Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • Investegate.co.uk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com
  • FETransmission.com
  • Trustnet.hk
  • FEAnalytics.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Impax Environ Mkts (IEM)

  Print      Mail a friend       Annual reports

Tuesday 15 May, 2012

Impax Environ Mkts

Performance at month end

RNS Number : 3831D
Impax Environmental Markets PLC
15 May 2012
 



IMPAX ENVIRONMENTAL MARKETS plc

 

All information is at 30 April 2012 (unless otherwise stated) and unaudited.

 

DATA AND PERFORMANCE

Pricing


 

NAV (pence)

123.39

 

Share price (pence)

99.00

 

Premium/(discount) (%)

(19.77)

 

Data


Total fund size (NAV) ( m)

GBP 357.9

Market capitalisation (m)

GBP 287.2

Management fee (%)

1.0

Established

22nd February 2002

Fund structure

Investment Trust

Number of holdings (excluding unlisted)

76

Exchange

London

Currency

GBP

ISIN Number

GB0031232498

Sedol

3123249

Reuters RIC code

IMPX.L

Bloomberg code

IEM LN

 

Performance

IEM Net Asset Value*

MSCI World Global Small Cap**

FTSE ET50**

1 month %

-2.9

-2.3

-4.0

3 months %

+0.1

+1.8

-4.1

YTD %

+6.5

+7.9

+0.5

1 year %

-11.8

-4.5

-27.7

3 year %

+25.0

+63.0

-20.2

5 year %

+2.2

+23.8

-26.2

7 year %

+76.7

+82.0

+37.9

 

 

* Performance data incorporates undiluted NAV until exercise of warrants on 25 June 2010

** Total return

 

TOP TEN HOLDINGS

 

Company

Holding %

Description

Country

Nibe

3.5

Ground source heat pumps

Sweden

Regal-Beloit

3.2

Electric motors

US

LKQ

3.0

Automotive recycling

US

Kingspan

2.7

Insulation products

Ireland

Clean Harbors

2.6

Hazardous waste treatment

US

Vacon

2.5

Power electronics

Finland

Spirax-Sarco

2.4

Steam based energy efficiency

UK

Watts Water

2.2

Water control products

US

RPS Group

2.2

Environmental consulting

UK

Itron

2.2

Meters and utility data

US

TOTAL

26.5



 

PORTFOLIO ANALYSIS

 

 

Geographical


US and Canada

39%

Europe

39%

Japan

5%

Asia ex Japan

13%

Australia

3%

Cash

1%

Company Size


>$2bn

38%

$500m-2bn

47%

<$500m

10%

Private

4%

Cash

1%

 

 

 

 




Sectoral


Energy efficiency

32%

Alternative energy

14%

Environmental support services

5%

Waste management

24%

Pollution control

6%

Water infrastructure

18%

Cash

1%


PE Ratios


>20x

19%

15-20x

29%

<15%

46%

Private and other

5%

Cash

1%



Average

14.7x






 

IMPAX ENVIRONMENTAL MARKETS plc

MANAGER'S COMMENTARY (April 2012)

 

Markets were volatile in April as investors grappled with broadly positive economic data coming out of Asia and the US on the one hand, and renewed negative concerns about European sovereign debt risks (especially in Spain) and concerns about the implications of the impending French election for resolution of these issues.

 

Performance Review

Companies announcing strong Q1 earnings drove performance, such as Spirax-Sarco (steam based energy efficiency, UK), which also benefited from a strong market preference for quality and defensive companies. LKQ (automotive recycling, US) performed well having beaten Q1 earnings expectations, with strong organic growth in its core US business coupled with strong contribution from its recent European acquisition. Dialight (LED lighting, UK) performed well following a strong Interim Management Statement and a wealth of positive newsflow on growth in the LED lighting sector.

 

Weakness came from renewables, in particular from southern European stocks which were impacted due to concerns of sovereign risk in Spain, such as EDP Renovaveis (renewable IPP, Spain) and Abengoa (bioethanol and recycling, Spain). Companies missing Q1 earnings expectations detracted from performance, such as Itron (meters and utility data, US) which missed expectations due to overrunning overhead costs despite good revenue growth.

 

Positioning and Outlook

Our quarterly environmental subsector outlook shows fundamentals improving across several subsectors and valuations remaining attractive.  Energy efficiency remains a key positive thematic for the portfolio, with signs of recovery in construction markets and improving outlook for LED markets particular highlights.  Although valuations are attractive, we remain cautious on renewables as on-going overcapacity in wind and solar OEM's, together with on-going regulatory uncertainty, continues to weigh on share prices.

 

Government policies continue to be supportive for environmental sectors particularly for energy efficiency and within Asia, counterbalancing weakness from on-going renewable subsidy cuts. In the US, the Department of Defence announced a target deployment of 3GW of renewable energy to meet 25% of energy needs by 2025, while the US EPA finalised long-anticipated new source performance standards (NSPS) for hydraulically fractured natural gas wells. New York State Governor Andrew Cuomo announced investments of $800 million to enhance the energy efficiency of state and local government buildings, with a goal of reducing energy consumption by 20% over the next four years. Canada unveiled regulations aiming to make large trucks and buses up to 23% less polluting by 2018. In Asia, Japan released a draft for a new Feed-in-Tariff (FIT) program to be launched in July. China surprised by announcing it will aim to reduce its carbon intensity by 40% by 2025, 5 years later than the initial plan of 2020. China also introduced a national waste to energy price, double that of coal-fired plants. Taiwan introduced a street light program, where 362,000 street lights will be replaced with LED luminaries over the next three years, with a total investment of $84m.

 

With macro uncertainty once again coming to the fore, we continue to maintain a welldiversified portfolio by subsector and geography, reflecting a balance of defensive companies with visibility on earnings and high quality cyclical holdings.  Portfolio valuation remains compelling with portfolio PE of 15x based on NTM with 18% EPS growth.  Q1 earnings are now well advanced and have been broadly in-line with markets with no major misses to expectations.  The fund is positioned to perform well as the global economy continues to recover and longer term environmental themes play out.

 

 

Impax Asset Management is supportive of the UK Stewardship Code. Our full Stewardship Code statement, ESG and Proxy Voting policies and the quarterly summaries of our proxy voting activities can be viewed on:

http://www.impax.co.uk/en/investor-relations/governance-csr 

 

15 May 2012


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCBKPDPDBKDOPD