Performance at month end (0424U)
December 15 2011 - 4:32AM
UK Regulatory
TIDMIAEM TIDMIAES
RNS Number : 0424U
Impax Asian Environmental Mkts Plc
15 December 2011
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
All information is at 30 November 2011 (unless otherwise stated)
and unaudited.
DATA AND PERFORMANCE
Pricing
Diluted NAV (pence) n/a
Undiluted NAV (pence) 89.05
Share price (pence) 75.88
Premium/ (discount) (%) (14.79)
Data
Total fund size (NAV)
( m) 215.57
Market capitalisation
(m) 162.01
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 % -3.6 -5.5 -5.6 -0.9
3 months % -10.0 -6.6 -11.7 -1.2
YTD -33.6 -16.0 -29.8 -12.2
1 year -30.1 -10.8 -24.4 -6.1
Since launch -9.1 +7.8 -5.7 +6.3
* 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
Company Description Country Holding
%
Yingde Gases Industrial gases Hong Kong 4.1
China Metal Recycling Metal recycling Hong Kong 3.8
SFA Engineering OLED equipment manufacturer South Korea 3.8
Rinnai Corp Efficient water heaters Japan 3.7
ENN Energy Natural gas distribution China 3.5
China Longyuan Renewable IPP China 3.3
Campbell Brothers Environmental testing Australia 3.2
Environmental and
Horiba engine testing Japan 3.1
Daiseki Hazardous waste management Japan 2.8
Manila Water Water supply utility Philippines 2.7
TOTAL 34.0
PORTFOLIO ANALYSIS*
Country exposure Company size
Japan 19% >$5bn 14%
China & Hong
Kong 38% $1-5bn 47%
Taiwan 8% <$1bn 33%
South Korea 6% Cash 6%
India 6%
Singapore 2%
Philippines 7%
Thailand 3%
Australia 5%
Cash 6%
Sector PE ratio**
Renewable energy 12% >20x 3%
Energy efficiency 35% 15-20x 11%
Diversified environmental 6% <15x 79%
Waste management 15% Cash 6%
Pollution control 14% Other 1%
Average P/E
Water infrastructure 12% ratio 10.2x
Cash 6%
* of funds invested as of 30 November 2011
**Forward 12 months. Where analyst estimate
not available historic figure used.
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
MANAGER'S COMMENTARY (30 November 2011)
Market Review Fears spread that the Eurozone debt crisis could
lead to peripheral nations leaving the Euro. However, these fears
were tempered by improved consumer confidence data in the US,
expectations that the IMF and the ECB can construct a rescue
package, good Thanksgiving's holiday retail sales in the US, and
co-ordinated central bank intervention to lower USD swap rates.
China inflation peaked and the Chinese government began targeted
easing for SMEs and the strategic industries. Performance Summary
Market volatility resulted in a de-rating of global stock markets
in the early part of the month, followed by a strong recovery in
the final week and cyclical stocks performed well. For example, SFA
Engineering (OLED equipment manufacturer, South Korea) was
supported by strong OLED CAPEX, and Epistar (LED manufacturer,
Taiwan) rose on investor perception that Q3 represented the trough
for the LED market. China Everbright (water and wastewater
treatment, Hong Kong) also performed well following the signing of
several new contracts and successfully obtaining tariff increases.
A slowdown in industrial activity in China and profit taking on
selected stocks that had previously performed strongly detracted
from performance. For example, China Longyuan (renewable IPP,
China) reported weaker than expected wind resources in Q3, whilst
Xinyi Glass (energy efficient glass, Hong Kong) delayed the
proposed spin-off of the company's solar glass division.
Policy Update Australia's upper house of parliament passed a
carbon tax legislation, under which ca. 500 companies will be
charged AU$23 a ton for their emissions starting in July 2012,
before a so-called cap-and-trade system is introduced three years
later. Australia also plans an AU$10.3bn Clean Energy Finance
Corporation (CEFC) and AU$3.2 billion Australian Renewable Energy
Agency to support large solar power stations, geothermal, wave
power and energy efficiency projects. South Korea will invest US$9
billion to develop a 2.5-gigawatt offshore wind farm by 2019, and
India's Government is considering adding up to 20GW of new wind
capacity as part of the country's 12th Five-Year Plan. China's
State Council approved a plan to reduce the nation's greenhouse gas
emissions in terms of carbon dioxide output per unit of gross
domestic product by 17% by 2015, and the 12th Five-Year Plan for
Renewable Energy Development will raise the solar target to 15GW by
2015, up from the previous 10GW.
Latest information available at:
http://www.impaxam.com/listed-equity/listed-equity-investment-strategies/asia-pacific
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.impaxam.com/investor-relations/environmental-social-governance-issues
15 December 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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