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JPMorgan Overseas (JMO)

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Tuesday 16 November, 2010

JPMorgan Overseas

Interim Management Statement

RNS Number : 2654W
JPMorgan Overseas IT PLC
16 November 2010
 



JPMorgan Overseas Investment Trust plc

 

Interim Management Statement (Unaudited)

 

For the three months ended 30th September 2010

 

This interim management statement relates to the quarter from 1st July 2010 to 30th September 2010 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

 7.1%

8.2%

28.3%

34.9%

66.5%

52.5%

Net asset value

 8.5%

12.7%

18.8%

25.3%

52.2%

29.4%

Benchmark

 6.9%

8.6%

10.0%

1.9%

22.3%

 3.1%

Source: JPMAM/Morningstar

 

* total return with net dividends reinvested

 

 

Financial position


As at 30th September 2010

As at 10th November 2010

Total assets

£234.0m

£238.5m

Share  price

816.0p

855.0p

Net asset value

Premium**

Actual Gearing***

804.2p

1.5%

107.8%

838.4p

2.0%

109.2%

Share prices shown are closing bid

Source: JPMAM/Morningstar

 

** The Company will continue to manage the discount at which the share price trades relative to its net asset value at around 5% if it should become necessary by means of repurchases of the Company's shares in the market.

 

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

 

 

Material events

 

On 8th September 2010, the Board announced the appointment of Nigel Wightman as an independent non-executive Director of the Company.  Following the Annual General Meeting ("AGM") of the Company held on 26th October 2010, Simon Davies has succeeded George Paul as Chairman of the Board and Richard Barfield in his role as Chairman of the Nomination Committee, following their retirement as directors of the Company. Simon has stepped down as a member of the Audit & Management Engagement Committee and Jonathan Carey has assumed the role of Chairman of the Remuneration Committee from him. John Rennocks has become the Senior Independent Director. 

 

All of the resolutions put to shareholders at the AGM 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 3,923,587 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 £654,367 (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 13p per share will be paid on 26th November 2010 to shareholders on the register at the close of business on 5th November 2010.

 

 

Material Transactions

Changes to share capital


Issued Shares 





As at 1st July 2010

26,174,698


Shares bought back and cancelled

-


Shares bought back into Treasury

Shares cancelled from Treasury

Shares issued                                               

-

-

-


As at 30th September 2010

26,174,698


 

During the quarter, the Company did not purchase any shares.

 

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

 

 

Portfolio Analyses

 

Ten largest holdings as at 30th September 2010****

 

Stock name

Country

Weight %




Rhodia

France

2.7

Lanxess

Germany

2.3

Telefonica

Spain

2.3

Intercontinental Hotels

United Kingdom

2.2

InterOil

Canada

2.1

Mcdonalds

United States of America

2.0

Huabao International

Hong Kong

1.9

JPMorgan Emerging Markets Inv Tst

Other Emerging

1.9

Telekomunikasi Indonesia

Indonesia

1.9

Nokian Renkaa

Finland

1.8




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

 

 

Portfolio analysis as at 30th September 2010

 

Sector

Portfolio %



Basic Industries

11.9

Consumer Non Durable

10.6

Energy

8.7

Telecommunication

7.8

Industrial Cyclicals

7.4

Transport Services & Consumer Cyclicals

7.1

Retail

6.4

Healthcare

6.0

Autos

4.8

Banks - Capital Markets

4.4

Banks - Banks & Finance

4.3

Technology - Hardware

3.9

Insurance

3.8

Technology - Software

3.4

Utilities

3.2

Other

3.2

Media

1.4

Property

1.3

Cash

0.4

Total

100.0

 

 

Geographical

Portfolio %



North America

27.9

Europe & Middle East ex UK

26.7

United Kingdom

18.8

Pacific ex Japan

9.8

Japan

8.8

Emerging Markets

7.6

Cash

0.4

Total

100.0

 

By order of the Board

Divya Amin, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

 

16th November 2010

 

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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