Interim Management Statement

RNS Number : 4736T

JPMorgan Smaller Cos IT PLC

06 December 2011

 



JPMorgan Smaller Companies Investment Trust plc

(the 'Company')

Interim Management Statement (unaudited)

For the three months ended 31st October 2011

This interim management statement relates to the quarter from 1st August 2011 to 31st October 2011 and contains information that covers that period, unless otherwise stated. 

Investment objective

Capital growth from UK listed smaller companies.

Financial performance - Cumulative Total Return *

	1 Month	3 Months	1 Year	3 Years	5 Years	10 Years
Share price	1.4%	-20.1%	-2.0%	86.0%	-5.5%	152.2%
Net asset value	3.1%	-16.8%	-0.2%	84.8%	2.8%	152.3%
Benchmark	0.8%	-14.1%	-6.9%	51.1%	-24.4%	31.7%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st October 2011
Total assets	£109.6m
Share price	430.0p
Net asset value per share	529.0p
Discount	-18.7%
Gearing	105.1%

Share prices shown are closing bid

Net asset values are shown excluding income with debt at par value

Source: JPMAM/Morningstar

Material events

There were no material events during the quarter.

Material events post 31st October 2011

At the Company's Annual General Meeting held on 28th November 2011, all of the resolutions put to shareholders were passed, including Special Resolutions which allow the Company to make market purchases of up to 14.99% of its issued ordinary shares and to disapply pre-emption rights on the allotment of new ordinary shares.   Shareholders also passed an Ordinary Resolution to allow the Company to continue in existence for a further three year period.

A final dividend of 8.5p per share will be paid on 9th December 2011 to shareholders on the register at the close of business on 18th November 2011.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st August 2011	18,638,052
Shares bought back and cancelled	39,844
Shares issued - new Shares bought back into Treasury Shares issued - from Treasury	- - -
As at 31st October 2011	18,598,208

During the quarter, the Company made market purchases of 39,844 of its own shares. The Company did not issue any shares in this financial quarter.

Since the period end, the Company has repurchased a further 87,339 shares for cancellation.  The number of shares in issue following this repurchase is 18,510,869.

Portfolio Analyses

Top ten holdings as at 31st October 2011:

Stock name	Sector	Weight %
Brammer Hyder Consulting Nautical Petroleum RPC Senior Interserve Cove Energy Fenner Diploma Cape	Industrials Industrials Oil & Gas Industrials Industrials Industrials Oil & Gas Industrials Industrials Oil & Gas	3.0 2.2 2.0 2.0 2.0 2.0 2.0 1.9 1.9 1.9

Sector breakdown as at 31st October 2011:

Sector	Portfolio %
Industrials	44.5
Financials	11.3
Oil & Gas	9.5
Technology	8.6
Basic Materials	6.9
Consumer Services	6.2
Consumer Goods	3.8
Telecommunications	2.8
Health Care	2.5
Utilities	0.4
Cash	3.5
Total	100.0

By order of the Board

Divya Amin, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

6th December 2011

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.jpmsmallercompanies.co.uk.

 

END

 

 

IMSUGGMWPUPGGQQ