Performance at month end (4003I)
June 14 2011 - 5:37AM
UK Regulatory
TIDMIAEM TIDMIAES
RNS Number : 4003I
Impax Asian Environmental Mkts Plc
14 June 2011
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
All information is at 31 May 2011 (unless otherwise stated) and
unaudited.
DATA AND PERFORMANCE
Pricing
Diluted NAV (pence) 115.73
Undiluted NAV (pence) 118.59
Share price (pence) 111.13
Premium/ (discount) (%) (6.29)
Data
Total fund size (NAV)
( m) 270.17
Market capitalisation
(m) 238.90
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 % -4.3 -1.0 -6.4 -1.1
3 months % -0.6 +5.9 +4.1 -6.6
1 year -11.6 +17.5 +18.6 +3.7
Since launch +21.0 +27.0 +30.0 +16.0
* Performance data is for undiluted NAV ex income
(unaudited)
** Total return. Source: FactSet, WM Reuters
TOP FIVE HOLDINGS
Holding
Company Description Country %
ENN Energy Natural gas distribution China 4.0
Energy efficient
Xinyi Glass glass Hong Kong 3.6
Yingde Gases Industrial gases Hong Kong 3.4
China Longyuan Renewable IPP China 3.3
Campbell Brothers Environmental testing Australia 3.2
Environmental &
Horiba engine testing Japan 3.0
China ITS Transportation management China 2.7
Lee & Man Paper recycling Hong Kong 2.7
Industrial and rail
Hollysys automation China 2.7
Chemicals and efficient
LG Chem batteries South Korea 2.7
TOTAL 31.3
PORTFOLIO ANALYSIS*
Country exposure Company size
Japan 18% >$10bn 5%
China & Hong
Kong 41% $2bn-$10bn 40%
Taiwan 9% <$2bn 54%
South Korea 8% Cash 1%
India 7%
Singapore 2%
Philippines 5%
Thailand 3%
Australia 6%
Cash 1%
Sector PE ratio**
Energy efficiency 39% >20x 1%
Renewable energy 11% 15-20x 35%
Diversified environmental 12% <15x 63%
Waste management 13% Cash 1%
Average P/E 13x
ratio
Pollution control 12%
Water infrastructure 12%
Cash 1%
* of funds invested as of 31 May 2011
**Forward 12 months. Where analyst estimate
not available historic figure used.
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
MANAGER'S COMMENTARY (May 2011)
Market Review May was marked by investor concerns about major economic
developments, such as the impact of the end of QE2 in the US on liquidity,
the default risk for Greece, and inflation fears in most Asian countries.
Industrial economic data moderated from previous highs and had a detrimental
impact on many energy efficiency companies after their previous strong
relative performance. Performance Review Strong performance came from
selected wind and natural gas stocks, such as ENN Energy (natural gas
distribution, China) and China Longyuan Power (renewable IPP, China), that
benefitted from ongoing positive sentiment following the Fukushima disaster
and the release of the Chinese Five Year Plan. Japanese industrial companies
able to resume production post the earthquake more quickly than initially
expected, such as NSK (bearings, Japan), also performed well. Weaker
performance came from companies exposed to the de-rating of the solar market,
such as Xinyi Glass (energy efficient glass, Hong Kong). Chinese companies,
such as Hollysys (industrial and rail automation, China), affected by
concerns over slower than expected growth in rail infrastructure, and
negative sentiment following accounting scandals in unrelated US listed
Chinese companies also underperformed. Environmental Policy The global debate
over the safety of nuclear continued. Japan cancelled plans to increase
nuclear from 30% to 50% of electricity supply and instead announced a new
intention to further increase renewables. Germany now plans to phase out
nuclear by 2022 and to further increase renewables capacity and energy
efficiency measures. China announced an investment of over 200bn Yuan in
rural power grid upgrades and plans to build 2,500 charging stations for
electric vehicles and new wastewater treatment and metal recycling plants.
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
14 June 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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