Performance at month end (1654Q)
October 13 2011 - 12:30PM
UK Regulatory
TIDMIAEM TIDMIAES
RNS Number : 1654Q
Impax Asian Environmental Mkts Plc
13 October 2011
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
All information is at Q3 2011 - 30 September 2011 (unless
otherwise stated) and unaudited.
DATA AND PERFORMANCE
Pricing
Diluted NAV (pence) n/a
Undiluted NAV (pence) 86.75
Share price (pence) 76.63
Premium/ (discount) (%) (11.67)
Data
Total fund size (NAV)
( m) 202.48
Market capitalisation
(m) 164.75
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 % -12.3 -9.6 -13.7 0.0
3 months % -26.8 -18.2 -27.6 -10.0
YTD -35.3 -18.7 -31.4 -11.1
1 year -29.5 +12.0 -25.7 +1.7
Since launch -11.5 +4.3 -6.4 +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 %
Environmental & engine
Horiba testing Japan 4.1
China Longyuan Renewable IPP China 4.1
ENN Energy Natural gas distribution China 4.0
Yingde Gases Industrial gases Hong Kong 3.9
Daiseki Hazardous waste management Japan 3.8
SFA Engineering OLED equipment manufacturer South Korea 3.7
Rinnai Corp Efficient water heaters Japan 3.6
Campbell Brothers Environmental testing Australia 3.4
Manila Water Water supply utility Philippines 2.9
China Metal Recycling Metal recycling Hong Kong 2.9
TOTAL 36.4
PORTFOLIO ANALYSIS*
Country exposure Company size
Japan 22% >$5bn 14%
China & Hong
Kong 35% $1-5bn 44%
Taiwan 8% <$1bn 38%
South Korea 7% Cash 4%
India 7%
Singapore 2%
Philippines 6%
Thailand 3%
Australia 6%
Cash 4%
Sector PE ratio**
Renewable energy 13% 15-20x 16%
Diversified environmental 7% <15x 80%
Waste management 14% Cash 4%
Average P/E 9.1x
ratio
Pollution control 13%
Water infrastructure 13%
Cash 4%
* of funds invested as of 30 September 2011
**Forward 12 months. Where analyst estimate
not available historic figure used.
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
MANAGER'S COMMENTARY (Q3 2011)
Market Review:
Global equity markets experienced a major correction throughout
the third quarter of 2011 as a result of renewed concerns about
European sovereign debt and a downgrade to the US debt rating.
Environmental markets underperformed as concerns about government
budget cuts weighed on the renewable energy sector, and fears of a
double-dip recession negatively impacted industrial and technology
related energy efficiency stocks. Emerging Markets underperformed
global equities as concerns about inflation and rising interest
rates persisted, risk appetite declined, and Chinese companies with
smaller capitalisations were de-rated. In contrast, the Japanese
market outperformed as the economy weathered the disruptions of the
earthquake better than was expected.
Performance:
Strong performance came from domestic Japanese companies that
did not disappoint on earnings expectations, such as Rinnai
(efficient water heaters) and Daiseki (hazardous waste management).
Water utilities including Manila Water (Philippines) also
outperformed due to their more stable earnings characteristics.
Companies that were sold-off with liquidity concerns and
de-risking, such as Boer Power (electrical distribution systems,
China) and China ITS (transport management solution, China)
detracted from performance, as did smaller Chinese companies with
exposure to industrial and technology sectors, such as Xinyi Glass
(energy efficient glass, Hong Kong) and Lee & Man (paper
recycling, Hong Kong).
Policy Update:
China announced plans to recycle >20% of wastewater in urban
areas by 2015 (up from 8.5% at the end of 2010), a national
feed-in-tariff for solar projects, 30GW of offshore wind farms by
2020, and to eliminate incandescent bulbs by 2016. The Japanese
Prime Minister encouraged the country to gradually eliminate
reliance on nuclear with plans for a 200 billion yen ($2.6 billion)
fund to support energy efficiency initiatives. Japan also approved
a bill to subsidize electricity from renewable sources, targeting
28 GW of solar by 2020.
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
13 October 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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