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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jpmorgan Pro | LSE:PMSF | London | Ordinary Share | GG00B1RZDH28 | RED PART SHS NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 75.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:9429M
JPMorgan Progressive Multi-Strategy
31 January 2008
JPMORGAN PROGRESSIVE MULTI-STRATEGY FUND LIMITED
PRELIMINARY RESULTS FOR THE PERIOD ENDED 3OTH SEPTEMBER 2007
Share price return to shareholders: -2.5%
NAV return on net assets: -1.3%
Benchmark return: -3.1%
Chairman's Statement
Although the return on net assets was negative, the indications were that the
Manager's strategy for diversifying
the portfolio to cope with difficult market conditions had come through an early
test.
The Company was admitted to trading on the Alternative Investment Market ("AIM")
of the London Stock Exchange and the Channel Islands Stock Exchange ("CISX") on
15th May 2007 raising £25,060,000 from the issue of 25.06 million ordinary
shares at £1 per share. As intended, the Company promptly invested substantially
all of its net funds into the A class shares of the Luxembourg domiciled JP
Morgan Progressive Multi-Strategy Fund (PM-S Fund), a sub-fund of JPMorgan
Portfolio Strategies Funds II.
It is comforting to see that the PM-S Fund consistently delivered equity-like
returns with lower volatility than the markets in a turbulent period. Although
the return on net assets was negative, the indications were that the Manager's
strategy for diversifying the portfolio to cope with difficult market conditions
had come through an early test. Events since the period-end suggest this
continues to be the case.
Under the Articles of Association of the Company the Directors have wide powers
to issue further shares on a non-pre-emptive basis. Over the coming year, the
Directors will be looking to increase the size of the Company to reduce costs
per share to investors and improve liquidity of the shares. Further shares will
not be issued at less than prevailing net asset value after costs.
The Company's first Annual General Meeting will be held on Thursday 6th March
2008 at Regency Court, Glategny Esplanade, St Peter Port, Guernsey GY1 3NQ.
Christopher Sherwell
Chairman
31st January 2008
Investment Manager's Report
The Company subscribed substantially all of its net funds into the A class of
shares of JPMorgan Progressive Multi-Strategy Fund (PM-S Fund), a sub-fund of
JPMorgan Portfolio Strategies Funds II, a Luxembourg umbrella investment
company, at the end of May 2007.
Since investing into PM-S Fund we have seen the NAV of the consolidated Group
fall 1.3%, compared to the MSCI World Index (hedged into Sterling), which has
fallen 3.1%. The volatility in equity markets was reflected in the MSCI World
Index volatility rising to 7.15%. In contrast, the volatility of the underlying
PM-S Fund was 3.21%, less than half of that of the MSCI World Index.
Since the initial subscription, volatility has increased in all of the markets
to which the Company is exposed. This was caused by the sub-prime crisis in the
United States of America and the subsequent "credit crunch", which resulted in
markets experiencing challenging conditions across all asset classes in July and
August. The "credit crunch" impacted a large part of the hedge fund community,
which were forced to de-leverage and unwind positions in order to meet margin
calls. While we saw some recovery in equity markets in September following
easing of interest rates in the US, significant concerns still surrounded the
pricing of risk and whether the effects of the sub-prime crisis would lead to a
recession in the US.
After a difficult first month, where hybrid alpha and the property and bond beta
components of the portfolio produced negative returns, the PM-S Fund has
consistently provided investors with a lower volatility to equity markets, while
producing returns ahead of the MSCI World Index (hedged into Sterling). The
effects of diversifying the portfolio across largely uncorrelated asset classes
have been to offset the worst effects of the markets.
The diversity of sources of returns from the alpha and beta components have
consistently created a lower volatility environment for investors with positive
contributors regularly offsetting the negative impacts of turbulent markets.
We are pleased that the Company behaved as we predicted in what have been very
difficult market conditions. The return assumptions that were used regarding the
long term expectations have been shown to be prudent and as markets become less
volatile we believe that the construction of the portfolio will continue to
generate returns that are broadly comparable to equities, but at a lower level
of risk, over the medium to long term.
Chris Complin
JPMorgan Asset Management
31st January 2008
For further information, please contact:
Alison Vincent
For and on behalf of
JPMorgan Asset Management (UK) Limited
020 7742 6000
Alex Borrelli
Nominated Adviser
Shore Capital and Corporate Limited
0207 408 4090
Consolidated Income Statement
for the period from 14th February 2007 to 30th September 2007
Period ended
30th September 2007
Revenue Capital Total
£'000 £'000 £'000
------------------------------------------------------------------------------
Investment income 159 - 159
Other income 60 - 60
------------------------------------------------------------------------------
219 - 219
Gains on investments held at fair value through - 658 658
profit or loss
Net foreign exchange gains - 174 174
------------------------------------------------------------------------------
Total income 219 832 1,051
------------------------------------------------------------------------------
Expenses
(133) - (133)
Management fees
Other administration expenses (105) - (105)
------------------------------------------------------------------------------
(Loss)/profit before finance costs and taxation (19) 832 813
------------------------------------------------------------------------------
(2) - (2)
Finance costs
------------------------------------------------------------------------------
(Loss)/profit before taxation (21) 832 811
------------------------------------------------------------------------------
(8) - (8)
Taxation
------------------------------------------------------------------------------
Net (loss)/profit after taxation (29) 832 803
------------------------------------------------------------------------------
Attributable to:
Equity holders of the parent (29) 815 786
Minority interest - 17 17
------------------------------------------------------------------------------
(29) 832 803
------------------------------------------------------------------------------
(Loss)/earnings per share (note 4) (0.1p) 3.2p 3.1p
The "Total" column of this statement represents the Group's income statement,
prepared in accordance with IFRS. The supplementary "Revenue" and "Capital"
columns are prepared under guidance published by the Association of Investment
Companies.
All items in the above statement derive from continuing operations.
Company Income Statement
for the period from 14th February 2007 to 30th September 2007
Period ended
30th September 2007
Revenue Capital Total
£'000 £'000 £'000
------------------------------------------------------------------------------
Investment income 52 - 52
Other income 12 - 12
------------------------------------------------------------------------------
64 - 64
Losses on investments held at fair value through - (727) (727)
profit or loss
Net foreign exchange gains - 783 783
------------------------------------------------------------------------------
Total income 64 56 120
------------------------------------------------------------------------------
Expenses
- - -
Management fees
Other administrative expenses (91) - (91)
------------------------------------------------------------------------------
(Loss)/profit before finance costs and taxation (27) 56 29
------------------------------------------------------------------------------
(1) - (1)
Finance costs
------------------------------------------------------------------------------
(Loss)/profit before taxation (28) 56 28
------------------------------------------------------------------------------
- - -
Taxation
------------------------------------------------------------------------------
Net (loss)/profit after taxation (28) 56 28
------------------------------------------------------------------------------
(Loss)/earnings per share (note 4) (0.1p) 0.2p 0.1p
The "Total" column of this statement represents the Company's income statement,
prepared in accordance with IFRS. The supplementary "Revenue" and "Capital"
columns are prepared under guidance published by the Association of Investment
Companies.
All items in the above statement derive from continuing operations.
Consolidated Statement of Changes in Equity for the period
from 14th February 2007 to 30th September 2007
Attributable to equity holders
--------------------------------------------------------------
Other
Share Share Other capital Revenue Minority Total
capital premium reserve reserves reserve Total interest Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
------------------------------------------------------------------------------------------------------------
Proceeds of share - 25,060 - - - 25,060 - 25,060
placing
Costs of share - (446) - - - (446) - (446)
placing
Minority interest
on acquisition of
subsidiary - - - - - - 11,182 11,182
Cancellation of - (24,614) 24,614 - - - - -
share premium
Exchange loss on - - - (1,097) - (1,097) - (1,097)
translation
Profit for the - - - - 786 786 17 803
period
Transfer to other - - - 815 (815) - - -
capital reserve
------------------------------------------------------------------------------------------------------------
Balance at 30th - - 24,614 (282) (29) 24,303 11,199 35,502
September 2007
------------------------------------------------------------------------------------------------------------
Company Statement of Changes in Equity for the period from 14th February 2007
to 30th September 2007
Period ended 30th September 2007
Other
Share Share Other capital Revenue
capital premium reserve reserves reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
---------------------------------------------------------------------------------------
Proceeds of share - 25,060 - - - 25,060
placing
Costs of share - (446) - - - (446)
placing
Cancellation of - (24,614) 24,614 - - -
share premium
Profit for the - - - - 28 28
period
Transfer to other - - - 56 (56) -
capital reserve
---------------------------------------------------------------------------------------
Balance at 30th - - 24,614 56 (28) 24,642
September 2007
---------------------------------------------------------------------------------------
Consolidated Cash Flow Statement
For the period from 14th February 2007 to 30th September 2007
Period ended
30th September
2006
£'000
------------------------------------------------------------------------------
Operating activities
Profit before taxation 811
Add back interest paid 2
Gains on investments held at fair value through profit or (658)
loss
Losses on foreign exchange contracts 205
Net purchases of investment held at fair value through (11,405)
profit or loss
Increase in other receivables (51)
Increase in other payables 134
------------------------------------------------------------------------------
Net cash outflow from operating activities
before interest payable and taxation (10,962)
------------------------------------------------------------------------------
Interest paid (2)
Tax paid (8)
------------------------------------------------------------------------------
Net cash inflow from operating activities (10,972)
------------------------------------------------------------------------------
Investing activities
Acquisition of subsidiary (12,763)
------------------------------------------------------------------------------
Net cash outflow from investing activities (12,763)
------------------------------------------------------------------------------
Financing activities
Net proceeds from the issue of shares 24,620
------------------------------------------------------------------------------
Net cash inflow from financing activities 24,620
------------------------------------------------------------------------------
Increase in cash and cash equivalents 885
Cash and cash equivalents at start of the period -
Effect of foreign exchange translation (145)
------------------------------------------------------------------------------
Cash and cash equivalents at end of the period 740
------------------------------------------------------------------------------
Company Cash Flow Statement
For the period from 14th February 2007 to 30th September 2007
Period ended
30th September
2007
£'000
------------------------------------------------------------------------------
Operating activities
Profit before taxation 28
Add back interest paid 1
Losses on investments held at fair value through profit or 727
loss
Gains on foreign exchange contracts (205)
Net purchases of investments held at fair value through (441)
profit or loss
Increase in other receivables (14)
Increase in other payables 86
------------------------------------------------------------------------------
Net cash inflow from operating activities
before interest payable and taxation 182
------------------------------------------------------------------------------
Interest paid (1)
Tax paid -
------------------------------------------------------------------------------
Net cash inflow from operating activities 181
------------------------------------------------------------------------------
Investing activities
Acquisition of subsidiary (24,599)
------------------------------------------------------------------------------
Net cash outflow from investing activities (24,599)
------------------------------------------------------------------------------
Financing activities
Net proceeds from the issue of shares 24,620
------------------------------------------------------------------------------
Net cash inflow from financing activities 24,620
------------------------------------------------------------------------------
Increase in cash and cash equivalents 202
Cash and cash equivalents at start of the period -
------------------------------------------------------------------------------
Cash and cash equivalents at end of the period 202
------------------------------------------------------------------------------
Consolidated Balance sheet
at 30th September 2007
30th September
2007
£'000
------------------------------------------------------------------------------
Non current assets
Investments held at fair value through profit or loss 35,096
------------------------------------------------------------------------------
Current assets
Other receivables 51
Derivative financial instruments at fair value through 205
profit or loss
Cash and cash equivalents 740
------------------------------------------------------------------------------
996
------------------------------------------------------------------------------
Current liabilities
Other payables (140)
Derivative financial instruments at fair value through (450)
profit or loss
------------------------------------------------------------------------------
Net current assets 406
------------------------------------------------------------------------------
Net assets 35,502
------------------------------------------------------------------------------
Equity attributable to equity holders
Called up share capital -
Other reserve 24,614
Other capital reserves (282)
Revenue reserve (29)
------------------------------------------------------------------------------
Equity attributable to equity holders of the parent 24,303
Minority interest 11,199
------------------------------------------------------------------------------
Total equity 35,502
------------------------------------------------------------------------------
Net asset value per share (note 5) 97.0p
Company Balance sheet
at 30th September 2007
30th September
2007
£'000
------------------------------------------------------------------------------
Non current assets
Investments held at fair value through profit or loss 436
------------------------------------------------------------------------------
Investment in subsidiary undertaking held at fair value
through profit or loss 23,877
------------------------------------------------------------------------------
24,313
------------------------------------------------------------------------------
Current assets
Other receivables 14
Derivative financial instruments at fair value through 205
profit or loss
Cash and cash equivalents 202
------------------------------------------------------------------------------
421
------------------------------------------------------------------------------
Current liabilities
Other payables (92)
------------------------------------------------------------------------------
Net current assets 329
------------------------------------------------------------------------------
Net assets 24,642
------------------------------------------------------------------------------
Equity attributable to equity holders
Called up share capital -
Other reserve 24,614
Other capital reserves 56
Revenue reserve (28)
------------------------------------------------------------------------------
Total equity 24,642
------------------------------------------------------------------------------
Net asset value per share (note 5) 98.3p
Notes to the Accounts
1. Principal activity
The principal activity of the JPMorgan Progressive Multi-Strategy Fund
Limited ("the Company") is that of an investment company, incorporated
and domiciled in Guernsey. The principal activity of its "subsidiary",
JPMorgan Progressive Multi-Strategy Fund ("PM-S Fund") a sub-fund of
JPMorgan Portfolio Strategies Funds II (a Luxembourg SICAV), is also that
of an investment company.
The Group comprises the Company and PM-S Fund.
2. Accounting period
The accounts cover the period from the date of incorporation of the
Company on 14th February 2007 to 30th September 2007. The proceeds of the
share placing were received by the Company on 15th May 2007. The
consolidated accounts include the results of the Company and the PM-S
Fund from 1st June 2007, which is the date control commenced.
3. Accounting policies
The accounts have been prepared in accordance with International
Financial Reporting Standards, which comprise standards and
interpretations approved by the International Accounting Standards
Board and International Accounting Standards and Standing Interpretations
Committee interpretations approved by the International Accounting
Standards Committee that remain in effect. The accounts have been
prepared in accordance with The Companies (Guernsey) Law 1994.
Where presentational guidance set out in the Statement of Recommended
Practice ('SORP') for investment trusts issued by the Association of
Investment Companies in December 2005 is consistent with the requirements
of IFRS, the Directors have sought to prepare the financial statement on
a basis compliant with the recommendations of the SORP.
The accounts have been prepared on the historical cost basis of
accounting except for the measurement at fair value of certain financial
assets and financial liabilities.
Group
2007
Revenue Capital Total
£'000 £'000 £'000
---------------------------------------------------------------------------------------------
4. (Loss)/earnings per share
(Loss) attributable to equity shareholders (29) 815 786
---------------------------------------------------------------------------------------------
(Loss)/earnings per share (0.1)p 3.2p 3.1p
Company
2007
Revenue Capital Total
£'000 £'000 £'000
---------------------------------------------------------------------------------------------
(Loss)/ attributable to equity (28) 56 28
shareholders
---------------------------------------------------------------------------------------------
(Loss)/earnings per share (0.1)p 0.2p 0.1p
The (loss)/profit per share is based on the (loss)/profit for the period
after taxation and on the number of shares in issue throughout the period
of 25,060,000.
5. Net asset value per share
The net asset value per share is based on the net assets attributable to
the shareholders and on the 25,060,000 shares in issue at the period end.
The Company has no securities in issue that could dilute the net asset
value per share.
6. Status of preliminary announcement
The financial information set out in this preliminary announcement does
not constitute the Company's statutory accounts for the period from 14th
February 2007 to 30th September 2007. The statutory accounts for the
period from 14th February 2007 to 30th September 2007 will be finalised
on the basis of the information presented by the Directors in this
preliminary announcement and will be delivered to members following the
approval of the accounts by the Board of directors.
7. The Company's statutory accounts for the period from 14th February
2007 to 30th September 2007 will be posted to shareholders and will be
available on the Company's website on 31st January 2008 at
www.jpmpms.co.uk.
-------------------------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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