Performance at month end (3364O)
September 15 2011 - 10:00AM
UK Regulatory
TIDMIAEM TIDMIAES
RNS Number : 3364O
Impax Asian Environmental Mkts Plc
15 September 2011
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
All information is at 31 August 2011 (unless otherwise stated)
and unaudited.
DATA AND PERFORMANCE
Pricing
Diluted NAV (pence) 98.89
Undiluted NAV (pence) 98.89
Share price (pence) 89.13
Premium/ (discount) (%) (9.87)
Data
Total fund size (NAV)
( m) 228.0
Market capitalisation
(m) 191.62
Management fee (%) 1.0
Established 23(rd) October
2009
Fund structure Investment
Trust
Exchange London
Currency GBP
ISIN Number GB00B4M5KX38
Sedol B4M5KX3
Bloomberg code IAEM LN
MSCI AC
Asia Pacific FTSE EO
Performance IAEM Net (ex Japan) Asia Pacific FTSE EO
(GBP) Asset Value* ** (ex Japan)** Japan**
1 month % -11.9 -7.7 -14.7 -10.5
3 months % -16.6 -9.1 -16.6 -4.9
YTD -26.3 -10.1 -20.6 -11.0
1 year -13.5 +6.2 -4.2 +8.1
Since launch +0.9 +15.5 +8.4 +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
Holding
Company Description Country %
ENN Energy Natural gas distribution China 4.1
Yingde Gases Industrial gases Hong Kong 3.8
China Longyuan Renewable IPP China 3.8
Environmental & engine
Horiba testing Japan 3.8
SFA Engineering OLED equipment manufacturer South Korea 3.7
Campbell Brothers Environmental testing Australia 3.6
China Metal Recycling Metal recycling Hong Kong 3.4
Daiseki Hazardous waste management Japan 3.2
Rinnai Corp Efficiency water heaters Japan 2.8
Manila Water Water supply utility Philippines 2.6
TOTAL 34.8
PORTFOLIO ANALYSIS*
Country exposure Company size
Japan 19% >$5bn 14%
China & Hong
Kong 39% $1-5bn 52%
Taiwan 8% <$1bn 31%
South Korea 7% Cash 3%
India 7%
Singapore 2%
Philippines 6%
Thailand 3%
Australia 6%
Cash 3%
Sector PE ratio**
Energy efficiency 33% >20x 2%
Renewable energy 11% 15-20x 23%
Diversified environmental 10% <15x 72%
Waste management 15% Cash 3%
Average P/E 10.3x
ratio
Pollution control 15%
Water infrastructure 13%
Cash 3%
* of funds invested as of 31 August 2011
**Forward 12 months. Where analyst estimate
not available historic figure used.
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
MANAGER'S COMMENTARY (31 August 2011)
Market Review:
Following a difficult July, the equity markets saw their slide
steepen sharply in August before stabilising towards the end of the
period. The main reasons lying behind this performance were
continued doubts about the state of European public finances and
the fears of a recession in the United States, both of which may
give rise to a slowdown in global growth. This has been reflected
in our more defensive approach to portfolio management, with an
increased exposure to business models with better earnings
visibility and companies with long term contract businesses. We
have continued to reduce our holdings in companies with high
earnings sensitivity to economic growth, those with exposure to
uncertainties in global construction markets, and those with high
levels of indebtedness.
Performance:
Further clarification of the details of the Chinese 12(th) Five
Year Plan provided positive sentiment in relation to offshore wind
and solar. Companies announcing good results, notably China
Longyuan (renewable IPP, China) and ENN Energy (natural gas
distribution, China) were amongst the best performers. Daiseki
(hazardous waste management, Japan) rose due to its defensive
characteristics and immunity from the impact of a strong Yen.
Weak performance came from China Automation Group (industrial
and rail automation) and China ITS (transportation management
solution) following weak H1 results due to a slow-down in the rail
sector. Falling margins as a result of weaker than expected glass
pricing impacted Xinyi Glass (energy efficient glass, Hong Kong),
while Boer Power (electrical distribution systems, China) fell as
increased competition caused the exit of a business division and
subsequent poor H1 results.
Policy Update:
China continued its support for renewables by announcing a
national feed-in-tariff for solar projects, and plans to eliminate
incandescent bulbs from general lighting by 2016 in order to push
forward the implementation of energy efficiency lighting. China
also announced spending targets of US$70m for waste water and
municipal solid waste treatment during the 12th Five Year Plan,
with the expectation of investment from the central government,
local government and private sector.
Japan approved a bill to subsidize electricity from renewable
sources, targeting 28 gigawatts of solar by 2020. Effective from 1
July 2012, the bill continues Japan's shift away from nuclear power
following the Fukushima disaster.
Latest information available at:
http://www.impax.co.uk/funds/listed-equity-funds/impax-asian-environmental-ma
rkets-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 September 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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