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Impax Asian Env Mkt (IAEM)

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Thursday 16 September, 2010

Impax Asian Env Mkt

Performance at month end

RNS Number : 8310S
Impax Asian Environmental Mkts Plc
16 September 2010
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

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

 

DATA AND PERFORMANCE

Pricing


 

Diluted NAV (pence)

112.17

 

Undiluted NAV (pence)

114.38

 

Share price (pence)

114.75

 

Premium/ (discount) (%)

0.32

 

Data


Total fund size (NAV) ( m)

131.6

Market capitalisation (m)

131.9

Management fee (%)

1.0

Established

23rd October 2009

Fund structure

Investment Trust

Exchange

London

Currency

GBP

ISIN Number

GB00B4M5KX38

Sedol

B4M5KX3

Bloomberg code

IAEM LN

 

  

Performance (£)

IAEM Net Asset Value*

MSCI AC Asia Pacific (ex Japan) **

FTSE EO Asia Pacific (ex Japan)**

FTSE EO  Japan**

1 month %

+1.6

+0.2

+1.7

-3.7

3 months %

+1.8

+0.5

+3.2

-8.7

Since launch

+17.0

+8.7

+11.5

-0.4

 

 * Performance data is for undiluted NAV ex income

** Total return

 

TOP FIVE HOLDINGS

Company

Description

Country

Holding %

Xinyi Glass

General environmental

China

4.0

 

China Longyuan

Renewable energy developer

China

3.2

 

Xinao Gas

Pollution control

China

3.1

 

ReneSola

Solar generation equipment

China

3.1

 

Jain Irrigation

Irrigation

India

3.1

 

TOTAL



16.5

 

 

PORTFOLIO ANALYSIS*

Country exposure

Instruments

  Japan

18%

ADR/GDR

7%

  China & Hong Kong

42%

Equity Common

84%

  Taiwan

6%

P-notes

8%

Korea

8%

Cash

1%

India

8%



Singapore

4%



Philippines

4%



Thailand

4%



Australia

6%



 

  Sector

Company size

  Energy efficiency

34%

$2bn-$10bn

37%

  Renewable energy

16%

$200-2bn

59%

  Waste

23%

<$200m

4%

Water

27%




* of funds invested as of 31 August 2010


 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

MANAGER'S COMMENTARY (August 2010)

 

The Company NAV rose 1.6% in August, whilst the MSCI AC Asia Pacific ex Japan Index (£) rose 0.2%, the FTSE Environmental opportunities Asia Pacific ex Japan Index (EOAX) (£) rose 1.7% and the FTSE Environmental Opportunities Japan Index (EOJP) (£) lost 3.7%. The cash level at the end of the month was 1%.

 

During August global equity markets reversed the gains made in July as disappointing US economic data outweighed a positive Q2 earnings season. Markets have become range bound over the last three months as concerns about sovereign debt in Europe and the sustainability of the economic recovery in developed markets play out against strong earnings. Asian markets also suffered profit taking during the month. The Yen strength continued to negatively impact the short term prospects for Japanese
exporters. On a positive note, the decline in the Chinese Production Managers Index (PMI) was less than expected, driven by better export numbers and domestic consumption.

In the US, the oil spill bill was not brought to the Senate floor for a vote before the August recess. In Australia, the Greens won the balance of power in the election which could result in an acceleration of action on climate change. In energy efficiency news the State Grid Corporation of China (SGCC) announced plans to spend $40bn between 2011 and 2015 for the construction of ultra-high-voltage transmission lines. The Japanese government plans to subsidise domestic plants producing clean-energy and
energy-efficient goods, whilst in India the government will soon set fuel efficiency standards for vehicles under the Energy Conservation Act. In waste management news Chinese investment in solid waste treatment and waste-to-energy development is expected to increase by 18% over the next ten years.

In Alternative Energy & Energy Efficiency, the solar sector performed well on the back of a better than expected volume, pricing and margin outlook in 2011 despite tariff digressions. OCI (polysilicon, South Korea) rallied following the announcement of a number of long term contract agreements with customers and rising spot polysilicon prices. Solar companies Renesola and Trina (China) rallied on the improved sector outlook and strong Q2 numbers. Chroma and Delta Electronics (energy efficiency, Taiwan) announced strong Q2 results and are currently benefitting from the drive for energy efficiency,  industrial automation and capex spending in LED, power electronics and the solar sectors. The LED sector was hurt by concerns over LED TV inventory and the general slowdown in the technology sector. SEMCO (power electronics and LEDs, South Korea) performed poorly as a result. Other contributors to negative performance included China High Precision (energy efficiency, China) as insider selling and a delay in the final results announcement caused concern in the market. V Technology (energy efficiency, Japan) continued to be negatively impacted by the strength of the yen.

In Water Treatment and Pollution Control Xinao Gas (pollution control, China) performed well on strong 1H 2010 results driven by strong gas volume growth and in addition secured new projects in China and overseas. Sound Global (water infrastructure, China) fell on technical selling as the company issued a convertible bond to fund its BOT model. The company will list by introduction on the Hong Kong stock exchange.

In Waste Technologies and Resource Management Xinyi Glass (diversified environmental, China) rose on the back of good results and the announcement of a new outsourcing deal with an international glass maker. The company is also benefiting from strong demand for solar PV module glass.

 

 

 

Impax Asset Management Limited

16 September 2010

 


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