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Impax Asian Env Mkt (IAEM)

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Thursday 13 October, 2011

Impax Asian Env Mkt

Performance at month end

RNS Number : 1654Q
Impax Asian Environmental Mkts Plc
13 October 2011
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

All information is at Q3 2011 - 30 September 2011 (unless otherwise stated) and unaudited.

 

DATA AND PERFORMANCE

 

Pricing


 

Diluted NAV (pence)

n/a

 

Undiluted NAV (pence)

86.75

 

Share price (pence)

76.63

 

Premium/ (discount) (%)

(11.67)

 

Data


Total fund size (NAV) ( m)

202.48

Market capitalisation (m)

164.75

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 %

-12.3

-9.6

-13.7

0.0

3 months %

-26.8

-18.2

-27.6

-10.0

YTD

-35.3

-18.7

-31.4

-11.1

1 year

-29.5

+12.0

-25.7

+1.7

Since launch

-11.5

+4.3

-6.4

+10.3

 

 

 

 

 

 

 

 

 

 

 

 

 

* 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 %

Horiba

Environmental & engine testing

Japan

4.1

 

China Longyuan

Renewable IPP

China

4.1

 

ENN Energy

Natural gas distribution

China

4.0

 

Yingde Gases

Industrial gases

Hong Kong

3.9

 

Daiseki

Hazardous waste management

Japan

3.8

 

SFA Engineering

OLED equipment manufacturer

South Korea

3.7

 

Rinnai Corp

Efficient water heaters

Japan

3.6

 

Campbell Brothers

Environmental testing

Australia

3.4

 

Manila Water

Water supply utility

Philippines

2.9

 

China Metal Recycling

Metal recycling

Hong Kong

2.9

 

TOTAL



36.4

 





 

 

PORTFOLIO ANALYSIS*

Country exposure

Company size

  Japan

22%

>$5bn

14%

  China & Hong Kong

35%

$1-5bn

44%

  Taiwan

8%

<$1bn

38%

South Korea

7%

Cash

4%

India

7%



Singapore

2%



Philippines

6%



Thailand

3%



Australia

Cash

6%

4%

 



 

  Sector

PE ratio**

  Renewable energy

13%

15-20x

16%

  Diversified environmental

7%

<15x

80%

  Waste management

14%

Cash

Average P/E ratio

4%

9.1x

Pollution control

  Water infrastructure

  Cash

13%

  13%

4%

 

 

 

 

 

* of funds invested as of  30 September 2011

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

 

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

MANAGER'S COMMENTARY (Q3 2011)

 

Market Review:

Global equity markets experienced a major correction throughout the third quarter of 2011 as a result of renewed concerns about European sovereign debt and a downgrade to the US debt rating. Environmental markets underperformed as concerns about government budget cuts weighed on the renewable energy sector, and fears of a double-dip recession negatively impacted industrial and technology related energy efficiency stocks. Emerging Markets underperformed global equities as concerns about inflation and rising interest rates persisted, risk appetite declined, and Chinese companies with smaller capitalisations were de-rated.  In contrast, the Japanese market outperformed as the economy weathered the disruptions of the earthquake better than was expected.

 

Performance:

Strong performance came from domestic Japanese companies that did not disappoint on earnings expectations, such as Rinnai (efficient water heaters) and Daiseki (hazardous waste management). Water utilities including Manila Water (Philippines) also outperformed due to their more stable earnings characteristics.

 

Companies that were sold-off with liquidity concerns and de-risking, such as Boer Power (electrical distribution systems, China) and China ITS (transport management solution, China) detracted from performance, as did smaller Chinese companies with exposure to industrial and technology sectors, such as Xinyi Glass (energy efficient glass, Hong Kong) and Lee & Man (paper recycling, Hong Kong).

 

Policy Update:

China announced plans to recycle >20% of wastewater in urban areas by 2015 (up from 8.5% at the end of 2010), a national feed-in-tariff for solar projects, 30GW of offshore wind farms by 2020, and to eliminate incandescent bulbs by 2016. The Japanese Prime Minister encouraged the country to gradually eliminate reliance on nuclear with plans for a 200 billion yen ($2.6 billion) fund to support energy efficiency initiatives. Japan also approved a bill to subsidize electricity from renewable sources, targeting 28 GW of solar by 2020.

 

 

 

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

13 October 2011


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