TIDMIAEM TIDMIAES

RNS Number : 1334S

Impax Asian Environmental Mkts Plc

15 November 2011

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

All information is at 31 October 2011 (unless otherwise stated) and unaudited.

DATA AND PERFORMANCE

 
 Pricing 
 Diluted NAV (pence)        n/a 
 Undiluted NAV (pence)      92.41 
 Share price (pence)        79.88 
 Premium/ (discount) (%)    (13.56) 
 Data 
 Total fund size (NAV) 
  ( m)                                214.16 
 Market capitalisation 
  (m)                                 171.73 
 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 
 
 
 
 Performance     IAEM Net        MSCI AC         FTSE EO         FTSE EO 
  (GBP)           Asset Value*    Asia Pacific    Asia Pacific    Japan** 
                                  (ex Japan)      (ex Japan)** 
                                  ** 
 1 month %       +6.5            +9.3            +8.4            -0.3 
 3 months %      -17.6           -8.9            -20.2           -10.8 
 YTD             -31.1           -11.2           -25.7           -11.3 
 1 year          -25.9           -5.0            -20.7           -0.8 
 Since launch    -5.7            +14.0           +1.4            +10.0

* 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

 
 Company                  Description                    Country        Holding 
                                                                         % 
 Yingde Gases             Industrial gases               Hong Kong          4.3 
 ENN Energy               Natural gas distribution       China              4.1 
 China Metal Recycling    Metal recycling                Hong Kong          3.9 
 China Longyuan           Renewable IPP                  China              3.8 
 Campbell Brothers        Environmental testing          Australia          3.8 
                          Environmental & engine 
 Horiba                    testing                       Japan              3.5 
 SFA Engineering          OLED equipment manufacturer    South Korea        3.2 
 Daiseki                  Hazardous waste management     Japan              3.0 
 Rinnai Corp              Efficient water heaters        Japan              2.9 
 Manila Water             Water supply utility           Philippines        2.8 
 TOTAL                                                                     35.3

PORTFOLIO ANALYSIS*

 
 Country exposure      Company size 
 Japan           19%   >$5bn      15% 
 China & Hong 
  Kong           39%   $1-5bn     47% 
 Taiwan          8%    <$1bn      34% 
 South Korea     6%    Cash       4% 
 India           7% 
 Singapore       2% 
 Philippines     6% 
 Thailand        3% 
 Australia       6% 
  Cash            4% 
 
 
  Sector                               PE ratio** 
 Renewable energy               14%    >20x           2% 
  Energy efficiency             33%    15-20x         18% 
  Diversified environmental     7%     <15x           76% 
 Waste management               14%    Cash           4% 
                                       Average P/E 
 Pollution control              16%     ratio        10.3x 
  Water infrastructure           12% 
  Cash                           4% 
 
  * of funds invested as of 31 October 2011 
 **Forward 12 months. Where analyst estimate 
  not available historic figure used.

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

MANAGER'S COMMENTARY (31(st) October 2011)

Market Review

Equity markets rebounded strongly against a background which, overall, proved more reassuring for investors. Beyond the fears of European sovereign debt crisis contagion, which persisted right up to the end of the month, observers were comforted by better than expected economic news from the United States, prompting a rise in global stock markets and strong performance from environmental stocks with industrial exposure. Performance Summary Cyclical stocks with industrial or construction exposure performed well as markets rebounded. A recovery in commodity pricing additionally boosted China Metal Recycling (Hong Kong), whilst Sound Global (water and wastewater treatment, China) performed well on news of having secured new water treatment projects. China ITS and Hollysys (transportation management solution and industrial and rail automation, China) both rose on the announcement that the Chinese Ministry of Rail has obtained new funding. Ongoing weakness in electronic markets impacted SFA Engineering (OLED equipment manufacturer, South Korea), whilst tight monetary conditions in India affected Jain Irrigation (micro-irrigation systems, India), as the company suffered from an accounting related FX loss on foreign debt. Japanese stocks Daiseki (hazardous waste management) and Rinnai (efficient water heaters) were weak following profit taking after strong September performance.

Policy Update China published its "National Roadmap" for wind power development 2050, with targets for 17% of total electricity by 2050, and an installed capacity of 1,000GW. China is expected to require investments of RMB3.1trn in environmental protection (treatment of wastewater, sludge and desulphurization) from 2011-15. The EU passed draft legislation to promote the development of natural gas and promote renewable energy through a EUR40bn fund. South Africa announced plans to establish carbon emission budgets, and Californian regulators approved final regulations for a carbon market.

 
 Latest information available at: 
 http://www.impax.co.uk/funds/listed-equity-funds/impax-asian-environmental-markets-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 November 2011

This information is provided by RNS

The company news service from the London Stock Exchange

END

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