Interim Management Statement

RNS Number : 7302V

JPMorgan US Smaller Co. IT

05 November 2010

 



JPMorgan US Smaller Companies Investment Trust plc

(the 'Company')

Interim Management Statement

For the three months ended 30th September 2010

This interim management statement relates to the quarter from 1st July 2010 to 30th September 2010 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	4.4%	-5.5%	6.7%	-12.8%	-6.4%	15.7%
Net asset value	10.0%	5.3%	12.1%	-6.3%	-7.7%	11.6%
Benchmark	9.6%	5.6%	14.7%	12.3%	19.7%	34.8%

* Total return with net dividends (if any) reinvested

Source: JPMAM/Morningstar

Financial position

	As at 30th September 2010	As at 4th November 2010
Total assets	£50.1m	£50.9m
Share price	727.0p	783.5p
Net asset value	844.0p	882.3p
Discount	13.9%	11.2%
Gearing	105.1%	105.3%

Share prices shown are closing, bid

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

Source: JPMAM/Morningstar

Material events

There have been no material events during the quarter.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st July 2010	5,429,610
Shares bought back and cancelled	35,000
As at 30th September 2010	5,394,610

The Company has purchased a further 120,000 shares for cancellation since the quarter end.

Portfolio

Ten largest holdings as at 30th September 2010

Stock name	Sector	Weight %
IBERIABANK	Financials	2.4
Calamos Asset Management	Financials	2.3
Jarden	Consumer Discretionary	2.2
ProAssurance	Financials	2.1
Herman Miller	Industrials	1.7
Papa Johns	Consumer Discretionary	1.7
Silgan	Materials	1.7
J & J Snack Food	Consumer Staples	1.6
RBC Bearings	Industrials	1.6
Coventry Health Care	Health Care	1.6

Sector breakdown as at 30th September 2010

	Portfolio %
Financials	24.8
Consumer Discretionary	20.8
Industrials	15.7
Information Technology	11.1
Health Care	7.0
Energy	6.3
Telecommunication Services	2.7
Materials	2.7
Consumer Staples	2.4
Utilities	2.3
Cash	4.2
	100.0

By order of the Board

Jonathan Latter, for and on behalf of

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

5th November 2010

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

 

 

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