Interim Management Statement

RNS Number : 3020N

JPMorgan Fleming Japanese Smllr Cos

13 February 2009

 



JPMorgan Fleming Japanese Smaller Companies Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 31 December 2008

This interim management statement relates to the quarter from 1st October 2008 to 31 December 2008 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	-6.9%	-5.0%	-28.5%	-31.2%	7.8%	72.0%
Net asset value	-7.0%	-8.8%	-29.4%	-32.8%	-1.3%	53.4%
Benchmark	-6.6%	-1.1%	-15.7%	-10.0%	33.3%	41.6%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position 

	As at 31  December 2008	As at 11 February 2009
Total assets	£82.8m	£73.5m
Share price	147.0p	134.0p
Net asset value	182.5p	158.5p
Discount	19.5%	15.5%
Gearing	109.6%	107%

Share prices shown are closing bid

Net asset values are shown with debt at par value

Source: JPMAM/Fundamental Data

Material events 

Since the period end, the Company has announced details of a Bonus Issue of Shares, proposing to issue Subscription Shares to Qualifying Shareholders on the basis of one Subscription Share for every five Existing Ordinary Shares held on the Record Date, 3 March 2009. 

Each Subscription Share will confer the right (but not the obligation) to subscribe for one Ordinary Share on any Business Day during the period from 1 April 2009 until 31 March 2014 (both dates inclusive), after which the rights under the Subscription Shares will lapse. Each Subscription Share will be capable of conversion into one Ordinary Share upon exercise of the Subscription Share Rights and on payment of a pre-determined Conversion Price. 

For further information please refer to the Company's Circular and Prospectus dated 6 February 2009, which have been submitted to the UK Listing Authority and are available for inspection at the UK Listing Authority's Documents Viewing Facility at:  

Financial Services Authority

25 The North Colonnade
Canary Wharf
London

E14 5HS

Telephone - 020 7066 1000

Material transactions 

Changes to share capital 

	Shares of 10p
Shares in issue as at 1st October 2008	39,309,423
Shares bought back and cancelled	-
Shares issued	-
Shares bought back into Treasury	287,000
Shares issued from Treasury	-
As at 31st December 2008	39,309,423

During the period, the Company repurchased 287,000 shares into Treasury. The number of shares in issue less the number of shares held in Treasury is 39,022,423. 

Portfolio

Top ten holdings as at 31 December 2008

Stock name	Sector	Weight %
Aeon Delight	Industrials	3.9
Moshi Moshi Hotline	Industrials	3.8
Abc-Mart	Consumer Discretionary	3.0
SBI	Financials	2.8
Osaka Securities Exchange	Financials	2.7
GMO Internet	Information Technology	2.6
Net One Systems	Information Technology	2.4
So-Net M3	Health Care	2.3
Trancom	Industrials	2.3
Nitori Co	Consumer Discretionary	2.3

Sector analysis as at 31 December 2008

	Portfolio %
Industrials	25.7
Consumer Discretionary	20.8
Information Technology	20.1
Financials	12.2
Consumer Staples	6.8
Health Care	6.2
Materials	2.4
Energy	0.0
Utilities	0.0
Telecommunication Services	0.0
Cash	5.8
Total	100.00

By order of the Board

Andrew Norman, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

13 February 2009

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. 

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.jpmfjapanesesmallercompanies.co.uk 

 

END

 

 

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