Performance at month end (7876G)
May 17 2011 - 1:00PM
UK Regulatory
TIDMIAEM TIDMIAES
RNS Number : 7876G
Impax Asian Environmental Mkts Plc
17 May 2011
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
All information is at 30 April 2011 (unless otherwise stated)
and unaudited.
DATA AND PERFORMANCE
Pricing
Diluted NAV (pence) 120.23
Undiluted NAV (pence) 123.91
Share price (pence) 114.13
Premium/ (discount) (%) (7.89)
Data
Total fund size (NAV)
( m) 266.30
Market capitalisation
(m) 245.28
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 % -2.0 +0.2 +1.9 -2.3
3 months % -1.6 -3.6 +4.4 -5.8
1 year +3.0 +11.6 +16.1 -0.8
Since launch +26.4 +28.2 +38.9 +17.2
* Performance data is for undiluted NAV ex income
(unaudited)
** Total return. Source: FactSet, WM Reuters
TOP FIVE HOLDINGS
Holding
Company Description Country %
Energy efficient
Xinyi Glass glass Hong Kong 4.3
ENN Energy Natural gas distribution China 4.0
Campbell Brothers Environmental testing Australia 3.3
Lee & Man Paper recycling Hong Kong 3.2
Yingde Gases Industrial gases Hong Kong 3.0
Environmental &
Horiba engine testing Japan 2.9
China Longyuan Renewable IPP China 2.8
Delta Electronics Power electronics Taiwan 2.8
Chemicals and efficient
LG Chem batteries South Korea 2.7
China Metal Recycling Metal Recycling Hong Kong 2.7
TOTAL 31.7
PORTFOLIO ANALYSIS*
Country exposure Company size
Japan 17% >$10bn 8%
China & Hong
Kong 40% $2bn-$10bn 39%
Taiwan 9% <$2bn 52%
South Korea 9% Cash 1%
India 7%
Singapore 2%
Philippines 5%
Thailand 4%
Australia 6%
Cash 1%
Sector PE ratio**
Energy efficiency 37% >20x 3%
Renewable energy 11% 15-20x 39%
Diversified environmental 12% <15x 57%
Waste management 15% Cash 1%
Average P/E 13x
ratio
Pollution control 12%
Water infrastructure 12%
Cash 1%
* of funds invested as of 30 April 2011
**Forward 12 months. Where analyst estimate
not available historic figure used.
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
MANAGER'S COMMENTARY (April 2011)
Market Review: Improving Asian sentiment and significant investment inflows
into the region supported performance, whilst LED stocks and Chinese
companies related to rail infrastructure were weak. The support for renewable
energy companies induced by the Fukushima disaster moderated somewhat during
the month. Portfolio Review: The companies that performed well did so due to
strong results and positive news flow. Xinyi Glass (energy efficient glass,
Hong Kong) rose on the back of good 2010 results, a new production base in
Northern China and analyst upgrades. LG Chem (chemicals and efficient
batteries, South Korea) performed well on good Q1 results due to widening
chemical margins, while OCI (polysilicon, South Korea) rose on new capacity
(which will make OCI the leading global polysilicon company) and improved
policy momentum. China Metal Recycling (metal recycling, Hong Kong) performed
well on a new JV and expansion into recycling automotives and white goods.
Chinese companies China ITS (transportation management solutions) and
Hollysys (industrial and rail automation) were weak following concerns about
the delayed build out of railway infrastructure following the arrest of the
Chinese Minister for Rail. Epistar (LED manufacturer, Taiwan) and Seoul
Semiconductor (LED packager, South Korea) underperformed due to falling LED
order momentum and weak numbers, whilst China High Speed (wind turbine
gearboxes, Hong Kong) lost the March gains that resulted from an increased
focus on renewables after the Fukushima disaster. Key Environmental Policy:
Attempts to stabilise the Fukushima plant in Japan continued during April and
nuclear remained a key topic. Several EU countries announced delays or
moratoriums on new nuclear build out. This resulted in increased attention on
alternative energy sources and energy saving techniques. The German
government introduced a plan focusing on increased energy efficiency, grid
expansion and quicker up-take of renewables and the China Solar Energy
Association proposed a tripling of 2015 goals for installed solar PV
capacity. The Chinese government will fund up to 1.5bn yuan in order that 20
provinces can build regional recycling bases and 10 more cities can pilot an
advanced technology recycling system. 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
17 May 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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