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Impax Asian Env Mkt (IAEM)

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Tuesday 18 January, 2011

Impax Asian Env Mkt

Performance at month end

RNS Number : 6950Z
Impax Asian Environmental Mkts Plc
18 January 2011
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

All information is at 31 December 2010 - Q4 2010 (unless otherwise stated) and unaudited.

 

DATA AND PERFORMANCE

Pricing


 

Diluted NAV (pence)

128.90

 

Undiluted NAV (pence)

134.16

 

Share price (pence)

128.63

 

Premium/ (discount) (%)

(4.12)

 

Data


Total fund size (NAV) ( m)

288.3

Market capitalisation (m)

276.4

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 %

+5.4

+6.2

+7.8

+6.9

3 months %

+9.0

+8.2

+8.4

+14.4

1 year

+24.5

+21.8

+26.6

+19.8

Since launch

+36.9

+28.4

+34.5

+21.0

 

 

 

 

 

* Performance data is for undiluted NAV ex income

** Total return. Source: FactSet, WM Reuters

 

TOP FIVE HOLDINGS

Company

Description

Country

Holding %

Xinyi Glass

General environmental

China

3.8

 

ENN Energy

Pollution control

China

3.6

 

Epistar

Buildings energy efficiency

Taiwan

3.4

 

Lee & Man

Recycled & value added waste processing

Hong Kong

3.3

 

Delta Electronics

Industrial energy efficiency

Taiwan

3.3

 

TOTAL



17.4

 

 

PORTFOLIO ANALYSIS*

Country exposure

Company size

  Japan

16%

>$10bn

10%

  China & Hong Kong

40%

$2bn-$10bn

41%

  Taiwan

9%

$200-2bn

48%

Korea

7%

Cash

1%

India

9%



Singapore

3%



Philippines

4%



Thailand

5%



Australia

Cash

6%

1%

 



 

  Sector

PE ratio**

  Energy efficiency

41%

>20x

6%

  Renewable energy

10%

15-20x

46%

  Diversified environmental

       6%

<15x

47%

  Waste management

13%



  Pollution control

  Water infrastructure

  Cash

      12%

     17%

     1%

Cash

1%

* of funds invested as of 31 December 2010

**Forward 12 month. Where analyst estimate not available historic figure used


IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

MANAGER'S COMMENTARY (Q4 2010)

 

The Company NAV rose 9.0% over the quarter, whilst the MSCI AC Asia Pacific ex Japan Index (£) rose 8.2%, the FTSE Environmental Opportunities Asia Pacific ex Japan Index (EOAX) (£) rose 8.4% and the FTSE Environmental Opportunities Japan Index (EOJP) (£) rose 14.4%.

 

The renewable energy & energy efficiency sector saw a general boost in the final quarter of the year as the initial announcements of the Chinese 12th five year plan listed clean technology, electric vehicles and renewable energy as core strategic sectors.

 

Energy efficiency stocks continued to be a key focus (particularly in China) driven by increasing industrial automation, grid investment and investment in buildings energy efficiency and the rail network.  The fund's overweight position in this sector supported its overall outperformance. Particularly strong energy efficiency stocks were China ITS (transport energy efficiency, China), which rose on the increased strategic importance of the Chinese rail sector and Delta Electronics (industrial energy efficiency, Taiwan) that benefitted from strong power electronics, auto and solar component markets. Renewable energy stocks such as China Longyuan (a renewable IPP) continued their run of weakness due to concerns over the regulations for European solar markets, grid constraints, rising interest rates and falling turbine prices.

 

Water treatment & pollution control outperformed as a weakening Yen drove positive performance in the fund's Japanese investments. There was good performance from water utilities in rapidly growing Asian countries and from strength in the environmental testing markets. Torishima Pump (water infrastructure, Japan) rose as the weakening Yen improved export potential, and Campbell Brothers (monitoring and testing, Australia) performed well on strong growth in its Australian mineral testing business.

 

The fund underperformed in the waste technologies & resource management sector as large index constituents in the Korean heavy engineering and Taiwanese chemicals sectors (that the Fund does not own) performed strongly. Underperforming stocks included Yingde Gases (pollution control, China), which fell on news that the government was rationing power to the steel sector, and Lee & Man (paper recycling, China) which had weaker than expected results.

 

The Cancun climate summit managed to rebuild trust and cooperation among delegates, but brought limited progress of relevance for investors. Agreement was achieved regarding a monitoring/verification framework and a Green Climate Fund managed by the World Bank to allocate up to $100bn in climate aid to the poorest countries by 2020. Uncertainty regarding the REDD-forestry mechanism, CDM and Kyoto Protocol frameworks remains. The US approved extensions of Bush-era tax cuts, including sizable direct environmental funding through cash grants and tax credits of $11bn for renewable energy, ethanol and energy efficiency. California approved cap & trade legislation to cap pollution from plants, cars and trucks by roughly 15% by 2020, taking effect from 2012.

 

In renewables, Italy is reforming and clarifying its incentives, by moving from green certificates to a feed-in-tariff, whereas France has a freeze in its solar PV development until March, when it is expected to introduce a new policy framework. Sweden and Norway agreed to establish a common green certificate market in 2012. Spain reduced tariffs for thermal solar and wind, and stunned investors with a retroactive cut in feed-in-tariffs and hourly caps for premium tariffs for solar PV. Turkey, on the other hand, ratified a new law guaranteeing prices paid for renewables, with wind in particular set to benefit strongly as investments of up to $30bn or ~19GW of new wind capacity might be developed within the next 4-5 years. In energy efficiency, Ireland introduced new residential energy efficiency incentives, including tax reliefs. The EU will introduce new fuel efficiency targets on vans and may move to tighten biofuel legislation by July 2011. The US DoE will provide $148m to accelerate the development of efficient vehicle technologies. 

 

In the water sector, India supported a regional protocol for water management in the Himalayan River Basin, as well as utilising a $1bn World Bank loan to start round-the-clock water supply facilities in 12 major cities. The Indonesian government has granted $6.3bn in funding for water resource developments in 2011.

 

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

 

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

 

18 January 2011


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