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JPMorgan Overseas (JMO)

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Thursday 05 November, 2009

JPMorgan Overseas

Interim Management Statement

RNS Number : 0468C
JPMorgan Overseas IT PLC
05 November 2009
 





JPMorgan Overseas Investment Trust plc


Interim Management Statement (Unaudited)


For the three months ended 30th September 2009 


This interim management statement relates to the quarter from 1st July 2009 to 30th September 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

 8.8%

25.7%

31.6%

16.8%

78.1%

56.7%

Net asset value

9.8%

26.9%

27.6%

16.9%

57.7%

45.0%

Benchmark

 6.6%

21.4%

11.3%

2.8%

35.3%

 16.1%


* total return with net dividends reinvested

Source: JPMAM/Fundamental Data


Financial position 


As at 30th
September 2009

As at 4th
November 2009

Total assets 

£194.6m

£173.6m

Share price

648.0p

621.0p

Net asset value 

Discount**

Actual Gearing***

688.9p

5.9%

103.5%    

659.1p

5.7%

103.5%


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.


*** Actual Gearing is based on the most recently available month-end data.


Material events 


On 17th September 2009, the Board announced the appointment of Jonathan Carey as an independent non-executive Director of the Company.  


At the Company's Annual General Meeting held on 27th October 2009, all of the resolutions put to shareholders were passed, including Special Resolutions which allow the Company to disapply pre-emption rights on the allotment of new ordinary shares, to make market purchases of up to 3,897,296 of its ordinary shares (representing 14.99% of the Company's issued share capital), to sell ordinary shares previously held in Treasury, up to an aggregate nominal amount of £649,982 (representing approximately 10% of the Company's issued share capital) at a price above the NAV per share of the existing shares in issue and to disapply pre-emption rights on the sale of ordinary shares from Treasury.


A final dividend of 11.5p per share will be paid on 27th November 2009 to shareholders on the register at the close of business on 6th November 2009.



Material Transactions

Changes to share capital 


Issued Shares  





As at 1st July 2009

26,174,698

 

Shares bought back and cancelled

-

 

Shares bought back into Treasury 

Shares cancelled from Treasury 

Shares issued  

170,888

-

-

 

As at 30th September 2009

26,174,698

 


During the quarter, the Company did not purchase any shares for cancellation. During the quarter, the Company made market purchases of 170,888 shares into Treasury. 


During the quarter, the Company did not issue or sell any shares.


Portfolio Analyses 


Ten largest holdings as at 30th September 2009***


Stock name

Sector

Weight %

 

 

 

Rhodia

Materials

3.0

Lanxess

Materials

2.7

InterOil

Energy

2.7

ING

Financials

2.6

Roche Holdings

Healthcare

2.4

Zurich Financial Services

Financials

2.3

Japan Tobacco

Consumer Staples

2.2

Hewlett Packard

Information Technology

2.1

Imperial Tobacco

Consumer Staples

2.1

Intercontinental Hotels

Consumer Discretionary

2.0




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



Portfolio analysis as at 30th September 2009


Sector

Portfolio %



Financials

18.9

Consumer Discretionary

17.1

Information Technology

13.8

Consumer Staples

12.0

Healthcare

9.4

Materials

9.2

Industrials

8.9

Energy

8.3

Telecommunication Services

3.8

Utilities

2.4

Cash

-3.8

Total

100.0



Geographical 

Portfolio %



Continental Europe

37.3

North America

30.6

United Kingdom

15.7

Japan

9.2

Developed Asia

6.4

Emerging Markets

4.6

Cash

-3.8

Total

100.0


By order of the Board

Divya Amin, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary


5th November 2009 


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.jpmoverseas.co.uk



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