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Impax Asian Env Mkt (IAEM)

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Monday 15 November, 2010

Impax Asian Env Mkt

Performance at month end

RNS Number : 2107W
Impax Asian Environmental Mkts Plc
15 November 2010
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

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

 

DATA AND PERFORMANCE

Pricing


 

Diluted NAV (pence)

120.89

 

Undiluted NAV (pence)

124.69

 

Share price (pence)

124.75

 

Premium/ (discount) (%)

0.05

 

Data


Total fund size (NAV) ( m)

143.3

Market capitalisation (m)

143.3

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 %

+1.3

+1.2

+1.6

+2.3

3 months %

+10.7

+10.7

+15.0

+4.7

Since launch

+27.2

+20.1

+26.0

+8.2

 * 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

3.2

 

ENN Energy

Pollution control

China

3.0

 

Delta Electronics (Thailand)

Industrial energy efficiency

Thailand

3.0

 

Campbell Brothers

Environmental testing

Australia

2.6

 

TOTAL



15.2

 

 

PORTFOLIO ANALYSIS*

Country exposure

Instruments

Japan

16%

ADR/GDR

3%

China & Hong Kong

39%

Equity Common

82%

Taiwan

6%

P-notes

8%

Korea

5%

Cash

7%

India

9%



Singapore

3%



Philippines

5%



Thailand

5%



Australia

Cash

5%

7%

 



 

  Sector

Company size

  Energy efficiency

35%

>$10bn

5%

  Renewable energy

12%

$2bn-$10bn

41%

    Diversified environmental

8%

$200-2bn

46%

  Waste management

12%

<$200m

1%

  Pollution control

  Water infrastructure

  Cash

10%

16%

7%

Cash

7%

* of funds invested as of 31 October 2010



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

MANAGER'S COMMENTARY (31 October 2010)

 

 

The Company NAV rose 1.3% over the month, whilst the MSCI AC Asia Pacific ex Japan Index (£) rose 1.2%, the FTSE Environmental opportunities Asia Pacific ex Japan Index (EOAX) (£) rose 1.6% and the FTSE Environmental Opportunities Japan Index (EOJP) (£) rose 2.3%. The cash level at the end of October was 7%.

 

On 23 July 2010 the Company announced that, in light of continuing demand for the Company's Ordinary Shares from both existing shareholders and potential new investors, it was considering the possibility of raising new monies through an issue of C Shares. Subsequently on 1 October 2010, a circular was sent to shareholders detailing proposals for such an issue. Following approval of the proposals by shareholders at a general meeting held on 26 October 2010, the Company issued 131,000,000 C shares at a price of £1 each. The C shares commenced trading on the London Stock Exchange on 27 October 2010.

 

Global equity markets rallied in anticipation of a further round of quantitative easing in the US. Asian markets participated with the exception of Japan where the yen strength continued to negatively impact the prospects for exporters. Diversified environmental was the best performing environmental sector.

 

Little was achieved at the Tianjin climate summit, held in preparation for the Cancun meeting in December, with the exception of some funding discussions for climate change adaption in developing countries. The first stage of the IPCC reform was implemented with a six year limit to leadership as well as new guidelines for research. October saw the announcement of China's 12th 5-year plan, which mentions the development of a domestic carbon trading scheme and an anticipated €25bn per year spend to develop wind power. China also plans to spend RMB2trn on smart grid development by 2015. The Asian Development Bank is also planning to issue up to $25bn worth of bonds in the next decade to fund water infrastructure projects in the region. South Korea is planning to spend $36bn by 2015 to build a renewables industry and India is working on establishing a solar project fund funded by a coal tax.

 

In Alternative Energy & Energy Efficiency, Delta Electronics (industrial energy efficiency, Thailand) rose on broker earnings upgrades on expectation of strong Q3 results and sustainable growth in solar inverters and automotive electronics into 2011. The announcement of China's 12th 5 year plan and the subsequent anticipation of recovery in power grid spending drove the performance of TBEA (power network efficiency, China). Energy efficient glass provider Xinyi Glass rose on company buybacks and its new proposal to expand its business and enter the TFT glass market. Gains were made from hydro and geothermal IPP company Abotitiz Power (Philippines) due to a new power supply contract and a rebound in electricity prices. Solar stocks Trina Solar (China) and OCI (Korea) both underperformed following profit taking after previous strong performance, while the strength of the yen again impacted the performance of Japanese exporters.

 

In Water Treatment & Pollution Control, water utility company Thai Tap Water (Thailand) continued its run of good performance and rose following the completion of new capacity and strong volume growth. On the negative side, investors in Kurita (water treatment equipment, Japan) grew concerned about growth prospects and the strength of the yen on Japanese exporters, and the stock suffered. IVRCL (water infrastructure) fell ahead of results as the monsoon season in India led investors to anticipate seasonally weak FY11 Q2 numbers.

 

In Waste Technologies & Resource Management, strong volume growth and news of a potential M&A drove the share price of China Metal Recycling (metal recycling, China) whilst SIMS (metal recycling, Australia) fell on disappointing Q3 results. Lee & Man (paper recycling, Hong Kong), a previous strong performer for the portfolio, fell after profit taking. 

 

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

 

Impax Asset Management Limited

15 November 2010


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