Half Year Report JPMorgan Overseas Investment Trust plc · JPMorgan Overseas Investment Trust plc...

Half Year Report2010JPMorgan Overseas Investment Trust plc

Half Year Report & Accounts for the six months ended 31st December 2010

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Features

Contents

About the Company

1 Half Year Performance2 Chairman’s Statement3 Investment Manager’s Report

Investment Review

5 Twenty Largest Equity Investments6 Portfolio Analyses

Accounts

7 Income Statement8 Reconciliation of Movements in

Shareholders’ Funds9 Balance Sheet10 Cash Flow Statement11 Notes to the Accounts13 Interim Management Report

Shareholder Information

14 Glossary of Terms and Definitions17 Information about the Company

Objective

Capital growth from world stockmarkets.

Investment Policies

– To provide a diversified portfolio of approximately 70-90 stocks in which theinvestment manager has a high degree of conviction.

A significant, global commitment to proprietary research is essential in generatinginvestment ideas. A strong partnership between the investment manager andanalysts is key to understanding valuations and developing conviction.

Investment Strategy

To provide superior long-term capital growth by investing in a high convictionportfolio of companies with strong valuation signals, significant profit growthpotential and an identifiable catalyst to unlock that potential, regardless of industry,region or size.

Gearing

A flexible, low cost £20 million borrowing facility is in place and available for theinvestment manager to utilise at times of low absolute valuation or for short termborrowing to avoid contingent investment decisions.

Benchmark

The Company’s benchmark is the MSCI All Countries World Index in sterling terms(total return with net dividends reinvested).

Capital Structure

At 31st December 2010, the Company’s share capital comprised 26,174,698 ordinaryshares of 25p each, including 447,966 shares held in Treasury.

Share Repurchase Policy

In order for the Company’s shares to trade at a relatively narrow discount, theCompany will repurchase its shares with the aim of maintaining an average discountof around 5% calculated with debt at par value. Any shares repurchased under thispolicy may be held in Treasury or cancelled. Shares held in Treasury will only bereissued at a premium to net asset value.

Management Company

The Company employs JPMorgan Asset Management (UK) Limited (‘JPMAM’) tomanage its assets.


JPMorgan Overseas Investment Trust plc. Half Year Report & Accounts 2010 1

Half Year PerformanceTotal returns (includes dividends reinvested)

+17.3%Return to shareholders1

+25.6%Return on net assets2

Financial Data31st December 30th June %

2010 2010 change

Shareholders’ funds (£’000) 226,977 186,913 +21.4

Number of shares in issue4 25,726,732 25,726,732 0.0

Net asset value per share with debt at par value 882.3p 726.5p +21.4

Net asset value per share with debt at fair value5 882.5p 726.7p +21.4

Share price 871.0p 754.0p +15.5

Actual gearing factor 106.8% 106.1%

Share price (discount)/premium to net asset value per share6 (0.8)% 5.9%

A glossary of terms and definitions is provided on page 14.

1Source: Morningstar.2Source: J.P. Morgan.3Source: MSCI. The Company’s benchmark is the MSCI All CountriesWorld Index in sterling terms (total return with netdividends reinvested).4Excludes shares held in Treasury.5The fair value of the £200,000 debenture issued by the Company has been calculated by reference to a similar datedgilt yield plus a margin based on the 5 year average for the AA Barclays Sterling Corporate Bond spread.6Ex-income. Source: Bloomberg.

+18.8%Benchmark return3

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JPMorgan Overseas Investment Trust plc. Half Year Report & Accounts 20102

Chairman’s Statement

This is my first report to you as Chairman following the retirement of George Paulafter our Annual General Meeting last year.

I am pleased to report that, as equity markets continued to recover strongly duringthe first six months of the Company’s financial year, the total return on the Company’snet assets was +25.6%. This compares very positively to the return on ourbenchmark, the MSCI AC World Index (in sterling terms) of +18.8%. Our InvestmentManager, Jeroen Huysinga, provides a detailed commentary on markets and theportfolio performance in his Report which also shows the performance attribution.

During the six month period, the return to shareholders was +17.3%. The lower returnreflects the move in the Company’s share price rating from a significant premium tonet asset value of 5.9% at 30th June 2010 to a small discount to net asset value of0.8% at 31st December 2010. At the time of writing the Company’s shares have onceagain moved to trade at a modest premium to net asset value. This premium resultsfrom the demand for our shares following the strong performance of the Company’sassets under Jeroen Huysinga who took over managing the portfolio on 1st October2008. Since that point to 31st December 2010, the total return on net assets has been+67.6%, against the return on our benchmark of +34.6%. This premium enabled us, inFebruary 2011 to reissue 45,000 shares from Treasury at a modest premium to netasset value. We believe that there are long-term advantages to growing the Companythrough the issue of shares at a premium. As a larger trust, we are likely to enjoybetter liquidity for trading our shares. It will also help reduce our Total Expense Ratioas the Company’s fixed costs will be spread over a larger asset base. Furthermore,issuing shares at a premium has a modest beneficial effect on the Company’s netasset value.

Gearing levels increased slightly during the period from 6.1% at the start of the periodto 6.8% at 31st December 2010 with £17.8 million of the Company’s £20 millionborrowing facility with ING drawn.

The Board’s outlook for the second half of the Company’s financial year remainsfavourable with the Company’s portfolio maintaining its exposure to high qualitycompanies, with significant earnings growth prospects and strong financialcharacteristics. Notwithstanding the potential challenges to global markets in 2011arising from continuing economic and geopolitical issues, your Board believes theCompany will continue to perform well as we have access to JPMorgan’s best ideasin global equity markets.

for and on behalf of the BoardSimon DaviesChairman 21st February 2011



Investment Manager’s Report

After a tepid first half, markets advanced materially during the second half of 2010.At the close, which was virtually at the high of the year, the MSCI All Country WorldIndex was up 18.8% in sterling terms over the second half, up 16.2% over the yearand up 71% from the lows in March 2009.

While macro issues such as sovereign debt, fiscal adjustment and Chinesedeceleration dominated sentiment during the first half, advances in the second halfwere driven principally by exceptional growth in both corporate earnings andcashflows coupled with favourable valuation levels (particularly relative to bonds).In an environment of very loose monetary policy throughout most of the developedworld, there has been increasing evidence of positive macro momentum.

Regionally the profile of returns has contrasted significantly from recent trends.Returns over the last six months have been led by the US and the UK. Emergingmarket returns have barely matched those of the index while returns in Asia andContinental Europe lagged quite significantly. Japan, once again, underperformedin local currency terms.

There was sharp divergence in performance between global sectors in the secondhalf of 2010. Energy, Basic Industries and Autos all rose more than 40% in sterlingterms. Two sectors, Banks and Property, declined slightly and the Semi Conductorsector was flat.

Performance within our portfolio was driven by successful stock selection withineach of the three stronger sectors. Stocks which we have referenced in the past,including Rhodia and Lanxess, continued to perform well in the second half asearnings estimates were raised sharply and earnings sustainability was awarded ahigher rating. Both GKN and Cookson (up 93% and 70% respectively) are very goodexamples of growth which has an Emerging Market source but which is accessible,at a more favourable valuation, in Developed Markets. Within Basic Industries, FirstQuantum has been an excellent vehicle for exposure to the copper market and inthe Energy sector we benefited from holdings in Interoil, Schoeller-BleckmannOilfield Equipment and BP.

With the significant exception of North America, the portfolio outperformedacross all the regions. Most of the poor performance in the US was driven byinsufficient exposure to that market although poor stock selection, particularlyHewlett-Packard, Cisco and Abbott Laboratories also detracted.

Changes to the portfolio during the second half were stock specific and not driven bythe imperatives of regional allocation. Key buys included Metlife in the US, Erste Bankin Austria and Associated British Foods in the UK. Significant disposals includedGaranti Bank in Turkey, Telekom Indonesia and McDonald’s in the US. We havecontinued to shift very gently away from Emerging Market stocks and we haveincreased our exposure to Japan.

Having finished 2010 on a very confident note, it was inevitable that strongmomentum would spill into 2011. At these levels, however, markets will becomemore demanding. It is already obvious that lofty earnings expectations must at leastbe achieved in order for sharp setbacks to be avoided in individual stocks. Risingmaterial costs will pose a mounting challenge to the preservation of corporatemargins. Having not really worried about inflation since the collapse of 2008 this



has obviously become a serious issue for policy makers particularly in China andother major Asia economies but also in the UK. Probably the most significant threatto markets in 2011 lies in the manner in which Europe deals with its sovereign issueswhich are now focussed around Spain.

Our opportunities continue to stem from our ability to look through any short-termmarket volatility, focussing on the long term valuations and earnings prospects ofthe many companies which comprise our research universe. We continue to draw onthe expertise of our career research analysts based around the world, focusing oninvesting in companies which are cheap relative to global peers based on a longterm valuation methodology, companies for which we forecast significant earningsgrowth and companies with sufficient catalysts to ensure that our insight isrewarded within an acceptable period of time.

Jeroen HuysingaInvestment Manager 21st February 2011

Investment Manager’s Reportcontinued

Performance attribution for the sixmonths ended 31st December 2010

% %

Contributions to total returns

Benchmark total return 18.8

Asset allocation –0.3Stock selection 6.0Gearing/cash effect 0.7Currency 1.2

Investment managercontribution 7.6

Portfolio total return 26.4

Management fees/other expenses –0.4Performance fees –0.4

Other effects –0.8

Net asset value total return 25.6

Share price total return 17.3

Source: Xamin/JPMAM and Morningstar.

All figures are on a total return basis.

Performance attribution analyses howthe Company achieved its recordedperformance relative to its benchmarkindex.

The Xamin attribution system accounts forincome on a received (on the ex-dividend



As 31st December 2010 As 30th June 2010Valuation Valuation

Company Sector Country £’000 %1 £’000 %

Rhodia Industrials France 8,628 3.7 5,754 3.0

Lanxess Industrials Germany 5,698 2.5 5,711 3.0

InterContinental Hotels Consumer Discretionary United Kingdom 5,578 2.4 4,766 2.5

InterOil Energy Canada 5,125 2.2 3,115 1.6

Royal Dutch Shell2 Energy Netherlands 5,023 2.2 2,780 1.5

JPMorgan EmergingMarkets Investment Trust Investment Companies United Kingdom 4,800 2.1 3,703 1.9

Nokian Renkaat Consumer Discretionary Finland 4,566 2.0 3,202 1.7

Walt Disney Consumer Discretionary USA 4,445 1.9 3,337 1.8

Citigroup3 Financials USA 4,442 1.9 — —

Kubota Industrials Japan 4,330 1.9 3,710 2.0

Microsoft Information Technology USA 4,296 1.9 3,200 1.7

Cookson2 Industrials United Kingdom 4,167 1.8 2,699 1.4

Sodexo Consumer Discretionary France 4,131 1.8 3,502 1.8

JX Holdings2 Energy Japan 3,931 1.7 2,357 1.2

Staples2 Consumer Discretionary USA 3,860 1.7 2,506 1.3

First Quantum Minerals2 Materials Canada 3,826 1.7 1,468 0.8

Mitsubishi Electric2 Industrials Japan 3,757 1.6 2,961 1.6

Amazon3 Consumer Discretionary USA 3,678 1.6 — —

ACE Financials USA 3,663 1.6 3,171 1.7

Associated British Foods3 Consumer Staples United Kingdom 3,595 1.6 — —

Total 91,539 39.8

1Based on total assets less current liabilities of £229.9m.2Not Included in the twenty largest equity investments at 30th June 2010.3Not held in the portfolio at 30th June 2010.

At 30th June 2010, the value of the twenty largest equity investments amounted to £77.3m representing 40.7% of total assets lesscurrent liabilities.

Twenty Largest Equity Investmentsat 31st December 2010



Portfolio Analyses

31st December 2010 30th June 2010Active Active

Portfolio Benchmark Position Portfolio Benchmark PositionGeographical Analysis % % % % % %

North America 30.6 46.7 (16.1) 31.4 47.4 (16.0)Continental Europe 26.0 17.2 8.8 29.6 17.1 12.5 United Kingdom 19.8 8.4 11.4 18.2 8.3 9.9 Japan 12.2 8.7 3.5 9.0 9.1 (0.1)Developed Asia 10.5 7.0 3.5 9.1 5.2 3.9 Emerging Markets 6.3 12.0 (5.7) 7.1 12.9 (5.8)

Total equities 105.4 100.0 — 104.4 100.0 —

Liquidity Fund 2.1 — 2.1 0.6 — 0.6Net current liabilities (7.5) — (7.5) (5.0) — (5.0)

Total 100.0 100.0 100.0 100.0

Based on total assets less current liabilities of £229.9m (30th June 2010: £190.0m).

31st December 2010 30th June 2010Active Active

Portfolio Benchmark Position Portfolio Benchmark PositionSector Analysis % % % % % %

Consumer Discretionary 17.7 9.9 7.8 15.8 9.5 6.3 Financials 17.4 20.9 (3.5) 15.3 21.1 (5.8)Materials 13.5 9.3 4.2 12.1 8.2 3.9 Industrials 13.3 10.8 2.5 12.5 10.4 2.1 Consumer Staples 11.1 9.3 1.8 8.4 10.0 (1.6)Energy 9.4 11.3 (1.9) 9.2 10.6 (1.4)Information Technology 6.3 11.9 (5.6) 8.9 12.1 (3.2)Healthcare 5.7 8.1 (2.4) 7.1 9.0 (1.9)Telecommunication Services 4.1 4.6 (0.5) 8.0 4.8 3.2 Investment Companies 3.5 — 3.5 3.5 — 3.5 Utilities 3.4 3.9 (0.5) 3.6 4.3 (0.7)Liquidity Fund 2.1 — 2.1 0.6 — 0.6 Net current liabilities (7.5) — (7.5) (5.0) — (5.0)

Total 100.0 100.0 100.0 100.0

Based on total assets less current liabilities of £229.9m (30th June 2010: £190.0m).



Income Statementfor the six months ended 31st December 2010

(Unaudited) (Unaudited) (Audited)Six months ended Six months ended Year ended31st December 2010 31st December 2009 30th June 2010

Revenue Capital Total Revenue Capital Total Revenue Capital Total£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

Gains on investments held at fair value through profit or loss — 44,611 44,611 — 49,383 49,383 — 41,974 41,974

Net foreign currency (losses)/gains — (1,158) (1,158) — 576 576 — 5,282 5,282Income from investments 2,320 — 2,320 1,833 — 1,833 3,927 — 3,927Other interest receivable and similar income 17 — 17 8 — 8 35 — 35

Gross return 2,337 43,453 45,790 1,841 49,959 51,800 3,962 47,256 51,218Management fee (215) (215) (430) (165) (165) (330) (362) (362) (724)Performance fee — (1,377) (1,377) — (2,603) (2,603) — (2,540) (2,540)Other administrative expenses (187) — (187) (209) — (209) (458) — (458)

Net return on ordinary activities before finance costs and taxation 1,935 41,861 43,796 1,467 47,191 48,658 3,142 44,354 47,496

Finance costs (111) (111) (222) (32) (32) (64) (93) (93) (186)

Net return on ordinary activities before taxation 1,824 41,750 43,574 1,435 47,159 48,594 3,049 44,261 47,310

Taxation (note 3) (165) — (165) (90) — (90) (298) — (298)

Net return on ordinary activities after taxation 1,659 41,750 43,409 1,345 47,159 48,504 2,751 44,261 47,012

Return per share (note 4) 6.45p 162.28p 168.73p 5.18p 181.70p 186.88p 10.65p 171.28p 181.93p

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired ordiscontinued in the period.

The ‘Total’ column of this statement is the profit and loss account of the Company and the ‘Revenue’ and ‘Capital’ columnsrepresent supplementary information prepared under guidance issued by The Association of Investment Companies. The Totalcolumn represents all the information that is required to be disclosed in a Statement of Total Recognised Gains and Losses(‘STRGL’). For this reason a STRGL has not been presented.



Reconciliation of Movements inShareholders’ Funds

Called up CapitalSix months ended share redemption Capital Revenue31st December 2010 capital reserve reserves reserve Total(Unaudited) £’000 £’000 £’000 £’000 £’000

At 30th June 2010 6,544 27,401 135,383 17,585 186,913Net return on ordinary activities — — 41,750 1,659 43,409Dividends appropriated in the period — — — (3,345) (3,345)

At 31st December 2010 6,544 27,401 177,133 15,899 226,977

Called up CapitalSix months ended share redemption Capital Revenue31st December 2009 capital reserve reserves reserve Total(Unaudited) £’000 £’000 £’000 £’000 £’000

At 30th June 2009 6,544 27,401 93,721 17,804 145,470Repurchase of shares into Treasury — — (2,597) — (2,597)Net return on ordinary activities — — 47,159 1,345 48,504Dividends appropriated in the period — — — (2,979) (2,979)

At 31st December 2009 6,544 27,401 138,283 16,170 188,398

Called up CapitalYear ended share redemption Capital Revenue30th June 2010 capital reserve reserves reserve Total(Audited) £’000 £’000 £’000 £’000 £’000

At 30th June 2009 6,544 27,401 93,721 17,804 145,470Repurchase of shares into Treasury — — (2,599) — (2,599)Net return on ordinary activities — — 44,261 2,751 47,012Dividends appropriated in the year — — — (2,970) (2,970)

At 30th June 2010 6,544 27,401 135,383 17,585 186,913



Balance Sheetat 31st December 2010

(Unaudited) (Unaudited) (Audited)31st December 2010 31st December 2009 30th June 2010

£’000 £’000 £’000

Fixed assetsEquity investments held at fair value through profit or loss 242,410 200,289 198,288

Investments in liquidity funds held at fair value through profit or loss 4,740 — 1,100

Total investments 247,150 200,289 199,388

Current assetsFinancial assets: Derivative financial instruments 3,590 3,471 4,126Debtors 397 361 1,204Cash and short term deposits 74 679 637

4,061 4,511 5,967Creditors: amounts falling due within one year (19,515) (11,301) (12,824)Financial liabilities: Derivative financial instruments (1,799) (2,007) (2,571)

Net current liabilities (17,253) (8,797) (9,428)

Total assets less current liabilities 229,897 191,492 189,960

Creditors: amounts falling due after more than one year (200) (200) (200)

Provisions for liabilities and chargesPerformance fees (2,720) (2,894) (2,847)

Total net assets 226,977 188,398 186,913

Capital and reservesCalled up share capital 6,544 6,544 6,544Capital redemption reserve 27,401 27,401 27,401Capital reserves 177,133 138,283 135,383Revenue reserve 15,899 16,170 17,585

Shareholders’ funds 226,977 188,398 186,913

Net assetvalue per share (note5) 882.3p 732.3p 726.5p



Cash Flow Statementfor the six months ended 31st December 2010

(Unaudited) (Unaudited) (Audited)Six months ended Six months ended Year ended

31st December 2010 31st December 2009 30th June 2010£’000 £’000 £’000

Net cash inflow from operating activities (note 6) 647 369 1,215Net cash outflow from returns on investments and servicing of finance (136) (64) (113)

Taxation recovered 44 30 83Net cash (outflow)/inflow from capital expenditure and financial investment (4,180) 6,941 1,487

Dividends paid (3,345) (2,979) (2,970)Net cash inflow/(outflow) from financing 7,800 (2,537) (2,599)

Increase/(decrease) in cash for the period 830 1,760 (2,897)

Reconciliation of net cash flow to movement in net debt

Net cash movement 830 1,760 (2,897)Loans drawn down in the period (7,800) — —Exchange movements (1,393) (1,789) 2,826

Movement in net debt in the period (8,363) (29) (71)Net debt at the beginning of the period (9,563) (9,492) (9,492)

Net debt at the end of the period (17,926) (9,521) (9,563)

Represented by:Cash and short term deposits 74 679 637Debt falling due within one year (17,800) (10,000) (10,000)Debt falling due after more than five years (200) (200) (200)

Total (17,926) (9,521) (9,563)



Notes to the Accountsfor the six months ended 31st December 2010

1. Financial statements

The information contained within the accounts in this half year report has not been audited or reviewed by the Company’sauditors.

The figures and financial information for the year ended 30th June 2010 are extracted from the latest published accounts ofthe Company and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar ofCompanies and included the report of the auditors which was unqualified and did not contain a statement under eithersection 498(2) or 498(3) of the Companies Act 2006.

2. Accounting policies

The accounts have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice and with theStatement of Recommended Practice ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts’ datedJanuary 2009.

All of the Company’s operations are of a continuing nature.

The accounting policies applied to these half year accounts are consistent with those applied in the accounts for the yearended 30th June 2010.

3. Taxation

The taxation charge of £165,000 (31st December 2009: £90,000 and 30th June 2010: £298,000) relates to irrecoverableoverseas withholding tax.

4. Return per share



Return per share is based on the following:Revenue return 1,659 1,345 2,751Capital return 41,750 47,159 44,261

Total return 43,409 48,504 47,012

Weighted average number of shares in issue 25,726,732 25,954,521 25,840,791Revenue return per share 6.45p 5.18p 10.65pCapital return per share 162.28p 181.70p 171.28p

Total return per share 168.73p 186.88p 181.93p

5. Net asset value per share

Net asset value per share is calculated by dividing the funds attributable to ordinary shareholders by the number of ordinaryshares in issue at 31st December 2010 of 25,726,732 (31st December 2009: 25,726,732 and 30th June 2010: 25,726,732),excluding shares held in Treasury.



6. Reconciliation of total return on ordinary activities before finance costs and taxation to net cash inflow from operating activities



Total return on ordinary activities before finance costs and taxation 43,796 48,658 47,496

Add back capital return before finance costs and taxation (41,861) (47,191) (44,354)

Scrip dividends received as income (24) (2) (2)Net movement in debtors and accruals 340 186 (195)Overseas withholding tax (229) (99) (350)Expenses charged to capital (215) (165) (362)Performance fee paid (1,160) (1,018) (1,018)

Net cash inflow from operating activities 647 369 1,215

Notes to the Accounts continued



Interim Management Report

The Company is required to make the following disclosures inits half year report.

Principal Risks and Uncertainties

The principal risks and uncertainties faced by the Companyfall into the following broad categories: investment andstrategy; market; accounting, legal and regulatory; corporategovernance and shareholder relations; operational; andfinancial. Information on each of these areas is given in theBusiness Review within the Annual Report and Accounts forthe year ended 30th June 2010.

Related Parties Transactions

During the first six months of the current financial year, notransactions with related parties have taken place which havematerially affected the financial position or the performance ofthe Company during the period.

Directors’ Responsibilities

The Board of Directors confirms that, to the best of itsknowledge:

(i) the condensed set of financial statements contained withinthis half year report has been prepared in accordance withthe Accounting Standards Board’s Statement ‘Half-YearlyFinancial Reports’; and

(ii) the interim management report includes a fair review ofthe information required by 4.2.7R and 4.2.8R of the UKListing Authority Disclosure and Transparency Rules.

For and on behalf of the Board

Simon DaviesChairman 21st February 2011



Glossary of Terms and Definitions

Return to shareholders Total return to the investor, on a mid-market price tomid-market price basis, assuming that all dividends receivedwere reinvested, without transaction costs, in the shares of theCompany at the time the shares were quoted ex-dividend.

Return on net assets Total return on net asset value (‘NAV’) per share, on a bid valueto bid value basis, assuming that all dividends paid out by theCompany were reinvested in the shares of the Company at theNAV per share at the time the shares were quoted ex-dividend.

In accordance with industry practice, dividends payable whichhave been declared but which are unpaid at the balance sheetdate are deducted from the NAV when calculating the totalreturn on net assets.

Benchmark return Total return on the benchmark, on a mid-market value tomid-market value basis, assuming that all dividends receivedwere reinvested in the shares of the underlying companies atthe time the shares were quoted ex-dividend.

The benchmark is a recognised index of stocks which shouldnot be taken as wholly representative of the Company’sinvestment universe. The Company’s investment strategy doesnot follow or ‘track’ this index and consequently, there may besome divergence between the Company’s performance andthat of the benchmark.

Actual gearing factor Investments, excluding holdings in liquidity funds, expressed asa percentage of shareholders’ funds. This shows the effect ofgearing on the net asset value if the market value of theportfolio were to increase by 100%.

Share price discount/premium to net asset value (‘NAV’) If the share price of an investment trust is lower than the NAVper share, the shares are said to be trading at a discount. Thediscount is shown as a percentage of the NAV. The opposite ofa discount is a premium. It is more common for an investmenttrust’s shares to trade at a discount than at a premium.

Active position The active position shows the difference between theCompany’s holding of an individual stock or sector comparedwith the stock or sector’s weighting in the Company’sbenchmark. A positive number indicates an active decision bythe Manager to own more of (i.e. be overweight) a particularstock or sector versus the benchmark and a negative numberindicates a decision to hold less of (i.e. be underweight) aparticular stock or sector versus the benchmark.


HistoryThe Company was formed in 1887. The Company was a general investment trustuntil 1982, when it adopted its current objective. The current name was adopted in2006.

The Company is managed by JPMorgan Asset Management (UK) Limited, and thepresent named investment manager, Jeroen Huysinga, is responsible for theportfolio.

DirectorsSimon Davies (Chairman)John RennocksJonathan CareyNigel Wightman

Company NumbersCompany registration number: 24299Stock Exchange SEDOL Number: 0914327Bloomberg Code: JMO LNReuters Code: JMO.L

Market InformationThe Company’s net asset value (‘NAV’) is published daily, via the London StockExchange. The Company’s shares are listed on the London Stock Exchange and theNew Zealand Stock Exchange.

The Company’s shares may be dealt in directly through a stockbroker orprofessional adviser acting on an investor’s behalf. They may also be purchasedand held through the J.P. Morgan Investment Account, J.P. Morgan ISA and J.P.Morgan SIPP. These products are all available on the online wealth managerservice, J.P. Morgan WealthManager+ available atwww.jpmorganwealthmanagerplus.co.uk

Websitewww.jpmoverseas.co.uk

Share TransactionsThe Company’s shares may be dealt in directly through a stockbroker orprofessional adviser acting on an investor’s behalf. They may also be purchasedand held through the J.P. Morgan Investment Account, J.P. Morgan ISA andJ.P. Morgan SIPP. These products are all available on the online wealth managerservice, J.P. Morgan WealthManager+ available atwww.jpmorganwealthmanagerplus.co.uk

Manager and SecretaryJPMorgan Asset Management (UK) Limited

Company’s Registered OfficeFinsbury Dials20 Finsbury StreetLondon EC2Y 9AQTelephone number: 020 7742 6000

For company secretarial and administrative matters, please contact Divya Amin.

UK RegistrarsEquiniti Reference 1103, Aspect House Spencer Road Lancing West Sussex BN99 6DA Telephone: 0871 384 2330 Overseas helpline: +44 121 415 7047

Notifications of changes of address and enquiries regarding share certificates ordividend cheques should be made in writing to the Registrar quoting reference1103. Registered shareholders can obtain further details on individual holdings onthe internet by visiting www.shareview.co.uk.

New Zealand Registrars Computershare Investor Services Limited Private Bag 92119 Auckland 1020 Level 2 159 Hurstmere Road Takapuna North Shore City New Zealand. Telephone: 09 522 0022

Notifications of changes of address and enquiries regarding certificates ordividend cheques should be made in writing to the Registrars.

Independent AuditorsPricewaterhouseCoopers LLP Chartered Accountants and Statutory AuditorsHay’s Galleria 1 Hay’s Lane London SE1 2RD

UK Brokers Winterflood Securities The Atrium Building Cannon Bridge 25 Dowgate Hill London EC4R 2GA Telephone: 020 3100 0000

New Zealand Brokers First NZ Capital Securities P.O. Box 396 Wellington New Zealand Telephone: 0800 800 968 (NZ Toll Free) Please contact Peter Irwin

Savings Product AdministratorsFor queries on the J.P. Morgan Investment Account, J.P. Morgan ISA andJ.P. Morgan SIPP, see contact details on the back cover of this report.

Information about the Company

Financial CalendarFinancial year end 30th JuneHalf year results announced FebruaryFinal results announced SeptemberFinal dividend on shares NovemberInterest payment on 4.5% perpetual debenture stock 1st January, 1st JulyAnnual General Meeting OctoberInterim Management Statements May and November

A member of the AIC


Overseas HY cover_Overseas HY Cover 22/02/2011 11:25

J.P. Morgan HelplineFreephone 0800 20 40 20 or +44 (0)20 7742 9995

Your telephone call may be recorded for your security

www.jpmoverseas.co.uk


Half Year Report JPMorgan Overseas Investment Trust plc · JPMorgan Overseas Investment Trust plc...

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