Interim Management Statement
JPMorgan Indian Investment Trust plc
Interim Management Statement (Unaudited)
For the three months ended 31st December 2010
This interim management statement relates to the quarter from 1st October 2010 to 31st December 2010 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 |
4.1% |
3.8% |
27.8% |
6.8% |
97.9% |
531.2% |
|
Net asset value |
5.8% |
2.9% |
29.0% |
-0.1% |
116.6% |
436.6% |
|
Benchmark |
7.0% |
2.9% |
24.8% |
10.3% |
148.7% |
435.2% |
* total return with net dividends reinvested
Source: JPMAM/Morningstar
Financial position
|
|
As at 31st December 2010 |
As at 15th February 2011 |
|
Total assets |
£618.9m |
£527.9m |
|
Share price |
483.0p |
424.2p |
|
Net asset value Discount/Premium Gearing Subscription share price |
521.9 p -7.5% 99.5% 229.0p |
459.7p -7.7% 99.2% 174.0p |
Share prices shown are closing bid
Net asset values are shown with debt at par value
Source: JPMAM/Morningstar
Material events
At the Company's Annual General Meeting ('AGM') held on 28th January 2011, resolutions were passed, including Special Resolutions which would allow the Company to allot relevant securities up to an aggregate nominal amount of £1,456,781 or, if less 5% of the total ordinary share capital, to disapply pre-emption rights on such allotments, to make market purchases of up to 17,469,720 ordinary shares or 1,419,700 subscription shares, representing 14.99% of the Company's issued share capital.
Material transactions
Changes to share capital
|
|
Ordinary Shares |
Subscription Shares |
|
|
|
|
|
As at 1st October 2010 |
116,011,142 |
10,002,401 |
|
Shares bought back and cancelled |
- |
- |
|
Shares bought back into Treasury |
- |
- |
|
Shares cancelled from Treasury |
- |
- |
|
Shares exercised |
- |
531,367 |
|
Shares issued |
531,367 |
- |
|
As at 31st December 2010 |
116,542,509 |
9,471,034 |
During the period 1st October 2010 to 31st December 2010 the holders of 531,367 subscription shares elected to convert their shares into ordinary shares. Of the 116,542,509 ordinary shares in issue as at 31st December 2010, 1,979,788 shares were held in Treasury.
Portfolio Analyses
Ten largest holdings as at 31st December 2010
|
Stock name |
Sector |
Weight % |
|
Infosys Technologies |
Information Technology |
12.5 |
|
Reliance Industries |
Energy |
10.0 |
|
HDFC Bank |
Financials |
6.6 |
|
ICICI Bank |
Financials |
5.8 |
|
Housing Development Finance |
Financials |
5.7 |
|
Tata Consultancy Services |
Information Technology |
4.3 |
|
Tata Motors |
Industrials |
4.1 |
|
ITC |
Consumer Staples |
3.1 |
|
Larsen & Toubro |
Industrials |
3.1 |
|
Bharat Heavy Electricals |
Industrials |
2.9 |
Portfolio analysis as at 31st December 2010
|
Sector |
Portfolio % |
|
Financials |
29.3 |
|
Information Technology |
16.8 |
|
Materials |
13.6 |
|
Industrials |
12.7 |
|
Energy |
11.4 |
|
Consumer Discretionary |
6.0 |
|
Health Care |
3.5 |
|
Consumer Staples |
3.1 |
|
Utilities |
2.2 |
|
Telecommunication Services |
0.9 |
|
Cash |
0.5 |
|
Total |
100.0 |
By order of the Board
Andrew Norman, for and on behalf of
JPMorgan Asset Management (UK) Limited, Secretary
16th February 2011
Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ
Telephone: 020 7742 6000
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.jpmindian.co.uk
This information is provided by RNS