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Impax Asian Env Mkt (IAEM)

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Wednesday 16 February, 2011

Impax Asian Env Mkt

Performance at month end

RNS Number : 3234B
Impax Asian Environmental Mkts Plc
16 February 2011
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

All information is at 31 January 2011 (unless otherwise stated) and unaudited.

 

DATA AND PERFORMANCE

Pricing


 

Diluted NAV (pence)

121.90

 

Undiluted NAV (pence)

125.89

 

Share price (pence)

126.83

 

Premium/ (discount) (%)

0.75

 

Data


Total fund size (NAV) ( m)

270.5

Market capitalisation (m)

272.6

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 %

-6.2

-3.5

-2.6

+0.3

3 months %

+1.0

+3.1

+4.0

+12.2

1 year

+22.2

+24.5

+31.4

+18.8

Since launch

+28.5

+23.8

+31.0

+21.4

 

 

 

 

 

 

 

 

 

 

 

* Performance data is for undiluted NAV ex income

** Total return. Source: FactSet, WM Reuters

 

TOP FIVE HOLDINGS

Company

Description

Country

Holding %

Xinyi Glass

Diversified environmental

Hong Kong

4.0

 

ENN Energy

Pollution control

China

3.8

 

Delta Electronics

Industrial energy efficiency

Taiwan

3.3

 

Lee & Man

Recycled & value added waste processing

Hong Kong

3.2

 

Campbell Brothers

Environmental testing and gas sensing

Australia

3.1

 

TOTAL



17.4

 

 

PORTFOLIO ANALYSIS*

Country exposure

Company size

  Japan

15%

>$10bn

11%

  China & Hong Kong

41%

$2bn-$10bn

38%

  Taiwan

10%

<2bn

50%

Korea

8%

Cash

1%

India

8%



Singapore

3%



Philippines

4%



Thailand

4%



Australia

Cash

6%

1%

 



 

  Sector

PE ratio**

  Energy efficiency

43%

>20x

9%

  Renewable energy

11%

15-20x

45%

  Diversified environmental

6%

<15x

45%

  Waste management

13%

Average PE ratio:

13.8%

  Pollution control

  Water infrastructure

  Cash

12%

  14%

1%

Cash

1%

 

* of funds invested as of 31 January 2011

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


 

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

MANAGER'S COMMENTARY (January 2011)

 

The Company NAV fell 6.2% over the month, whilst the MSCI AC Asia Pacific ex Japan Index (£) fell 3.5%, the FTSE Environmental Opportunities Asia Pacific ex Japan Index (EOAX) (£) fell  2.6% and the FTSE Environmental Opportunities Japan Index (EOJP) (£) rose 0.3%.

Global equity markets advanced in January as confidence in the sustainability of the economic recovery in the US increased and concerns about European sovereign debt issues reduced. In the Asian region a pickup in inflationary pressures led to a performance divergence. The Chinese, Indian and South East Asian markets suffered profit taking as investors anticipated further interest rate increases. Korea and Taiwan rallied in anticipation of rising exports driven by improving US demand. The Company NAV declined more than the indices due to the de-rating of the Indian market and profit taking in a number of waste-related and recycling stocks. In addition, the Company maintains an underweight in the solar sector which has outperformed in January.

Renewable Energy & Energy Efficiency: Energy efficiency stocks posted a mixed performance. Boer Power (power network efficiency, China) a recent IPO, rallied on the back of strong government support for corporate energy efficiency. SEMCO (industrial energy efficiency, Korea) advanced as investors looked through weak Q4 earnings and anticipated a recovery in LED profitability. In contrast to recent months, the portfolio's underweight position in solar module manufacturers detracted from performance, as clarifications of subsidy reductions resulted in performance spikes across the solar sector. Weak performance also came from renewable energy IPPs in South East Asia, as investors reduced exposure to these markets following a strong 2010, amid growing concerns about inflation.

Water Treatment and Pollution Control: IVRCL Infrastructure (water infrastructure, India), weighed on performance as it fell on concerns about rising interest rates, slowing order execution and a weakened balance sheet due to lengthening working capital. The exposure to the stock has been reduced.

Waste Technologies and Environmental Support Services:  Positive performance came from China Metal Recycling (China) due to strong volume growth and announcements of M&A activity. Detractors to performance included Daiseki (hazardous waste management, Japan), SIMs (metal recycling, Australia), TPI (waste management, Australia) and Fook Woo (paper recycling, China) all of whom suffered profit taking following gains made in 2010.

An additional UN climate summit has been announced for April in Bangkok, to progress work on a Kyoto Protocol successor. In renewable energy, China is to tighten rules with power grid companies buying more electricity from renewable sources and the Philippines is working with the World Bank to design a globally acceptable feed-in-tariff for renewable projects.   However, Taiwan is to cut solar tariffs by 30%, as installation equipment costs have fallen. In energy efficiency, India proposed an energy efficiency program for eight of its industries while China announced plans to upgrade and expand its power grids. In the water sector, China will introduce tougher conservation measures and spend approximately $3bn on water conservation between 2011 and 2015.  China has also proposed to invest 10% of land transfer fees in rural irrigation reservoir upgrades, or approximately $31bn over this period. India will introduce a water policy framework by the end of the year, including guidelines on water allocation and groundwater conservation.

 

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

16 February 2011


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