4th Oct 2013 14:37
LONDON (Alliance News) - JP Morgan Emerging Markets Investment Trust PLC Friday said its undiluted net asset value per share rose over the course of the year.
JPMorgan Emerging Markets Investment Trust PLC said its undiluted net asset value per ordinary share was 658.4 pence on June 30, compared with 602.9 pence at the same point last year.
The trust's net assets increased to GBP785.8 million compared with GBP691.9 million last year.
It outperformed its benchmark index, the MSCI Emerging Markets Index.
"I am confident that the resources applied to the management of the Company's portfolio today are larger and better than they were ten years ago; with markets at reasonable valuations and the whole gamut of the developing world to look at, I believe that we can continue to meet this challenge as before," Austin Forey, the trust's investment manager, said in a statement.
Chairman Alan Saunders warned of new European legislation that will force investment fund managers to appoint a depositary to oversee its custody and cash management operations, but said a further update would be given in February 2014.
The trust's shares were Friday quoted at 574 pence, up 7 pence, or 1.2%.
By Samuel Agini; [email protected]; @samuelagini
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