TIDMJUSC
RNS Number : 0813K
JPMorgan US Smaller Co. IT
22 August 2023
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMorgan US Smaller Companies Investment Trust plc
Half Year Report & FINANCIAL STATEMENTS
for the six months ended 30th June 2023
Legal Entity Identifier: 549300MDD7SOXDMBN667
Information disclosed in accordance with the DTR 4.2.2
The Directors of JPMorgan US Smaller Companies Investment Trust
plc announce the Company's results for the six months ended 30 June
2023.
CHAIR'S STATEMENT
Performance
The Company's performance at the beginning of the reporting
period for the six months to 30th June 2023 was hampered by
headwinds from 2022, including high interest rates and high
inflation. However, January 2023 saw a deceleration in inflation
and the re-opening of China which aided growth sentiment. The
Federal Reserve raised rates by 25bps twice during the reporting
period. However, with the continuation of the regional bank crisis
and the rising interest rate environment, the US Equity market
remained volatile.
The Company's return on net assets for the reporting period was
+0.4%, underperforming the Company's benchmark, the Russell 2000
index, which rose by +2.1%. The share price fell by -3.2%,
resulting in a widening of the Company's discount.
A fuller explanation of the performance is set out below in the
Investment Manager's Report.
Discount to Net Asset Value
During the six month period to 30th June 2023, the Company's
shares traded at a discount, averaging a discount of 9.1% over the
six months. The relationship between our share price and the net
asset value (NAV) is monitored on a daily basis by the Board and
our professional advisers. To help with the management of the
discount we have in place the authority to repurchase up to 14.99%
of the Company's issued share capital. With the widening of the
discount, the Company repurchased 187,090 shares into Treasury at
an average discount of 10.3% during the review period. The Company
has purchased an additional 50,000 shares into Treasury since the
period end and at the time of writing, the Company's issued share
capital consists of 65,506,265, including 997,733 shares in
Treasury.
Board Succession Planning
All of the Directors were re-appointed at the Annual General
Meeting (AGM) in April this year. The Board consists of five
non-executive directors with a range of tenures from one year to
eight years.
The Board has set in place a well-structured succession plan. In
2024 I shall have been on the Board for nine years and will
therefore be retiring at the next AGM. The Board has agreed
unanimously that Dominic Neary will take over from me as Chairman
following the AGM in 2024. In addition, it has been agreed by the
Directors that the Board will be reduced to four Directors
following my retirement; we believe that this is an appropriate
number given the size of the Company, and that the Board will
continue to offer the correct balance of skills and diversity of
membership.
Gearing
The Investment Manager has been given the flexibility by the
Board to manage gearing tactically and remain invested within a
maximum gearing limit set by the Board of 15% (+/-2.5% if as a
result of market movement). The Company closed the six month period
with a gearing level of 6.1% having averaged approximately 6.5%
throughout the reporting period.
Having renewed the Company's $30 million gearing facility (with
an accordion facility of $10 million) in October 2021 for two
years, the Company continued to utilise its revolving credit
facility to maintain a meaningful but modest level of gearing. $30
million is currently drawn down on the facility. As this facility
expires in October 2023, the Board is currently considering its
renewal.
Task Force on Climate-related Financial Disclosures (TCFD)
The Investment Manager published its first UK TCFD Report for
the Company in respect of the year ended 31st December 2022 on 30th
June 2023. The report discloses the portfolio's climate-related
risks and opportunities according to the FCA Environmental, Social
and Governance Sourcebook and the TCFD Recommendations. The report
is available on the Company's website:
https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/regulatory/esg-information/jpmorgan-us-smaller-companies-investment-trust-plc-tcfd-report.pdf
This is the first report under the new guidelines and disclosure
requirements and the Board will continue to monitor as these
reports evolve.
Outlook
The Company's quality portfolio continues to offer an attractive
valuation with good earnings growth. However, the Company's NAV and
share price performance during the period was negatively impacted
by small cap stocks underperforming large cap stocks, and with
higher interest rates and continued recession fears, it is possible
that this trend will continue in the near term. Despite this, the
Board and Portfolio Managers remain optimistic for the longer term
outlook of the Company.
David Ross
Chair 22nd August 2023
INVESTMENT MANAGER'S REPORT
Market Review
The US equity markets have had a solid year so far despite
economic headwinds. In the first six months of 2023, the S&P
500 was up by 17.0% (in US dollar terms), supported by resilient
earnings and hopes for a soft landing as inflation cooled and the
Fed slowed interest rate hikes.
The year 2023 began with an exaggerated January effect, followed
by a slight pullback in February, then reacceleration in March
despite the banking troubles. Small caps saw more muted gains as
fears of tightening lending standards impacted smaller names
relative to mega cap stocks. The market rocketed higher in the
second quarter, driven by excitement around artificial
intelligence, which benefited mega-cap technology stocks, in
particular. The much-discussed narrowness in the market also
occurred within small caps.
Large cap stocks as represented by the S&P 500 Index,
returned +17.0% (in US dollar terms), outperforming the small cap
Russell 2000 Index, which returned +8.0%. Overall, value
underperformed growth as the Russell 3000 Value Index returned
+5.0%, while the Russell 3000 Growth Index returned +28.0%.
Performance
The Company's net asset value total return was +0.4% in the
first half of 2023. While positive, this failed to keep pace with
the +2.1% total return of its benchmark, the Russell 2000 Index in
sterling terms. Stock selection was the primary driver of
underperformance, with the consumer discretionary and health care
sectors being the largest detractors.
Our sector allocation in industrials and energy contributed to
performance.
Within industrials, our overweight position in Simpson
Manufacturing and our position in Diversey for a part of the period
were the top contributors. Simpson Manufacturing is a market leader
in the wood connectors building product space. Shares rallied after
the company reported strong quarterly results despite softer
volumes. The company benefitted from resilient margins driven by
strong cost management and lower raw material costs. We continue to
like the stock given its attractive valuation, solid free cash flow
generation and a tenured management team. Diversey, a provider of
hygiene, infection prevention and cleaning solutions, performed
well following the announcement that the company would be acquired
by Solenis, a water treatment company owned by private equity firm
Platinum Equity for an enterprise value of USD 4.6 billion.
At the security level, our exposure to Bright Horizons Family
Solutions, within consumer discretionary proved beneficial. Bright
Horizons Family Solutions is a provider of childcare and education
services. Shares rose due to stronger-than-expected first quarter
earnings driven by improved utilisation and enrolment levels, which
was partially driven by improved labour availability. We continue
to like the fundamentals of the business and believe its valuation
remains reasonable, leaving us comfortable with our position.
On the other hand, our stock selection was the primary driver of
underperformance, with the health care and consumer discretionary
sectors being the largest detractors. Within health care, our
overweight position in ModivCare was the largest detractor from
performance. ModivCare is a provider of non-emergency medical
transportation and non-medical home care services, primarily
serving Medicaid enrollees. Shares declined due to concerns over
Medicaid eligibility redeterminations and the potential for margin
caps in the personal care segment. Additionally, the timing of
receivables collections pressured cash flows. While disappointing,
we believe the risks are well-understood by the market and are
reflected in the current valuation, and we remain comfortable with
our position in the stock.
At the security level, our position in Western Alliance for a
part of the period, and being overweight in ServisFirst Bancshares
within the financials sector were among the top detractors. Western
Alliance is a regional bank serving the Southwestern US. Shares
slumped in the wake of the Silicon Valley Bank and Signature Bank
collapses, as investors aggressively sold growthier banks over
fears around deposit retention. While Western Alliance had a strong
liquidity position, we eliminated our position in the company given
deposit uncertainty in the midst of what appeared to be a run on
the bank as the crisis was unfolding. ServisFirst is an Alabama
based regional bank that predominantly focuses on commercial and
industrial lending in the southeast US. Shares fell after the
company reported mixed quarterly results. The bank witnessed higher
than expected levels of deposits shifting to interest bearing
accounts in 1Q, thereby resulting in net interest margin
compression. We remain comfortable with our position, given the
company's strong fundamentals and solid deposits.
Portfolio Positioning
With regard to our portfolio positioning, we continue to focus
on finding companies with durable franchises, good management teams
and stable earnings that trade at a discount to intrinsic value. We
continue to believe that smaller companies are worth investing in
for long term investors as they include innovative companies that
serve market niches and thereby can be a way to get in early on
innovation.
Our trading activity in the period reflects caution given
uncertainty surrounding the regional bank crisis, as well as
opportunistic additions to high quality, competitively advantaged
businesses that were undervalued. We trimmed outperformers within
the industrials and consumer discretionary sectors, and lower
conviction names across all sectors to raise cash and redeploy
proceeds to better ideas. We also had mergers and acquisitions
induced reductions. Within financials, we trimmed outperforming
non-bank names and modestly added to banks as valuations reflect
the sector headwinds, though we remain under-weight banks. Our
largest absolute and relative weight remains in industrials,
followed by utilities.
On the other hand, our largest underweights remain in the energy
and health care sectors. While we have struggled to find high
quality assets within most segments of the energy sector, we have
found some interesting opportunities within the alternative energy
and midstream areas.
Market Outlook
We remain constructive on the case for small caps in the
intermediate and long term. While multiple signs such as persistent
inflation, stretched labour markets, a stubbornly hawkish Fed and
tightening bank lending standards point to reasons for caution,
none of these concerns are new. Valuation versus large caps
continues to look favourable, especially with such a thin slice of
the mega cap technology names driving the overall market. We are
cognisant that the earnings picture for small caps is not poised
for an immediate rebound and recent earnings revisions have been
negative. However, the stocks will react positively before earnings
hit bottom and our natural leaning towards high quality companies
should provide downside protection in the interim. We expect that
macro factors will continue to dominate investor focus in the short
term but we believe our process can outperform over the cycle.
While the economy teeters on the edge of recession, we remain
balanced and continue to monitor incremental risks that could
represent headwinds for U.S. equities. Through the volatility, we
continue to focus on high conviction stocks and take advantage of
market dislocations for compelling stock selection
opportunities.
For and on behalf of the
Investment Manager
Don San Jose
Jon Brachle
Dan Percella
Portfolio Managers 22nd August 2023
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its
Half Year Report:
Principal and Emerging Risks and Uncertainties
The principal risks and uncertainties faced by the Company fall
into the following broad categories: underperformance; market and
economic; discount control; shareholder demand; lost of investment
team or portfolio manager; outsourcing; cyber crime; statutory and
regulatory compliance; and climate change. In addition, the
following were identified as emerging risks: political and
economic; global pandemics; market risk; and ongoing shareholder
demand. The Board continues to closely consider and monitor these
risks. Information on each of these areas is given in the Strategic
Report within the Annual Report and Financial Statements for the
year ended 31st December 2022.
Related Parties 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.
Going Concern
In accordance with The Financial Reporting Council's guidance on
going concern and liquidity risk, the Directors have undertaken a
rigorous review of the Company's ability to continue as a going
concern. The Board has, in particular, considered the impact of
heightened market volatility since the Russian invasion of Ukraine,
the inflationary environment and other geopolitical and financial
risks. However, it does not believe the Company's going concern
status is affected. The Company's assets, the vast majority of
which are investments in quoted securities which are readily
realisable, exceed its liabilities significantly under all stress
test scenarios reviewed by the Board. Gearing levels and compliance
with borrowing covenants are reviewed by the Board on a regular
basis. Furthermore, the Directors are satisfied that the Company
and its key third party service providers have in place appropriate
business continuity plans. Accordingly, having assessed the
principal and emerging risks and other matters, the Directors
believe that there are no material uncertainties pertaining to the
Company that would prevent its ability to continue in such
operational existence for at least 12 months from the date of the
approval of this half yearly financial report.
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 year 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
30th June 2023 as required by the Disclosure Guidance 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 Disclosure
Guidance 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
David Ross
Chair 22nd August 2023
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30th June 2023
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th June 2023 30th June 2022 31st December 2022
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
--------------------- -------- -------- --------- -------- ---------- ---------- -------- --------- ---------
Losses on
investments
held at
fair value through
profit or loss - (146) (146) - (40,791) (40,791) - (22,082) (22,082)
Net foreign currency
gains/(losses) on
cash
and loans - 1,020 1,020 - (2,028) (2,028) - (2,513) (2,513)
Income from
investments 2,135 - 2,135 1,542 - 1,542 3,218 - 3,218
Interest receivable 154 - 154 14 - 14 118 - 118
--------------------- -------- -------- --------- -------- ---------- ---------- -------- --------- ---------
Gross return/(loss) 2,289 874 3,163 1,556 (42,819) (41,263) 3,336 (24,595) (21,259)
Management fee (207) (828) (1,035) (209) (834) (1,043) (416) (1,664) (2,080)
Other administrative
expenses (212) - (212) (233) - (233) (547) - (547)
--------------------- -------- -------- --------- -------- ---------- ---------- -------- --------- ---------
Net return/(loss)
before
finance costs and
taxation 1,870 46 1,916 1,114 (43,653) (42,539) 2,373 (26,259) (23,886)
Finance costs (145) (579) (724) (31) (123) (154) (135) (539) (674)
--------------------- -------- -------- --------- -------- ---------- ---------- -------- --------- ---------
Net return/(loss)
before taxation 1,725 (533) 1,192 1,083 (43,776) (42,693) 2,238 (26,798) (24,560)
Taxation (314) - (314) (193) - (193) (466) - (466)
--------------------- -------- -------- --------- -------- ---------- ---------- -------- --------- ---------
Net return/(loss)
after
taxation 1,411 (533) 878 890 (43,776) (42,886) 1,772 (26,798) (25,026)
--------------------- -------- -------- --------- -------- ---------- ---------- -------- --------- ---------
Return/(loss) per
share
(note 3) 2.18p (0.82)p 1.36p 1.37p (67.18)p (65.81)p 2.72p (41.21)p (38.49)p
--------------------- -------- -------- --------- -------- ---------- ---------- -------- --------- ---------
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/(loss) on ordinary activities after taxation
represents the profit/(loss) for the period/year and also the
total
comprehensive income.
CONDENSED STATEMENT OF CHANGES IN EQUITY
Called Capital
up
share Share redemption Capital Revenue
capital premium reserve reserves(1) reserve(1) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- -------- -------- ----------- ------------ ----------- ----------
Six months ended 30th June
2023 (Unaudited)
At 31st December 2022 1,638 45,758 1,851 221,271 2,539 273,057
Repurchase of shares into
Treasury - - - (734) - (734)
Net (loss)/return for the
period - - - (533) 1,411 878
Dividends paid in the period
(note 4) - - - - (1,615) (1,615)
------------------------------- -------- -------- ----------- ------------ ----------- ----------
At 30th June 2023 1,638 45,758 1,851 220,004 2,335 271,586
------------------------------- -------- -------- ----------- ------------ ----------- ----------
Six months ended 30th June
2022 (Unaudited)
At 31st December 2021 1,636 45,367 1,851 250,536 2,393 301,783
Issue of Ordinary shares 2 329 - - - 331
Shares reissued from Treasury - 105 - 479 - 584
Repurchase of shares into
Treasury - - - (1,880) - (1,880)
Block listing fees - - - (48) - (48)
Net (loss)/return for the
period - - - (43,776) 890 (42,886)
Dividends paid in the period
(note 4) - - - - (1,626) (1,626)
------------------------------- -------- -------- ----------- ------------ ----------- ----------
At 30th June 2022 1,638 45,801 1,851 205,311 1,657 256,258
------------------------------- -------- -------- ----------- ------------ ----------- ----------
Year ended 31st December
2022 (Audited)
At 31st December 2021 1,636 45,367 1,851 250,536 2,393 301,783
Issue of new Ordinary shares 2 329 - - - 331
Shares reissued from Treasury - 62 - 522 - 584
Repurchase of shares into
Treasury - - - (2,941) - (2,941)
Block listing fees - - - (48) - (48)
Net (loss)/return for the
year - - - (26,798) 1,772 (25,026)
Dividends paid in the year
(note 4) - - - - (1,626) (1,626)
------------------------------- -------- -------- ----------- ------------ ----------- ----------
At 31st December 2022 1,638 45,758 1,851 221,271 2,539 273,057
------------------------------- -------- -------- ----------- ------------ ----------- ----------
(1) These reserves form the distributable reserves of the
Company and may be used to fund distributions to shareholders.
CONDENSED STATEMENT OF FINANCIAL POSITION
At 30th June 2023
(Unaudited) (Unaudited) (Audited)
At At At
30th June 30th June 31st December
2023 2022 2022
GBP'000 GBP'000 GBP'000
---------------------------------------- ------------ ------------ --------------
Fixed assets
Investments held at fair value through
profit or loss 288,233 274,545 291,723
---------------------------------------- ------------ ------------ --------------
Current assets
Debtors 1,615 985 405
Cash and cash equivalents 6,810 6,920 6,652
---------------------------------------- ------------ ------------ --------------
8,425 7,905 7,057
Current liabilities
Creditors: amounts falling due within
one year (25,072) (1,489) (25,723)
---------------------------------------- ------------ ------------ --------------
Net current (liabilities)/assets (16,647) 6,416 (18,666)
---------------------------------------- ------------ ------------ --------------
Total assets less current liabilities 271,586 280,961 273,057
---------------------------------------- ------------ ------------ --------------
Creditors: amounts falling due after - (24,703) -
one year
---------------------------------------- ------------ ------------ --------------
Net assets 271,586 256,258 273,057
---------------------------------------- ------------ ------------ --------------
Capital and reserves
Called up share capital 1,638 1,638 1,638
Share premium 45,758 45,801 45,758
Capital redemption reserve 1,851 1,851 1,851
Capital reserves 220,004 205,311 221,271
Revenue reserve 2,335 1,657 2,539
---------------------------------------- ------------ ------------ --------------
Total shareholders' funds 271,586 256,258 273,057
---------------------------------------- ------------ ------------ --------------
Net asset value per share (note 5) 420.7p 394.1p 421.7p
---------------------------------------- ------------ ------------ --------------
CONDENSED STATEMENT OF CASH FLOWS
For the six months ended 30th June 2023
(Unaudited) (Unaudited) (Audited)
30th June 30th June 2022(1) 31st December
2023 2022(1)
GBP'000 GBP'000 GBP'000
------------------------------------------ ------------ ------------------ --------------
Cash flows from operating activities
Net return/(loss) before finance
costs and taxation 1,916 (42,539) (23,886)
Adjustment for:
Net loss on investments held at
fair value through profit or loss 146 40,791 22,082
Net foreign currency (gains)/losses (1,020) 2,028 2,513
Dividend income (2,135) (1,542) (3,218)
Interest income (154) (14) (118)
Decrease/(increase) in accrued income
and other debtors 1 (22) (20)
(Decrease)/increase in accrued expenses (6) (51) 18
------------------------------------------ ------------ ------------------ --------------
(1,252) (1,349) (2,629)
------------------------------------------ ------------ ------------------ --------------
Dividends received 1,637 1,351 2,726
Interest received 179 14 93
Overseas tax recovered 173 40 42
------------------------------------------ ------------ ------------------ --------------
Net cash inflow from operating
activities 737 56 232
------------------------------------------ ------------ ------------------ --------------
Purchases of investments (37,763) (41,300) (76,428)
Sales of investments 40,521 47,369 83,743
Settlement of foreign currency contracts - 15 -
------------------------------------------ ------------ ------------------ --------------
Net cash inflow from investing
activities 2,758 6,084 7,315
------------------------------------------ ------------ ------------------ --------------
Dividends paid (1,615) (1,626) (1,626)
Issue of Ordinary shares - 331 331
Shares reissued from Treasury - 584 584
Repurchase of shares into Treasury (734) (1,880) (2,941)
Interest paid (665) (148) (530)
Block listing fees - (48) (48)
------------------------------------------ ------------ ------------------ --------------
Net cash outflow from financing
activities (3,014) (2,787) (4,230)
------------------------------------------ ------------ ------------------ --------------
Increase in cash and cash equivalents 481 3,353 3,317
------------------------------------------ ------------ ------------------ --------------
Cash and cash equivalents at start
of period/year 6,652 3,057 3,057
Exchange movements (323) 510 278
------------------------------------------ ------------ ------------------ --------------
Cash and cash equivalents at end
of period/year 6,810 6,920 6,652
------------------------------------------ ------------ ------------------ --------------
Cash and cash equivalents consist
of:
------------------------------------------ ------------ ------------------ --------------
Cash and short term deposits 61 7 3
Cash held in JPMorgan US Dollar
Liquidity Fund 6,749 6,913 6,649
------------------------------------------ ------------ ------------------ --------------
Total 6,810 6,920 6,652
------------------------------------------ ------------ ------------------ --------------
(1) The presentation of the Cash Flow Statement, as permitted
under FRS 102, has been changed so as to present the reconciliation
of 'net return/(loss) before finance costs and taxation' to 'net
cash inflow from operating activities' on the face of the Cash Flow
Statement. Previously, this was shown by way of note. Other than
consequential changes in presentation of the certain cash flow
items, there is no change to the cash flows as presented in
previous periods.
Reconciliation of net debt
As at Other As at
31st December Cash flows non-cash 30th June
2022 charges 2023
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- -------------- ----------- --------- ----------
Cash and cash equivalents
Cash 3 379 (321) 61
--------------------------- -------------- ----------- --------- ----------
Cash equivalents 6,649 102 (2) 6,749
--------------------------- -------------- ----------- --------- ----------
6,652 481 (323) 6,810
--------------------------- -------------- ----------- --------- ----------
Borrowings
Debt due within one year (24,940) - 1,343 (23,597)
--------------------------- -------------- ----------- --------- ----------
(24,940) - 1,343 (23,597)
--------------------------- -------------- ----------- --------- ----------
Net debt (18,288) 481 1,020 (16,787)
--------------------------- -------------- ----------- --------- ----------
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the six months ended 30th June 2023
1. Financial statements
The information contained within the condensed financial
statements in this half year report has not been audited or
reviewed by the Company's Auditor.
The figures and financial information for the year ended 31st
December 2022 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, including the report of the Auditor
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
The financial statements have been prepared in accordance with
the Companies Act 2006, FRS 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland' of the United Kingdom
Generally Accepted Accounting Practice (UK GAAP) and with the
Statement of Recommended Practice 'Financial Statements of
Investment Trust Companies and Venture Capital Trusts' (the revised
'SORP') issued by the Association of Investment Companies in July
2022.
FRS 104, 'Interim Financial Reporting', issued by the Financial
Reporting Council (FRC) in March 2015 has been applied in preparing
this condensed set of financial statements for the six months ended
30th June 2023.
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 31st December 2022.
3. Return/(loss) per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th June 2023 30th June 2022 31st December
2022
GBP'000 GBP'000 GBP'000
----------------------------- ----------------- ----------------- --------------
Return/(loss) per share
is based on the following:
Revenue return 1,411 890 1,772
Capital loss (533) (43,776) (26,798)
----------------------------- ----------------- ----------------- --------------
Total return/(loss) 878 (42,886) (25,026)
----------------------------- ----------------- ----------------- --------------
Weighted average number
of shares in issue 64,621,432 65,166,032 65,029,256
Revenue return per share 2.18p 1.37p 2.72p
Capital loss per share (0.82)p (67.18)p (41.21)p
----------------------------- ----------------- ----------------- --------------
Total return/(loss) per
share 1.36p (65.81)p (38.49)p
----------------------------- ----------------- ----------------- --------------
4. Dividends paid
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th June 2023 30th June 2022 31st December
2022
GBP'000 GBP'000 GBP'000
---------------------------------- ----------------- ----------------- --------------
Final dividend in respect
of the year ended 31st December
2022
of 2.5p (2021: 2.5p) 1,615 1,626 1,626
---------------------------------- ----------------- ----------------- --------------
Total dividends paid in
the period/year 1,615 1,626 1,626
---------------------------------- ----------------- ----------------- --------------
The dividend paid in the period/year has been funded from the
revenue earnings.
No interim dividend has been declared in respect of the six
months ended 30th June 2023 (2022: nil).
5. Net asset value per share
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th June 2023 30th June 2022 31st December
2022
GBP'000 GBP'000 GBP'000
--------------------------- ----------------- ----------------- --------------
Net assets (GBP'000) 271,586 256,258 273,057
Number of shares in issue
at period/year end 64,558,532 65,025,739 64,745,622
--------------------------- ----------------- ----------------- --------------
Net asset value per share 420.7p 394.1p 421.7p
--------------------------- ----------------- ----------------- --------------
6. Fair valuation of instruments
The fair value hierarchy analysis for financial instruments held
at fair value at the period end is as follows:
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30th June 2023 30th June 2022 31st December 2022
Assets Liabilities Assets Liabilities Assets Liabilities
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- --------- ------------ --------- ------------ --------- ------------
Level 1 288,233 - 274,545 - 291,723 -
---------------------------- --------- ------------ --------- ------------ --------- ------------
Total value of investments 288,233 - 274,545 - 291,723 -
---------------------------- --------- ------------ --------- ------------ --------- ------------
JPMORGAN FUNDS LIMITED
22nd August 2023
For further information, please contact:
Lucy Dina
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.
ENDS
A copy of the 2023 Half Year Report will shortly be submitted to
the FCA's National Storage Mechanism and will be available for
inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The 2023 Half Year Report will shortly be available on the
Company's website at www.jpmussmallercompanies.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 news service of the
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END
IR GCGDIUGDDGXD
(END) Dow Jones Newswires
August 22, 2023 05:08 ET (09:08 GMT)
Jpmorgan Us Smaller Co. ... (LSE:JUSC)
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Jpmorgan Us Smaller Co. ... (LSE:JUSC)
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