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Impax Asian Env Mkt (IAEM)

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Tuesday 17 May, 2011

Impax Asian Env Mkt

Performance at month end

RNS Number : 7876G
Impax Asian Environmental Mkts Plc
17 May 2011
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

All information is at 30 April 2011 (unless otherwise stated) and unaudited.

 

DATA AND PERFORMANCE

 

Pricing


 

Diluted NAV (pence)

120.23

 

Undiluted NAV (pence)

123.91

 

Share price (pence)

114.13

 

Premium/ (discount) (%)

(7.89)

 

Data


Total fund size (NAV) ( m)

266.30

Market capitalisation (m)

245.28

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 %

-2.0

+0.2

+1.9

-2.3

3 months %

-1.6

-3.6

+4.4

-5.8

1 year

+3.0

+11.6

+16.1

-0.8

Since launch

+26.4

+28.2

+38.9

+17.2

 

 

 

 

 

* 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

4.3

 

ENN Energy

Natural gas distribution

China

4.0

 

Campbell Brothers

Environmental testing

Australia

3.3

 

Lee & Man

Paper recycling

Hong Kong

3.2

 

Yingde Gases

Industrial gases

Hong Kong

3.0

 

Horiba

Environmental & engine testing

Japan

2.9

 

China Longyuan

Renewable IPP

China

2.8

 

Delta Electronics

Power electronics

Taiwan

2.8

 

LG Chem

Chemicals and efficient batteries

South Korea

2.7

 

China Metal Recycling

Metal Recycling

Hong Kong

2.7

 

TOTAL



31.7

 

 

PORTFOLIO ANALYSIS*

Country exposure

Company size

  Japan

17%

>$10bn

8%

  China & Hong Kong

40%

$2bn-$10bn

        39%

  Taiwan

9%

<$2bn

52%

South Korea

9%

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

39%

  Diversified environmental

12%

<15x

57%

  Waste management

15%

Cash

Average P/E ratio

1%

13x

  Pollution control

  Water infrastructure

  Cash

12%

  12%

1%

 

 

 

 

 

* of funds invested as of 30 April 2011

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


 

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

MANAGER'S COMMENTARY (April 2011)

 

Market Review: Improving Asian sentiment and significant investment inflows into the region supported performance, whilst LED stocks and Chinese companies related to rail infrastructure were weak. The support for renewable energy companies induced by the Fukushima disaster moderated somewhat during the month.

 

Portfolio Review: The companies that performed well did so due to strong results and positive news flow. Xinyi Glass (energy efficient glass, Hong Kong) rose on the back of good 2010 results, a new production base in Northern China and analyst upgrades. LG Chem (chemicals and efficient batteries, South Korea) performed well on good Q1 results due to widening chemical margins, while OCI (polysilicon, South Korea) rose on new capacity (which will make OCI the leading global polysilicon company) and improved policy momentum. China Metal Recycling (metal recycling, Hong Kong) performed well on a new JV and expansion into recycling automotives and white goods.

Chinese companies China ITS (transportation management solutions) and Hollysys (industrial and rail automation) were weak following concerns about the delayed build out of railway infrastructure following the arrest of the Chinese Minister for Rail. Epistar (LED manufacturer, Taiwan) and Seoul Semiconductor (LED packager, South Korea) underperformed due to falling LED order momentum and weak numbers, whilst China High Speed (wind turbine gearboxes, Hong Kong) lost the March gains that resulted from an increased focus on renewables after the Fukushima disaster.

 

Key Environmental Policy: Attempts to stabilise the Fukushima plant in Japan continued during April and nuclear remained a key topic. Several EU countries announced delays or moratoriums on new nuclear build out. This resulted in increased attention on alternative energy sources and energy saving techniques. The German government introduced a plan focusing on increased energy efficiency, grid expansion and quicker up-take of renewables and the China Solar Energy Association proposed a tripling of 2015 goals for installed solar PV capacity. The Chinese government will fund up to 1.5bn yuan in order that 20 provinces can build regional recycling bases and 10 more cities can pilot an advanced technology recycling system.

 

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

 

17 May 2011


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