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Impax Asian Env Mkt (IAEM)

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Monday 18 October, 2010

Impax Asian Env Mkt

Performance at month end

RNS Number : 5794U
Impax Asian Environmental Mkts Plc
18 October 2010
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

All information is at 30 September 2010 (unless otherwise stated) and unaudited.

 

DATA AND PERFORMANCE

Pricing


 

Diluted NAV (pence)

119.52

 

Undiluted NAV (pence)

123.07

 

Share price (pence)

122.63

 

Premium/ (discount) (%)

-0.36

 

Data


Total fund size (NAV) ( m)

141.6

Market capitalisation (m)

141.0

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 %

+7.6

+9.2

+11.3

+6.2

3 months %

+12.0

+12.2

+15.8

+1.6

Since launch

+25.6

+18.6

+24.1

+5.7

 

 * Performance data is for undiluted NAV ex income

** Total return

 

TOP FIVE HOLDINGS

Company

Description

Country

Holding %

Xinyi Glass

General environmental

China

3.4

 

China Longyuan

Renewable energy developer

China

3.1

 

Lee & Man

Value added waste processing

Hong Kong

3.0

 

ENN Energy

Pollution control

China

3.0

 

Delta Electronics

Industrial energy efficiency

Thailand

2.6

 

TOTAL



15.1

 

 

PORTFOLIO ANALYSIS*

Country exposure

Instruments

Japan

16%

ADR/GDR

6%

China & Hong Kong

42%

Equity Common

85%

Taiwan

6%

P-notes

7%

Korea

7%

Cash

2%

India

8%



Singapore

4%



Philippines

5%



Thailand

4%



Australia

Cash

6%

2%

 



 

  Sector

Company size

  Energy efficiency

35%

$2bn-$10bn

52%

  Renewable energy

16%

$200-2bn

45%

    Diversified environmental

9%

<$200m

1%

  Waste management

13%

Cash

2%

  Pollution control

  Water infrastructure

  Cash

9%

16%

2%







* of funds invested as of 30 September 2010



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

MANAGER'S COMMENTARY (Q3 2010 - 30 September)

 

 

The Company NAV rose 12.0% over the 3rd quarter, whilst the MSCI AC Asia Pacific ex Japan Index (£) rose 12.2%, the FTSE Environmental opportunities Asia Pacific ex Japan Index (EOAX) (£) rose 15.8% and the FTSE Environmental Opportunities Japan Index (EOJP) (£) rose 1.6%. The cash level at the end of September was 2%.

 

Over the quarter, the drivers of the environmental markets in Asia Pacific continued to develop well. There is a broad range of investment opportunities across both the region and the sub-sectors, as investment increases to reduce oil dependency, provide energy security, ensure water availability and mitigate inflationary infrastructure bottlenecks. In addition, we believe that the valuation of the existing portfolio is attractive.

 

Rhetoric was raised by leaders in Europe, US and China on the role of cleantech as a driver for job creation, although recent climate meetings in Bonn and Tianjin have not brought the international community closer to a binding climate treaty ahead of the Cancun meeting in December. The US political deadlock has prevented any federal climate or energy legislation. Asian environmental policy has been positive, with more colour on the 12th 5-year plan in China. Taiwan and Malaysia announced ambitious new renewables targets and India is due to start a renewables trading programme in October. Korea aims to build 1 million electric vehicles by 2020. In the water sector Abu Dhabi plans to stockpile vital supplies of water underground, an investment of Dh1.6 billion.

 

In Alternative Energy & Energy Efficiency, solar power equipment companies Renesola and Trina Solar (China) surged over the quarter as demand beat expectations, strong Q2 numbers were announced and a reversal in the Euro restored their competitive advantage. OCI (diversified environmental, South Korea) rose on the back of strong Q2 numbers, long term contract agreements and firm spot polysilicon prices. Zhuzhou CSR (transport energy efficiency, China) rose as results beat expectations and an announcement was made of a new licensing agreement with Invensys Rail. Delta Electronics (industrial energy efficiency, Taiwan) benefitted from the drive for energy efficiency, industrial automation and capex spending in LED, power electronics and the solar sectors. The strong yen hurt the prospects for exporters and impacted on V Technology (industrial energy efficiency, Japan), whilst SEMCO (industrial energy efficiency, South Korea) weakened due to profit taking after a period of strong performance and concerns over LED price declines in 2H 2010.

 

In Water Treatment & Pollution Control, Thai Tap (water utilities, Thailand) posted strong 1H results as sales beat expectations and prices rose, in addition to a capacity expansion. ENN Energy Holdings (formally Xinao Gas -pollution control solutions, China) rose on the back of 1H earnings and the announcement of new projects in China and overseas. Japanese exporters Shimadzu and Horiba (both environmental testing & gas sensing), and Torishima Pump (water infrastructure) all suffered from the strength of the yen.

 

In Waste Technologies & Resource Management, Xinyi Glass (diversified environmental, China) rose on strong 1H results, a share buy-back, strong demand, a new outsourcing deal and the favorable resolution of their court case with Saint Gobain. The positive demand implications of the Chinese Government's focus on the roll out of affordable housing also drove performance. TPI (diversified waste management, Australia) rallied on improving outlook for economic growth and cheap valuations. Daiseki (hazardous waste, Japan) lost ground as its subsidiaries reported weaker than expected results and its consumer base suffered from the strong yen.

 

Latest information available at: http://www.impax.co.uk/funds/listed-equity-funds/impax-asian-environmental-markets-plc

 

Impax Asset Management Limited

18 October 2010

 


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