Half Year Report JPMorgan Mid Cap Investment Trust plc€¦ · JPMorgan Mid Cap Investment Trust...

Half Year Report2012JPMorgan Mid Cap

Investment Trust plcHalf Year Report & Accounts for the six months ended 31st December 2012

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Features

Contents

About the Company

1 Half Year Performance2 Chairman’s Statement4 Investment Managers’ Report

Investment Review

5 List of Investments7 Portfolio/Sector Analyses

Accounts

8 Income Statement9 Reconciliation of Movements inShareholders’ Funds

10 Balance Sheet11 Cash Flow Statement12 Notes to the Accounts

Shareholder Information

14 Interim Management Report15 Glossary of Terms and Definitions17 Information about the Company

Objective

JPMorgan Mid Cap Investment Trust plc (the ‘Company’) aims to achieve capitalgrowth from investment in medium-sized UK companies. The Company specialises ininvestment in FTSE 250 companies, using long and short term borrowings to increasereturns to shareholders.

Investment Policies

- To focus on FTSE 250 stocks that deliver strong capital growth and income.- To have significant exposure to the UK economy.- To seek out both value stocks and growth stocks to deliver strong performancethroughout the market cycle.- To use gearing to increase potential returns to shareholders.- To invest no more than 10% of the portfolio outside the FTSE 250 Index.Investments outside the FTSE 250 Index can include AIM stocks.- To invest no more than 15% of gross assets in other UK listed investment companies(including investment trusts).

Benchmark

The FTSE 250 Index (excluding investment trusts).

Capital Structure

- UK domiciled.- Full listing on the London Stock Exchange.- At 31st December 2012, the Company’s issued share capital comprised 25,398,080ordinary shares of 25p each including 1,400,900 shares held in Treasury.

Management Company

The Company employs J.P. Morgan Asset Management (UK) Limited (‘JPMAM’ or the‘Manager’) to manage its assets. JPMAM is authorised and regulated by the FinancialServices Authority.


JPMorgan Mid Cap Investment Trust plc. Half Year Report & Accounts 2012 1

Half YearPerformance to 31st December 2012

Total returns (includes dividends reinvested)

27.2%Return to shareholders1

5.5pInterim Dividend (2011: 5.5p)

20.6%Return on net assets2

15.9%Benchmark return1,3

Financial Data31st December 30th June %

2012 2012 change

Shareholders’ funds (£’000) 137,131 116,612 +17.6

Number of shares in issue (excluding shares held in Treasury) 23,997,180 24,097,180 –0.4

Net asset value per share 571.4p 483.9p +18.1

Share price 487.3p 393.0p +24.0

Share price discount to net asset value per share –14.7% –18.8%

A glossary of terms and definitions is provided on page 15.

1Source: Morningstar.2Source: J.P. Morgan.3The Company’s benchmark is the FTSE 250 Index (excluding investment trusts).

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JPMorgan Mid Cap Investment Trust plc. Half Year Report & Accounts 20122

Chairman’s Statement

Performance

During the six months to 31st December 2012, the Company delivered a positive totalreturn for shareholders of 27.2%. This was achieved through a total return on netassets per share of 20.6%, compared to the return of the FTSE 250 Index (excludinginvestment trusts) of 15.9%, and a narrowing of the discount. The new managementteam of Georgina Brittain and William Meadon has been in place since 1st April 2012and the Board is very encouraged with the improvement in performance.

Revenue and Dividends

Net revenue after taxation for the six months to 31st December 2012 was £2,122,000(2011: £1,756,000) and earnings per share, calculated on the average weekly numberof shares in issue, were 8.84p (2011: 7.07p). This improvement on the prior year’searnings is a result of the growth of dividends paid by the companies in the portfolioand the receipt of some special dividends over the period. At the half year stage, arevenue estimate for the full year indicates that the Company should be able tomaintain its dividend at the current level without having to draw on reserves. As thepayment of special dividends may not be a permanent feature of the investmentportfolio, the Board will have to make an assessment of continuing earnings growthbefore any increase in dividend payments by the Company can be considered.

In respect of the half year period, the Board has decided to maintain the interimdividend at 5.5p (2011: 5.5p) again this year and it will be paid on 8th April 2013 toshareholders on the register at the close of business on 8th March 2013.

Loan Facilities and Gearing

The Company has two loan facilities, a £5 million facility with ING Bank expiring in July2014 and a £15 million facility with Scotiabank expiring in May 2015. Since theCompany redeemed its £9.5 million debenture in December 2011, these loan facilitiesprovide the Manager with the ability to gear tactically, at significantly lower cost thanthe interest payments on the debenture. The Board sets the overall gearingguidelines and reviews these at each meeting; guideline changes between meetingsmay be undertaken after consultation with the Board. At the end of the half yearperiod, gearing was 10.9% (31st December 2011: 2.0%) and at the time of writing theCompany is 10.8% geared.

Share Buybacks

During the period the Company repurchased 100,000 shares for cancellation at anaverage discount to net asset value of 17.1%. The Board’s objective remains to use theshare repurchase authority to assist in managing any imbalance between supply anddemand for the Company’s shares, thereby reducing the volatility of the discount. TheBoard regularly reviews the level of discount at which the Company will repurchaseits shares for cancellation. The total number of ordinary shares held in Treasury as atthe period end was 1,400,900. The Company will only repurchase shares at adiscount to their prevailing net asset value, and issue shares when they trade at apremium to their net asset value, so as not to prejudice existing shareholders.



Prospects

Whilst not overlooking the fact that there remain notable obstacles for global equitymarkets, including the second stage of the US ‘fiscal cliff’ negotiations and thecontinued instability of the Eurozone, there are signs that global economic growth isat last on an upward trend. Coupled with any further devaluation of sterling, thisshould provide continued support for the UK stock market. Indeed the outlookappears a little more favourable than it has for some years and should enable ourinvestment managers to continue to find mid cap companies on attractive valuationsand with upside potential.

Andrew BarkerChairman 14th February 2013



Investment Managers’ Report

Performance and Market Background

The Company’s benchmark, the FTSE 250 Index (excluding investment trusts), rose by15.9% on a total return basis over the six months under review. This compares with a20.6% return on the net asset value of the Company. The Company’s discountnarrowed from 18.8% to 14.7% resulting in a 27.2% return to shareholders.

Following the sharp sell off in equity markets in spring and early summer, stockmarkets performed very strongly in the first half of the Company’s financial year.Investors were encouraged by the continued monetary easing around the globe, andbegan to believe that the concerns about the Eurozone and a slowdown in the USAand China were overdone. Coupled with attractive valuations this led to a strong rallyin the markets, and especially in what are seen as the higher risk mid cap stocks.The portfolio benefited from being geared throughout the period.

Portfolio

Your Company was well-positioned for the strongly positive rise in the mid capmarket in the second half of 2012. In terms of sectors, the key contributors toperformance were Support Services (notably the position in Ashtead), Travel &Leisure (Tui Travel and easyJet in particular) and being underweight Mining. Theoverweight position in housebuilders was also a positive. On the negative side, therewere only two key detractors. These were Oil Services (the reduced position in Capecontinued to be a drag on performance) and Software, where the Company wasimpacted by the underweight in Invensys.

There was little corporate activity in the period, with only one bid in the FTSE 250.The Japanese giant, Dentsu, bid for Aegis, which was a significant position within theportfolio and so benefited your Company. This holding was subsequently sold, aswere Pennon and Melrose upon promotion into the FTSE 100. Other disposalsincluded industrial companies such as Morgan Crucible and the distributorElectrocomponents. Key additions to the portfolio included easyJet and Inmarsat, andwe increased the exposure to oil by buying two oil producers, Afren and Amerisur.

Outlook

Despite the underlying UK economy remaining stagnant we are excited about thenumber of attractive opportunities that we continue to find in the mid cap arena.Monetary policy is very loose and getting looser as central bankers around the worldlook to prioritise growth over inflation. Provided it does not lead to uncontrollableinflation this action should be good for risk assets such as equities. Valuations arereasonable. In particular, the yield on many mid cap equities compared to ‘safe’sovereign bonds is still very attractive. Moreover equities provide the opportunity forincome growth. Finally, most investors are still very cautiously positioned with equityholdings by institutions at multi-decade lows so the likelihood is that there will beinflows into equities which should help to drive up the market.

We see mid cap companies as offering good growth in revenues and profits,compared to the UK’s low growth environment. Their dividends are also growing,providing a further return for investors.

Georgina BrittainWilliam MeadonInvestment Managers 14th February 2013

Jeremy Wells

Christopher Llewelyn



ValuationCompany Sector £’000 %1

Ashtead Industrials 6,570 4.3William Hill Consumer Services 4,125 2.7easyJet Consumer Services 4,019 2.6International Personal Finance Financials 3,715 2.4TalkTalk Telecom Telecommunications 3,576 2.3Barratt Developments Consumer Goods 3,295 2.2Micro Focus International Technology 3,295 2.2Taylor Wimpey Consumer Goods 3,290 2.2Persimmon Consumer Goods 3,160 2.1Dunelm Consumer Services 3,115 2.0Babcock International Industrials 2,992 2.0Catlin Financials 2,959 1.9United Business Media Consumer Services 2,796 1.8Cable & Wireless Communications Telecommunications 2,792 1.8Anite Technology 2,719 1.8Elementis Basic Materials 2,636 1.7Derwent London Financials 2,633 1.7Inmarsat Telecommunications 2,585 1.7Provident Financial Financials 2,444 1.6Great Portland Estates Financials 2,443 1.6Telecity Technology 2,438 1.6TUI Travel Consumer Services 2,430 1.6Shaftesbury Financials 2,372 1.6Bellway Consumer Goods 2,359 1.6Mondi Basic Materials 2,338 1.5Debenhams Consumer Services 2,283 1.5Berkeley Consumer Goods 2,279 1.5Howden Joinery Industrials 2,256 1.5Sports Direct International Consumer Services 2,250 1.5CSR Technology 2,236 1.5Hiscox Financials 2,220 1.5DS Smith Industrials 2,191 1.4Marston’s Consumer Services 2,185 1.4Ladbrokes Consumer Services 2,132 1.4Spectris Industrials 2,126 1.4Senior Industrials 2,082 1.4Capital & Counties Properties Financials 2,045 1.3Rightmove Consumer Services 2,008 1.3Interserve Industrials 1,963 1.3Invensys Technology 1,755 1.2Berendsen Industrials 1,640 1.1Beazley Financials 1,640 1.1

List of Investmentsat 31st December 2012



ValuationCompany Sector £’000 %1

Afren Oil & Gas 1,619 1.1Fenner Industrials 1,613 1.1Ophir Energy Oil & Gas 1,606 1.1RPC Industrials 1,590 1.0Dialight Industrials 1,586 1.0Perform Consumer Services 1,540 1.0Jardine Lloyd Thompson Financials 1,492 1.0Greene King Consumer Services 1,463 1.0Dixons Retails Consumer Services 1,312 0.9Soco International Oil & Gas 1,275 0.8Cape Oil & Gas 1,260 0.8Restaurant Consumer Services 1,253 0.8Diploma Industrials 1,250 0.8Halfords Consumer Services 1,227 0.8Close Brothers Financials 1,215 0.8Paragon Financials 1,187 0.8WH Smith Consumer Services 1,166 0.8Man Financials 1,114 0.7Enquest Oil & Gas 1,088 0.7Travis Perkins Industrials 1,087 0.7BTG Health Care 1,028 0.7Laird Technology 997 0.7Galliford Try Industrials 929 0.6Unite Financials 922 0.6Brewin Dolphin Financials 864 0.6KCOM Telecommunications 844 0.6Rathbone Brothers Financials 828 0.5Go-Ahead Consumer Services 826 0.5Heritage Oil Oil & Gas 756 0.5John Menzies Industrials 732 0.5Kentz Oil & Gas 654 0.4London Stock Exchange Financials 650 0.4Phoenix Financials 649 0.4Imagination Technologies Technology 611 0.4Amerisur Resources Oil & Gas 561 0.4Wood (John) Oil & Gas 545 0.4Net current assets 405 0.3

Total 152,131 100.0

1Based on total assets less current liabilities of £152.1m, before deducting loan facilities repayable after more than one year.

List of Investments continuedat 31st December 2012



31st December 2012 30th June 2012Portfolio Benchmark Active Position Portfolio Benchmark Active Position

% % % % % %

Consumer Services 23.6 19.8 3.8 18.8 18.6 0.2Financials 20.5 23.9 (3.4) 23.6 21.3 2.3Industrials 20.1 24.2 (4.1) 24.6 25.6 (1.0)Consumer Goods 9.6 7.6 2.0 8.0 6.8 1.2Technology 9.4 5.8 3.6 9.5 6.6 2.9Telecommunications 6.4 2.8 3.6 4.3 3.4 0.9Oil & Gas 6.2 5.2 1.0 7.3 7.2 0.1Basic Materials 3.2 6.5 (3.3) 2.7 7.0 (4.3)Health Care 0.7 2.0 (1.3) 1.2 2.3 (1.1)Utilities — 2.2 (2.2) 0.8 1.2 (0.4) Liquidity fund — — — 3.2 — 3.2Net current liabilities 0.3 — 0.3 (4.0) — (4.0)

100.0 100.0 100.0 100.0

Based on total assets less current liabilities of £152.1m (30th June 2012: £120.6m) before deducting loan facilities repayable after more than one year.

Portfolio Analysis

Sector Analysis

31st December 2012 30th June 2012% %

FTSE 250 Index companies 94.5 100.8FTSE 100 Index companies 4.0 —FTSE Small Cap Index companies 0.8 —AIM listed companies 0.4 —Liquidity fund — 3.2Net current assets/(liabilities) 0.3 (4.0)

Total 100.0 100.0

Based on total assets less current liabilities of £152.1m (30th June 2012: £120.6m) before deducting loan facilities repayable after more than one year.



Income Statementfor the six months ended 31st December 2012

(Unaudited) (Unaudited) (Audited)Six months ended Six months ended Year ended31st December 2012 31st December 2011 30th June 2012

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

Gains/(losses) on investments heldat fair value through profit or loss — 21,837 21,837 — (19,899) (19,899) — (14,338) (14,338)

Income from investments 2,394 — 2,394 2,177 — 2,177 4,709 — 4,709Other interest receivable and

similar income 17 — 17 1 — 1 7 — 7

Gross return/(loss) 2,411 21,837 24,248 2,178 (19,899) (17,721) 4,716 (14,338) (9,622)Management fee (81) (189) (270) (79) (185) (264) (156) (363) (519)Other administrative expenses (168) — (168) (189) — (189) (433) — (433)

Net return/(loss) on ordinary activities before finance costs and taxation 2,162 21,648 23,810 1,910 (20,084) (18,174) 4,127 (14,701) (10,574)

Finance costs (36) (84) (120) (148) (345) (493) (184) (429) (613)

Net return/(loss) on ordinary activities before taxation 2,126 21,564 23,690 1,762 (20,429) (18,667) 3,943 (15,130) (11,187)

Taxation (4) — (4) (6) — (6) (5) — (5)

Net return/(loss) on ordinary activities after taxation 2,122 21,564 23,686 1,756 (20,429) (18,673) 3,938 (15,130) (11,192)

Return/(loss) per share (note 4) 8.84p 89.83p 98.67p 7.07p (82.21)p (75.14)p 16.04p (61.63)p (45.59)p

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 2012 capital reserve reserves reserve Total(Unaudited) £’000 £’000 £’000 £’000 £’000

At 30th June 2012 6,375 3,625 101,580 5,032 116,612Repurchase and cancellation of the Company’s

own shares (25) 25 (407) — (407)Net return on ordinary activities — — 21,564 2,122 23,686Dividends appropriated in the period — — — (2,760) (2,760)

At 31st December 2012 6,350 3,650 122,737 4,394 137,131

Called up CapitalSix months ended share redemption Capital Revenue31st December 2011 capital reserve reserves reserve Total(Unaudited) £’000 £’000 £’000 £’000 £’000

At 30th June 2011 6,533 3,467 120,279 5,293 135,572Repurchase of shares into Treasury — — (927) — (927)Repurchase and cancellation of the Company’s

own shares (37) 37 (534) — (534)Net (loss)/return on ordinary activities — — (20,429) 1,756 (18,673)Dividends appropriated in the period — — — (2,860) (2,860)

At 31st December 2011 6,496 3,504 98,389 4,189 112,578

Called up CapitalYear ended share redemption Capital Revenue30th June 2012 capital reserve reserves reserve Total(Audited) £’000 £’000 £’000 £’000 £’000

At 30th June 2011 6,533 3,467 120,279 5,293 135,572Repurchase of shares into Treasury — — (928) — (928)Repurchase and cancellation of the Company’s

own shares (158) 158 (2,641) — (2,641)Net (loss)/return on ordinary activities — — (15,130) 3,938 (11,192)Dividends appropriated in the year — — — (4,199) (4,199)

At 30th June 2012 6,375 3,625 101,580 5,032 116,612



Balance Sheetat 31st December 2012

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

2012 2011 2012£’000 £’000 £’000

Fixed assetsEquity investments held at fair value through profit or loss 151,726 115,325 121,607Investments in liquidity funds held at fair value through

profit or loss — 840 3,880

Total investments 151,726 116,165 125,487

Current assetsDebtors 393 516 1,782Cash and short term deposits 90 227 177

483 743 1,959Creditors: amounts falling due within one year (78) (4,330) (6,834)

Net current assets/(liabilities) 405 (3,587) (4,875)

Total assets less current liabilities 152,131 112,578 120,612Creditors: amounts falling due after more than one year (15,000) — (4,000)

Net assets 137,131 112,578 116,612

Capital and reservesCalled up share capital 6,350 6,496 6,375Capital redemption reserve 3,650 3,504 3,625Capital reserves 122,737 98,389 101,580Revenue reserve 4,394 4,189 5,032

Total equity shareholders’ funds 137,131 112,578 116,612

Net asset value per share (note 5) 571.4p 457.9p 483.9p

Company registration number: 1047690.



Cash Flow Statementfor the six months ended 31st December 2012

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

31st December 31st December 30th June2012 2011 2012£’000 £’000 £’000

Net cash inflow from operating activities (note 6) 2,129 1,819 3,754Net cash outflow from returns on investments

and servicing of finance (135) (571) (713)Tax recovered 1 — 4Net cash (outflow)/inflow from capital expenditure and

financial investment (4,915) 9,266 5,591Dividends paid (2,760) (2,860) (4,199)Net cash inflow/(outflow) from financing 5,593 (7,462) ( 4,295)

(Decrease)/increase in cash for the period (87) 192 142

Reconciliation of net cash flow to movement in net debt(Decrease)/increase in cash for the period (87) 192 142Redemption of debenture — 9,500 9,500Net loans drawn down (6,000) (3,500) (9,500)

Changes in net debt arising from cash flows (6,087) 6,192 624Net debt at the beginning of the period (8,823) (9,461) (9,461)Amortisation of issue expenses — (4) (4)

Net debt at the end of the period (14,910) (3,273) (8,823)

Represented by:Cash and short term deposits 90 227 177Debt falling due within one year — (3,500) (5,000)Debt falling due aftermore than one year (15,000) — (4,000)

Net debt (14,910) (3,273) ( 8,823)



Notes to the Accountsfor the six months ended 31st December 2012

1. Financial statements

The information contained within the financial statements in this half year report has not been audited or reviewed by theCompany’s auditors.

The figures and financial information for the year ended 30th June 2012 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’ issuedin January 2009.

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

The accounting policies applied to these interim accounts are consistent with those applied in the accounts for the year ended30th June 2012.

3. Dividends


31st December 2012 31st December 2011 30th June 2012£’000 £’000 £’000

Final dividend in respect of the year ended 30th June 2012 of 11.5p (2011: 11.5p) 2,760 2,860 2,860

Interim dividend in respect of the six months ended 31st December 2011 of 5.5p — — 1,339

2,760 2,860 4,199

An interim dividend of 5.5p has been declared in respect of the six months ended 31st December 2012, costing £1,320,000.



4. Return/(loss) per share



Return/(loss) per share is based on the following:Revenue return 2,122 1,756 3,938Capital return/(loss) 21,564 (20,429) (15,130)

Total return/(loss) 23,686 (18,673) (11,192)

Weighted average number of shares in issue 24,005,513 24,848,671 24,551,213Revenue return per share 8.84p 7.07p 16.04pCapital return/(loss) per share 89.83p (82.21)p (61.63)p

Total return/(loss) per share 98.67p (75.14)p (45.59)p

5. Net asset value per share

Net asset value per share is calculated by dividing shareholders’ funds by the number of shares in issue at 31st December 2012of 23,997,180 (31st December 2011: 24,585,122 and 30th June 2012: 24,097,180), excluding shares held in Treasury.

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



Total return/(loss) on ordinary activities before finance costs and taxation 23,810 (18,174) (10,574)

Add back capital (return)/loss before finance costs and taxation (21,648) 20,084 14,701

Scrip dividends received as income (12) (60) (171)Decrease in accrued income 203 181 130(Increase)/decrease in other debtors (6) 20 24(Decrease)/increase in accrued expenses (24) (46) 7Tax on unfranked investment income (5) (1) —Management fee charged to capital (189) (185) (363)

Net cash inflow from operating activities 2,129 1,819 3,754



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 Companyhave not changed and fall into the following broad categories:investment and strategy; financial; accounting, legal andregulatory; corporate governance and shareholder relationsand operational. Information on each of these areas is given inthe Business Review within the Annual Report and Accountsfor the year ended 30th June 2012.

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.

Going Concern

The Directors believe, having considered the Company’sinvestment objectives, risk management policies, capitalmanagement policies and procedures, nature of the portfolioand expenditure projections, that the Company has adequate

resources, an appropriate financial structure and suitablemanagement arrangements in place to continue in operationalexistence for the foreseeable future. For these reasons, theyconsider there is sufficient evidence to continue to adopt thegoing concern basis in preparing the accounts.

Directors’ Responsibilities

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

(i) the condensed set of financial statements containedwithin the half year financial report has been preparedin accordance with the Accounting Standards Board’sStatement ‘Half Yearly Financial Reports’; and

(ii) the half year management report includes a fair reviewof the information required by 4.2.7R and 4.2.8R of theUK Listing Authority Disclosure and TransparencyRules.

For and on behalf of the Board

Andrew BarkerChairman 14th February 2013



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, into the shares ofthe Company at the time the shares were quoted ex-dividend.

Return on Net Assets

Total return on net asset value (‘NAV’) per share, on a bidvalue to bid value basis, assuming that all dividends paid outby the Company were reinvested, into the shares of theCompany at the NAV per share at the time the shares werequoted 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.

BenchmarkReturn

Total return on the benchmark, on a mid-market value tomid-market value basis, assuming that all dividends receivedwere reinvested, without transaction costs, into the shares ofthe underlying companies at the time the shares were quotedex-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 ‘track’ this index and consequently, there may be somedivergence between the Company’s performance and that ofthe benchmark.

Share Price Discount/Premium to Net Asset Value

If the share price of an investment trust is lower than the netasset value (‘NAV’) per share, the shares are said to be tradingat a discount. The discount is shown as a percentage of the NAVper share. The opposite of a discount is a premium. It is morecommon for an investment trust’s shares to trade at a discountthan at a premium.

Active Position

The active position shows the difference between theCompany’s holding of an individual stock or sector versusthat stock or sector in the benchmark. A positive numberindicates an active decision by the investment manager toown more of (i.e. be overweight) that stock or sector versusthe benchmark and a negative number indicates, a decisionto hold less of (i.e be underweight) that stock or sector versusthe benchmark.



Notes


History

JPMorgan Mid Cap Investment Trust plc was launched in 1972 asCrossfriars Trust Limited. The Company changed its name to TheFleming Enterprise Investment Trust plc in 1982. It adopted its currentinvestment policy of concentrating on FTSE 250 companies in 1993.The Company changed its name to The Fleming Mid Cap InvestmentTrust plc in October 1998, JPMorgan Fleming Mid Cap Investment Trustplc in October 2001 and adopted its present name on 9th November2005.

Directors

Andrew Barker (Chairman)John EmlyMichael HughesMargaret LittlejohnsGordon McQueen

Company Numbers

Company registration number: 1047690London Stock Exchange Sedol number: 0235761 Bloomberg code: JMF LNReuters code: JMF L

Market Information

The Company’s net asset value (‘NAV’) per share is published daily viathe London Stock Exchange.

The Company’s shares are listed on the London Stock Exchange. Themarket price is shown daily in The Daily Telegraph, Financial Times,The Independent, The Scotsman, The Times, The Guardian, on BBCCeefax and on the Company’s website at www.jpmmidcap.co.uk, wherethe share price is updated every 15 minutes during trading hours.

Website

www.jpmmidcap.co.uk

Share Transactions

The Company’s shares may be dealt in directly through a stockbrokeror professional adviser acting on an investor’s behalf. They may alsobe purchased and held through the J.P. Morgan Investment Account,J.P. Morgan ISA and J.P. Morgan SIPP. These products are all availableon the online wealth manager service, J.P. Morgan WealthManager+available at www.jpmorganwealthmanagerplus.co.uk

Manager and Company Secretary

J.P. Morgan Asset Management (UK) Limited

Company’s Registered Office

Finsbury Dials20 Finsbury StreetLondon EC2Y 9AQTelephone number: 020 7742 4000

For company secretarial and administrative matters please contactAlison Vincent.

Custodian

JPMorgan Chase Bank, N.A.25 Bank StreetCanary WharfLondon E14 5JP

Registrars

Equiniti LimitedReference 1082Aspect HouseSpencer RoadLancingWest Sussex BN99 6DATelephone number: 0871 384 2030

Notifications of changes of address and enquiries regarding certificatesor dividend cheques should be made in writing to the Registrar quotingreference 1082.

Registered shareholders can obtain further details on individualholdings on the internet by visiting www.shareview.co.uk

Independent Auditors

PricewaterhouseCoopers LLPChartered Accountants and Statutory Auditors7 More London RiversideLondon SE1 2RT

Brokers

Numis Securities LimitedThe London Stock Exchange Building10 Paternoster SquareLondon EC4M 7LT

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 JuneInterim results announced FebruaryFinal results announced OctoberHalf yearly dividends on ordinary shares paid November, AprilAnnual General Meeting November

A member of the AIC



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

Your telephone call may be recorded for your security

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Half Year Report JPMorgan Mid Cap Investment Trust plc€¦ · JPMorgan Mid Cap Investment Trust...

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