Interim Management Statement

RNS Number : 2376S

JPMorgan US Smaller Co. IT

16 November 2011

 



JPMorgan US Smaller Companies Investment Trust plc

Interim Management Statement

For the three months ended 30th September 2011

This interim management statement relates to the quarter from 1st July 2011 to 30th September 2011 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	-2.1%	-18.6%	6.8%	20.0%	0.5%	58.0%
Net asset value	-7.2%	-20.5%	-0.1%	17.1%	-3.1%	41.3%
Benchmark	-7.3%	-19.5%	-2.7%	12.1%	12.2%	66.0%

* Total return with net dividends (if any) reinvested

Source: JPMAM/Morningstar

Financial position

	As at 30th September 2011	As at 15th November 2011
Total assets	£50.7m	£57.9m
Share price	778.3p	835.0p
Net asset value	843.0p	986.5p
Discount	7.7%	15.4%
Gearing	108.7%	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

The Company announced on 22nd August 2011 that it had appointed Grant Thornton to act as auditor to the Company.

Material events post 30th September 2011

On 28th October 2011 the Company announced that it had appointed Numis Securities Limited to act as its broker and financial adviser with immediate effect.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st July 2011	5,264,610
Shares bought back and cancelled	38,000
As at 30th September 2011	5,226,610

The Company has purchased a further 18,487 shares for cancellation since 30th September 2011.

Portfolio Analyses

Ten largest holdings as at 30th September 2011

Stock name	Sector	Weight %
Papa Johns	Consumer Discretionary	2.6
Coventry Health Care	Health Care	2.5
Jarden	Consumer Discretionary	2.5
Silgan	Materials & Processing	2.5
Penn National Gaming	Consumer Discretionary	2.4
ProAssuarnce	Financial Services	2.3
Calamos Asset Management	Financial Services	1.9
Douglas Dynamics	Producer Durables	1.9
Team	Producer Durables	1.8
RBC Bearings	Materials & Processing	1.8

Sector breakdown as at 30th September 2011

	Portfolio %
Consumer Discretionary	25.5
Financial Services	23.6
Producer Durables	11.2
Health Care	10.8
Technology	7.0
Materials & Processing	6.6
Energy	3.8
Utilities	3.4
Consumer Staples	1.3
Cash	6.8
	100.0

By order of the Board

Jonathan Latter, for and on behalf of

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

16th November 2011

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.

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.jpmussmallercompanies.co.uk 

 

END

 

 

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