Performance at month end
2010年11月16日 - 1:30AM
ＲＮＳを含む英国規制内ニュース （英語）
TIDMIAEM TIDMIAEC
RNS Number : 2107W
Impax Asian Environmental Mkts Plc
15 November 2010
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
All information is at 31 October 2010 (unless otherwise stated) and unaudited.
DATA AND PERFORMANCE
+----------------------+----------+-----------+--+
| Pricing | | |
+----------------------+----------------------+--+
| Diluted NAV (pence) | 120.89 | |
+----------------------+----------------------+--+
| Undiluted NAV | 124.69 | |
| (pence) | | |
+----------------------+----------------------+--+
| Share price (pence) | 124.75 | |
+----------------------+----------------------+--+
| Premium/ (discount) | 0.05 | |
| (%) | | |
+----------------------+----------------------+--+
| Data | |
+---------------------------------+--------------+
| Total fund size (NAV) ( m) | 143.3 |
+---------------------------------+--------------+
| Market capitalisation (m) | 143.3 |
+---------------------------------+--------------+
| Management fee (%) | 1.0 |
+---------------------------------+--------------+
| Established | 23rd |
| | October |
| | 2009 |
+---------------------------------+--------------+
| Fund structure | Investment |
| | Trust |
+---------------------------------+--------------+
| Exchange | London |
+---------------------------------+--------------+
| Currency | GBP |
+---------------------------------+--------------+
| ISIN Number | GB00B4M5KX38 |
+---------------------------------+--------------+
| Sedol | B4M5KX3 |
+---------------------------------+--------------+
| Bloomberg code | IAEM LN |
+---------------------------------+--------------+
| | | | |
+----------------------+----------+-----------+--+
+-------------+--------+---------+----------+---------+
| Performance | IAEM | MSCI AC | FTSE EO | FTSE EO |
| (GBP) | Net | Asia | Asia | Japan** |
| | Asset | Pacific | Pacific | |
| | Value* | (ex | (ex | |
| | | Japan) | Japan)** | |
| | | ** | | |
+-------------+--------+---------+----------+---------+
| 1 month % | +1.3 | +1.2 | +1.6 | +2.3 |
+-------------+--------+---------+----------+---------+
| 3 months % | +10.7 | +10.7 | +15.0 | +4.7 |
+-------------+--------+---------+----------+---------+
| Since | +27.2 | +20.1 | +26.0 | +8.2 |
| launch | | | | |
+-------------+--------+---------+----------+---------+
* Performance data is for undiluted NAV ex income
** Total return
TOP FIVE HOLDINGS
+---------------+----------------------+-----------+------+-----+
| Company | Description | Country | Holding |
| | | | % |
+---------------+----------------------+-----------+------------+
| Xinyi Glass | General | China | 3.4 | |
| | environmental | | | |
+---------------+----------------------+-----------+------+-----+
| China | Renewable energy | China | 3.2 | |
| Longyuan | developer | | | |
+---------------+----------------------+-----------+------+-----+
| ENN Energy | Pollution control | China | 3.0 | |
+---------------+----------------------+-----------+------+-----+
| Delta | Industrial energy | Thailand | 3.0 | |
| Electronics | efficiency | | | |
| (Thailand) | | | | |
+---------------+----------------------+-----------+------+-----+
| Campbell | Environmental | Australia | 2.6 | |
| Brothers | testing | | | |
+---------------+----------------------+-----------+------+-----+
| TOTAL | | | 15.2 | |
+---------------+----------------------+-----------+------+-----+
PORTFOLIO ANALYSIS*
+-------------+---------+--------------+-------+
| Country exposure | Instruments |
+-----------------------+----------------------+
| Japan | 16% | ADR/GDR | 3% |
+-------------+---------+--------------+-------+
| China & | 39% | Equity | 82% |
| Hong Kong | | Common | |
+-------------+---------+--------------+-------+
| Taiwan | 6% | P-notes | 8% |
+-------------+---------+--------------+-------+
| Korea | 5% | Cash | 7% |
+-------------+---------+--------------+-------+
| India | 9% | | |
+-------------+---------+--------------+-------+
| Singapore | 3% | | |
+-------------+---------+--------------+-------+
| Philippines | 5% | | |
+-------------+---------+--------------+-------+
| Thailand | 5% | | |
+-------------+---------+--------------+-------+
| Australia | 5% | | |
| Cash | 7% | | |
| | | | |
+-------------+---------+--------------+-------+
+------------------+-------+------------+-----+
| Sector | Company size |
+--------------------------+------------------+
| Energy | 35% | >$10bn | 5% |
| efficiency | | | |
+------------------+-------+------------+-----+
| Renewable | 12% | $2bn-$10bn |41% |
| energy | | | |
+------------------+-------+------------+-----+
| Diversified | 8% | $200-2bn |46% |
| environmental | | | |
+------------------+-------+------------+-----+
| Waste | 12% | <$200m | 1% |
| management | | | |
+------------------+-------+------------+-----+
| Pollution | 10% | Cash | 7% |
| control | 16% | | |
| Water | 7% | | |
| infrastructure | | | |
| Cash | | | |
+------------------+-------+------------+-----+
| * of funds invested as of 31 October 2010 |
+---------------------------------------------+
| |
+---------------------------------------------+
| |
+------------------+-------+------------+-----+
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
MANAGER'S COMMENTARY (31 October 2010)
+----------------------------------------------------------------------------------------+
| |
| The Company NAV rose 1.3% over the month, whilst the MSCI AC |
| Asia Pacific ex Japan Index (GBP) rose 1.2%, the FTSE |
| Environmental opportunities Asia Pacific ex Japan Index (EOAX) |
| (GBP) rose 1.6% and the FTSE Environmental Opportunities Japan |
| Index (EOJP) (GBP) rose 2.3%. The cash level at the end of |
| October was 7%. |
| |
| On 23 July 2010 the Company announced that, in light of |
| continuing demand for the Company's Ordinary Shares from both |
| existing shareholders and potential new investors, it was |
| considering the possibility of raising new monies through an |
| issue of C Shares. Subsequently on 1 October 2010, a circular |
| was sent to shareholders detailing proposals for such an issue. |
| Following approval of the proposals by shareholders at a |
| general meeting held on 26 October 2010, the Company issued |
| 131,000,000 C shares at a price of GBP1 each. The C shares |
| commenced trading on the London Stock Exchange on 27 October |
| 2010. |
| |
| Global equity markets rallied in anticipation of a further |
| round of quantitative easing in the US. Asian markets |
| participated with the exception of Japan where the yen strength |
| continued to negatively impact the prospects for exporters. |
| Diversified environmental was the best performing environmental |
| sector. |
| |
| Little was achieved at the Tianjin climate summit, held in |
| preparation for the Cancun meeting in December, with the |
| exception of some funding discussions for climate change |
| adaption in developing countries. The first stage of the IPCC |
| reform was implemented with a six year limit to leadership as |
| well as new guidelines for research. October saw the |
| announcement of China's 12th 5-year plan, which mentions the |
| development of a domestic carbon trading scheme and an |
| anticipated EUR25bn per year spend to develop wind power. China |
| also plans to spend RMB2trn on smart grid development by 2015. |
| The Asian Development Bank is also planning to issue up to |
| $25bn worth of bonds in the next decade to fund water |
| infrastructure projects in the region. South Korea is planning |
| to spend $36bn by 2015 to build a renewables industry and India |
| is working on establishing a solar project fund funded by a |
| coal tax. |
| |
| In Alternative Energy & Energy Efficiency, Delta Electronics |
| (industrial energy efficiency, Thailand) rose on broker |
| earnings upgrades on expectation of strong Q3 results and |
| sustainable growth in solar inverters and automotive |
| electronics into 2011. The announcement of China's 12th 5 year |
| plan and the subsequent anticipation of recovery in power grid |
| spending drove the performance of TBEA (power network |
| efficiency, China). Energy efficient glass provider Xinyi Glass |
| rose on company buybacks and its new proposal to expand its |
| business and enter the TFT glass market. Gains were made from |
| hydro and geothermal IPP company Abotitiz Power (Philippines) |
| due to a new power supply contract and a rebound in electricity |
| prices. Solar stocks Trina Solar (China) and OCI (Korea) both |
| underperformed following profit taking after previous strong |
| performance, while the strength of the yen again impacted the |
| performance of Japanese exporters. |
| |
| In Water Treatment & Pollution Control, water utility company |
| Thai Tap Water (Thailand) continued its run of good performance |
| and rose following the completion of new capacity and strong |
| volume growth. On the negative side, investors in Kurita (water |
| treatment equipment, Japan) grew concerned about growth |
| prospects and the strength of the yen on Japanese exporters, |
| and the stock suffered. IVRCL (water infrastructure) fell ahead |
| of results as the monsoon season in India led investors to |
| anticipate seasonally weak FY11 Q2 numbers. |
| |
| In Waste Technologies & Resource Management, strong volume |
| growth and news of a potential M&A drove the share price of |
| China Metal Recycling (metal recycling, China) whilst SIMS |
| (metal recycling, Australia) fell on disappointing Q3 results. |
| Lee & Man (paper recycling, Hong Kong), a previous strong |
| performer for the portfolio, fell after profit taking. |
| |
| Latest information available at: |
| http://www.impax.co.uk/funds/listed-equity-funds/impax-asian-environmental-markets-plc |
| |
+----------------------------------------------------------------------------------------+
Impax Asset Management Limited
15 November 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
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