Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Impax Asian Env Mkt (IAEM)

  Print      Mail a friend

Thursday 14 July, 2011

Impax Asian Env Mkt

Performance at month end

RNS Number : 4453K
Impax Asian Environmental Mkts Plc
14 July 2011
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

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

 

DATA AND PERFORMANCE

Pricing


 

Diluted NAV (pence)

115.63

 

Undiluted NAV (pence)

118.47

 

Share price (pence)

106.38

 

Premium/ (discount) (%)

(10.21)

 

Data


Total fund size (NAV) ( m)

270.30

Market capitalisation (m)

228.70

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 %

-0.1

+0.5

-0.5

+5.6

3 months %

-6.3

-0.3

-5.1

+2.1

1 year

+7.8

+20.7

+18.9

+14.8

Since launch

+20.9

+27.6

+29.3

+22.5

 

 

 

 

 

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

The Company is geared via a bank facility (amount drawn down since initial drawdown on 6 May 2011: US$25m)

** Total return. Source: FactSet, WM Reuters

 

TOP TEN HOLDINGS

Company

Description

Country

Holding %

ENN Energy

Natural gas distribution

China

4.0

 

Yingde Gases

Industrial gases

Hong Kong

3.8

 

China Longyuan

Renewable IPP

China

3.5

 

Horiba

Environmental & engine testing

Japan

3.3

 

Hollysys

Industrial and rail automation

China

2.9

 

Campbell Brothers

Environmental testing

Australia

2.8

 

Lee & Man

Paper recycling

Hong Kong

2.8

 

Xinyi Glass

Energy efficient glass

Hong Kong

    2.7

 

China ITS

Transportation management solution

China

2.6

 

Delta Electronics

Power electronics

Taiwan

2.6

 

TOTAL



31.0

 

 

PORTFOLIO ANALYSIS*

Country exposure

Company size

  Japan

18%

>$10bn

   4%

  China & Hong Kong

41%

$2bn-$10bn

        38%

  Taiwan

9%

<$2bn

        56%

South Korea

7%

Cash

  2%

India

7%



Singapore

2%



Philippines

5%



Thailand

3%



Australia

Cash

6%

2%

 



 

  Sector

PE ratio**

  Energy efficiency

38%

>20x

1%

  Renewable energy

9%

15-20x

30%

  Diversified environmental

11%

<15x

67%

  Waste management

14%

Cash

Average P/E ratio

2%

12.2x

  Pollution control

  Water infrastructure

  Cash

14%

  12%

2%

 

 

 

 

 

* of funds invested as of 30 June 2011

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

 

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

MANAGER'S COMMENTARY (Q2 2011)

 

Market Review

Investor concerns over the end of quantitative easing and its effect on liquidity and Asian inflation, and the consequences of monetary policy trends in the Euro zone peripherals, persisted throughout the second quarter.

Global events such as the Fukushima disaster, political instability in the Middle East, and regional droughts and flooding have again increased government and investor attention on the environmental sector.  The renewable energy sector remains weak; reinforcing the importance of the fund's diversified environmental investment strategy.

Asian equities are likely to remain volatile in the near term, although concern over inflation is likely to have peaked and credit conditions are unlikely to further tighten. The long term investment story for Asian environmental markets remains compelling. 

Performance Review

Japanese stocks, including NSK (bearings) and Horiba (environmental & engine testing) performed well on recovering auto production. Late cyclical energy efficiency companies also performed well, with Daikin (energy efficient air conditioners, Japan) rising on solid company guidance. Yingde Gases (industrial gases, Hong Kong) gained on analyst upgrades.

Renewable energy companies China Longyuan (renewable IPP, China) and China High Speed (wind turbine gearboxes, Hong Kong) were weak as a result of ongoing regulatory uncertainty and overcapacity in both the wind and solar sectors (despite a sentiment rally following the Fukushima disaster in Japan). Selected building energy efficiency companies, principally LED related companies such as Seoul Semiconductor (LED packager, South Korea) and Epistar (LED manufacturer, Taiwan), suffered due to profitability erosion because of high inventory levels.

Policy Update

The aftermath of the Fukushima disaster persisted on the energy agenda, with positive implications for the renewable energy and energy efficiency sectors. For example, Japan cancelled plans to expand nuclear from 30 to 50% of the energy mix and Germany decided to close all nuclear plants by 2022. The long term outlook for renewable energy was additionally strengthened due to rising power prices and a renewed focus on energy security and oil alternatives with continued Middle East unrest.

Following the finalisation of the Chinese 12th Five Year Plan, which includes targets for investments of up to USD300mn in water conservation, a cut in energy consumption per unit of GDP by 16% and an additional 70GW of wind and 5GW of solar, China announced an additional investment of over 200bn Yuan in rural power grid upgrades and plans for 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

Q2 2011 - 14 July 2011


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