Performance at month end - new
IMPAX ENVIRONMENTAL MARKETS plc
All information is at 30 April 2006 and unaudited
DATA AND PERFORMANCE
Data Pricing & Performance
IEM MSCI Impax
Net World ET50
Share Price Asset
(pence) 117.5 Value
Warrants 42.8
(pence)
Total Fund Size GBP 146.8 Diluted NAV 112.1 n/a n/a
(m) (pence)
Market GBP 148.6 Premium/discount +4.8
Capitalisation (%)
(m)
Management fee 1.0 Undiluted NAV 115.0
(%) (pence)
Established 22 February Performance
2002
Fund structure Investment 1 month (%) +2.6 -1.8 +0.3
Trust
Number of 73 3 Months (%) +12.4 +2.3 +10.0
stocks held
Exchange London 1 year (%) +62.4 +28.4 +65.7
Currency GBP 3 year (%) +118.2 +48.5 +93.8
ISIN Number GB0031232498 Year to date (%) +24.3 +3.1 +26.8
Sedol 3123249
Reuters RIC IEM.L NB1 Performance data is for undiluted
Code NAV.
NB2 To comply with guidelines issued by
the AITC, portfolio valuation moved to
Bloomberg Code IEM LN bid from mid price with effect from 31
December 2005.
TOP TEN HOLDINGS
Company Holding % Description Country
Itron 2.9 Meters & software US
High efficiency electric
Regal Beloit 2.5 motors US
Vestas Wind Systems 2.5 Wind Denmark
Gamesa 2.3 Wind Spain
Canadian Hydro 2.3 Renewable energy IPP Canada
LKQ 2.2 Automotive recycling US
Tomra 2.2 Reverse vending machines Norway
RPS 2.2 Environmental consulting UK
Abengoa 2.1 Bioethanol & recycling Spain
Chloride Group 2.1 UPS systems UK
Total 23.3
PORTFOLIO ANALYSIS*
Geographical Company Size
North America 46% >£500m 45%
Europe 47% £100-500m 40%
Rest of the World 7% <£100m 16%
Sectoral Profitability
Energy 42% Profitable 87%
Water 27% Pre-Profitable 13%
Waste 31%
Cash 2%
* of funds invested as of 30 April 2006
MANAGER'S COMMENTARY (April 2006)
The Company NAV was up 2.6% over the month compared with the MSCI
World, which was down 1.8%, and the Impax ET50, which increased by
0.3% over the same period. The energy services and equipment sector
continued to outperform, buoyed by record oil prices, which rose
above $70 per b.b.l. Information technology and healthcare were the
only global sectors to fall.
During the month, UK politicians sought to align themselves with
environmental issues in advance of local elections. Opposition leader
David Cameron travelled to the Arctic to witness the effects of
global warming, whilst Chancellor Gordon Brown urged the World Bank
to set up a US$20 billion fund to help developing countries invest in
alternative energy sources. In the US, California Governor Arnold
Schwarzenegger endorsed measures to reduce industrial emissions of
greenhouse gases, particularly market-based solutions. Ironically
the flagship example of this, the EU Emissions Trading Scheme,
suffered its first set-back towards the end of the month as carbon
credits fell from ¤30 per tonne to ¤11 after several countries
reported lower-than-expected carbon dioxide emissions in 2005. The
allocations for Phase 1, covering 2005-07, had never been considered
aggressive, and were originally intended to prepare member states and
companies for the First Commitment Period of the Kyoto Protocol,
which runs 2008-12. However, the likely outcome of this is that
emissions limits will be much stricter from 2008. At the corporate
level, Severn Trent Plc announced the demerger of its UK integrated
waste management business, Biffa, which is expected to gain a higher
market valuation on the evidence of prices paid by private equity
firms to take waste management companies private. In the US, amidst
growing public support for the mandated use of biofuel, two companies
announced their intention to float on the New York Stock Exchange.
The best performers in particular were Questair (hydrogen
purification systems, Canada), which gained 63% on the successful
installation of a hydrogen recovery system into an Exxon oil
refinery, and Ballard (fuel cells, Canada), which rose 37% following
the announcement of higher engineering development revenues and lower
operating expenses in Q1. BWT (water treatment, Austria) increased
by 26% on strong full year results, and Bioteq (effluent treatment,
Canada) gained 25%. On the downside, Senea (automated meter reading,
Sweden) and Headwaters (recycling & clean coal, US) fell 16% and 15%
respectively, both on disappointing results.
During the month we made our first private equity investment into
Cellex Power Products Inc. (fuel cells, Canada), a company providing
fuel cell power solutions to the fork lift truck industry.
Latest information available at: www.impax.co.uk/asset/iemdown.htm
11 May 2006
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