Performance at month end (6520V)
January 16 2012 - 12:18PM
UK Regulatory
TIDMIAEM TIDMIAES
RNS Number : 6520V
Impax Asian Environmental Mkts Plc
16 January 2012
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
All information is at 31 December 2011 (unless otherwise stated)
and unaudited.
DATA AND PERFORMANCE
Pricing
Diluted NAV (pence) n/a
Undiluted NAV (pence) 87.47
Share price (pence) 73.63
Premium/ (discount) (%) (15.82)
Gross gearing ratio 1.137
Net gearing ratio 1.127
Data
Total fund size (NAV)
( m) 212.2
Market capitalisation
(m) 156.9
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 % -1.8 +1.2 +2.2 -1.5
3 months % +0.8 +4.6 +4.5 -2.7
YTD -34.8 -15.0 -28.3 -13.5
1 year -34.8 -15.0 -28.3 -13.5
Since launch -10.7 +9.1 -3.6 +4.7
* 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$40m)
** Total return. Source: FactSet, WM Reuters
TOP TEN HOLDINGS
Company Description Country Holding
%
Yingde Gases Industrial gases Hong Kong 3.9
ENN Energy Natural gas distribution China 3.8
SFA Engineering OLED equipment manufacturer South Korea 3.8
China Longyuan Renewable IPP China 3.7
Campbell Brothers Environmental testing Australia 3.3
Rinnai Corp Efficient water heaters Japan 3.3
China Metal Recycling Metal recycling Hong Kong 3.1
Manila Water Water supply utility Philippines 2.8
Environmental and
Horiba engine testing Japan 2.8
Delta Electronics Power electronics Taiwan 2.8
TOTAL 33.3
PORTFOLIO ANALYSIS*
Country exposure Company size
Japan 19% >$5bn 17%
China & Hong
Kong 40% $1-5bn 46%
Taiwan 9% <$1bn 34%
South Korea 7% Cash 3%
India 6%
Singapore 1%
Philippines 7%
Thailand 3%
Australia 5%
Cash 3%
Sector PE ratio**
Renewable energy 13% >20x 3%
Energy efficiency 36% 15-20x 5%
Diversified environmental 6% <15x 88%
Waste management 14% Cash 3%
Pollution control 15% Other 1%
Average P/E
Water infrastructure 13% ratio 10.1x
Cash 3%
* of funds invested as of 31 December 2011
**Forward 12 months. Where analyst estimate
not available historic figure used.
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
MANAGER'S COMMENTARY (Q4 2011)
Market Review Peaking Asian inflation and positive policy
momentum drove positive areas of performance, with areas of
weakness resulting from on-going concerns about reduced growth
expectations. Inconsistent, but generally positive macroeconomic
data in the US, including an improving employment outlook, better
than expected housing market data and encouraging retail data led a
number of names, particularly higher beta, industrial and power
network efficiency companies, to outperform. Performance Summary
Stocks reporting good results, including Campbell Brothers
(environmental testing, Australia), and China Metal Recycling (Hong
Kong) performed well. China Metal Recycling and Xinyi Glass (energy
efficient glass, Hong Kong) additionally benefitted from a
stabilisation in commodity prices. The lingering EU sovereign debt
crisis, weakness in technology and electronics demand, and
oversupply in wind and solar equipment detracted from performance.
Daiseki (hazardous waste management, Japan) lost ground as the
strong Yen, global slowdown and auto sector supply chain disruption
(following the floods in Thailand) eroded positive Japanese
industrial production momentum. Rinnai (efficient water heaters,
Japan) narrowly missed earnings expectations due to earthquake
related supply chain disruptions and weakness in a US subsidiary.
Policy Update Delegates at the COP-17 climate summit in Durban
agreed a global climate deal (to be finalised in 2015 and to come
into force by 2020) to reduce greenhouse gases in all countries.
The Kyoto Protocol was extended to 2017 and a new $100bn Green
Climate Fund to assist developing countries in climate change
adaptation was approved. China announced it is looking to implement
a renewable energy quota system in the first half of 2012 that will
require grid operators and power generation companies to carry and
produce a certain amount of renewable energy. China also further
revised its solar power development target for 2015 by 50%, to
reach 15GW.
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
16 January 2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
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