Interim Management Statement

RNS Number : 7398S

JPMorgan Glb Emerging Mkts Inc Tst

04 December 2012

 

JPMorgan Global Emerging Markets Income Trust plc

Interim Management Statement (unaudited)

for the three months ended 31^st October 2012

This interim management statement relates to the quarter from 1^st August 2012 to 31^st October 2012 and contains information that covers that period, unless otherwise stated. 

Financial performance - Cumulative Total Return *

	1 month	3 months	1 year	Since inception
Share price	+5.9%	+4.3%	+17.0%	+21.8%
Net asset value	+2.4%	+3.0%	+16.4%	+22.9%
Benchmark	-0.4%	+2.2%	+2.8%	+3.0%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st October 2012	As at 3rd December 2012
Total assets	£233.6m	£239.1m
Share price	116.3p	116.63p
Net asset value	113.1p	113.73p
Premium	2.8%	2.6%
Gearing	3.3%	11.8%

Share prices shown are closing, bid

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

Source: JPMAM/Morningstar

Material events

On 11^th October 2012 the Company published a supplementary prospectus which is supplemental to, and should be read in conjunction with, the prospectus published on 14^th May 2012 (the 'Prospectus') in connection with the placing of up to 200,000,000 shares.

The supplementary prospectus was required following announcement of the Company's final results for the financial year ended 31st July 2012, which constituted a significant new factor relating to information included in the Prospectus.

The Company's final results were announced on 11^th October 2012.

Materials events post 31^st October 2012

At the Annual General Meeting of the Company held on 21^st November 2012, shareholders passed Special Resolutions which gave Directors the authority to make market purchases of up to 14.99% of the Company's issued share capital, and to disapply pre-emption rights on the allotment of new Ordinary shares and by way of a sale of Treasury shares.

Dividends

At the Annual General Meeting of the Company held on 21^st November 2012, shareholders approved the Board's recommendation that a final dividend of 2.15p per Ordinary share be paid on 28^th November 2012 to shareholders on the register as at the close of business on 2^nd November 2012.

Material transactions

Changes to share capital

	Ordinary Shares of 1p
Ordinary shares in issue as at 1st August 2012	173,719,438
Shares bought back and cancelled	-
New shares issued	1,150,000
Shares in issue as at 31st October 2012	174,869,438

Subsequent to the period end, a further 12,950,000 shares have been issued.  No shares have been repurchased for cancellation.

Portfolio

Top ten holdings as at 31^st October 2012

Stock name	Sector	Weight %
Arcelik	Consumer Discretionary	2.9
Bank of China	Financials	2.5
Safco	Materials	2.5
Lukoil ADR	Energy	2.4
Turkiye Petrol Rafinerileri	Energy	2.2
Telekomunikasi Indonesia	Telecommunication Services	2.0
Companhia de Concessoes Rodoviarias	Industrials	2.0
Commercial Bank of Qatar	Financials	2.0
Philippine Long Distance Telephone	Telecommunication Services	2.0
KGHM Polska Miedz	Materials	1.9

Sector analysis as at 31^st October 2012

Sector	Portfolio %
Financials	14.6
Telecommunication Services	14.2
Consumer Discretionary	13.6
Energy	12.1
Industrials	11.8
Information Technology	10.6
Consumer Staples	10.3
Materials Utilities	8.7 4.7
Health Care	0.0
Cash	-0.6
Total	100.0

Geographical Analysis as at 31^st October 2012

Country	Portfolio %
Taiwan	12.3
Brazil	11.1
China	9.7
South Africa	9.2
Hong Kong	8.2
Turkey	6.6
Russia	4.8
Indonesia	4.5
Korea	4.5
Thailand	4.2
Poland	4.0
Qatar	3.9
Malaysia	3.0
India	2.8
Singapore	2.7
Mexico	2.5
Saudi Arabia	2.4
Philippines	2.0
Other	2.2
Cash	-0.6
Total	100.0

By order of the Board

Rebecca Burtonwood, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

4^th December 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.jpmglobalemergingmarketsincome.co.uk 

 

END

 

 

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