Interim Management Statement

RNS Number : 0121Y

JPMorgan Japan Smaller Co Tst PLC

15 February 2013

 

JPMorgan Japan Smaller Companies 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	4.4%	5.3%	5.4%	6.3%	-25.7%	11.5%
Net asset value**	0.2%	-1.6%	-0.6%	2.5%	-24.9%	2.5%
Benchmark	1.9%	1.4%	0.8%	20.3%	23.1%	99.0%

* total return with net dividends reinvested

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

Source: JPMAM/Morningstar

Financial position

	As at 31st  December 2012	As at 14th February 2013
Total assets	£68.2m	£74.5m
Share price	155.4p	158.5p
Net asset value	174.1p	173.9p
Discount	-10.8%	-8.9%
Subscription Share price	11.4p	12.1p
Gearing	Net cash held	7.5%

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 during the three months ended 31^st December 2012

Results for the six months ended 30^th September 2012

The Company's half year results for the six months ended 30^th September 2012 were announced on 19^th November 2012.

Large shareholder notifications

The following notifications of holdings in the Company were announced:

-     1607 Capital Partners, LLC

- increase in holding to 19.0% - announced 5^th November 2012. 

- decrease in holding to 18.0% - announced 13^th December 2012.

-     Lazard Asset Management LLC

- increase in holding to 19.0% - announced 5^th December 2012.

Material events following 31^st December 2012

The following notifications of holdings in the Company were announced:

-     1607 Capital Partners

- decrease in holding to 17.8% - announced 11^th January 2013.

-     Lazard Asset Management LLC

- increase in holding to 20.3% - announced 8^th January 2013.

-     MAM Funds plc

- increase in holding to 10.0% - announced 8^th January 2013.

Material transactions

Changes to share capital

	Ordinary Shares of 10p
Shares in issue as at 1st October 2012 (including shares held in Treasury)	39,229,318
Shares held in Treasury as at 1st October 2012	680,000
Shares bought back and cancelled	-
Shares issued - new Shares issued - exercise of Subscription shares Shares bought back into Treasury Shares issued - from Treasury	- 320 34,000 -
Shares in issue at 31st December 2012	39,195,638
Shares held in Treasury at 31st December 2012	714,000

	Subscription Shares of 1p
Shares in issue as at 1st October 2012	7,198,978
Shares exercised	320
Shares repurchased	-
Shares in issue at 31st December 2012	7,198,658

Since 31^st December 2012, the rights attaching to a further 1,000 subscription shares have been exercised.

Portfolio analyses

Top ten holdings as at 31^st December 2012

Stock name	Sector	% of Portfolio
Don Quijote	Consumer Discretionary	2.8
Musashi Seimitsu Industry	Consumer Discretionary	2.3
IBJ Leasing	Financials	2.2
Seven Bank	Financials	2.1
Nissin Kogyo	Consumer Discretionary	2.1
Mitsubishi UFJ Lease & Financial	Financials	2.0
Suruga Bank	Financials	2.0
Sysmex	Health Care	1.9
Hitachi Capital	Financials	1.8
Yamato Kogyo	Materials	1.8

Sector analysis as at 31^st December 2012

	% of Portfolio
Financials	20.9
Consumer Discretionary	20.8
Industrials	16.3
Information Technology	12.2
Health Care	10.5
Materials	7.9
Consumer Staples	6.6
Telecommunication Services	0.5
Utilities	0.0
Energy	0.0
Cash	4.3
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 www.jpmjapansmallercompanies.co.uk 

 

END

 

 

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