Performance at month end

RNS Number : 0720H

Impax Environmental Markets PLC

12 February 2010

 



IMPAX ENVIRONMENTAL MARKETS plc

All information is at 31 January 2010 (unless otherwise stated) and unaudited.

DATA AND PERFORMANCE

Data		Pricing and Performance
Share price (pence)	114.0		IEM Net Asset Value	MSCI World Small Cap*
Warrants (pence)	20.5
Total fund size (m)	GBP 379.2	Diluted NAV (pence)	122.81	n/a
Market capitalisation (m)	GBP 347.3	Premium/discount (%)	-8.4
Management fee (%)	1.0	Undiluted NAV (pence)	124.45
Established	22 February 2002	Performance**
Fund structure	Investment Trust	1 month (%)	-3.1	-1.6
Number of holdings     (including unlisted)	91	3 months (%)	+6.2	+7.3
Exchange	London	1 year (%)	+31.4	+38.1
Currency	GBP	3 years (%)	+8.7	+0.4
ISIN number	GB0031232498	5 years (%)	+63.3	+35.6
Sedol	3123249
Reuters RIC code	IMPX.L	* Performance data is in Total Return. ** Performance data is for undiluted NAV ex income
Bloomberg code	IEM LN

TOP TEN HOLDINGS

Company	Holding %		Description	Country
Telvent	2.4		Utility software	US
Ormat	2.4		Geothermal	US
Pall Corp	2.4		Water treatment equipment	US
Clean Harbors	2.2		Hazardous waste	US
Itron	2.2		Automated meter reading	US
Abengoa	2.2		Biofuels	Spain
Chloride	2.2		Power network efficiency	UK
China Everbright	2.2		Value added waste processing	China
LKQ Corp	2.1		Value added waste processing	US
Shanks	2.1		General waste management	UK
TOTAL	22.4

PORTFOLIO ANALYSIS*

Geographical		Company Size
US and Canada	37%	>$2bn	16%
EU and EFTA	42%	$200-2bn	70%
Rest of the World	19%	<$200m	12%
Cash	2%	Cash	2%
Sectoral		PE ratios
Energy	47%	PER >20x	32%
Water	19%	PER  15-20x	33%
Waste	32%	PER <15x	24%
Cash	2%	Unprofitable	9%
		Cash	2%
* of funds invested as of 31 January  2010

IMPAX ENVIRONMENTAL MARKETS plc

MANAGER'S COMMENTARY (January 2010)

During the month the Company NAV decreased by 3.1% compared to the MSCI World Small Cap which decreased by 1.6%. In Alternative Energy & Energy Efficiency, underperformance was driven by European and North American renewable energy stocks, in particular wind turbine manufacturers Vestas (Denmark) and Gamesa (Spain) disappointed following continued uncertainty surrounding growth prospects for 2010. Sunpower (solar equipment, US) was weak on regulatory uncertainty in Germany, causing concern in the broader solar power market. Good performance came from micro-cap stocks over the month. For example Zumtobel (Austria) and Dialight (UK), both energy efficient lighting were up 13% and 20% respectively. Taewoong (wind turbine components, Korea) rose 7% following investment in new capacity for a key customer. In Water Treatment & Pollution Control, smaller-cap stocks also did well, Polypore (filtration, US) rose 12% following a new supply agreement for battery separators. In Waste Technologies & Resource Management, small-cap stocks again outperformed, Newalta (hazardous waste, Canada) rose 15% on news of a joint venture to treat and recycle industrial waste. Grontmij (environmental consultancy, Netherlands) rose 5% following a restructuring exercise. In Asia, Daiseki (hazardous waste, Japan) was up 1% on news of incremental volume improvements in the waste processing business. Transpacific Industries (integrated waste management, Australia) disappointed due to guidance from the Company that disappointed the market, down 8%. In Alternative Energy news, Obama awarded $2.3bn in US Stimulus tax credits for new clean tech manufacturing jobs. India officially launched the Solar Mission programme, targeting 20GW in solar power installations by 2022. Meeting the deadline for countries to announce their GHG emission reduction plans following the requirements set out in the Copenhagen Accord, 55 countries reiterated their pledges to reduce GHGs by 2020. In Germany, the government announced a long-awaited proposal to cut the FiT for solar installations by 15% later this year. The cut will come into force in either April or July depending on the outcome of a vote in the coming weeks. In Water Treatment & Pollution Control, China's next 5 Year Plan is likely to more than double investment in environmental protection, including wastewater treatment and pollution control. In the US, the EPA announced a new national air quality standard for NO2, establishing increased monitoring and abatement requirements. In Waste, stricter rules on manufacturing and recycling batteries were introduced in the UK to implement the European Batteries Directive, requiring the collection, treatment and recycling of batteries, paid for by producers since January 2010.

Latest information available at: http://www.impax.co.uk/impax/funds/listed_funds/environmental_plc/

Impax Asset Management Limited

12 February 2010

 

END

 

 

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