Interim Management Statement

RNS Number : 1359S

JPMorgan US Discovery IT PLC

12 May 2009

 



JPMorgan US Discovery Investment Trust plc

(the 'Company')

Interim Management Statement

For the three months ended 31st March 2009

This interim management statement relates to the quarter from 1st January 2009 to 31st March 2009 and contains information that covers that period, unless otherwise stated.  

Financial performance - Cumulative Performance *

	1 Month	3 Months	1 Year	3 Years	5 Years	10 Years
Share price	6.4%	-3.9%	-24.1%	-47.7%	-19.5%	53.0%
Net asset value	8.8%	-4.9%	-22.0%	-48.0%	-26.8%	35.1%
Benchmark	8.2%	-14.8%	-13.7%	-30.9%	-3.5%	32.5%

* Total return with net dividends (if any) reinvested

Source: JPMAM/Fundamental Data

Financial position 

	As at 31st March  2009	As at 11th May  2009
Total assets	£31.5m	£37.5m
Share price	486.0p	585p
Net asset value	551.4p	656p
Discount	11.9%	10.8%
Gearing	95.8%	95.4%

Share prices shown are closing bid

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

Source: JPMAM/Fundamental Data

Material events 

At the Annual General Meeting of the Company held on 23rd April 2009 resolutions were passed allowing the Company: to make market purchases of up to 14.99% of the Company's issued share capital; to allot new ordinary shares up to 5% of the Company's issued share capital; to disapply pre-emption rights on the allotment of new ordinary shares; to reissue ordinary shares previously held in Treasury up to approximately 10% of the Company's issued share capital; and to disapply pre-emption rights on the reissue of ordinary shares from Treasury.

Material transactions 

Changes to share capital 

	Ordinary Shares of 25p
Shares in issue as at 1st January 2009	6,031,367
Shares cancelled from Treasury	96,000
Shares issued - new Shares bought back into Treasury Shares issued - from Treasury	- 145,900 -
As at 31st March 2009	5,935,367

During the quarter, the Company made market purchases of 145,900 of its own shares into Treasury. The Company has purchased a further 9,000 shares into Treasury since the quarter end. The Company did not issue any shares from Treasury in the quarter or since the quarter end.

Portfolio

Ten largest holdings as at 31st March 2009

Stock name	Sector	Weight %
ProAssurance	Financials	3.1
American Physicians Service Group	Health Care	2.7
Myriad Genetics	Health Care	2.3
Knight Transportation	Industrials	2.2
Liquidity Services	Information Technology	2.1
Calamos Asset Management 'A'	Financials	2.1
eHealth	Financials	2.1
Switch and Data	Information Technology	2.1
PharMerica	Health Care	2.0
Callidus Software	Information Technology	2.0

Sector breakdown as at 31st March 2009

	Portfolio %
Information Technology	25.6
Health Care	19.0
Financials	16.8
Consumer Discretionary	13.7
Industrials	11.9
Consumer Staples	2.6
Energy	2.3
Telecommunication Services	2.1
Utilities	1.3
Materials	0.8
Cash	3.9
	100.0

By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary - Telephone [phone]

12th May 2009

Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ

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.jpmusdiscovery.co.uk 

 

END

 

 

IMSMGGMKVZKGLZM