Interim Management Statement

RNS Number : 8650G

JPMorgan US Smaller Co. IT

18 May 2011

 



JPMorgan US Smaller Companies Investment Trust plc

(the 'Company')

Interim Management Statement

For the three months ended 31^st March 2011

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

Financial performance - Cumulative Performance *

	1Month	3 Months	1 Year	3 Years	5 Years	10 Years
Share price	2.8%	2.7%	22.8%	50.6%	3.5%	85.4%
Net asset value	5.9%	6.2%	23.6%	51.6%	1.0%	78.3%
Benchmark	4.0%	5.4%	18.7%	57.2%	25.7%	83.8%

* Total return with net dividends (if any) reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st March 2011	As at 17th May 2011
Total assets	£60.8m	£59.7m
Share price	964.0p	974.75p
Net asset value	1,068.1p	1,049.87p
Discount	9.7%	7.2%
Gearing	102.2%	105.8%

Share prices shown are closing, bid

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

Source: JPMAM/Morningstar

Material events

At the Annual General Meeting of the Company held on 27th April 2011, all of the resolutions put to shareholders were passed, including three items of Special Business which:

i)    allow the Directors to exercise all powers for the Company to allot ordinary shares up to an aggregate nominal amount of £131,615 representing approximately 10% of the Company's issued ordinary share capital;

ii)   allow the disapplication of pre-emption rights on the allotment of new ordinary shares; and

iii)  allow the Company to make market purchases of up to 789,165 ordinary shares, representing 14.99% of the Company's issued share capital.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st January 2011	5,264,610
Shares bought back and cancelled	-
As at 30th September 2010	5,264,610

Portfolio

Ten largest holdings as at 31^st March 2011

Stock name	Sector	Weight %
Calamos Asset Management	Financial Services	2.6
ProAssurance	Financial Services	2.5
Coventry Health Care	Health Care	2.4
Jarden	Consumer Discretionary	2.3
HFF A	Financial Services	2.2
IBERIABANK	Financial Services	2.0
Altra	Producer Durables	1.8
Penn National Gaming	Consumer Discretionary	1.8
Silgan	Materials & Processing	1.7
Papa Johns	Consumer Discretionary	1.7

Sector breakdown as at 31^st March 2011

	Portfolio %
Financial Services	24.0
Consumer Discretionary	22.8
Producer Durables	13.0
Health Care	9.6
Technology	8.1
Materials & Processing	6.6
Energy	5.7
Utilities	3.9
Consumer Staples	2.6
Cash	3.7
	100.0

By order of the Board

Jonathan Latter, for and on behalf of

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

18th May 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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