Interim Management Statement

RNS Number : 1564E

JPMorgan US Smaller Co. IT

07 May 2013

 



JPMorgan US Smaller Companies Investment Trust plc

Interim Management Statement

For the three months ended 31st March 2013

This interim management statement relates to the quarter from 1st January 2013 to 31st March 2013 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	3.9%	23.0%	22.2%	61.8%	98.4%	240.5%
Net asset value	6.1%	25.1%	25.7%	64.4%	101.6%	190.1%
Benchmark	4.5%	20.3%	22.0%	44.6%	91.4%	200.7%

* Total return with net dividends (if any) reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st March 2013	As at 6th May 2013
Total assets	£80.3m	£77.8m
Share price	1,270.0p	1,266.5p
Net asset value	1,420.6p	1,377.95p
Discount	10.6%	8.1%
Gearing	5.1%	7.2%

Share prices shown are closing, bid

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

Source: JPMAM/Morningstar

Material events

It was announced on 18^th February that Glenn Gawronski, one of the portfolio managers of the Company's assets since November 2008, has decided to take a sabbatical from JPMAM. Don San Jose who has co-managed the Company's portfolio since November 2008 has assumed lead responsibility.

Material events post 31st March 2013

At the Annual General Meeting of the Company held on 30^th April 2013, 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 £129,091 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;

iii)        allow the Company to make market purchases of up to 774,027 ordinary shares, representing 14.99% of the Company's issued share capital;

iv)        allow the amendment of the Company's Articles of Association to permit the distribution of capital profits; and

v)         approved the payment of a final dividend of 9.1 pence per share on 7th May 2013.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st January 2013	5,163,623
Shares bought back and cancelled	-
As at 31st March 2013	5,163,623

The Company has not purchased any shares for cancellation since 31st March 2013.

Portfolio Analyses

Ten largest holdings as at 31st March 2013

Stock name	Sector	Weight %
Jarden	Consumer Discretionary	3.1
Waste Connections	Producer Durables	2.8
Silgan	Materials & Processing	2.8
ProAssurance	Financial Services	2.3
Patterson-UTI Energy	Energy	2.1
Cimarex Energy	Energy	2.1
Penn National Gaming	Consumer Discretionary	2.0
RLJ Lodging Trust	Financial Services	2.0
Allison Transmission	Producer Durables	2.0
First Republic Bank	Financial Services	1.9

Sector breakdown as at 31st March 2013

	Portfolio %
Financial Services	23.2
Consumer Discretionary	22.9
Producer Durables	18.4
Technology	10.4
Materials & Processing	6.9
Energy	6.3
Health Care	4.7
Utilities	2.3
Consumer Staples	1.4
Cash	3.5
	100.0

By order of the Board

Jonathan Latter, for and on behalf of

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

7th May 2013

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

 

 

IMSUGUCGAUPWGCM