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% |
|
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 (NasdaqGS: MORN - news)
Financial position
|
|
As at 31st December 2011 |
As at 10th February 2012 |
|
£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 |
|
Information Technology |
6.0 |
|
|
Consumer Discretionary |
4.5 |
|
|
Information Technology |
3.9 |
|
|
Cyber Agent |
Consumer Discretionary |
3.8 |
|
Trancom |
Industrials |
3.7 |
|
Ship Healthcare Holdings |
Health Care |
3.6 |
|
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 |
|
2.5 |
|
|
0.0 |
|
|
Utilities (Santiago: UTILITIES.SN - news) |
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
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