Interim Management Statement

RNS Number : 1336S

JPMorgan Emerging Mkts Invest Trust

12 May 2009

 



JPMorgan Emerging Markets Investment Trust plc

Interim Management Statement (unaudited)

For the three months ended 31st March 2009

This interim management statement relates to the quarter from 1st January 2009 to 31st March 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	10 Years
Share price	14.2%	2.8%	-23.5%	-4.8%	122.6%	259.1%
Net asset value	11.7%	-2.4%	-27.3%	-7.5%	98.6%	188.0%
Benchmark	13.7%	1.3%	-26.6%	-6.2%	70.8%	140.4%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position 

	As at 31st March 2009	As at 11th May 2009
Total assets	£374.0m	£450.1m
Share price	318.5p	378.0p
Net asset value	334.7p	408.0p
Discount	4.8%	7.4%
Gearing	95.5%	98.5%

Share prices shown are closing bid

Net asset values are shown excluding income, with debt at fair value.

Source: JPMAM/Fundamental Data

Material events 

On 6th March 2009, the Board announced that it was considering proposals for a bonus issue of subscription shares to shareholders, which would confer the right (but not the obligation) to subscribe for ordinary shares in the Company. Today, the Company published its proposals to issue subscription shares by way of a bonus issue to qualifying shareholders on the basis of one subscription share for every five existing ordinary shares held on the record date, which will require the adoption of new Articles. The bonus issue is conditional on the passing of the resolution to be proposed at the general meeting of the Company to be held on 10th June 2009, as well as the admission of the subscription shares to the Official List and to trading on the main market of the London Stock Exchange. 

Material transactions 

Changes to share capital 

	Ordinary Shares of 25p
Shares in issue as at 1st January 2009	110,303,742
Shares bought back and cancelled	-
Shares issued - new	-
Shares in issue as at 31st March 2009	110,303,742

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

Portfolio

Top ten holdings as at 31st March 2009

Stock name	Sector	Weight %
Petroleo Brasileiro ADR	Energy	8.4
Companhia Vale de Rio Doce ADR	Materials	4.8
America Movil ADR	Telecommunication Services	3.5
China Merchants Bank 'H'	Financials	3.4
China Mobile	Telecommunication Services	3.3
Sasol	Energy	3.2
MTN	Telecommunication Services	3.2
Infosys Technologies ADR	Information Technology	2.8
Bharti Airtel	Telecommunications Services	2.8
Housing Development Finance	Financials	2.7

Sector analysis as at 31st March 2009

Sector	Portfolio %
Financials	18.6
Telecommunication Services	15.2
Consumer Staples	14.7
Materials	12.9
Energy	12.3
Consumer Discretionary	8.8
Information Technology	7.4
Industrials	2.9
Health Ccare	2.3
Cash	4.9
Total	100.00

Geographical Analysis as at 31st March 2009

Country	Portfolio %
Brazil	17.9
South Africa	13.3
India	11.4
China	9.9
Hong Kong	7.8
Mexico	7.7
Korea	7.5
Taiwan	5.0
Russia	3.7
Indonesia	2.6
Israel	2.0
Egypt	1.8
Malaysia	1.3
Chile	0.8
China	0.8
Other	1.6
Cash	4.9
Total	100.00

By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

12th May 2009

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

 

 

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