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Impax Asian Env Mkt (IAEM)

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Monday 16 January, 2012

Impax Asian Env Mkt

Performance at month end

RNS Number : 6520V
Impax Asian Environmental Mkts Plc
16 January 2012
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

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

 

DATA AND PERFORMANCE

Pricing


 

Diluted NAV (pence)

n/a

 

Undiluted NAV (pence)

87.47

 

Share price (pence)

73.63

 

Premium/ (discount) (%)

(15.82)

 

Gross gearing ratio

1.137

 

Net gearing ratio

1.127

 

Data


Total fund size (NAV) ( m)

212.2

Market capitalisation (m)

156.9

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 %

-1.8

+1.2

+2.2

-1.5

3 months %

+0.8

+4.6

+4.5

-2.7

YTD

-34.8

-15.0

-28.3

-13.5

1 year

-34.8

-15.0

-28.3

-13.5

Since launch

-10.7

+9.1

-3.6

+4.7

 

 

 

 

 

 

 

 

 

 

 

 

 

* 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$40m)

** Total return. Source: FactSet, WM Reuters

 

TOP TEN HOLDINGS

Company

Description

Country

Holding %

Yingde Gases

Industrial gases

Hong Kong

3.9

 

ENN Energy

Natural gas distribution

China

3.8

 

SFA Engineering

OLED equipment manufacturer

South Korea

3.8

 

China Longyuan

Renewable IPP

China

3.7

 

Campbell Brothers

Environmental testing

Australia

3.3

 

Rinnai Corp

Efficient water heaters

Japan

3.3

 

China Metal Recycling

Metal recycling

Hong Kong

3.1

 

Manila Water

Water supply utility

Philippines

2.8

 

Horiba

Environmental and engine testing

Japan

2.8

 

Delta Electronics

Power electronics

Taiwan

2.8

 

TOTAL



33.3

 

 

PORTFOLIO ANALYSIS*

Country exposure

Company size

  Japan

19%

>$5bn

17%

  China & Hong Kong

40%

$1-5bn

46%

  Taiwan

9%

<$1bn

34%

South Korea

7%

Cash

3%

India

6%



Singapore

1%



Philippines

7%



Thailand

3%



Australia

Cash

5%

3%

 



 

  Sector

PE ratio**

  Renewable energy

13%

>20x

3%

  Energy efficiency

36%

15-20x

5%

  Diversified environmental

6%

<15x

88%

  Waste management

14%

Cash

3%

Pollution control

  Water infrastructure

  Cash

15%

  13%

3%

Other

Average P/E ratio

1%

10.1x

 

* of funds invested as of  31 December  2011

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

 

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

MANAGER'S COMMENTARY (Q4 2011)

 

Market Review
Peaking Asian inflation and positive policy momentum drove positive areas of performance, with areas of weakness resulting from on-going concerns about reduced growth expectations. Inconsistent, but generally positive macroeconomic data in the US, including an improving employment outlook, better than expected housing market data and encouraging retail data led a number of names, particularly higher beta, industrial and power network efficiency companies, to outperform.

Performance Summary
Stocks reporting good results, including Campbell Brothers (environmental testing, Australia), and China Metal Recycling (Hong Kong) performed well. China Metal Recycling and Xinyi Glass (energy efficient glass, Hong Kong) additionally benefitted from a stabilisation in commodity prices.

The lingering EU sovereign debt crisis, weakness in technology and electronics demand, and oversupply in wind and solar equipment detracted from performance. Daiseki (hazardous waste management, Japan) lost ground as the strong Yen, global slowdown and auto sector supply chain disruption (following the floods in Thailand) eroded positive Japanese industrial production momentum. Rinnai (efficient water heaters, Japan) narrowly missed earnings expectations due to earthquake related supply chain disruptions and weakness in a US subsidiary.

Policy Update
Delegates at the COP-17 climate summit in Durban agreed a global climate deal (to be finalised in 2015 and to come into force by 2020) to reduce greenhouse gases in all countries. The Kyoto Protocol was extended to 2017 and a new $100bn Green Climate Fund to assist developing countries in climate change adaptation was approved.

China announced it is looking to implement a renewable energy quota system in the first half of 2012 that will require grid operators and power generation companies to carry and produce a certain amount of renewable energy. China also further revised its solar power development target for 2015 by 50%, to reach 15GW.

  

Latest information available at: http://www.impaxam.com/listed-equity/listed-equity-investment-strategies/asia-pacific

 

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.impaxam.com/investor-relations/environmental-social-governance-issues

 

16 January 2012


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