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JPMorgan Jap Smllr (JPS)

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Tuesday 14 February, 2012

JPMorgan Jap Smllr

Interim Management Statement

RNS Number : 4212X
JPMorgan Japan Smaller Co Tst PLC
14 February 2012
 



JPMorgan Japan Smaller Companies Trust plc

 

Interim Management Statement (Unaudited)

 

For the three months ended 31st December 2011

 

This Interim Management Statement relates to the quarter from 1st October 2011 to 31st December 2011 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

2.9%

-2.2%

-6.3%

-7.6%

-51.7%

-25.1%

Net asset value**

2.0%

-4.1%

-4.3%

-10.0%

-40.9%

-21.3%

Benchmark

2.8%

-4.7%

-3.5%

11.5%

8.8%

 74.7%

 

* total return with net dividends reinvested

** Capital only, diluted for Treasury shares and Subscription shares

Source: JPMAM/Morningstar

 

Financial position

 


As at 31st

 December 2011

As at 10th

February 2012

Total assets

£66.0m

£65.1m

Share price

135.9p

135.0p

Net asset value

164.2p

162.4p

Discount

-16.9%

-16.9%

Subscription Share price

13.3p

16.0p

Gearing

100.0%

98.4%

 

Share prices shown are closing bid

Net asset values are Capital only with debt at par value, diluted for Treasury shares and Subscription shares

Source: JPMAM/ Morningstar

 

Material events

 

After discussions with JPMorgan Asset Management (UK) Limited and JF Asset Management Limited, the Board of JPMorgan Japan Smaller Companies plc have agreed that the Company's management fee will be reduced to 1.0% per cent per annum chargeable on total gross assets with effect from 1 January 2012. Tiering has been removed.

.

 

Material transactions

 

Changes to share capital


Ordinary Shares of 10p



Shares in issue as at 1st October 2011 (including shares held in Treasury)

39,456,287

Shares held in Treasury as at 1st October 2011

-

Shares bought back and cancelled

-

Shares issued - new

Shares issued - exercise of Subscription shares

Shares bought back into Treasury

Shares issued - from Treasury

-

-

35,000

-

Shares in issue at 31st December 2011

39,421,287

Treasury shares in issue at 31st December 2011

35,000

 

 


Subscription Shares of 1p



Shares in issue as at 1st October 2011

7,232,509

Shares exercised

-

Shares repurchased

-

Shares in issue at 31st December 2011

7,232,509

 

Portfolio Analyses

 

Top ten holdings as at 31st December 2011

 

Stock name

Sector

% of Portfolio

Konami

Information Technology

6.0

Don Quijote

Consumer Discretionary

4.5

Capcom

Information Technology

3.9

Cyber Agent

Consumer Discretionary

3.8

Trancom

Industrials

3.7

Ship Healthcare Holdings

Health Care

3.6

Skymark Airlines

Industrials

3.3

F.C.C.

Consumer Discretionary

3.0

Namco Bandai

Consumer Discretionary

3.0

M3

Health Care

2.8

 

Sector analysis as at 31st December 2011

 


% of Portfolio

Consumer Discretionary

36.4

Information Technology

23.6

Industrials

17.8

Health Care

9.7

Materials

5.5

Consumer Staples

4.5

Financials

2.5

Energy

0.0

Utilities

0.0

Telecommunication Services

0.0

Cash

0.0

Total

100.0

 

 

By order of the Board

Andrew Norman, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

 

14th February 2012

 

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.

 

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

 

ENDS

 

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.jpmjapansmallercompanies.co.uk 


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