Performance at month end (3234B)
February 16 2011 - 4:03AM
UK Regulatory
TIDMIAEM TIDMIAES
RNS Number : 3234B
Impax Asian Environmental Mkts Plc
16 February 2011
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
All information is at 31 January 2011 (unless otherwise stated)
and unaudited.
DATA AND PERFORMANCE
Pricing
Diluted NAV (pence) 121.90
Undiluted NAV (pence) 125.89
Share price (pence) 126.83
Premium/ (discount) (%) 0.75
Data
Total fund size (NAV)
( m) 270.5
Market capitalisation
(m) 272.6
Management fee (%) 1.0
Established 23 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 % -6.2 -3.5 -2.6 +0.3
3 months % +1.0 +3.1 +4.0 +12.2
1 year +22.2 +24.5 +31.4 +18.8
Since launch +28.5 +23.8 +31.0 +21.4
* Performance data is for undiluted NAV ex income
** Total return. Source: FactSet, WM Reuters
TOP FIVE HOLDINGS
Holding
Company Description Country %
Xinyi Glass Diversified environmental Hong Kong 4.0
ENN Energy Pollution control China 3.8
Delta Electronics Industrial energy efficiency Taiwan 3.3
Recycled & value added
Lee & Man waste processing Hong Kong 3.2
Environmental testing
Campbell Brothers and gas sensing Australia 3.1
TOTAL 17.4
PORTFOLIO ANALYSIS*
Country exposure Company size
Japan 15% >$10bn 11%
China & Hong
Kong 41% $2bn-$10bn 38%
Taiwan 10% <2bn 50%
Korea 8% Cash 1%
India 8%
Singapore 3%
Philippines 4%
Thailand 4%
Australia 6%
Cash 1%
Sector PE ratio**
Energy efficiency 43% >20x 9%
Renewable energy 11% 15-20x 45%
Diversified environmental 6% <15x 45%
Average PE
Waste management 13% ratio: 13.8%
Pollution control 12%
Water infrastructure 14%
Cash 1% Cash 1%
* of funds invested as of 31 January 2011
**Forward 12 months. Where analyst estimate
not available historic figure used.
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
MANAGER'S COMMENTARY (January 2011)
The Company NAV fell 6.2% over the month, whilst the MSCI AC Asia Pacific ex
Japan Index (GBP) fell 3.5%, the FTSE Environmental Opportunities Asia
Pacific ex Japan Index (EOAX) (GBP) fell 2.6% and the FTSE Environmental
Opportunities Japan Index (EOJP) (GBP) rose 0.3%. Global equity markets
advanced in January as confidence in the sustainability of the economic
recovery in the US increased and concerns about European sovereign debt
issues reduced. In the Asian region a pickup in inflationary pressures led to
a performance divergence. The Chinese, Indian and South East Asian markets
suffered profit taking as investors anticipated further interest rate
increases. Korea and Taiwan rallied in anticipation of rising exports driven
by improving US demand. The Company NAV declined more than the indices due to
the de-rating of the Indian market and profit taking in a number of
waste-related and recycling stocks. In addition, the Company maintains an
underweight in the solar sector which has outperformed in January. Renewable
Energy & Energy Efficiency: Energy efficiency stocks posted a mixed
performance. Boer Power (power network efficiency, China) a recent IPO,
rallied on the back of strong government support for corporate energy
efficiency. SEMCO (industrial energy efficiency, Korea) advanced as investors
looked through weak Q4 earnings and anticipated a recovery in LED
profitability. In contrast to recent months, the portfolio's underweight
position in solar module manufacturers detracted from performance, as
clarifications of subsidy reductions resulted in performance spikes across
the solar sector. Weak performance also came from renewable energy IPPs in
South East Asia, as investors reduced exposure to these markets following a
strong 2010, amid growing concerns about inflation. Water Treatment and
Pollution Control: IVRCL Infrastructure (water infrastructure, India),
weighed on performance as it fell on concerns about rising interest rates,
slowing order execution and a weakened balance sheet due to lengthening
working capital. The exposure to the stock has been reduced. Waste
Technologies and Environmental Support Services: Positive performance came
from China Metal Recycling (China) due to strong volume growth and
announcements of M&A activity. Detractors to performance included Daiseki
(hazardous waste management, Japan), SIMs (metal recycling, Australia), TPI
(waste management, Australia) and Fook Woo (paper recycling, China) all of
whom suffered profit taking following gains made in 2010. An additional UN
climate summit has been announced for April in Bangkok, to progress work on a
Kyoto Protocol successor. In renewable energy, China is to tighten rules with
power grid companies buying more electricity from renewable sources and the
Philippines is working with the World Bank to design a globally acceptable
feed-in-tariff for renewable projects. However, Taiwan is to cut solar
tariffs by 30%, as installation equipment costs have fallen. In energy
efficiency, India proposed an energy efficiency program for eight of its
industries while China announced plans to upgrade and expand its power grids.
In the water sector, China will introduce tougher conservation measures and
spend approximately $3bn on water conservation between 2011 and 2015. China
has also proposed to invest 10% of land transfer fees in rural irrigation
reservoir upgrades, or approximately $31bn over this period. India will
introduce a water policy framework by the end of the year, including
guidelines on water allocation and groundwater conservation. 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
16 February 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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