TIDMPMSF
RNS Number : 0841T
JPMorgan Progressive Multi-Strategy
29 May 2009
JPMORGAN PROGRESSIVE MULTI-STRATEGY FUND LIMITED
("the Company")
Registration No: 46407
Registered Office:
2ND FLOOR, REGENCY COURT, GLATEGNY ESPLANADE, ST. PETER PORT,
GUERNSEY, GY1 3NQ
TELEPHONE: + 44 1481 720 321
FACSIMILE: + 44 1481 716 117
email: Funds@bfmgl.gg
IMMEDIATE ANNOUNCEMENT
29 May 2009
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED
31ST MARCH 2009
Chairman's Statement
Markets continued to experience very challenging conditions over the half-year,
as deteriorating economic data, tight credit conditions and further concerns
about the health of financial institutions continued to undermine confidence
across all markets. Against this background the absolute performance of the
Company was predictably disappointing; the net asset value return to
shareholders over the six months was -19.8%. However when compared to the
benchmark, the MSCI World Index, which returned -29.6%, it is evident that the
structure of the Company has afforded some protection against the worst of the
market falls. It is also comforting that the Company's volatility continues to
be markedly lower than the volatility of the benchmark. Although it has
increased, the Company's annualised volatility stands at 11.4% in comparison to
20.2% for the benchmark. The share price return to shareholders was -5.7%,
reflecting a significant narrowing of the Company's discount.
During the period Chris Complin, the lead Investment Manager, commenced a twelve
month sabbatical from JPMorgan Asset Management, the Company's Manager, at the
beginning of March 2009. During his absence his role as strategy co-ordinator
has been assumed by Michael Barakos. Mr Barakos joins the other members of the
Investment Committee, namely Martin Porter (head of the Committee), Chris Blum
and James Elliot, in selecting the appropriate strategies. Mr Barakos is a
Managing Director in JPMorgan Asset Management's European Equity Group. He
joined the group in 1999 and has worked closely with Mr Complin throughout this
period.
The Investment Manager's report provides an analysis of the Company's
performance for the six months, including the performance of some of the
underlying investments held through the Luxembourg-based PM-S Fund. The Company
was established with a half-yearly redemption facility under which, subject to
certain limitations and at the Directors' discretion, shareholders may request
the redemption of all or part of their holdings of shares for cash. Pursuant to
the February 2009 redemption, the Directors approved the redemption of 5,402,500
shares at a redemption price of 69.66p per share. When exercising their
discretion in respect of redemptions, the Board seeks to balance the interests
of continuing and exiting Shareholders. For further information on redemptions,
please visit the Company's website at www.jpmprogressivemultistrategy.co.uk
Despite talk of 'green shoots' emerging in the broader economy, it is too early
to say whether the recent upturn in equity prices is a sign of genuine recovery
or a bear market rally.
However, when the recovery does arrive, the Manager is confident that the
portfolio is well positioned to participate.
Christopher Sherwell
Chairman
29th May 2009
Investment Manager's Report
JPMorgan Progressive Multi-Strategy Fund Limited (the 'Company') aims to deliver
equity like returns with significantly lower levels of volatility than the
market over the medium to long term. Since writing the last report for
shareholders in relation to the year ended 30th September 2008, world stock
markets continued to deteriorate with the highest levels of volatility seen in a
generation. The Vix (S&P500 volatility index) reached 81 in October 2008, which
is higher than at any point since 1990, almost double the previous high of 46 in
October 1998. It finished 2008 in the mid-40s and stayed at that level
throughout the first quarter of 2009.
Over the period the Company's net asset value returned -19.8% compared with a
return of -29.6% from the MSCI World Index (in sterling terms), the Company's
benchmark, giving an outperformance of 9.8%. The Company saw a rise in
annualised volatility to 11.4%. In contrast the volatility in the benchmark
since launch, rose to 20.2%, up from 14.4% last September.
Investment Performance
Hedge funds struggled over the period with increased demands for collateral,
forced de-leveraging and client redemptions all contributing to one of the
most difficult periods they have experienced. The HFRX Global Hedge Fund
Index returned -12.6% over the 6 months ended 31st March 2009. The 'Pure Alpha'
funds within the portfolio fared better than most of their peers, with the JPM
Europe Equity Market Neutral Fund and the JPM Highbridge Statistical Market
Neutral Fund both producing positive returns over the 6 months. The JPM US
Market Neutral Fund performed better than the wider hedge fund peer group but
did produce a negative return over the period. Looking at the 'Hybrid Alpha'
part of the portfolio, where the funds are not market neutral but are trying to
give a positive return over the longer term, the significant falls in equity
markets around the globe hurt absolute performance for many of them. However,
all of them outperformed relative to the benchmark, and the JF Asia Absolute
Return Fund produced a positive absolute return. The biggest detractors to
performance came from the JF Japan Absolute Return Fund and the JPM Ultra
Emerging Markets Fund, both of which underperformed the HFRX Global Hedge Fund
Index over the period.
Stock markets fell heavily in October and much of November, with the benchmark
returning -23% at its low point at the end of November. However Central Bank
and government intervention, via a number of fiscal and monetary policies across
the globe, supported the financial markets, which saw a slight rebound with
MSCI World Index ending the year down 22%. 2009 began nervously for stock
markets, range-bound in January before starting a precipitate slide in February.
This took markets to new 12 month lows in early March as evidence emerged that
the extent of the decline in global GDP in the fourth quarter had been more
savage than at first feared. Financial stocks led the decline and were by some
distance the worst-performing sector. They were affected by a suspicion that the
incoming US administration had not got fully to grips with the problems of the
so-called toxic assets on bank balance sheets.
From the second week in March, however, a strong rally began, led by cyclical
sectors. Financials bounced somewhat off their lows and defensive sectors lagged
the market. The basis for the rally was a sense that the worst of the economic
deterioration may now be over. Evidence for this came from the continued upward
slope to yield curves in bond markets, a basing-out of commodities prices and
anecdotal evidence from some economically-sensitive industries, such as
semi-conductors, that the damaging inventory adjustment may have run its
course. The 'Equity Beta' component struggled in these conditions, with all of
the funds generating negative returns over the 6 months to 31st March 2009.
Despite the difficult conditions 6 of the funds in the 'Equity Beta' bucket
outperformed the benchmark. Global property fared significantly worse than
equities over the 6 months with the S&P Global REIT Index returning -54%. The
JPM Global Real Estate Securities fund in the 'Property Beta' allocation was the
worst performer in the portfolio, despite outperforming the S&P Global REIT
Index, returning -45%.
As might be expected in such market conditions, the 'Bond Beta' allocation was
one of the few safe havens for investors with long dated Treasury, Gilt,
Japanese Bond and Euro-Bund futures all generating positive returns over the
quarter. These returns, from low volatility investments, significantly helped
the performance of the portfolio.
Outlook
Your Company continues to behave as we would expect, in market conditions not
seen for generations, producing a significantly better return than the MSCI
World with nearly half the volatility. When markets recover, we would expect the
portfolio to recover alongside them, and in the meantime our prudent assumptions
around the construction of the portfolio should ensure greater relative
performance against the benchmark while exposing investors to less volatility.
Michael Barakos
Investment Manager
29th May 2009
Interim Management Report
The Company is required to make the following disclosures in its half year
report.
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company fall into six broad
categories: market; investment and strategy; accounting, legal and regulatory;
corporate governance and shareholder relations; operational; and financial.
Information on each of these areas is given in the Business Review within the
Annual Report and Accounts for the year ended 30th September 2008.
During the market turmoil in the latter part of 2008, JPMAM reacted with
heightened management scrutiny of counterparty risk. In addition, reviews were
initiated of exposures, policies, procedures and legal arrangements applicable
to the major sources of counterparty exposure.
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 during the period.
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
yearly financial report has been prepared in accordance with the Accounting
Standards Board's Statement 'Half-Yearly Financial Reports'; and
(ii) the interim management report includes a fair review of the information
required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and
Transparency Rules.
Christopher Sherwell
Chairman
29th May 2009
For further information, please contact:
Alison Vincent
For and on behalf of
JPMorgan Asset Management (UK) Limited
020 7742 6000
Dru Danford
Nominated Adviser
Shore Capital and Corporate Limited
0207 408 4090
Please note that up to date information on the Company, including daily NAV and
share prices, factsheets and portfolio information can be found at
www.jpmpms.co.uk
Consolidated Income Statement(1)
for the six months ended 31st March 2009
+----------------------+----------------------+------------------------+------------------------+
| | (Unaudited) | (Unaudited) | (Audited) |
+----------------------+----------------------+------------------------+------------------------+
| | Six months ended | Six months ended | Year ended |
+----------------------+----------------------+------------------------+------------------------+
| | 31st March 2009 | 31st March 2008 | 30th September 2008 |
+----------------------+----------------------+------------------------+------------------------+
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| | 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 |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| Investment income | 36 | - | 36 | 120 | - | 120 | 179 | - | 179 |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| Other income | 6 | - | 6 | 16 | - | 16 | 30 | - | 30 |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| | 42 | - | 42 | 136 | - | 136 | 209 | - | 209 |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| Losses on | - | (4,567) | (4,567) | - | (548) | (548) | - | (5,777) | (5,777) |
| investments held at | | | | | | | | | |
| fair value through | | | | | | | | | |
| profit or loss | | | | | | | | | |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| | | | | | | | | | |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| Net foreign exchange | - | (3,567) | (3,567) | - | (1,592) | (1,592) | - | (2,521) | (2,521) |
| losses | | | | | | | | | |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| Total income/(loss) | 42 | (8,134) | (8,092) | 136 | (2,140) | (2,004) | 209 | (8,298) | (8,089) |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| Expenses | | | | | | | | | |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| Management fee | (108) | - | (108) | (172) | - | (172) | (344) | - | (344) |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| Other administrative | (129) | - | (129) | (236) | - | (236) | (398) | - | (398) |
| expenses | | | | | | | | | |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| Loss before finance | | | | | | | | | |
| costs | | | | | | | | | |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| and taxation | (195) | (8,134) | (8,329) | (272) | (2,140) | (2,412) | (533) | ( 8,298) | (8,831) |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| Finance costs | (25) | - | (25) | - | - | - | (4) | - | (4) |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| Loss before taxation | (220) | (8,134) | (8,354) | (272) | (2,140) | (2,412) | (537) | ( 8,298) | (8,835) |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| Taxation | (6) | - | (6) | (8) | - | (8) | (16) | - | (16) |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| Net loss | (226) | (8,134) | (8,360) | (280) | (2,140) | (2,420) | (553) | ( 8,298) | (8,851) |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| Attributable to: | | | | | | | | | |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| Equity holders of | (179) | (6,658) | (6,837) | (244) | (1,585) | (1,829) | (469) | (6,383) | (6,852) |
| the parent | | | | | | | | | |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| Minority interest | (47) | (1,476) | (1,523) | (36) | (555) | (591) | (84) | (1,915) | (1,999) |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| | (226) | (8,134) | (8,360) | (280) | (2,140) | (2,420) | (553) | (8,298) | (8,851) |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
| Loss per share (note | (0.9)p | (32.3)p | (33.2)p | (1.0)p | (6.3)p | (7.3)p | (1.9)p | (25.8)p | (27.7)p |
| 3) | | | | | | | | | |
+----------------------+---------+---------+---------+---------+---------+---------+----------+----------+---------+
1 The Consolidated Income Statement incorporates the results of PM-S Fund for
the period ended 27th February 2009. On that date, the Company sold part of its
investment in PM-S Fund and no longer held a controlling interest. The
comparative Income Statements for the six months ended 31st March 2008 and the
year ended 30th September 2008 both incorporate the results of PM-S Fund as the
Company held a controlling interest throughout those periods. Further details
are given in notes 1 and 2 to the accounts.
The 'Total' column of this statement represents the Group's Income Statement,
prepared in accordance with IFRS. The supplementary 'Revenue' and 'Capital'
columns are prepared under guidance published by the Association of Investment
Companies. All items in the above statement derive from continuing operations.
Consolidated Statement of Changes in Equity(1)
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| | | | Other | | | | |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Six months ended | Share | Other | capital | Revenue | | Minority | Total |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| 31st March 2009 | capital | reserve | reserves | reserve | Total | interest | equity |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| (Unaudited) | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Balance at 30th | - | 21,519 | (2,078) | (498) | 18,943 | 9,508 | 28,451 |
| September 2008 | | | | | | | |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Shares redeemed | - | (3,763) | - | - | (3,763) | - | (3,763) |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Exchange gain on | - | - | 6,814 | - | 6,814 | - | 6,814 |
| translation | | | | | | | |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Loss for the period | - | - | - | (6,837) | (6,837) | (1,523) | (8,360) |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Transfer of loss to | - | - | (6,658) | 6,658 | - | - | - |
| other capital reserve | | | | | | | |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Adjustment on sale of | - | - | (4,007) | 248 | (3,759) | (7,985) | (11,744) |
| controlling interest | | | | | | | |
| in subsidiary | | | | | | | |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Balance at 31st March | - | 17,756 | (5,929) | (429) | 11,398 | - | 11,398 |
| 2009 | | | | | | | |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| | | | | | | | |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| | | | Other | | | | |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Six months ended | Share | Other | capital | Revenue | | Minority | Total |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| 31st March 2008 | capital | reserve | reserves | reserve | Total | interest | equity |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| (Unaudited) | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Balance at 30th | - | 24,614 | (282) | (29) | 24,303 | 11,199 | 35,502 |
| September 2007 | | | | | | | |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Shares subscribed | - | - | - | - | - | 375 | 375 |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Exchange gain on | - | - | 856 | - | 856 | - | 856 |
| translation | | | | | | | |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Loss for the period | - | - | - | (1,829) | (1,829) | (591) | (2,420) |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Transfer of loss to | - | - | (1,585) | 1,585 | - | - | - |
| other capital reserve | | | | | | | |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Balance at 31st March | - | 24,614 | (1,011) | (273) | 23,330 | 10,983 | 34,313 |
| 2008 | | | | | | | |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| | | | | | | | |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| | | | Other | | | | |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Year ended | Share | Other | capital | Revenue | | Minority | Total |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| 30th September 2008 | capital | reserve | reserves | reserve | Total | interest | equity |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| (Audited) | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Balance at 30th | - | 24,614 | (282) | (29) | 24,303 | 11,199 | 35,502 |
| September 2007 | | | | | | | |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Shares subscribed | - | - | - | - | - | 375 | 375 |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Shares redeemed | - | (3,095) | - | - | (3,095) | (67) | (3,162) |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Exchange gain on | - | - | 4,587 | - | 4,587 | - | 4,587 |
| translation | | | | | | | |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Loss for the year | - | - | - | (6,852) | (6,852) | (1,999) | (8,851) |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Transfer of loss to | - | - | (6,383) | 6,383 | - | - | - |
| other capital reserve | | | | | | | |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
| Balance at 30th | - | 21,519 | (2,078) | (498) | 18,943 | 9,508 | 28,451 |
| September 2008 | | | | | | | |
+------------------------+-----------+----------+-----------+----------+----------+----------+----------+
1The Consolidated Statement of Changes in Equity incorporates the results of
PM-S Fund for the period ended 27th February 2009. On that date, the Company
sold part of its investment in PM-S Fund and no longer held a controlling
interest. The comparative Statements of Changes in Equity for the six months
ended 31st March 2008 and the year ended 30th September 2008 both incorporate
the results of PM-S Fund as the Company held a controlling interest throughout
those periods. Further details are given in notes 1 and 2 to the accounts.
Balance Sheet(1)
as at 31st March 2009
+-----------------------------------------------+--------------+--------------+-----------------+
| | (Unaudited) | (Unaudited) | (Audited) |
+-----------------------------------------------+--------------+--------------+-----------------+
| | 31st March | 31st March | 30th September |
| | 2009 | 2008 | 2008 |
+-----------------------------------------------+--------------+--------------+-----------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------------+--------------+--------------+-----------------+
| Non current assets | | | |
+-----------------------------------------------+--------------+--------------+-----------------+
| Investments held at fair value through profit | 10,907 | 33,573 | 29,221 |
| or loss: | | | |
+-----------------------------------------------+--------------+--------------+-----------------+
| Current assets | | | |
+-----------------------------------------------+--------------+--------------+-----------------+
| Other receivables | 14 | 39 | 46 |
+-----------------------------------------------+--------------+--------------+-----------------+
| Derivative financial instruments at fair | | | |
| value through | | | |
+-----------------------------------------------+--------------+--------------+-----------------+
| profit or loss | 24,081 | - | 782 |
+-----------------------------------------------+--------------+--------------+-----------------+
| Cash and cash equivalents | 424 | 1,330 | 676 |
+-----------------------------------------------+--------------+--------------+-----------------+
| | 24,519 | 1,369 | 1,504 |
+-----------------------------------------------+--------------+--------------+-----------------+
| Current liabilities | | | |
+-----------------------------------------------+--------------+--------------+-----------------+
| Other payables | (71) | (142) | (116) |
+-----------------------------------------------+--------------+--------------+-----------------+
| Bank overdrafts | - | - | (1,597) |
+-----------------------------------------------+--------------+--------------+-----------------+
| Derivative financial instruments at fair | | | |
| value through | | | |
+-----------------------------------------------+--------------+--------------+-----------------+
| profit or loss | (23,957) | (487) | (561) |
+-----------------------------------------------+--------------+--------------+-----------------+
| Net current assets/(liabilities) | 491 | 740 | (770) |
+-----------------------------------------------+--------------+--------------+-----------------+
| Net assets | 11,398 | 34,313 | 28,451 |
+-----------------------------------------------+--------------+--------------+-----------------+
| Equity attributable to equity holders | | | |
+-----------------------------------------------+--------------+--------------+-----------------+
| Called up share capital | - | - | - |
+-----------------------------------------------+--------------+--------------+-----------------+
| Other reserve | 17,756 | 24,614 | 21,519 |
+-----------------------------------------------+--------------+--------------+-----------------+
| Capital reserves | (5,929) | (1,011) | (2,078) |
+-----------------------------------------------+--------------+--------------+-----------------+
| Revenue reserve | (429) | (273) | (498) |
+-----------------------------------------------+--------------+--------------+-----------------+
| Equity attributable to equity holders of the | 11,398 | 23,330 | 18,943 |
| parent | | | |
+-----------------------------------------------+--------------+--------------+-----------------+
| Minority interest | - | 10,983 | 9,508 |
+-----------------------------------------------+--------------+--------------+-----------------+
| Total equity | 11,398 | 34,313 | 28,451 |
+-----------------------------------------------+--------------+--------------+-----------------+
| Net asset value per share (note 4) | 70.3p | 93.1p | 87.7p |
+-----------------------------------------------+--------------+--------------+-----------------+
1 The Balance Sheet presented as at 31st March 2009 is the Company's balance
sheet only as the Company sold part of its investment in PM-S Fund on 27th
February and no longer held a controlling interest at the period end. The
comparative Balance Sheets at 31st March 2008 and 30th September 2008 both
incorporate the balance sheets of PM-S Fund as the Company held a controlling
interest at both those dates. Further details are given in notes 1 and 2 to the
accounts.
Consolidated Cash Flow Statement(1)
for the six months ended 31st March 2009
+---------------------------------------------+--------------+---------------+------------------+
| | (Unaudited) | (Unaudited) | (Audited) |
+---------------------------------------------+--------------+---------------+------------------+
| | Six months | Six months | Year ended |
| | ended | ended | |
+---------------------------------------------+--------------+---------------+------------------+
| | 31st March | 31st March | 30th September |
| | 2009 | 2008 | 2008 |
+---------------------------------------------+--------------+---------------+------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------------+--------------+---------------+------------------+
| Operating activities | | | |
+---------------------------------------------+--------------+---------------+------------------+
| Loss before taxation | (8,354) | (2,412) | (8,835) |
+---------------------------------------------+--------------+---------------+------------------+
| Add back interest paid | 25 | - | 4 |
+---------------------------------------------+--------------+---------------+------------------+
| Add back losses on investments held at fair | | | |
| value | | | |
+---------------------------------------------+--------------+---------------+------------------+
| through profit or loss | 4,567 | 548 | 5,777 |
+---------------------------------------------+--------------+---------------+------------------+
| Increase/(decrease) of foreign exchange | 97 | 282 | (426) |
| contracts | | | |
+---------------------------------------------+--------------+---------------+------------------+
| Net sales of investments held at fair value | | | |
| | | | |
+---------------------------------------------+--------------+---------------+------------------+
| through profit or loss | 3,577 | 814 | 3,750 |
+---------------------------------------------+--------------+---------------+------------------+
| Decrease in other receivables | 27 | 12 | 5 |
+---------------------------------------------+--------------+---------------+------------------+
| (Decrease)/increase in other payables | (41) | 8 | (24) |
+---------------------------------------------+--------------+---------------+------------------+
| Net cash (outflow)/inflow from operating | | | |
| activities | | | |
+---------------------------------------------+--------------+---------------+------------------+
| before interest payable and taxation | (102) | (748) | 251 |
+---------------------------------------------+--------------+---------------+------------------+
| Interest paid | (29) | - | - |
+---------------------------------------------+--------------+---------------+------------------+
| Tax paid | (6) | (8) | (16) |
+---------------------------------------------+--------------+---------------+------------------+
| Net cash (outflow)/inflow from operating | (137) | (756) | 235 |
| activities | | | |
+---------------------------------------------+--------------+---------------+------------------+
| Investing activities | | | |
+---------------------------------------------+--------------+---------------+------------------+
| Proceeds of sale of controlling interest in | 4,714 | - | - |
| subsidiary | | | |
+---------------------------------------------+--------------+---------------+------------------+
| Adjustment on sale of controlling interest | (956) | - | - |
| in subsidiary | | | |
+---------------------------------------------+--------------+---------------+------------------+
| Net cash inflow from investing activities | 3,758 | - | - |
+---------------------------------------------+--------------+---------------+------------------+
| Financing activities | | | |
+---------------------------------------------+--------------+---------------+------------------+
| Proceeds of share subscriptions | - | 375 | 375 |
+---------------------------------------------+--------------+---------------+------------------+
| Cost of shares redeemed | (3,763) | - | (3,162) |
+---------------------------------------------+--------------+---------------+------------------+
| Net cash (outflow)/inflow from financing | (3,763) | 375 | (2,787) |
| activities | | | |
+---------------------------------------------+--------------+---------------+------------------+
| Decrease in cash and cash equivalents | (142) | (381) | (2,552) |
+---------------------------------------------+--------------+---------------+------------------+
| Cash and cash equivalents at the start of | | | |
| the period | | | |
+---------------------------------------------+--------------+---------------+------------------+
| (including bank overdrafts) | (921) | 740 | 740 |
+---------------------------------------------+--------------+---------------+------------------+
| Effect of foreign exchange translation | 1,487 | 971 | 891 |
+---------------------------------------------+--------------+---------------+------------------+
| Cash and cash equivalents at the end of the | | | |
| period | | | |
+---------------------------------------------+--------------+---------------+------------------+
| (including bank overdrafts) | 424 | 1,330 | (921) |
+---------------------------------------------+--------------+---------------+------------------+
1The Consolidated Cash Flow Statement incorporates the cash flows of PM-S Fund
for the period ended 27th February 2009. On that date, the Company sold part of
its investment in PM-S Fund and no longer held a controlling interest. The
comparative Cash Flow Statements for the six months ended 31st March 2008 and
the year ended 30th September 2008 both incorporate the cash flows of PM-S Fund
as the Company held a controlling interest throughout those periods. Further
details are given in notes 1and 2 to the accounts.
Notes to the Accounts
for the six months ended 31st March 2009
1. Principal activity
The principal activity of JPMorgan Progressive Multi-Strategy Fund Limited (the
'Company') is that of an investment company, incorporated and domiciled in
Guernsey. The principal activity of its only investment, JPMorgan Progressive
Multi-Strategy Fund ('PM-S Fund'), a sub-fund of JPMorgan Portfolio Strategies
II (a Luxembourg SICAV), is also that of an investment company.
2. Accounting policies
(a) Basis of accounting
The accounting policies applied to these interim accounts are consistent with
those applied in the accounts for the year ended 30th
September 2008.
All of the Company's operations are of a continuing nature.
(b) Basis of accounts preparation
The accounts incorporate the results of PM-S Fund for the period ended 27th
February 2009. On that date, the Company sold part of its investment in PM-S
Fund and no longer held a controlling interest. The Balance Sheet presented as
at 31st March 2009 is therefore the Company's balance sheet only. The
comparative accounts for the six months ended 31st March 2008 and the year ended
30th September 2008 both incorporate the accounts of PM-S Fund, as the Company
held a controlling interest in PM-S Fund throughout those periods.
3. Loss per share
+-------------------------------------+---------------+---------------+------------------+
| | (Unaudited) | (Unaudited) | (Audited) |
+-------------------------------------+---------------+---------------+------------------+
| | Six months | Six months | Year ended |
| | ended | ended | |
+-------------------------------------+---------------+---------------+------------------+
| | 31st March | 31st March | 30th September |
| | 2009 | 2008 | 2008 |
+-------------------------------------+---------------+---------------+------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+---------------+---------------+------------------+
| Revenue loss attributable to | (179) | (244) | (469) |
| shareholders | | | |
+-------------------------------------+---------------+---------------+------------------+
| Capital loss attributable to | (6,658) | (1,585) | (6,383) |
| shareholders | | | |
+-------------------------------------+---------------+---------------+------------------+
| Total loss attributable to | (6,837) | (1,829) | (6,852) |
| shareholders | | | |
+-------------------------------------+---------------+---------------+------------------+
| Weighted average number of shares | | | |
| in issue during | | | |
+-------------------------------------+---------------+---------------+------------------+
| each period | 20,571,058 | 25,060,000 | 24,734,528 |
+-------------------------------------+---------------+---------------+------------------+
| Revenue loss per share | (0.9)p | (1.0)p | (1.9)p |
+-------------------------------------+---------------+---------------+------------------+
| Capital loss per share | (32.3)p | (6.3)p | (25.8)p |
+-------------------------------------+---------------+---------------+------------------+
| Total loss per share | (33.2)p | (7.3)p | (27.7)p |
+-------------------------------------+---------------+---------------+------------------+
4. Net asset value per share
+-------------------------------------+---------------+---------------+------------------+
| | (Unaudited) | (Unaudited) | (Audited) |
+-------------------------------------+---------------+---------------+------------------+
| | Six months | Six months | Year ended |
| | ended | ended | |
+-------------------------------------+---------------+---------------+------------------+
| | 31st March | 31st March | 30th September |
| | 2009 | 2008 | 2008 |
+-------------------------------------+---------------+---------------+------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+---------------+---------------+------------------+
| Shareholders funds (GBP'000) | 11,398 | 23,330 | 18,943 |
+-------------------------------------+---------------+---------------+------------------+
| Number of shares in issue at each | 16,207,500 | 25,060,000 | 21,610,000 |
| period end | | | |
+-------------------------------------+---------------+---------------+------------------+
| Net asset value per share | 70.3p | 93.1p | 87.7p |
+-------------------------------------+---------------+---------------+------------------+
5. Publication of non-statutory accounts
The financial information for the six months ended 31st March 2009 is unaudited
and does not constitute statutory accounts for the purposes of the Companies
(Guernsey) Law, 1994.
6.Comparative Information
The information for the year ended 30th September 2008 has been extracted from
the latest published audited financial statements. Those accounts included the
report of the auditors which was unqualified.
7.Availability of Accounts
Copies of these interim results are available from Butterfield Fulcrum Group
(Guernsey) Limited, 2nd Floor, Regency Court, Glategny Esplanade, St Peter Port,
Guernsey GY1 3NQ and JPMorgan Asset Management (UK) Limited, 125 London Wall,
London, EC2Y 5AJ. Alternatively a downloadable version is available from the
following web address: http://www.jpmpms.co.uk, and clicking on the section
marked "AIM Company Announcements".
JPMORGAN ASSET MANAGEMENT (UK) LIMITED
www.jpmpms.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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