Performance at month end (7876G)

TIDMIAEM TIDMIAES

RNS Number : 7876G

Impax Asian Environmental Mkts Plc

17 May 2011

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

All information is at 30 April 2011 (unless otherwise stated) and unaudited.

DATA AND PERFORMANCE

 
 Pricing 
 Diluted NAV (pence)        120.23 
 Undiluted NAV (pence)      123.91 
 Share price (pence)        114.13 
 Premium/ (discount) (%)    (7.89) 
 Data 
 Total fund size (NAV) 
  ( m)                                266.30 
 Market capitalisation 
  (m)                                 245.28 
 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 %       -2.0            +0.2            +1.9            -2.3 
 3 months %      -1.6            -3.6            +4.4            -5.8 
 1 year          +3.0            +11.6           +16.1           -0.8 
 Since launch    +26.4           +28.2           +38.9           +17.2 
 

* Performance data is for undiluted NAV ex income (unaudited)

** Total return. Source: FactSet, WM Reuters

TOP FIVE HOLDINGS

 
                                                                     Holding 
 Company                  Description                 Country         % 
                          Energy efficient 
 Xinyi Glass               glass                      Hong Kong          4.3 
 ENN Energy               Natural gas distribution    China              4.0 
 Campbell Brothers        Environmental testing       Australia          3.3 
 Lee & Man                Paper recycling             Hong Kong          3.2 
 Yingde Gases             Industrial gases            Hong Kong          3.0 
                          Environmental & 
 Horiba                    engine testing             Japan              2.9 
 China Longyuan           Renewable IPP               China              2.8 
 Delta Electronics        Power electronics           Taiwan             2.8 
                          Chemicals and efficient 
 LG Chem                   batteries                  South Korea        2.7 
 China Metal Recycling    Metal Recycling             Hong Kong          2.7 
 TOTAL                                                                  31.7 
 

PORTFOLIO ANALYSIS*

 
 Country exposure      Company size 
 Japan           17%   >$10bn       8% 
 China & Hong 
  Kong           40%   $2bn-$10bn   39% 
 Taiwan          9%    <$2bn        52% 
 South Korea     9%    Cash         1% 
 India           7% 
 Singapore       2% 
 Philippines     5% 
 Thailand        4% 
 Australia       6% 
  Cash            1% 
 
 
 Sector                              PE ratio** 
 Energy efficiency            37%    >20x            3% 
 Renewable energy             11%    15-20x         39% 
 Diversified environmental    12%    <15x           57% 
 Waste management             15%    Cash            1% 
                                      Average P/E    13x 
                                      ratio 
 Pollution control            12% 
  Water infrastructure         12% 
  Cash                         1% 
 * of funds invested as of 30 April 2011 
 **Forward 12 months. Where analyst estimate 
  not available historic figure used. 
 
 

IMPAX ASIAN ENVIRONMENTAL MARKETS PLC

MANAGER'S COMMENTARY (April 2011)

 
 Market Review: Improving Asian sentiment and significant investment inflows 
 into the region supported performance, whilst LED stocks and Chinese 
 companies related to rail infrastructure were weak. The support for renewable 
 energy companies induced by the Fukushima disaster moderated somewhat during 
 the month. Portfolio Review: The companies that performed well did so due to 
 strong results and positive news flow. Xinyi Glass (energy efficient glass, 
 Hong Kong) rose on the back of good 2010 results, a new production base in 
 Northern China and analyst upgrades. LG Chem (chemicals and efficient 
 batteries, South Korea) performed well on good Q1 results due to widening 
 chemical margins, while OCI (polysilicon, South Korea) rose on new capacity 
 (which will make OCI the leading global polysilicon company) and improved 
 policy momentum. China Metal Recycling (metal recycling, Hong Kong) performed 
 well on a new JV and expansion into recycling automotives and white goods. 
 Chinese companies China ITS (transportation management solutions) and 
 Hollysys (industrial and rail automation) were weak following concerns about 
 the delayed build out of railway infrastructure following the arrest of the 
 Chinese Minister for Rail. Epistar (LED manufacturer, Taiwan) and Seoul 
 Semiconductor (LED packager, South Korea) underperformed due to falling LED 
 order momentum and weak numbers, whilst China High Speed (wind turbine 
 gearboxes, Hong Kong) lost the March gains that resulted from an increased 
 focus on renewables after the Fukushima disaster. Key Environmental Policy: 
 Attempts to stabilise the Fukushima plant in Japan continued during April and 
 nuclear remained a key topic. Several EU countries announced delays or 
 moratoriums on new nuclear build out. This resulted in increased attention on 
 alternative energy sources and energy saving techniques. The German 
 government introduced a plan focusing on increased energy efficiency, grid 
 expansion and quicker up-take of renewables and the China Solar Energy 
 Association proposed a tripling of 2015 goals for installed solar PV 
 capacity. The Chinese government will fund up to 1.5bn yuan in order that 20 
 provinces can build regional recycling bases and 10 more cities can pilot an 
 advanced technology recycling system. 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 
 

17 May 2011

This information is provided by RNS

The company news service from the London Stock Exchange

END

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