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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Impax Asian Sub | LSE:IAES | London | Ordinary Share | GB00B4M82P85 | SUB SHS 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMIAEM TIDMIAES
RNS Number : 1654Q
Impax Asian Environmental Mkts Plc
13 October 2011
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
All information is at Q3 2011 - 30 September 2011 (unless otherwise stated) and unaudited.
DATA AND PERFORMANCE
Pricing Diluted NAV (pence) n/a Undiluted NAV (pence) 86.75 Share price (pence) 76.63 Premium/ (discount) (%) (11.67) Data Total fund size (NAV) ( m) 202.48 Market capitalisation (m) 164.75 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 % -12.3 -9.6 -13.7 0.0 3 months % -26.8 -18.2 -27.6 -10.0 YTD -35.3 -18.7 -31.4 -11.1 1 year -29.5 +12.0 -25.7 +1.7 Since launch -11.5 +4.3 -6.4 +10.3
* 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
Holding Company Description Country % Environmental & engine Horiba testing Japan 4.1 China Longyuan Renewable IPP China 4.1 ENN Energy Natural gas distribution China 4.0 Yingde Gases Industrial gases Hong Kong 3.9 Daiseki Hazardous waste management Japan 3.8 SFA Engineering OLED equipment manufacturer South Korea 3.7 Rinnai Corp Efficient water heaters Japan 3.6 Campbell Brothers Environmental testing Australia 3.4 Manila Water Water supply utility Philippines 2.9 China Metal Recycling Metal recycling Hong Kong 2.9 TOTAL 36.4
PORTFOLIO ANALYSIS*
Country exposure Company size Japan 22% >$5bn 14% China & Hong Kong 35% $1-5bn 44% Taiwan 8% <$1bn 38% South Korea 7% Cash 4% India 7% Singapore 2% Philippines 6% Thailand 3% Australia 6% Cash 4% Sector PE ratio** Renewable energy 13% 15-20x 16% Diversified environmental 7% <15x 80% Waste management 14% Cash 4% Average P/E 9.1x ratio Pollution control 13% Water infrastructure 13% Cash 4% * of funds invested as of 30 September 2011 **Forward 12 months. Where analyst estimate not available historic figure used.
IMPAX ASIAN ENVIRONMENTAL MARKETS PLC
MANAGER'S COMMENTARY (Q3 2011)
Market Review:
Global equity markets experienced a major correction throughout the third quarter of 2011 as a result of renewed concerns about European sovereign debt and a downgrade to the US debt rating. Environmental markets underperformed as concerns about government budget cuts weighed on the renewable energy sector, and fears of a double-dip recession negatively impacted industrial and technology related energy efficiency stocks. Emerging Markets underperformed global equities as concerns about inflation and rising interest rates persisted, risk appetite declined, and Chinese companies with smaller capitalisations were de-rated. In contrast, the Japanese market outperformed as the economy weathered the disruptions of the earthquake better than was expected.
Performance:
Strong performance came from domestic Japanese companies that did not disappoint on earnings expectations, such as Rinnai (efficient water heaters) and Daiseki (hazardous waste management). Water utilities including Manila Water (Philippines) also outperformed due to their more stable earnings characteristics.
Companies that were sold-off with liquidity concerns and de-risking, such as Boer Power (electrical distribution systems, China) and China ITS (transport management solution, China) detracted from performance, as did smaller Chinese companies with exposure to industrial and technology sectors, such as Xinyi Glass (energy efficient glass, Hong Kong) and Lee & Man (paper recycling, Hong Kong).
Policy Update:
China announced plans to recycle >20% of wastewater in urban areas by 2015 (up from 8.5% at the end of 2010), a national feed-in-tariff for solar projects, 30GW of offshore wind farms by 2020, and to eliminate incandescent bulbs by 2016. The Japanese Prime Minister encouraged the country to gradually eliminate reliance on nuclear with plans for a 200 billion yen ($2.6 billion) fund to support energy efficiency initiatives. Japan also approved a bill to subsidize electricity from renewable sources, targeting 28 GW of solar by 2020.
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
13 October 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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