Interim Management Statement

RNS Number : 8791J

JPMorgan Japan Smaller Co Tst PLC

13 August 2012

 



JPMorgan Japan Smaller Companies Trust plc

Interim Management Statement (Unaudited)

For the three months ended 30th June 2012

This Interim Management Statement relates to the quarter from 1st April 2012 to 30th June 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	8.3%	-2.4%	-4.3%	6.9%	-36.4%	-23.1%
Net asset value**	3.1%	0.6%	-3.0%	8.5%	-34.2%	-25.5%
Benchmark	2.7%	-3.5%	0.7%	22.1%	12.2%	62.4%

* total return with net dividends reinvested

** Capital only, diluted for Treasury shares and Subscription shares

Source: JPMAM/Morningstar

Financial position

	As at 30th  June 2012	As at 9th August 2012
Total assets	£69.8m	£64.7m
Share price	134.0p	141.4p
Net asset value	164.8p	166.4p
Discount	18.7%	15.1%
Subscription Share price	9.1p	9.1p
Gearing	97.5%	99.4%

Share prices shown are closing bid

Net asset values are Capital only with debt at par value, diluted for Treasury shares and Subscription shares

Source: JPMAM/ Morningstar

Material events

On 1st May 2012, the Board announced that Shoichi Mizusawa, the head of the JPMorgan Asset Management investment team in Tokyo, would with immediate effect, become the lead investment manager with direct responsibility for the management of the portfolio.  In addition, further resources were allocated to the management of the portfolio, with Shoichi Mizusawa being supported by Nicholas Weindling and Naohiro Ozawa. This team of three was backed up by seven other managers with Japanese and regional research responsibilities based in Tokyo and Hong Kong.

On 18th May 2012, the Board announced that Mr Christopher Russell, a non-executive Director, had informed the Company that, effective 8th May 2012, he was appointed as a non-executive Director of Macau Property Opportunities Fund Limited.

Material events post 30th June 2012

AGM

At the Company's Annual General Meeting, which was held on Monday 23rd July 2012, all of the Ordinary Resolutions put to shareholders were passed.  The following Special Business was also passed which:

i.)         allowed the Company to allot new shares up to an aggregate nominal amount of £394,949 representing 10% of the Company's issued share capital;

ii.)        allowed the disapplication of pre-emption rights on the allotment of new Ordinary shares;

iii.)       allowed the Company to make market purchases of up to 5,904,530 Ordinary shares and 1,079,120 Subscription shares, representing 14.99% of the Company's issued share capital less shares held in Treasury;

Material transactions

Changes to share capital

	Ordinary Shares of 10p
Shares in issue as at 1st April 2012 (including shares held in Treasury)	39,840,901
Shares held in Treasury as at 1st April 2012	-
Shares bought back and cancelled	-
Shares issued - new Shares issued - exercise of Subscription shares Shares bought back into Treasury Shares issued - from Treasury	- 33,417 65,000 -
Shares in issue at 30th June 2012	39,809,318
Treasury shares in issue at 30th June 2012	100,000

	Subscription Shares of 1p
Shares in issue as at 1st April 2012	7232,915
Shares exercised	33,417
Shares repurchased	-
Shares in issue at 30th June 2012	7,198,978

Portfolio Analyses

Top ten holdings as at 30th June 2012

Stock name	Sector	% of Portfolio
Cyber Agent	Consumer Discretionary	3.1
Don Quijote	Consumer Discretionary	2.6
Daido Metal	Consumer Discretionary	2.1
Seven Bank	Financials	2.0
Autobacs Seven	Consumer Discretionary	2.0
M3	Health Care	2.0
Sysmex	Health Care	2.0
Musashi Seimitsu Industry	Consumer Discretionary	2.0
IBJ Leasing	Financials	2.0
Mitsubishi UFJ Lease & Financial	Financials	2.0

Sector analysis as at 30th June 2012

	% of Portfolio
Consumer Discretionary	24.3
Industrials	15.1
Information Technology	14.1
Financials	13.8
Health Care	11.3
Materials	6.1
Consumer Staples	5.8
Telecommunication Services	0.3
Utilities	0.0
Energy	0.0
Cash	9.2
Total	100.0

By order of the Board

Andrew Norman, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

10th August 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.jpmjapansmallercompanies.co.uk 

 

END

 

 

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