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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jpmorgan Asian Investment Trust Plc | LSE:JAI | London | Ordinary Share | GB0001320778 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 401.00 | 399.00 | 403.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMJAI
RNS Number : 3516G
JPMorgan Asian Investment Tst PLC
26 May 2017
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN ASIAN INVESTMENT TRUST PLC
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS
ED 31ST MARCH 2017Legal Entity Identifier: 5493006R74BNJSJKCB17
Information disclosed in accordance with DTR 4.2.2
chairman's statement
In what is my first statement as Chairman of your Company, I can report that the Company's return on net assets was 9.1%, and pleasingly, the return to Ordinary shareholders was 12.8%, reflecting a narrowing of the Company's discount over the period. The Company marginally underperformed its benchmark, the MSCI Asia ex Japan Index, which returned 10.4%.
The narrowing in our discount is welcome as the Board has been dissatisfied with the Company's discount level over a number of years. It reflects an improved investment performance since Richard Titherington and Ayaz Ebrahim took over as Investment Managers, with the Company's three and five year NAV total return performance now outperforming the benchmark index by 7.8 and 8.1 percentage points respectively. The change in our dividend policy, alongside the more traditional use of buybacks has further assisted with the narrowing of the discount. Shareholders at the Company's Annual General Meeting held on 2nd February 2017 approved the new dividend policy; we hope this change will assist in reducing the discount on a sustainable basis in the future.
I can also report that, at the same meeting, shareholders voted in favour of the Company's continuation as an investment trust for a further three year period. Your Board is aware that shareholders need to be rewarded for their ongoing support and we will continue to monitor closely the Manager's performance and the level of the Company's discount.
The market review, an appraisal of performance and portfolio positioning, together with their outlook can be found in the accompanying Investment Managers' report.
Dividend Policy and Discount Management
Following the necessary approval from shareholders, the Company has now implemented its revised dividend policy. The new dividend policy aims to pay, in the absence of unforeseen circumstances, a regular quarterly dividend equivalent to 1% of the Company's NAV on the last business day of each financial quarter, being the end of December, March, June and September. These dividends will be paid from a combination of revenues and capital reserves. However, this change in dividend policy is not accompanied by a change in the investment policy of the Company, which is to deliver capital growth to shareholders. In respect of the quarters to 31st December 2016 and to 31st March 2017 dividends of 3.1p and 3.4p respectively were declared.
Over the reporting period the Company has conducted a number of share buybacks, repurchasing a total of 805,500 shares when the discount has widened beyond acceptable levels. It appears that to some extent, a combination of these two mechanisms has assisted in the narrowing of the Company's discount at a time when the discount widened for the majority of our peers.
For full details of the rationale behind both the change of distribution policy and the increase in the use of the buyback powers, shareholders should refer to my predecessor's statement within the Company's financial statements for the year ended 31st December 2016.
Gearing
In December 2016, the Company put in place a new GBP40 million three year multi currency loan facility with Scotiabank, with the option of further increasing the facility to GBP60 million. The investment managers use this facility to gear the portfolio in periods when they believe this leverage will enhance shareholder returns. The Company was not geared at the end of the reporting period.
Board of Directors
Following many years of service to the Company, James Long retired as a Director and Chairman at the conclusion of the Annual General Meeting held in January this year. James Strachan also made the decision to retire at this juncture. The Board gives thanks to Messrs. Long and Strachan from their service over the years and wishes them well. I was appointed Chairman at the conclusion of the Annual General Meeting and the Board as it currently stands comprises four Directors with an appropriate balance of tenure and experience.
Outlook
The Company's performance since the end of March 2017 has been strong and the Company is now outperforming its benchmark over its financial year to date. Our Investment Management Team continues to remain positive on the outlook for Asian equities going forward, and whilst there remains a broad mix of economic and political threats to consider, valuations look appealing when compared with both the US and Europe.
Bronwyn Curtis OBE
Chairman
26th May 2017
Investment managers' report
During the period under review, Asian stock markets delivered strong gains for investors. Your Company delivered a total return on net assets of 9.1%, underperforming the benchmark's total return of 10.4%. In this report, we will discuss the major events during the period under review, the portfolio's current structure and the outlook for the remainder of 2017.
Review
The last quarter of 2016 saw Asian equities decline, underperforming global equities as a whole. Economic momentum over this period stabilised, and we saw the beginning of a recovery in earnings and a rally in commodity prices such as coal and crude oil. This was a catalyst for the rotation from quality growth to value cyclical stocks, with sectors such as healthcare, consumer staples and telecommunication services underperforming materials, finance and energy as we advanced into the quarter.
The election of Donald Trump further exacerbated this trend and led to a rise in bond yields, the US dollar and inflation expectations in response to aggressive rhetoric surrounding increasing fiscal stimulus. After a short hiatus, the 0.25% rise in US rates announced by the Fed in December drove the continued strengthening of the dollar through to the end of the year.
Within the region, the Indian government announced its intention to regulate the informal economy through replacing its high-value bank notes. The market fell in response as several parts of the economy were expected to suffer in the near term. Crude oil continued to strengthen on the back of a successful deal fostered by Saudi Arabia to manage production levels of the commodity, while coal prices started to weaken as the Chinese government eased supply restrictions imposed earlier in the year.
As we entered 2017, Asian equities rallied strongly and registered one of the strongest starts in many years. Global economic indicators, such as the purchasing managers' index (PMI) and manufacturing numbers, continued to show an upward trend. Companies within Asia continued to see improving earnings expectations alongside an encouraging round of earnings releases. The technology and real estate sectors provided some particularly notable positive surprises.
A major factor in the equity market rally was the strong inflows into emerging markets, which amounted to around USD 13.1 billion and were the highest first-quarter equity inflows since 2013. India rallied as the incumbent government (BJP) won two state elections with a clear majority (one of those being the most populous states in India, Uttar Pradesh) and formed a government in four of the five states. The cabinet also approved four draft laws on the Goods and Services Tax needed to implement these business-friendly tax reforms from July 2017.
In Korea, politics and decreasing concerns regarding anti-free trade policies from the new US administration drove the won's appreciation. Equities rallied, reflecting strong performance from information technology stocks on the back of upgrades and new product cycles from both Samsung and Apple. This positive economic news allowed investors to look beyond political concerns arising from the impeachment of President Park and the announcement that elections will take place in early May. Geopolitical tensions between China and Korea remained strained. Chinese equities performed in line with the region on the back of strong economic momentum, a stable yuan and strong flows into Hong Kong-listed H-shares.
Portfolio
The Company underperformed during the period under review, with both country allocation and stock selection detracting from performance. In terms of asset allocation, our overweight positions in China, Vietnam and Indonesia were notable detractors as they underperformed the broader regional equity markets. The biggest detractor was in fact the underweight position in Singapore, which was one of the best performing markets over the period.
At the stock level, the key contributor to performance was stock selection in the Information Technology and Consumer sectors. We were correctly overweight Samsung Electronics, which rallied on strong results and an announcement of intentions to improve shareholder returns and despite the large write down taken by the company in recalling the Galaxy Note 7 range of smartphones. Our holdings in those Taiwanese and other firms in the region exposed to Apple performed well ahead of the release of the new phone in the third quarter. These include AAC Technologies (China - acoustics) and Largan Precision (Taiwan - camera lens).
Our holding in IndusInd Bank in India continued to rally as it reported strong results ahead of expectations, driven by higher revenues, indicating that the bank like others in the sector appear to have withstood the negative impact of demonetisation. Across the portfolio, the financial sector remains our largest single sector exposure and our largest overweight position relative to the benchmark with our continued exposure to insurers, particularly in China, being augmented by increased positions in HDFC (India) and TMB (Thailand) banks. Chinese e-commerce stocks were also strong performers over the period.
In contrast, some of stock picks in North Asia were detractors from performance. In Korea, our holding in Korea Electric Power (Kepco) fell as crude oil prices rose over the period which affects earnings and speculation that both the ruling and opposition party in Korea, are looking to pass legislation that would adversely impact the company's fuel mix. Hyundai Glovis, the Korea logistics firm, underperformed in response to concerns over further tightening policies and the challenges that may arise from a broader restructuring of the Hyundai Group.
AIA fell towards the end of the period on the announcement that the current CEO will be stepping down to take on the Chairman's position at HSBC and on concerns over capital outflow restrictions. Éclat in Taiwan and Regina Miracle in Hong Kong, both sports/leisure wear apparel underperformed as they continued to see weak sales from key retail clients. CR Phoenix Healthcare in China underperformed, because of short-term policy uncertainty given that the Beijing government is looking to fully implement the zero mark-up policy on drug sales in public hospitals in 2017.
Outlook
We continue to remain positive on the outlook for Asian equities, whilst nominal economic momentum has yet to be reflected in hard data such as real GDP growth. The continued improvement in economic sentiment has also led to upward revisions in consensus estimates for earnings. Policy risk has been the biggest concern among would-be investors in equity markets since the US election, and the lack of action on the trade or currency front so far is encouraging.
The pickup in intra-regional trades supports our positive view on markets and companies that can benefit from increasing activity in this area, such as technology in Korea, Taiwan and China. We are also positive towards Indian equities given numerous structural growth opportunities, but valuations are near the higher end of the historical range. Indonesia should also benefit from recovering commodity prices, which, along with political stability, should be sufficient to get the private sector started and drive an earnings recovery.
Our three key sector positions in the portfolio include overweight allocations to the information technology sector, the insurance sector, particularly in China, and selected private sector banks in India.
The overweight positioning in information technology comprises semiconductors, components and also exposure to the internet. We look for companies that have the ability to innovate, increase penetration and benefit from a rising functionality of consumer devices. These include component companies in the Apple i-Phone supply-chain as well as leading edge technology companies such as Taiwan Semiconductor and Samsung Electronics.
We are also well-positioned in companies in the e-commerce sector which are seeing strong growth, particularly in China. Our overweight positioning in the insurance sector aims to benefit from a long-term underlying structural growth story in Asia of rising incomes and rising urbanisation. We continue to be very selective in the banking sector, preferring domestically-oriented private-sector banks to state-owned ones. This explains our position in private sector banks in India, which are well managed with a focus on asset quality, geared to the upside of consumer lending and are well-positioned for continued growth in the demand for full banking services in the region.
Ayaz Ebrahim
Richard Titherington
Investment Managers
26th May 2017
Interim Management Report
The Company is required to make the following disclosures in its half year report.
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company have not changed since the Company's year end and fall into the following broad categories: investment and strategy; market; accounting, legal and regulatory; corporate governance and shareholder relations; operational; and financial. Information on each of these areas is given in the Business Review within the Annual Report and Accounts for the year ended 30th September 2016.
Related Party Transactions
During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company during the period.
Going Concern
The Directors believe, having considered the Company's investment objectives, risk management policies, capital management policies and procedures, liquid nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and, more specifically, that there are no material uncertainties pertaining to the Company that would prevent its ability to continue in such operational existence for at least twelve months from the date of the approval of this half yearly financial report. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with FRS 104 'Interim Financial Reporting' and gives a true and fair view of the state of affairs of the Company and of the assets, liabilities, financial position and net return of the Company, as at 31st March 2017, as required by the UK Listing Authority Disclosure and Transparency Rules 4.2.4R; and
(ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules.
In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently; -- make judgements and accounting estimates that are reasonable and prudent;
-- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business;
and the Directors confirm that they have done so.
For and on behalf of the Board
Bronwyn Curtis OBE
Director
26th May 2017
STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 31st March 2017
Hot Features
Premium
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st March 2017 31st March 2016 30th September 2016
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Gains on investments held
at fair value through
profit or loss - 27,424 27,424 - 19,577 19,577 - 87,626 87,626
Net foreign currency losses - (566) (566) - (189) (189) - (1,700) (1,700)
Income from investments 1,455 - 1,455 1,159 - 1,159 5,965 - 5,965
Interest receivable and
similar income 1 - 1 4 - 4 4 - 4
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Gross return 1,456 26,858 28,314 1,163 19,388 20,551 5,969 85,926 91,895
Management fee (822) - (822) (600) - (600) (1,277) - (1,277)
Other administrative
expenses (419) - (419) (373) - (373) (737) - (737)
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net return on ordinary
activities before finance
costs and taxation 215 26,858 27,073 190 19,388 19,578 3,955 85,926 89,881
Finance costs (83) - (83) (152) - (152) (292) - (292)
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net return/(loss) on
ordinary activities before
taxation 132 26,858 26,990 38 19,388 19,426 3,663 85,926 89,589
Taxation 61 - 61 11 - 11 (356) - (356)
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net return/(loss) on
ordinary activities after
taxation 193 26,858 27,051 49 19,388 19,437 3,307 85,926 89,233
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return per share (note 4) 0.20p 28.30p 28.50p 0.05p 20.40p 20.45p 3.48p 90.40p 93.88p
All revenue and capital items in the above statement derive from continuing operations.
The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies.
The net return on ordinary activities after taxation represents the profit for the period and also the total comprehensive income.
statement of changes in equity
for the six months ended 31st March 2017
Called Exercised Capital
up share Share warrant redemption Capital Revenue
capital premium reserve reserve reserves(1) reserve(1) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- --------- -------- ---------- ----------- ------------ ----------- ---------
Six months ended 31st
March 2017 (Unaudited)
At 30th September
2016 23,762 31,646 977 25,121 218,124 5,683 305,313
Repurchase of shares
into Treasury - - - - (2,392) - (2,392)
Net return on ordinary
activities - - - - 26,858 193 27,051
Dividends paid in
the period - - - - - (5,798) (5,798)
--------------------------- --------- -------- ---------- ----------- ------------ ----------- ---------
At 31st March 2017 23,762 31,646 977 25,121 242,590 78 324,174
--------------------------- --------- -------- ---------- ----------- ------------ ----------- ---------
Six months ended 31st
March 2016 (Unaudited)
At 30th September
2015 23,762 31,646 977 25,121 132,198 4,752 218,456
Net return on ordinary
activities - - - - 19,388 49 19,437
Dividend paid in the
period - - - - - (2,376) (2,376)
--------------------------- --------- -------- ---------- ----------- ------------ ----------- ---------
At 31st March 2016 23,762 31,646 977 25,121 151,586 2,425 235,517
--------------------------- --------- -------- ---------- ----------- ------------ ----------- ---------
Year ended 30th September
2016 (Audited)
At 30th September
2015 23,762 31,646 977 25,121 132,198 4,752 218,456
Net return on ordinary
activities - - - - 85,926 3,307 89,233
Dividend paid in the
year - - - - - (2,376) (2,376)
--------------------------- --------- -------- ---------- ----------- ------------ ----------- ---------
At 30th September
2016 23,762 31,646 977 25,121 218,124 5,683 305,313
--------------------------- --------- -------- ---------- ----------- ------------ ----------- ---------
(1) These reserves form the distributable reserves of the Company and may be used to fund distribution of profits to investors via dividend payments.
statement of financial position
at 31st March 2017
(Unaudited) (Unaudited) (Audited)
31st March 2017 31st March 2016 30th September 2016
GBP'000 GBP'000 GBP'000
------------------------------------------------------- ---------------- ---------------- --------------------
Fixed assets
Investments held at fair value through profit or loss 322,572 243,513 319,185
Current assets
Derivative financial assets 1 - 1
Debtors 2,275 1,500 2,475
Cash and cash equivalents 715 3,128 1,065
------------------------------------------------------- ---------------- ---------------- --------------------
2,991 4,628 3,541
Creditors: amounts falling due within one year (1,388) (12,622) (17,413)
Derivative financial liabilities (1) (2) -
------------------------------------------------------- ---------------- ---------------- --------------------
Net current assets/(liabilities) 1,602 (7,996) (13,872)
------------------------------------------------------- ---------------- ---------------- --------------------
Total assets less current liabilities 324,174 235,517 305,313
Net assets 324,174 235,517 305,313
------------------------------------------------------- ---------------- ---------------- --------------------
Capital and reserves
Called up share capital 23,762 23,762 23,762
Share premium 31,646 31,646 31,646
Exercised warrant reserve 977 977 977
Capital redemption reserve 25,121 25,121 25,121
Capital reserves 242,590 151,586 218,124
Revenue reserve 78 2,425 5,683
------------------------------------------------------- ---------------- ---------------- --------------------
Total shareholders' funds 324,174 235,517 305,313
------------------------------------------------------- ---------------- ---------------- --------------------
Net asset value per share (note 5) 344.0p 247.8p 321.2p
statement of cash flows
for the six months ended 31st March 2017
(Unaudited) (Unaudited)
Six months Six months (Audited)
ended ended Year ended
31st March 31st March 30th September
2017 2016 2016
GBP'000 GBP'000 GBP'000
------------------------------------------ ------------ ------------ ---------------
Net cash outflow from operations before
dividends and interest (note 6) (1,385) (851) (1,935)
Dividends received 570 431 5,197
Interest received 1 4 4
Overseas tax recovered 271 156 164
Interest paid (112) (165) (294)
------------------------------------------ ------------ ------------ ---------------
Net cash (outflow)/inflow from operating
activities (655) (425) 3,136
------------------------------------------ ------------ ------------ ---------------
Purchases of investments (81,262) (51,795) (124,394)
Sales of investments 105,253 46,601 112,291
Settlement of foreign currency contracts (24) 115 113
------------------------------------------ ------------ ------------ ---------------
Net cash inflow/(outflow) from investing
activities 23,967 (5,079) (11,990)
------------------------------------------ ------------ ------------ ---------------
Dividends paid (5,798) (2,376) (2,376)
Repurchase of shares into Treasury (2,261) - -
Repayment of bank loans (15,602) (10,000) (10,000)
Drawdown of bank loans - 11,970 13,273
------------------------------------------ ------------ ------------ ---------------
Net cash (outflow)/inflow from financing
activities (23,661) (406) 897
------------------------------------------ ------------ ------------ ---------------
Decrease in cash and cash equivalents (349) (5,910) (7,957)
------------------------------------------ ------------ ------------ ---------------
Cash and cash equivalents at start
of period/year 1,065 9,017 9,017
Exchange movements (1) 21 5
Cash and cash equivalents at end of
period/year 715 3,128 1,065
------------------------------------------ ------------ ------------ ---------------
Decrease in cash and cash equivalents (349) (5,910) (7,957)
------------------------------------------ ------------ ------------ ---------------
Cash and cash equivalents consist
of:
Cash and short term deposits 715 3,128 1,065
------------------------------------------ ------------ ------------ ---------------
715 3,128 1,065
------------------------------------------ ------------ ------------ ---------------
Notes to the financial statements
for the six months ended 31st March 2017
1. Financial statements
The information contained within the financial statements in this half year report has not been audited or reviewed by the Company's auditors.
The figures and financial information for the year ended 30th September 2016 are extracted from the latest published financial statements of the Company and do not constitute statutory accounts for that year. Those financial statements have been delivered to the Registrar of Companies and including the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.
2. Accounting policies
Basis of accounting
The financial statements are prepared in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP'), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the 'SORP') issued by the Association of Investment Companies in November 2014.
FRS 104, 'Interim Financial Reporting', issued by the FRC in March 2015 has been applied in preparing this condensed set of financial statements for the six months ended 31st March 2017.
All of the Company's operations are of a continuing nature.
The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 30th September 2016, except for the following addition:
Repurchase of shares to hold in Treasury
The cost of repurchasing shares into Treasury, including the related stamp duty and transaction costs is charged to 'capital reserves' and dealt with in the Statement of Changes in Equity. Share repurchase transactions are accounted for on a trade date basis. Where shares held in Treasury are subsequently cancelled, the nominal value of those shares is transferred out of called up share capital and into capital redemption reserve.
Should shares held in Treasury be reissued, the sales proceeds will be treated as a realised profit up to the amount of the purchase price of those shares and will be transferred to capital reserves. The excess of the sales proceeds over the purchase price will be transferred to share premium.
3. Dividends paid(1)
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st March 31st March 30th September
2017 2016 2016
GBP'000 GBP'000 GBP'000
----------------------------------- ----------------- ----------------- ---------------
Dividends paid
Final dividend paid in respect
of the year ended 30th September
2016 of 3.0p (2015: 2.5p) 2,851 2,376 2,376
2017 first interim dividend
of 3.1p (2016: nil)(2) 2,947 - -
----------------------------------- ----------------- ----------------- ---------------
Total dividends paid in
the period 5,798 2,376 2,376
----------------------------------- ----------------- ----------------- ---------------
(1) All dividends paid in the period have been funded from the revenue reserve.
(2) No interim dividends were paid in 2016, as the Company's new dividend policy was not in existence.
A second interim dividend of 3.4p has been declared for payment on 10th May 2017 for the financial year ending 30th September 2017.
4. Return per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st March 31st March 30th September
2017 2016 2016
GBP'000 GBP'000 GBP'000
--------------------------- ----------------- ----------------- ---------------
Return per share is based
on the following:
Revenue return 193 49 3,307
Capital return 26,858 19,388 85,926
--------------------------- ----------------- ----------------- ---------------
Total return 27,051 19,437 89,233
--------------------------- ----------------- ----------------- ---------------
Weighted average number
of shares in issue 94,913,858 95,046,993 95,046,993
Revenue return per share 0.20p 0.05p 3.48p
Capital return per share 28.30p 20.40p 90.40p
--------------------------- ----------------- ----------------- ---------------
Total return per share 28.50p 20.45p 93.88p
--------------------------- ----------------- ----------------- ---------------
5. Net asset value per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st March 31st March
2017 2016 30th September 2016
--------------------------- ----------------- ----------------- --------------------
Net assets (GBP'000) 324,174 235,517 305,313
Number of shares in issue 94,241,493 95,046,993 95,046,993
--------------------------- ----------------- ----------------- --------------------
Net asset value per share 344.0p 247.8p 321.2p
--------------------------- ----------------- ----------------- --------------------
6. Reconciliation of net return on ordinary activities before finance costs and taxation to net cash outflow from operations before dividends and interest
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st March 31st March
2017 2016 30th September 2016
GBP'000 GBP'000 GBP'000
------------------------------------------------------- ----------------- ----------------- --------------------
Net return on ordinary activities before finance costs
and taxation 27,073 19,578 89,881
Less capital return on ordinary activities before
finance costs and taxation (26,858) (19,388) (85,926)
Scrip dividends received as income - - (57)
Increase in accrued income and other debtors (671) (620) (221)
Decrease in accrued expenses (8) (79) (14)
Overseas withholding tax (208) (136) (508)
Dividends received (570) (431) (5,197)
Interest received (1) (4) (4)
Realised (losses)/gains on foreign currency
transactions (132) 156 28
Exchange (loss)/gain on liquidity fund (10) 73 83
------------------------------------------------------- ----------------- ----------------- --------------------
Net cash outflow from operating activities (1,385) (851) (1,935)
------------------------------------------------------- ----------------- ----------------- --------------------
7. Fair valuation of investments
The fair value hierarchy disclosures required by FRS 102 are given below:
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st March 2017 31st March 2016 30th September 2016
Assets Liabilities Assets Liabilities Assets Liabilities
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------ -------- ------------ -------- ------------ --------- ------------
Level 1 315,132 - 238,429 - 311,979 -
Level 2(1) 7,441 (1) 5,084 - 7,206 -
------------ -------- ------------ -------- ------------ --------- ------------
Total 322,573 (1) 243,513 - 319,185 -
------------ -------- ------------ -------- ------------ --------- ------------
(1) Includes investment in JPMorgan Vietnam Opportunities Fund, an Open Ended Investment Company (OEIC) and forward foreign currency contracts.
JPMORGAN FUNDS LIMITED
26th May 2017
For further information, please contact:
Alison Vincent
For and on behalf of
JPMorgan Funds Limited
020 7742 4000
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
A copy of the Half Year Report has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM
The Half Year Report will also shortly be available on the Company's website at www.jpmasian.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR VQLBLDEFXBBB
(END) Dow Jones Newswires
May 26, 2017 04:36 ET (08:36 GMT)
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