shares in issue as at 30th September 2008	110,303,742

The Company has not repurchased or issued any shares in this financial quarter.

Portfolio

Top ten holdings as at 30th September 2008

Stock name	Sector	Weight %
Petroleo Brasileiro	Energy	8.4
Companhia Vale de Rio Doce	Materials	4.9
America Movil	Telecommunication Services	4.0
Sasol	Energy	3.1
Housing Development Finance	Financials	3.0
MTN	Telecommunication Services	2.7
Bharti Airtel	Telecommunication Services	2.5
China Merchants Bank	Financials	2.5
Banco Itau	Financials	2.3
African Bank Investments	Financials	2.2

Sector analysis as at 30th September 2008

Sector	Portfolio %
Financials	22.3
Materials	13.2
Consumer Staples	12.6
Energy	12.4
Telecommunication Services	11.5
Consumer Discretionary	9.4
Information Technology	5.6
Industrials	4.1
Health Care	2.3
Utilities	0.0
Cash	6.6
Total	100.00

Geographical Analysis as at 30th September 2008

Country	Portfolio %
Brazil	19.7
South Africa	12.6
India	11.8
Mexico	9.4
China	7.7
South Korea	7.1
Russia	5.7
Taiwan	4.2
Hong Kong	3.2
Indonesia	2.2
Egypt	1.8
Argentina	1.6
United Arab Emirates	1.6
Israel	1.4
Malaysia	0.9
Other	2.5
Cash	6.6
Total	100.00

By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

11th November 2008

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.jpmemergingmarkets.co.uk 

 

END

 

 

IMSZGMMMNMFGRZM