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Impax Asian Env Mkt (IAEM)

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Wednesday 14 March, 2012

Impax Asian Env Mkt

Performance at month end

RNS Number : 3558Z
Impax Asian Environmental Mkts Plc
14 March 2012
 



IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

 

All information is at 29 February 2012 (unless otherwise stated) and unaudited.

 

DATA AND PERFORMANCE

Pricing


 

Diluted NAV (pence)

n/a

 

Undiluted NAV (pence)

101.06

 

Share price (pence)

88.63

 

Premium/ (discount) (%)

(12.30)

 

Gross gearing ratio

12%

 

Net gearing ratio

9%

 

Data


Total fund size ( m)

240.5

Market capitalisation (m)

188.9

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 %

+7.1

+4.0

+4.5

+2.7

3 months %

+13.5

+14.3

+18.1

+6.4

YTD

+15.5

+12.9

+15.6

+8.0

1 year

-15.3

+2.8

-9.4

-6.6

Since launch

+3.1

+23.2

+13.1

+16.0

 

 

 

 

 

 

 

 

 

 

 

 

 

* 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$40m)

** Total return. Source: FactSet, WM Reuters

 

TOP TEN HOLDINGS

Company

Description

Country

Holding %

ENN Energy

Natural gas distribution

China

3.5

Delta Electronics

Power electronics

Taiwan

3.5

LG Chem

Chemicals and efficient batteries

South Korea

3.4

SFA Engineering

OLED equipment manufacturer

South Korea

3.3

Rinnai Corp

Efficient water heaters

Japan

3.3

Epistar

LED manufacturer

Taiwan

3.2

Campbell Brothers

Environmental testing

Australia

3.1

China Everbright

Water and waste treatment

Hong Kong

2.9

China Longyuan

Renewable IPP

China

2.9

China Metal Recycling

Metal recycling

Hong Kong

2.8

TOTAL



31.9

 

PORTFOLIO ANALYSIS*

Country exposure

Company size

  Japan

16%

>$5bn

17%

  China & Hong Kong

39%

$1-5bn

50%

  Taiwan

12%

<$1bn

30%

South Korea

9%

Other

1%

India

8%

Cash

2%

Singapore

2%



Philippines

4%



Thailand

2%



Australia

Indonesia

Cash

 

5%

1%

2%

 







 

  Sector

PE ratio**

  Alternative energy

12%

>20x

6%

 

  Energy efficiency

40%

15-20x

21%

 

  Diversified environmental

5%

<15x

69%

 

  Waste management

13%

Cash

2%

 

Pollution control

  Water infrastructure

  Cash

13%

  15%

2%

Other

Average P/E ratio

2%

12.1x

 

 

* of funds invested as of  29 February 2012

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

 

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

MANAGER'S COMMENTARY (February 2012)

 

Market Review

News flow and market sentiment remained positive in February, with continuing monetary loosening and a stronger than expected PMI reading in both China and India. Despite improvement of US economic figures and easing sovereign debt concerns in Europe, Asian export orientated economies, in particular South Korea and Taiwan, had rather weak export figures. Cyclical stocks continued to perform well and environmental policy momentum in Asia remained strong, but the high oil price caused concerns over increasing inflationary pressure.

 

Performance Summary

Continued signs of recovery in the US and Europe, accompanied by moderating inflation in both China and India, and Japan's adoption of an inflation targeting regime, all drove performance. Lee & Man (paper manufacturing, Hong Kong) performed well as management raised product prices in line with normalisation of demand. Campbell Brothers (environmental testing, Australia) rose following strong competitor results and strong performance in the Australian resources sector. Expectations of recovery in construction activity drove performance from China Liansu Group (water infrastructure, China).

 

The proposed April cut in German solar feed-in tariffs and a US investigation into solar equipment import tariffs weighed on sector performance, but caused minimal impact on the portfolio due to low exposure to the sub-sector. The Chinese wind market continued to be negatively impacted by weak wind resources and grid restraints. Yingde Gases (industrial gases, Hong Kong) underperformed following the placement of existing shares from pre-IPO investors, whilst news that the holding company of Woongjin Coway (water filters, South Korea) is to sell its stake in the company caused performance to fall, despite no impact at the operational level. Goodpack (transport packaging solution, Singapore) underperformed due to profit taking against low liquidity.

 

Policy Update

Several governments, including Spain, UK, Greece, China and Germany lowered solar feed-in tariffs following strong solar installation figures and sharply lower module prices.

 

In Asia, China is to tighten environmental standards on lead acid batteries as well as increasing a resource tax on six minerals including iron ore. South Korea will roll out 10 million smart meters to roughly half of all households by 2016 to improve efficiency. 

 

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

 

14 March 2012


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