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JP Morgan Overseas (JMO)

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Thursday 06 November, 2008

JP Morgan Overseas

Interim Management Statement

RNS Number : 6689H
JPMorgan Overseas IT PLC
06 November 2008
 



JPMorgan Overseas Investment Trust plc


Interim Management Statement (Unaudited)


For the three months ended 30th September 2008 


This interim management statement relates to the quarter from 1st July 2008 to 30th September 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

-12.1%

-10.8%

-20.0%

-1.2%

47.5%

66.9%

Net asset value

-10.5%

-8.4%

-17.3%

0.4%

32.5%

54.7%

Benchmark

-10.5%

-6.9%

-16.8%

-0.1%

30.6%

43.1%


* total return with net dividends reinvested

Source: JPMAM/Fundamental Data


Financial position 


As at 30th September 2008

As at 5th November 2008

Total assets 

£151.7m

£127.2m

Share price

505p

444.0p

Net asset value+ 

Discount

Gearing

552.9p

8.7%

   102.1%    

481.2p

7.7%

102.6%


Share prices shown are closing bid

Source: JPMAM/Fundamental Data


+The above Net asset values include the £1.5m (5.67 pence per share) VAT recoverable that was recognised and reported in the Company's Annual Report and Accounts for the year ended 30 June 2008.


Changes to share capital 



Issued Shares  





As at 1st July 2008

26,940,948


Shares bought back and cancelled

324,500


Shares bought back into Treasury 

Shares cancelled from Treasury 

Shares issued  

-

-

-


As at 30th September 2008

26,616,448



During the quarter, the Company made market purchases of 324,500 shares for cancellation, representing 1.20% of the shares outstanding at the beginning of the financial year.


Portfolio Analyses 


Ten largest holdings as at 30th September 2008*


Stock name

 Sector

Weight %

JPMorgan Emerging Markets Inv Trust                                   Financials                 2.6

Total                                                                                        Energy                     2.6

Vodafone                                                               Telecommunication Services     2.5

Zurich Financial Services                                                         Financials                2.1

Intesa Sanpaolo                                                                        Financials                2.1

El Paso                                                                                     Energy                     2.1

Cisco Systems                                                           Information Technology         1.9

Mitsubishi                                                                               Industrials                 1.9

Philip Morris International                                              Consumer Staples             1.8

IBM                                                                          Information Technology         1.8


* Excluding liquidity fund holdings which are held as an alternative to cash.


Portfolio analysis as at 30th September 2008


Sector

Portfolio %

Financials 

Information Technology 

Energy 

Industrials 

Consumer Staples 

Consumer Discretionary 

Health Care 

Telecommunication Services 

Materials 

Utilities 

Cash 

Total

25.3

13.6

12.2

11.4

8.5

7.4

7.1

6.6

6.2

2.9

-1.2

100.00



Geographical 

Continental Europe 

Developed Asia 

Emerging Markets 

Japan

North America 

United Kingdom 

Cash 

Portfolio %

28.4

6.0

8.3

8.3

40.5

9.7

-1.2

Total

100.00






  Post quarter end events


As detailed by the Chairman in his statement in the Company's 2008 Annual Report and the Final Results announcement dated 26 September 2008, Jeroen Huysinga assumed responsibility for the day to day management of the Company's portfolio on 1 October 2008. 

 


  

By order of the Board

Divya Amin, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary


6th November 2008 


Registered office: Finsbury Dials, 20 Finsbury StreetLondonEC2Y 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.jpmoverseas.co.uk


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