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JP Morgan Overseas (JMO)

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Wednesday 13 May, 2009

JP Morgan Overseas

Interim Management Statement

RNS Number : 1893S
JPMorgan Overseas IT PLC
13 May 2009
 



JPMorgan Overseas Investment Trust plc


Interim Management Statement (Unaudited)


For the three months ended 31st March 2009 


This interim management statement relates to the quarter from 1st January 2009 to 31st March 2009 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

 8.4%

-3.7%

-18.8%

-22.1%

27.6%

21.2%

Net asset value

10.2%

-4.8%

-18.5%

-22.6%

12.3%

10.1%

Benchmark

 7.6%

-10.4%

-21.2%

-23.2%

 6.2%

 -7.4%


* total return with net dividends reinvested

Source: JPMAM/Fundamental Data


Financial position 


As at 31st March 2009

As at 8th May 2009

Total assets 

£131.3m

£153.9m

Share price

453.5p

539.5p

Net asset value 

Discount**

Gearing

487.2p

6.9%

105.8%    

569.6p

5.3%

106.1%


Share prices shown are closing bid

Source: JPMAM/Fundamental Data


** The Company aims to maintain an average discount of around 5%. Average over 3 months was 6.2%. On 30th April 2009, the Board agreed that any shares repurchased under this policy should be held in Treasury. Any shares held in Treasury will only be re-issued at a premium to net asset value.


Changes to share capital 



Issued Shares  





As at 1st January 2009

26,408,348


Shares bought back and cancelled

199,150


Shares bought back into Treasury 

Shares cancelled from Treasury 

Shares issued  

-

-

-


As at 31st March 2009

26,209,198



During the quarter, the Company made market purchases of 199,150 shares for cancellation, representing 0.75% of the shares outstanding at the beginning of the financial year.


Portfolio Analyses 


Ten largest holdings as at 31st March 2009***


Stock name

Sector

Weight %




InterOil

Energy

3.3

Corning

Information Technology

2.9

JPMorgan Emerging Markets Inv Trust

Investment Companies

2.8

Bayer

Health Care

2.5

Capitaland

Financials

2.5

HengAn International

Consumer Staples

2.4

Zurich Financial Services

Financials

2.3

Banco Santander

Financials

2.2

Cisco Systems

Information Technology

2.1

Roche Holdings

Health Care

2.0





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



Portfolio analysis as at 31st March 2009


Sector

Portfolio %



Financials

25.0

Consumer Discretionary

16.9

Information Technology

16.4

Health Care

12.1

Industrials

11.2

Consumer Staples

9.6

Energy

7.1

Materials

5.6

Utilities

1.5

Cash

-5.4

Total

100.0



Geographical 

Portfolio %



North America

35.0

Continental Europe

26.7

United Kingdom

14.9

Developed Asia

12.7

Japan

9.7

Emerging Markets

6.4

Cash

-5.4

Total

100.0

  By order of the Board

Divya Amin, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary


13th May 2009 


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
 
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