Interim Management Statement

RNS Number : 0113Y

JPMorgan Indian Invest Trust PLC

15 February 2013

 

JPMorgan Indian Investment Trust plc

Interim Management Statement

For the three months ended 31^st December 2012

This interim management statement relates to the quarter from 1^st October 2012 to 31^st December 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	-0.2%	-0.4%	16.4%	-1.5%	-17.7%	547.2%
Net asset value	-2.5%	-0.4%	18.9%	3.9%	-19.6%	502.6%
Benchmark	-1.4%	-0.2%	20.4%	-4.9%	-15.9%	419.5%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st December 2012	As at 14th February 2013
Total assets	£464.5m	£490.1m
Share price	395.0p	386.7p
Net asset value Discount/Premium Gearing Subscription share price	446.7p -11.6% Net cash held 102.5p	454.5p -14.9% 1.6% 100.0p

Share prices shown are closing bid

Net asset values are shown with debt at par value

Source: JPMAM/Morningstar

Material events during the three months ended 31^st December 2012

Annual results

The Company's annual results for the year ended 30^th September 2012 were announced on 21^st December 2012.

Director shareholdings

Peter Sullivan purchased 535 ordinary shares in the Company on 13^th December 2012.

Material events post 31st December 2012

Annual General Meeting

At the Annual General Meeting of the Company held on 29^th January 2013, all of the Ordinary Resolutions put to shareholders were passed.  In addition, the following three items of Special Business were passed which:

i)          allow the Company to allot new Ordinary shares up to an aggregate nominal amount of £2,734,107 representing approximately 10% of the Company's issued Ordinary share capital;

ii)         allow the Company to disapply pre-emption rights on allotment of new Ordinary shares; and

iii)        allow the Company to make market purchases of up to 16,393,713 Ordinary shares or 914,753 Subscription shares, representing 14.99% of the Company's issued share capital.

Director shareholdings

Richard Burns purchased 48,000 ordinary shares in the Company on 30^th January2013.

Nimi Patel purchased 39,000 ordinary shares in the Company on 6^th February 2013.

Material transactions

Changes to Share Capital

	Ordinary Shares	Subscription Shares
As at 1st October 2012	114,615,313	6,131,442
Shares bought back and cancelled	-	-
Shares bought back into Treasury	5,280,000	-
Shares cancelled from Treasury	-	-
Shares exercised	-	29,017
Shares issued	29,017	-
As at 31st December 2012	109,364,330	6,102,425

Of the 109,364,330 ordinary shares in issue as at 31^st December 2012, 10,546,788 shares were held in Treasury.

In the period 1^st January 2013 to 15^th February 2013, the holders of a further 43,108 subscription shares elected to convert their shares into ordinary shares.  The Company bought 2,703,000 ordinary shares into Treasury.  Of the 106,704,438 ordinary shares in issue as at 15^th February 2013, 13,249,788 shares were held in Treasury.

Portfolio Analyses

Ten largest holdings as at 31^st December 2012

Stock name	Sector	Weight %
HDFC Bank	Financials	9.8
Reliance Industries	Energy	7.7
Infosys Technologies	Information Technology	7.5
Housing Development Finance	Financials	7.4
ITC	Consumer Staples	7.0
IDFC	Financials	5.0
Ambuja Cements	Materials	4.1
Tata Motors	Consumer Discretionary	4.0
ACC	Materials	4.0
Tata Consultancy Services	Information Technology	3.4

Sector breakdown as at 31^st December 2012

Sector	Portfolio %
Financials	34.5
Information Technology	12.4
Materials	11.3
Consumer Discretionary	10.0
Energy	9.4
Consumer Staples	7.6
Health Care	5.4
Industrials	3.2
Telecommunication Services	2.1
Utilities	1.6
Cash	2.5
Total	100.0

By order of the Board

Rebecca Burtonwood, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

15^th February 2013

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 at www.jpmindian.co.uk

 

END

 

 

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