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Impax Asian Env Mkt (IAEM)

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Tuesday 14 June, 2011

Impax Asian Env Mkt

Performance at month end

RNS Number : 4003I
Impax Asian Environmental Mkts Plc
14 June 2011
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

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

 

DATA AND PERFORMANCE

Pricing


 

Diluted NAV (pence)

115.73

 

Undiluted NAV (pence)

118.59

 

Share price (pence)

111.13

 

Premium/ (discount) (%)

(6.29)

 

Data


Total fund size (NAV) ( m)

270.17

Market capitalisation (m)

238.90

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 %

-4.3

-1.0

-6.4

-1.1

3 months %

-0.6

+5.9

+4.1

-6.6

1 year

-11.6

+17.5

+18.6

+3.7

Since launch

+21.0

+27.0

+30.0

+16.0

 

 

 

 

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

** Total return. Source: FactSet, WM Reuters

 

TOP FIVE HOLDINGS

Company

Description

Country

Holding %





 

ENN Energy

Natural gas distribution

China

4.0

 

Xinyi Glass

Energy efficient glass

Hong Kong

3.6

 

Yingde Gases

Industrial gases

Hong Kong

3.4

 

China Longyuan

Renewable IPP

China

3.3

 

Campbell Brothers

Environmental testing

Australia

3.2

 

Horiba

Environmental & engine testing

Japan

3.0

 

China ITS

Transportation management

China

2.7

 

Lee & Man

Paper recycling

Hong Kong

2.7

 

Hollysys

Industrial and rail automation

China

2.7

 

LG Chem

Chemicals and efficient batteries

South Korea

2.7

 

TOTAL



31.3

 

 

PORTFOLIO ANALYSIS*

Country exposure

Company size

  Japan

18%

>$10bn

5%

  China & Hong Kong

41%

$2bn-$10bn

        40%

  Taiwan

9%

<$2bn

54%

South Korea

8%

Cash

1%

India

7%



Singapore

2%



Philippines

5%



Thailand

3%



Australia

Cash

6%

1%

 



 

 

  Sector

PE ratio**

  Energy efficiency

39%

>20x

1%

  Renewable energy

11%

15-20x

35%

  Diversified environmental

12%

<15x

63%

  Waste management

13%

Cash

Average P/E ratio

1%

13x

  Pollution control

  Water infrastructure

  Cash

12%

12%

1%

 

 

 

 

 

* of funds invested as of 31 May 2011

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


 

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

MANAGER'S COMMENTARY (May 2011)

 

Market Review

May was marked by investor concerns about major economic developments, such as the impact of the end of QE2 in the US on liquidity, the default risk for Greece, and inflation fears in most Asian countries.  Industrial economic data moderated from previous highs and had a detrimental impact on many energy efficiency companies after their previous strong relative performance.

 

Performance Review

Strong performance came from selected wind and natural gas stocks, such as ENN Energy (natural gas distribution, China) and China Longyuan Power (renewable IPP, China), that benefitted from ongoing positive sentiment following the Fukushima disaster and the release of the Chinese Five Year Plan. Japanese industrial companies able to resume production post the earthquake more quickly than initially expected, such as NSK (bearings, Japan), also performed well.

 

Weaker performance came from companies exposed to the de-rating of the solar market, such as Xinyi Glass (energy efficient glass, Hong Kong). Chinese companies, such as Hollysys (industrial and rail automation, China), affected by concerns over slower than expected growth in rail infrastructure, and negative sentiment following accounting scandals in unrelated US listed Chinese companies also underperformed.

 

Environmental Policy

The global debate over the safety of nuclear continued. Japan cancelled plans to increase nuclear from 30% to 50% of electricity supply and instead announced a new intention to further increase renewables. Germany now plans to phase out nuclear by 2022 and to further increase renewables capacity and energy efficiency measures.

 

China announced an investment of over 200bn Yuan in rural power grid upgrades and plans to build 2,500 charging stations for electric vehicles and new wastewater treatment and metal recycling plants.

 

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

 

14 June 2011


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