Business
Interim Management Statement
Interim Management Statement.
About this update from Jadestone Energy Plc
[{"type":"text","content":"\n \n\n\n\n Jupiter Second Enhanced Income Trust PLC\nInterim Management Statement for the three months ended 31 July 2009\n\nThe Board of Jupiter Second Enhanced Income Trust PLC (the \"Company\")\nis pleased to announce its Interim Management Statement for the\nquarter ended 31 July 2009.\n\nThe following report relates to the performance of the Company's\ninvestment portfolio in the three months leading up to 31 July 2009.\n\nInvestment Manager's Report for the Quarter Ended 31 July 2009\n\nFor the period from 1 May 2009 to the 31 July 2009, the Company's\nTotal Assets increased by 3.2 per cent.* compared to an increase of\n8.3 per cent. for the Company's benchmark index**.\n\nManager's Review\n\nThe UK equity market continued to rally in May as investors sought\ngreater exposure to risk. This was despite another month of poor\neconomic and unemployment data. Markets also enjoyed a tailwind from\nquantitative easing in the UK and US, which actively encouraged\ninvestors to buy bonds and equities.\n\nHowever, the market drifted lower in June, with the FTSE All Share\nIndex returning -3.6 per cent. in that month. As the economic news\nbecame more ambiguous so leadership within the stock market changed.\nEconomically sensitive stocks fell back and more defensive holdings\nprospered.\n\nShare prices surged in July as confidence that we have seen the worst\nof the recession grew. Optimism for a global recovery continued to\nbuild and the FTSE All Share Index returned 8.4 per cent. The rally\nwas again driven by cyclical stocks, including banks and miners. Two\nparticular forces were at work. First, there was growing evidence\nthat economies had at least stabilised and had probably started to\nrecover. Second, investors held large amounts of cash, a consequence\nof the turmoil that they experienced in 2008.\n\nIn the portfolio we remained defensively positioned with around 28\nper cent. in cash and other liquid assets. We added to our holdings\nin Admiral and Imperial Tobacco and opened a new position in Unilever\nwhere the new chief executive has initially focused on cost savings\nand cash flow. We took profits in Sanofi-Aventis and Majestic Wine.\n\nAnthony Nutt\nFund Manager, Jupiter Asset Management Limited\n\n\n\n\n\nSources:\n* Jupiter Asset Management Limited (\"Jupiter\")\n** The Company's benchmark index is FTSE All-Share ...