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Impax Asian Env Mkt (IAEM)

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Tuesday 15 November, 2011

Impax Asian Env Mkt

Performance at month end

RNS Number : 1334S
Impax Asian Environmental Mkts Plc
15 November 2011
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

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

 

DATA AND PERFORMANCE

Pricing


 

Diluted NAV (pence)

n/a

 

Undiluted NAV (pence)

92.41

 

Share price (pence)

79.88

 

Premium/ (discount) (%)

(13.56)

 

Data


Total fund size (NAV) ( m)

214.16

Market capitalisation (m)

171.73

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 %

+6.5

+9.3

+8.4

-0.3

3 months %

-17.6

-8.9

-20.2

-10.8

YTD

-31.1

-11.2

-25.7

-11.3

1 year

-25.9

-5.0

-20.7

-0.8

Since launch

-5.7

+14.0

+1.4

+10.0

 

 

 

 

 

 

* 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 %

Yingde Gases

Industrial gases

Hong Kong

4.3

 

ENN Energy

Natural gas distribution

China

4.1

 

China Metal Recycling

Metal recycling

Hong Kong

3.9

 

China Longyuan

Renewable IPP

China

3.8

 

Campbell Brothers

Environmental testing

Australia

3.8

 

Horiba

Environmental & engine testing

Japan

3.5

 

SFA Engineering

OLED equipment manufacturer

South Korea

3.2

 

Daiseki

Hazardous waste management

Japan

3.0

 

Rinnai Corp

Efficient water heaters

Japan

2.9

 

Manila Water

Water supply utility

Philippines

2.8

 

TOTAL



35.3

 





 

 

PORTFOLIO ANALYSIS*

Country exposure

Company size

Japan

19%

>$5bn

15%

China & Hong Kong

39%

$1-5bn

47%

Taiwan

8%

<$1bn

34%

South Korea

6%

Cash

4%

India

7%

Singapore

2%

Philippines

6%

Thailand

3%

Australia

Cash

6%

4%

 

 

  Sector

PE ratio**

Renewable energy

14%

>20x

2%

  Energy efficiency

33%

15-20x

18%

  Diversified environmental

7%

<15x

76%

Waste management

14%

Cash

4%

Pollution control

Water infrastructure

Cash

16%

  12%

4%

Average P/E ratio

10.3x

 

* of funds invested as of  31 October  2011

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

 

 

 

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

MANAGER'S COMMENTARY (31st October 2011)

 

 

Market Review

Equity markets rebounded strongly against a background which, overall, proved more reassuring for investors. Beyond the fears of European sovereign debt crisis contagion, which persisted right up to the end of the month, observers were comforted by better than expected economic news from the United States, prompting a rise in global stock markets and strong performance from environmental stocks with industrial exposure.

Performance Summary
Cyclical stocks with industrial or construction exposure performed well as markets rebounded. A recovery in commodity pricing additionally boosted China Metal Recycling (Hong Kong), whilst Sound Global (water and wastewater treatment, China) performed well on news of having secured new water treatment projects.  China ITS and Hollysys (transportation management solution and industrial and rail automation, China) both rose on the announcement that the
Chinese Ministry of Rail has obtained new funding.

Ongoing weakness in electronic markets impacted SFA Engineering (OLED equipment manufacturer, South Korea), whilst tight monetary conditions in India affected Jain Irrigation (micro-irrigation systems, India), as the company suffered from an accounting related FX loss on foreign debt. Japanese stocks Daiseki (hazardous waste management) and Rinnai (efficient water heaters) were weak following profit taking after strong September performance.


Policy Update

China published its "National Roadmap" for wind power development 2050, with targets for 17% of total electricity by 2050, and an installed capacity of 1,000GW. China is expected to require investments of RMB3.1trn in environmental protection (treatment of wastewater, sludge and desulphurization) from 2011-15.

The EU passed draft legislation to promote the development of natural gas and promote renewable energy through a €40bn fund.

South Africa announced plans to establish carbon emission budgets, and Californian regulators approved final regulations for a carbon market.

 

 

 

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 November 2011


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