Interim Management Statement

RNS Number : 6108W

JPMorgan Eur Fldglng Inv Trust PLC

30 July 2009

 



JPMorgan European Fledgeling Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 30th June 2009 

This interim management statement relates to the quarter from 1st April 2009 to 30th June 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	-2.9%	15.2%	-20.2%	-9.0%	118.1%	204.7%
Net asset value	-2.7%	7.4%	-21.4%	-8.0%	99.3%	196.6%
Benchmark	-3.7%	20.8%	-19.7%	-13.9%	52.0%	76.4%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position 

	As at 30th June 2009	As at 29th July 2009
Total assets	£327.3m	£345.8 m
Share price	530.0p	538p
Net asset value  Discount Gearing	612.6p 13.5% 111.4%	651.3p 17.4% 111.0%

Share prices shown are closing bid

Net asset values are capital only with debt at par value

Source: JPMAM/Fundamental Data

Material events 

At the Company's Annual General Meeting held on 7th July 2009, all of the resolutions put to shareholders were passed, including Special Resolutions which allow the Company to disapply pre-emption rights on the allotment of new ordinary shares, to make market purchases of up to 7,054,241 of its ordinary shares (representing 14.99% of the Company's issued share capital), to sell ordinary shares previously held in Treasury, up to an aggregate nominal amount of £1,176,491 (representing approximately 10% of the Company's issued share capital) and to disapply pre-emption rights on the sale of ordinary shares from Treasury.

Material Transactions

Changes to share capital 

	Issued Shares
As at 1st April 2009		48,713,323
Shares bought back and cancelled		-
Shares bought back into Treasury  Shares cancelled from Treasury  Shares issued		25,000 - -
As at 31st December 2008		48,713,323

During the quarter, the Company did not purchase any shares for cancellation. 

During the quarter, the Company made market purchases of 25,000 shares into Treasury. 

Portfolio Analyses 

Ten largest holdings as at 30th June 2009

Stock name	Sector	Weight %
William Demant                                                          Health Care                               1.9
Bolsas y Mercados Espanoles                                        Financials                                1.9
Hellenic Exchanges                                                       Financials                                1.7
JUMBO                                                                Consumer Discretionary                   1.6
Euler Hermes                                                                 Financials                               1.6
Orpea                                                                          Health Care                               1.6
Temenos                                                               Information Technology                  1.5
Koninklijke                                                                    Industrials                               1.5
Imtech                                                                            Industrials                               1.5
BinckBank                                                                      Financials                               1.5

Portfolio analysis as at 30th June 2009

Sector	Portfolio %
Consumer Discretionary                                            19.7
Financials                                                                  19.7
Industrials                                                                 14.0
Information Technology                                           13.8
Health Care                                                               11.8
Consumer Staples                                                       6.9
Energy                                                                        6.4
Materials                                                                     5.9
Telecommunication Services                                      1.4
Cash                                                                            0.4
Total                                                                          100

By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

30th July 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.jpmeuropeanfledgeling.co.uk

 

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