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Impax Asian Env Mkt (IAEM)

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Wednesday 16 March, 2011

Impax Asian Env Mkt

Performance at month end

RNS Number : 0562D
Impax Asian Environmental Mkts Plc
16 March 2011
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

All information is at 28 February 2011 (unless otherwise stated) and unaudited.

 

DATA AND PERFORMANCE

Pricing


 

Diluted NAV (pence)

116.37

 

Undiluted NAV (pence)

119.34

 

Share price (pence)

117.38

 

Premium/ (discount) (%)

(1.64)

 

Data


Total fund size (NAV) ( m)

256.5

Market capitalisation (m)

252.27

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 %

-5.2

-3.2

-6.2

-0.3

3 months %

-6.3

-0.8

-1.5

+7.0

1 year

+10.4

+13.0

+16.3

+12.6

Since launch

+21.8

+19.9

+23.0

+21.0

  

 

* Performance data is for undiluted NAV ex income (unaudited)

** Total return. Source: FactSet, WM Reuters

 

TOP FIVE HOLDINGS

Company

Description

Country

Holding %

Xinyi Glass

Energy efficient glass

Hong Kong

4.1

 

ENN Energy

Natural gas distribution

China

4.0

 

Lee & Man

Paper recycling

Hong Kong

3.1

 

Campbell Brothers

Environmental testing

Australia

3.1

 

Delta Electronics

Power electronics

Taiwan

3.1

 

TOTAL



17.4

 

 

PORTFOLIO ANALYSIS*

Country exposure

Company size

  Japan

15%

>$10bn

3%

  China & Hong Kong

41%

$2bn-$10bn

        46%

  Taiwan

9%

<$2bn

48%

Korea

8%

Cash

3%

India

7%

Singapore

2%

Philippines

4%

Thailand

5%

Australia

Cash

6%

3%

 

  Sector

PE ratio**

  Energy efficiency

39%

>20x

1%

  Renewable energy

12%

15-20x

42%

  Diversified environmental

8%

<15x

54%

  Waste management

13%

Cash

Average P/E ratio

3%

13x

  Pollution control

  Water infrastructure

  Cash

13%

  12%

3%

 

 

 

 

 

* of funds invested as of 28 February 2011

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


 

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

MANAGER'S COMMENTARY (February 2011)

 

The Company NAV fell 5.2% over the month, whilst the MSCI AC Asia Pacific ex Japan Index (£) fell 3.2%, the FTSE Environmental Opportunities Asia Pacific ex Japan Index (EOAX) (£) fell 6.2% and the FTSE Environmental Opportunities Japan Index (EOJP) (£) fell 0.3%.

Renewable Energy & Energy Efficiency - Renewable energy stocks performed well - solar polysilicon stocks GCL Poly (Hong Kong) and OCI (Korea) outperformed due to their defensive positioning in the upstream part of the value chain, whilst independent power producers Aboitiz Power (Philippines) and Greenko (India) rallied after profit taking. Performance in the energy efficiency sector was mixed. Taiwanese LED manufacturers SemiLEDs and Epistar underperformed due to rotation out of the Taiwanese market with the surging oil price. Boer Power (Electrical Distribution Systems, China) underperformed due to profit taking after a strong January.

China ITS (Transportation Management Solutions, China) and Hollysys (Industrial and Rail Automation, China) were weak on negative sentiment in the railway sector due to the arrest of ex-head of the Ministry of Rail, and China High Precision (Automation, China) underperformed on weaker guidance from management for the second half of FY2011.

Water Treatment and Pollution Control - Environmental testing and gas sensing companies performed well. Campbell Brothers (Australia) rose on a stronger outlook for the metals and mining sector whilst Horiba (Japan) was boosted by results that exceeded expectation and a positive mid-term plan.

Asian water and wastewater treatment companies Sound Global (China) and Hyflux (Singapore) underperformed due to concerns over the companies' projects in the Middle East. However, Sound Global actually has less exposure to the Middle East than is commonly perceived by the market, and we took this opportunity to switch some of our holding in Hyflux into Sound Global.

Waste Technologies and Environmental Support Services - Daiseki (Hazardous Waste Management, Japan) performed well on improving industrial production numbers in Japan, which should result in volume improvements. Fook Woo (Paper Recycling, Hong Kong) underperformed due to a delay in the announcement of the company's impending acquisition.

In China, energy saving and environmental protection industries received new tax exemptions as part of the seven strategic emerging industries outlined in the 12th Five Year Plan. China also announced aims to cut the amount of energy and carbon dioxide emissions needed for every unit of economic growth by 16 to 17 per cent from this year to the end of 2015, a step toward the government's pledge to cut carbon intensity by 40 to 45 per cent by 2020, relative to 2005 levels.

The Indian budget was released with the following areas announced to receive funding from the National Clean Energy Fund: protection and regeneration of forests, environmental pollution management and the cleaning of rivers and lakes. India's central bank introduced a subsidised rate of 5 per cent (normal lending rate 7.25-9.5%) for lending on off-grid solar projects due to be connected under India's National Solar Mission.

Japan plans to make the power sector buy electricity from a wider range of renewable energy sources than it does currently using a feed-in tariff incentive scheme from the year starting April 2012.

In Australia, the Labour-led government introduced plans for a fixed carbon price from 1 July 2012. A transition to an emissions trading scheme will follow around 2015-2016.

 

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 March 2011


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