Interim Management Statement to 30 September 2012

RNS Number : 5646R

JPMorgan Overseas IT PLC

20 November 2012

 



JPMorgan Overseas Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 30th September 2012

This interim management statement relates to the quarter from 1st July 2012 to 30th September 2012 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	0.0%	5.6%	11.8%	23.5%	29.9%	179.4%
Net asset value	1.2%	3.8%	16.3%	22.6%	29.3%	148.3%
Benchmark	1.5%	3.8%	16.7%	22.1%	13.1%	110.7%

Source: JPMAM/Morningstar

* Total return with net dividends reinvested

Financial position

	As at 30th September 2012	As at 16th November 2012
Total assets	£220.9m	£210.7m
Share  price	759.0p	735.5p
Net asset value Discount** Actual Gearing***	819.0p 7.3% 109.6%	786.0p 6.42% 111.8%

Share prices shown are closing bid

Source: JPMAM/Morningstar

** The Company will continue to manage the discount at which the share price trades relative to its net asset value at around 5% if it should become necessary by means of repurchases of the Company's shares in the market.

*** Actual Gearing is based on the most recently available month-end data.

Material events

There were no material events during the quarter.

Material events post 30th September 2012

On 9^th October 2012, the Company announced that its full portfolio as at 30th June 2012 was available on its website at: www.jpmoverseas.co.uk  Under "Additional Trust Information", click on "More Information" where the portfolio was available for download in Excel format.

In the future the Company will be publishing the historic portfolio information, as at the end of the previous quarter, on the Company's website on a quarterly basis.

At the Annual General Meeting ("AGM") of the Company held on 6th November 2012, all of the resolutions put to shareholders at the AGM were passed, including Special Resolutions to allow the Company to disapply pre-emption rights on the allotment of new Ordinary shares or by way of sale of Treasury shares up to an aggregate nominal amount of £654,367, representing 10% of the Company's total Ordinary share capital, and allow the Company to make market purchases of up to 3,923,587 ordinary shares representing 14.99% of the Company's issued share capital.

It was announced at the AGM that the Board is considering proposing a bonus issue of Subscription shares to Shareholders on the basis of one Subscription Share for every five existing Ordinary shares. The Board expects to post a prospectus in early December which will explain the proposals and convene a general meeting to approve the issue. The bonus issue will be available to those on the register in early 2013.

It is expected that the Subscription Shares, if approved, will have a tiered exercise price, will be non dilutive to net asset value on issue and will have duration of around three years. Apart from providing shareholders with an option exercisable into the share capital of the Company which can be traded in the market, the Subscription Shares also provide an opportunity for the Company to grow its capital base. 

A final dividend of 13.5p per share will be paid on 30th November 2012 to shareholders on the register at the close of business on 9th November 2012.

Furthermore, John Rennocks retired as non-executive director of the Company at the conclusion of the AGM, not having stood for re-election. Jonathan Carey has assumed the role of Chairman of the Audit & Management Engagement Committee from him and Nigel Wightman has become the Senior Independent Director.

Material Transactions

Changes to share capital

	Issued Shares (incl. Shares held in Treasury)
As at 1st July 2012	26,174,698
Shares bought back and cancelled	-
Shares cancelled from Treasury Shares issued	- -
As at 30th September 2012	26,174,698

During the quarter, the Company did not issue any new shares or sell any shares from Treasury.  However, the Company did repurchase 884,650 shares during the quarter for holding in Treasury. As at 30th September 2012, 1,670,331 shares were held in Treasury.

Portfolio Analyses

Ten largest holdings as at 30th September 2012****

Stock name	Country	Weight %
Interoil	United States of America	3.6
Associated British Foods	United Kingdom	2.6
Intercontinental Hotels	United Kingdom	2.5
Teva Pharmaceutical industries ADR	Israel	2.1
Sodexo	France	2.0
Wells Fargo	United States of America	2.0
Bayer	Germany	2.0
Solvay	Belgium	1.9
United Health Group	United States of America	1.9
Union Pacific	United States of America	1.8

**** Excluding liquidity fund holdings which are held as an alternative to cash.

Portfolio analysis as at 30th September 2012

Sector	Portfolio %
Transport Services & Consumer Cyclical	13.9
Healthcare	12.2
Industrial Cyclical	11.5
Basic Industries	9.4
Energy	8.9
Consumer non Durables	8.4
Insurance	4.4
Banks - Capital Markets	3.9
Autos	3.9
Banks - Banks and Finance	3.2
Other Technology - software Media Telecommunications Utilities Technology - Hardware Retail Technology - Semi conductors Property Cash	3.0 2.8 2.6 2.4 2.3 2.0 1.9 1.8 1.1 0.4
Total	100.0
Geographical	Portfolio %
North America	35.8
Europe & Middle East ex UK	27.4
United Kingdom Developed Asia	16.8 8.9
Emerging Markets	5.4
Japan	5.3
Cash	0.4
Total	100.0

By order of the Board

Divya Amin, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

19th November 2012

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.

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 ASSET MANAGEMENT (UK) 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 www.jpmoverseas.co.uk 

 

END

 

 

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