Information  X 
Enter a valid email address

JPMorgan Claver IT (JCH)

  Print      Mail a friend       Annual reports

Monday 28 April, 2008

JPMorgan Claver IT

Interim Management Statement

JPMorgan Claverhouse IT PLC
28 April 2008

                   JPMorgan Claverhouse Investment Trust plc



                          Interim Management Statement



                   For the three months ended 31st March 2008



This interim management statement relates to the quarter from 1st January 2008
to 31st March 2008 and contains information that covers that period, unless
otherwise stated.



Financial performance - Cumulative Total Return *


                               1 month           3 months      1 Year      3 Years      5 Years      10 Years
Share price                       -7.9%             -9.8%      -14.5%        29.7%       107.9%        20.0%
Net asset value                   -2.9%            -10.3%      -13.7%        30.6%       113.6%        35.8%
Benchmark                         -2.1%             -9.9%       -7.7%        31.3%        98.7%        41.5%



* total return with net dividends reinvested

Source: JPMAM/Fundamental Data



Financial position


                               As at 31st March 2008                             25th April 2008
Total assets                                 £316.5m                               £336.0m
Share price                                   465.0p                                500.0p
Net asset value                               494.2p                                529.7p
Discount                                        5.9%                                  5.6%
Gearing                                       107.2%                                108.0%



Share prices shown are closing bid

Net asset values are shown with debt at fair value

Source: JPMAM/Fundamental Data



Material events



At the Company's Annual General Meeting held on 10th April 2008, all resolutions
were passed, including three special resolutions which allow the Company to
repurchase its own shares, to disapply pre-emption rights on allotment of new
ordinary shares and to adopt new Articles of Association.



Peter Lilley retired as a Director of the Company with effect from the
conclusion of the AGM.



Material transactions



Changes to share capital


                                                         Ordinary Shares of 25p

Shares in issue as at 1st January 2008                       58,338,568
Shares bought back and cancelled                             293,352
Shares issued                                                -
As at 31st March 2008                                        58,045,216



During the quarter, the Company made market purchases of 293,352 of its own
shares for cancellation, representing 0.5% of the shares in issue at the
beginning of the financial year. The Company has not issued any shares in this
financial quarter.





Portfolio



Top ten holdings as at 31st March 2008


Stock name                             Sector                                 Weight %
Royal Dutch Shell                      Oil & Gas                              8.2
BP                                     Oil & Gas                              5.6
Vodafone                               Telecommunications                     4.4
Rio Tinto                              Basic Materials                        4.1
HSBC                                   Financials                             4.0
Unilever                               Consumer Goods                         3.1
BHP Billiton                           Basic Materials                        2.8
BG Group                               Oil & Gas                              2.5
Standard Chartered                     Financials                             2.4
BT                                     Telecommunications                     2.4



Sector analysis as at 31st March 2008


                                                      Portfolio %
Financials                                            28.0
Oil & Gas                                             19.1
Basic Materials                                       12.2
Consumer Goods                                        10.3
Industrials                                           7.4
Telecommunications                                    6.8
Consumer Services                                     5.1
Utilities                                             4.2
Health Care                                           4.1
Technology                                            0.0
Cash                                                  2.8
Total                                                 100.00





By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

28th April 2008



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

Telephone: 020 7742 6000



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.jpmclaverhouse.co.uk


                      This information is provided by RNS
            The company news service from the London Stock Exchange