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Impax Asian Env Mkt (IAEM)

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Friday 15 April, 2011

Impax Asian Env Mkt

Performance at month end

RNS Number : 0522F
Impax Asian Environmental Mkts Plc
15 April 2011
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

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

 

DATA AND PERFORMANCE

Pricing


 

Diluted NAV (pence)

122.42

 

Undiluted NAV (pence)

126.49

 

Share price (pence)

113.63

 

Premium/ (discount) (%)

(10.17)

 

Data


Total fund size (NAV) ( m)

271.86

Market capitalisation (m)

244.21

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 %

+6.0

+6.7

+9.2

-3.3

3 months %

-5.7

-0.3

-0.1

-3.3

1 year

+8.6

+11.8

+15.2

+2.0

Since launch

+29.1

+27.9

+36.3

+20.0

 

 

 

 

 

 

 

 

 

 

 

* 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

3.7

 

Campbell Brothers

Environmental testing

Australia

3.2

 

Lee & Man

Paper recycling

Hong Kong

3.1

 

Epistar

LED manufacturer

Taiwan

3.0

 

TOTAL



17.1

 

 

PORTFOLIO ANALYSIS*

Country exposure

Company size

  Japan

17%

>$10bn

5%

  China & Hong Kong

41%

$2bn-$10bn

        44%

  Taiwan

9%

<$2bn

50%

South Korea

8%

Cash

1%

India

7%



Singapore

2%



Philippines

5%



Thailand

4%



Australia

Cash

6%

1%

 



 

  Sector

PE ratio**

  Energy efficiency

37%

>20x

3%

  Renewable energy

11%

15-20x

43%

  Diversified environmental

11%

<15x

53%

  Waste management

14%

Cash

Average P/E ratio

1%

13x

  Pollution control

  Water infrastructure

  Cash

13%

  13%

1%

 

 

 

 

 

* of funds invested as of 31 March 2011

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


 

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

MANAGER'S COMMENTARY (Q1 2011)

 

Market Review: The start of January saw encouraging economic data and strong markets. As the month progressed geopolitical developments in the Middle East led to increasing oil prices and a stock market correction. February was marked by increasing concerns over unrest in Libya, rising commodity prices and elevated inflation. Equity markets in general were additionally hit in March by the earthquake in Japan and further developments in the Middle East. In contrast, environmental markets were boosted by these events. Oil price increases and nuclear concerns that followed damage to the Fukushima plant in Japan led to a global hold on any new nuclear build. This drove up gas and electricity prices and led to speculation over an increased use of renewable energy and focus on energy efficiency.

Portfolio Review: Positive performance came principally from renewable energy stocks such as China Longyuan (renewable IPP, China) following speculation over renewables increased role in the global energy mix as power prices rose when nuclear capacity was suspended after damage to the Fukushima plant in Japan.  Energy efficiency companies that are potential beneficiaries of opportunities for Japanese rebuild also performed well, as did solar stocks, such as OCI (solar polysilicon, South Korea) that performed well on strong demand ahead of feed in tariff reductions in Europe. Campbell Brothers Ltd (environmental testing, Australia) was a further particularly strong performer due to strength in the company's minerals business.

Negative performance came from selected power electronics stocks, including Delta Electronics (power electronics, Taiwan), that were pressurised by high inventory levels in the LED and TV backlighting markets. Selected waste companies, such as Sims Metal Management (metal recycling, Australia) also suffered due to short term weakness in scrap metal prices and concerns over volume growth. Rising interest rates negatively impacted Indian water infrastructure and technologies stock IVRCL.

Key Environmental Policy: The problems at Japanese nuclear plant Fukushima have triggered global debate about the safety measures of plants elsewhere in the world. Germany announced a three month suspension to the law to extend the life of the nuclear plants, making seven of the country's 17 nuclear plants idle. There is expectation that these will be shut permanently. The EU called for nuclear 'stress testing' across all EU countries. The approval of nuclear power projects is temporarily suspended in China with a call for a safety assessment of all nuclear plants under construction.

Continued Middle East unrest has resulted in a global focus on energy security and alternatives to oil. Obama specified four areas to help curb U.S. dependence on foreign oil. These are lifting domestic energy production, fostering the use of more natural gas in vehicles like city buses, making cars and trucks more efficient, and boosting alternative energy by encouraging biofuels.

Key Asian policy centred around China where the annual session of the National People's congress concluded the approval of the 12th Five Year Plan which included targets for energy consumption per unit of GDP to be cut by 16% and carbon dioxide emission per unit of GDP to be cut by 17%. The plan includes an additional 70 GW of wind and 5 GW of solar.

 

 

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

 

15 April 2011


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