Interim Management Statement

RNS Number : 3250S

JPMorgan Overseas IT PLC

17 November 2011

 



JPMorgan Overseas Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 30th September 2011

This interim management statement relates to the quarter from 1st July 2011 to 30th September 2011 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	-4.5%	-19.7%	-13.9%	45.4%	28.9%	82.6%
Net asset value	-6.8%	-19.8%	-11.3%	34.4%	23.2%	62.2%
Benchmark	-5.3%	-14.9%	-4.9%	16.5%	7.6%	36.4%

Source: JPMAM/Morningstar

* Total return with net dividends reinvested

Financial position

	As at 30th September 2011	As at 10th November 2011
Total assets	£189.2m	£192.6m
Share  price	692.3p	686.0p
Net asset value Discount** Actual Gearing***	702.1p 1.4% 99.6%	736.5p 6.9% 95.5%

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 2011

At the Annual General Meeting ("AGM") of the Company held on 25th October 2011, 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 £654,368, 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.

A final dividend of 13.5p per share will be paid on 25th November 2011 to shareholders on the register at the close of business on 4th November 2011.

Material Transactions

Changes to share capital

	Issued Shares (incl. Shares held in Treasury)
As at 1st July 2011	26,174,698
Shares bought back and cancelled	-
Shares cancelled from Treasury Shares issued	- -
As at 30th September 2011	26,174,698

During the quarter, the Company did not repurchase any shares or issue any new shares.  However, the Company did sell 40,000 shares from Treasury. As at 30th September 2011, 56,966 shares were held in Treasury.

Portfolio Analyses

Ten largest holdings as at 30th September 2011****

Stock name	Country	Weight %
Japan Tobacco	Japan	3.2
Associated British Foods	United Kingdom	2.6
Royal Dutch Shell A	United Kingdom	2.5
InterOil	United States of America	2.4
Sodexo	France	2.1
JPMorgan Emerging Markets Inv Tst	United Kingdom	1.9
ACE	Switzerland	1.9
Intercontinental Hotels	United Kingdom	1.9
Wells Fargo	United States of America	1.7
Bayer	Germany	1.7

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

Portfolio analysis as at 30th September 2011

Sector	Portfolio %
Financials	19.5
Industrials	17.6
Energy	14.0
Consumer Discretionary	12.6
Health Care	9.7
Consumer Staples	9.4
Materials	7.4
Telecommunication Services	3.7
Utilities	2.7
Information Technology	2.3
Cash	1.1
Total	100.0

Geographical	Portfolio %
North America	27.5
Europe & Middle East ex UK	27.5
United Kingdom	24.6
Japan	11.3
Emerging Markets	4.8
Developed Asia	3.2
Cash	1.1
Total	100.0

By order of the Board

Divya Amin, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

17th November 2011

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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