Interim Management Statement

RNS Number : 0334Z

JPMorgan Japan Smaller Co Tst PLC

31 January 2014

 



JPMorgan Japan Smaller Companies Trust plc

Interim Management Statement

For the three months ended 31^st December 2013

This Interim Management Statement relates to the quarter from 1^st October 2013 to 31^st December 2013 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	-2.9%	-1.5%	40.3%	38.6%	36.7%	-4.3%
Benchmark	-0.2%	-2.6%	21.4%	18.0%	36.4%	80.3%
Net asset value**	0.0%	-1.6%	36.0%	29.4%	21.6%	-5.4%

* total return with net dividends reinvested

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

Source: JPMAM/Morningstar

Financial position

	As at 31st  December 2013	As at 30th January 2014
Total assets	£108.4m	£108.9m
Share price	201.0p	192.5p
Net asset value	223.4p	223.6p
Discount	-10.0%	-13.9%
Subscription Share price	28.5p	25.0p
Gearing	13.1%	14.5%

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 2013

Results for the six months ended 30^th September 2013

The Company's half year results for the six months ended 30^th September 2013 were announced on 5^th November 2013.

Material transactions

Changes to share capital

	Ordinary Shares of 10p
Shares in issue as at 1st October 2013 (including shares held in Treasury)	39,599,936
Shares held in Treasury as at 1st October 2013	409,500
Shares bought back and cancelled	-
Shares issued - new Shares issued - exercise of Subscription shares Shares bought back into Treasury Shares issued - from Treasury	- 40,935 - -
Shares in issue at 31st December 2013	39,640,871
Shares held in Treasury at 31st December 2013	409,500

	Subscription Shares of 1p
Shares in issue as at 1st October 2013	7,088,860
Shares exercised	40,935
Shares repurchased	-
Shares in issue at 31st December 2013	7,047,925

Since 31^st December 2013, the rights attaching to a further 20,106 subscription shares have been exercised.

Portfolio analyses

Top ten holdings as at 31^st December 2013

Stock name	Sector	% of Portfolio
Cyber Agent	Consumer Discretionary	3.3
Tokyo Tatemono	Financials	2.7
Don Quijote	Consumer Discretionary	2.3
Seven Bank	Financials	1.9
Mitsubishi UFJ Lease & Financial	Financials	1.8
Hitachi Capital	Financials	1.6
Asahi Intecc	Health Care	1.6
Taiheiyo Cement	Materials	1.5
SHO-BOND	Industrials	1.5
H I S	Consumer Discretionary	1.4

Sector analysis as at 31^st December 2013

	% of Portfolio
Industrials	22.5
Financials	20.4
Consumer Discretionary	20.2
Information Technology	11.0
Materials	8.1
Health Care	7.7
Consumer Staples	4.3
Telecommunication Services	0.8
Cash	5.0
Total	100.0

By order of the Board

Rebecca Burtonwood, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

31^st January 2014

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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