Monthly Updates April 2017
Monthly Updates April 2017
Performance*
1 Month
YTD
12 Month
3 Year p.a.
5 Year p.a.
Since Launch**
GAMAX Asia Pacific
2.14%
7.54%
23.94%
14.13%
9.91%
5.21%
Benchmark***
0.93%
7.52%
24.05%
14.07%
10.27%
4.12%
Net Excess Return
1.21%
0.02%
-0.11%
0.06%
-0.36%
1.09%
*Performance Figures Net of Fees to 31.03.17. All figures have been rounded to two decimal places. **Since DJE managed the Fund (Oct 2007) ***Benchmark is MSCI World net return in euro
Performance Analysis
The stock exchanges of the Asian Pacific region delivered mixed results in March. The Japanese market lost 1.10% in local currency. The main reason for the weaker performance of the Japanese market in March was the appreciation of the yen against the USD. The market on the Chinese mainland, measured by the Shanghai Composite Index, lost 0.59%, while the stock market in Hong Kong gained 1.56%. The highest monthly gains were found in South Korea (KOSPI +3.50%), Singapore (STI +2.54%) and Australia (+2.48%), all in local currency. In March the euro appreciated against most other major currencies. Therefore the performance measured in euro of the indices mentioned above was weaker than in local currencies. The GAMAX Asia Pacific fund gained 2.14% net of fees and therefore outperformed the benchmark index which was up by 0.93%.
Portfolio Activity
The highest performance contributions in March came from our investments in the Chinese chemical company Kingboard Laminates (+21%), and in the Chinese toll road operator Zhejiang Expressway (+15%). Both stocks are among the bigger positions in the Fund. Furthermore we observed a good performance of Sands China (+8%) due to better than expected gross gaming revenues in the first quarter in Macau. The Fund maintains a preference for the travel & leisure sector. On the other hand there was a disappointing development of stocks like Chinese sports goods producer Anta Sports Products (-7%) and Japanese sportswear brand Asics (-8%). At the end of March the total investment quota was above 99%. In March the Fund management increased, amongst others, the weightings in the Japanese oil refining & marketing company Idemitsu Kosan and in the Honk Kong real estate operator Sun Hung Kai. Stocks of the Japanese resources company Sumitomo Metal and Mining and of the Japanese service provider Technopro Holding were added as new positions into the portfolio. On the other hand the weightings towards the Chinese watch retailer Hengdeli and the South Korean telecom operator KT Corp were reduced. The Chinese region remains the most important investment region at the moment for the GAMAX Asia Pacific fund. All Chinese stocks are bought via the exchange of Hong Kong.
Dr. Jan Ehrhardt Leading Fund Manager
Stefan Breintner Deputy Fund Manager
Fund Objectives The GAMAX Asia Pacific Fund predominantly invests in equities in the Asia-Pacific region. By doing this, the Fund aims to benefit from the economic prospects of the region, including Emerging Asian economies such as China. The Fund is benchmarked against the MSCI AC Asia Pacific Index net return in euro.
Country allocation as a percentage of the Fund SG, ID, 0.39% MO, 2.09% DE, 0.08% 3.54%
TH, 0.40% Cash, 0.63%
TW, 4.67% AU, 0.27%
KR, 8.08% HK, 37.70%
CN, 12.68%
JP, 25.93%
Asset Allocation Breakdown Market Outlook & Portfolio Strategy
The outlook for the Asian Pacific region for the first half of 2017 remains positive. The economic activity in many regions is on an upward trend and Chinese and Japanese economic data are improving. The valuation of the Hong Kong market, the most important single market for the fund, remains still attractive..
Funds, 0.00%
Bonds, 0.08%
Stocks, 99.29%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Cash, 0.63%
Monthly Updates April 2017
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS Weight in%
Country
KINGBOARD LAMINATES HOLDING
6.36%
HK
WEST JAPAN RAILWAY CO
5.32%
JP
CHAMPION REIT
5.16%
HK
TAIWAN SEMICONDUCTOR MANUFAC
4.18%
TW
HOPEWELL HOLDINGS LTD
3.94%
HK
ZHEJIANG EXPRESSWAY CO-H
3.75%
CN
DMG MORI CO LTD
3.69%
JP
SANDS CHINA LTD
3.56%
MO
RIO TINTO LIMITED
3.53%
AU
IMPORTANT INFORMATION:
JP
The GAMAX FCP (fonds commun de placement); or “GAMAX Funds” is a Luxembourg domiciled open-ended UCITS umbrella FCP authorized by the Commission de Surveillance du Sector Financier (CSSF). As an umbrella fund, GAMAX Funds is composed of three sub-funds: GAMAX Funds - Asia Pacific; GAMAX Funds – Maxi-Bond and GAMAX Funds – Junior (hereinafter “GAMAX Funds”). The Fund Manager is GAMAX Management AG (‘GMAG’) which is authorised by the CSSF in Luxembourg as a UCITS Management Company pursuant to the Law of 17 December 2010 relating to undertakings for collective investment. Its registered address is at 11/13, Boulevard de la Foire, L-1528 Luxembourg.
Name
SHIMANO INC
3.47%
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN % KINGBOARD LAMINATES HOLDING
20.69%
HK
ZHEJIANG EXPRESSWAY CO-H
14.61%
CN
KINGBOARD CHEMICAL HOLDINGS
11.07%
HK
LINK NET TBK PT
10.82%
ID
SYDNEY AIRPORT
9.38%
AU
TOKYO ELECTRON LTD
8.98%
JP
TENCENT HOLDINGS LTD
8.12%
CN
SANDS CHINA LTD
7.92%
MO
KOREA ELECTRIC POWER CORP
7.57%
KR
KT CORP
7.39%
KR
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN % ASICS CORP
-7.99%
JP
ANTA SPORTS PRODUCTS LTD
-7.01%
CN
SINO BIOPHARMACEUTICAL
-6.51%
HK
DMG MORI CO LTD
-5.43%
JP
HENGDELI HOLDINGS LTD
-4.72%
HK
BYD CO LTD-H
-4.38%
CN
KT&G CORP
-4.00%
KR
HKBN LTD
-3.98%
HK
WEST JAPAN RAILWAY CO
-3.83%
JP
DAITO TRUST CONSTRUCT CO LTD
-3.37%
JP
SMALL-/MID-/LARGECAPS IN % Smallcap
11.66%
Midcap
42.37%
Largecap
45.87%
The information contained on this publication or media does not constitute an offer for products or services and should not be construed as an offer to sell or a solicitation of an offer to buy to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence. Save as otherwise disclosed, none of the information, whether in part or full, is permitted to be copied, reproduced or redistributed in any form nor should it be regarded as an offer or a solicitation of an offer for investment in countries outside of Austria, Germany, Italy, Luxembourg, Spain and Switzerland. The content of this publication or media was issued by or on behalf of GAMAX Management AG (’GMAG) for the sole attention of investors who or which are domiciled in jurisdictions where such distribution or availability would not be contrary to local laws or regulations.
GMAG has appointed Mediolanum Asset Management Ltd. (“MAML”) as Investment Manager of the Fund. MAML is authorised by the Central Bank of Ireland as an Investment Firm under the European Communities (Markets in Financial Instruments) Regulations 2007. DJE Kapital AG (DJE) has been appointed as the portfolio manager of the GAMAX Junior and GAMAX Asia-Pacific funds. DJE is authorised as an investment firm by BaFin in Germany. The entities, products or services referred to in any publication or media hosted on this website are not endorsed by the CSSF or other relevant EU competent authority. This update should be read in conjunction with the Prospectus and the relevant key investor information document of GAMAX Funds, together with the most recent annual report (or semi-annual report if published thereafter) and raise any questions you have on this documentation with your independent professional adviser (including in respect of investment suitability, accounting and tax issues). The Prospectus, KIIDs and additional fund documents are available for download in several languages in our website: www.gamaxfunds.com Future returns depend upon future economic conditions. Past performance may not be a reliable guide to future performance. Neither past experience nor the current situation are necessarily accurate guides to the future. Any performance data that may be made available in publications or media hosted on this website shall be net of fees, excluding subscription fees and sales commissions. The value of your investment may increase or decrease. The income you receive from your investment may increase or decrease and you may get back less than you invest. The investment may be affected by changes in currency exchange rates and / or market conditions; your investment return may increase or decrease as a result of currency fluctuations or market conditions. At any one time the net asset value of the Fund may have a high volatility due to its portfolio composition or the portfolio management techniques that may be used. Please refer to the past performance information and the risk and reward profile of the KIID, together with the Prospectus for further information. There can be no guarantee that specific securities or the securities of specific issuers that may be identified in this publication will be held by any of the Gamax funds at any given time.
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Performance*
1 Month
YTD
12 Month
3 Year p.a.
5 Year p.a.
Since Launch**
GAMAX Asia Pacific
2.14%
7.54%
23.94%
14.13%
9.91%
5.21%
Benchmark***
0.93%
7.52%
24.05%
14.07%
10.27%
4.12%
Net Excess Return
1.21%
0.02%
-0.11%
0.06%
-0.36%
1.09%
*Performance Figures Net of Fees to 31.03.17. All figures have been rounded to two decimal places. **Since DJE managed the Fund (Oct 2007) ***Benchmark is MSCI World net return in euro
Performance Analysis
The stock exchanges of the Asian Pacific region delivered mixed results in March. The Japanese market lost 1.10% in local currency. The main reason for the weaker performance of the Japanese market in March was the appreciation of the yen against the USD. The market on the Chinese mainland, measured by the Shanghai Composite Index, lost 0.59%, while the stock market in Hong Kong gained 1.56%. The highest monthly gains were found in South Korea (KOSPI +3.50%), Singapore (STI +2.54%) and Australia (+2.48%), all in local currency. In March the euro appreciated against most other major currencies. Therefore the performance measured in euro of the indices mentioned above was weaker than in local currencies. The GAMAX Asia Pacific fund gained 2.14% net of fees and therefore outperformed the benchmark index which was up by 0.93%.
Portfolio Activity
The highest performance contributions in March came from our investments in the Chinese chemical company Kingboard Laminates (+21%), and in the Chinese toll road operator Zhejiang Expressway (+15%). Both stocks are among the bigger positions in the Fund. Furthermore we observed a good performance of Sands China (+8%) due to better than expected gross gaming revenues in the first quarter in Macau. The Fund maintains a preference for the travel & leisure sector. On the other hand there was a disappointing development of stocks like Chinese sports goods producer Anta Sports Products (-7%) and Japanese sportswear brand Asics (-8%). At the end of March the total investment quota was above 99%. In March the Fund management increased, amongst others, the weightings in the Japanese oil refining & marketing company Idemitsu Kosan and in the Honk Kong real estate operator Sun Hung Kai. Stocks of the Japanese resources company Sumitomo Metal and Mining and of the Japanese service provider Technopro Holding were added as new positions into the portfolio. On the other hand the weightings towards the Chinese watch retailer Hengdeli and the South Korean telecom operator KT Corp were reduced. The Chinese region remains the most important investment region at the moment for the GAMAX Asia Pacific fund. All Chinese stocks are bought via the exchange of Hong Kong.
Dr. Jan Ehrhardt Leading Fund Manager
Stefan Breintner Deputy Fund Manager
Fund Objectives The GAMAX Asia Pacific Fund predominantly invests in equities in the Asia-Pacific region. By doing this, the Fund aims to benefit from the economic prospects of the region, including Emerging Asian economies such as China. The Fund is benchmarked against the MSCI AC Asia Pacific Index net return in euro.
Country allocation as a percentage of the Fund SG, ID, 0.39% MO, 2.09% DE, 0.08% 3.54%
TH, 0.40% Cash, 0.63%
TW, 4.67% AU, 0.27%
KR, 8.08% HK, 37.70%
CN, 12.68%
JP, 25.93%
Asset Allocation Breakdown Market Outlook & Portfolio Strategy
The outlook for the Asian Pacific region for the first half of 2017 remains positive. The economic activity in many regions is on an upward trend and Chinese and Japanese economic data are improving. The valuation of the Hong Kong market, the most important single market for the fund, remains still attractive..
Funds, 0.00%
Bonds, 0.08%
Stocks, 99.29%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Cash, 0.63%
Monthly Updates April 2017
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS Weight in%
Country
KINGBOARD LAMINATES HOLDING
6.36%
HK
WEST JAPAN RAILWAY CO
5.32%
JP
CHAMPION REIT
5.16%
HK
TAIWAN SEMICONDUCTOR MANUFAC
4.18%
TW
HOPEWELL HOLDINGS LTD
3.94%
HK
ZHEJIANG EXPRESSWAY CO-H
3.75%
CN
DMG MORI CO LTD
3.69%
JP
SANDS CHINA LTD
3.56%
MO
RIO TINTO LIMITED
3.53%
AU
IMPORTANT INFORMATION:
JP
The GAMAX FCP (fonds commun de placement); or “GAMAX Funds” is a Luxembourg domiciled open-ended UCITS umbrella FCP authorized by the Commission de Surveillance du Sector Financier (CSSF). As an umbrella fund, GAMAX Funds is composed of three sub-funds: GAMAX Funds - Asia Pacific; GAMAX Funds – Maxi-Bond and GAMAX Funds – Junior (hereinafter “GAMAX Funds”). The Fund Manager is GAMAX Management AG (‘GMAG’) which is authorised by the CSSF in Luxembourg as a UCITS Management Company pursuant to the Law of 17 December 2010 relating to undertakings for collective investment. Its registered address is at 11/13, Boulevard de la Foire, L-1528 Luxembourg.
Name
SHIMANO INC
3.47%
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN % KINGBOARD LAMINATES HOLDING
20.69%
HK
ZHEJIANG EXPRESSWAY CO-H
14.61%
CN
KINGBOARD CHEMICAL HOLDINGS
11.07%
HK
LINK NET TBK PT
10.82%
ID
SYDNEY AIRPORT
9.38%
AU
TOKYO ELECTRON LTD
8.98%
JP
TENCENT HOLDINGS LTD
8.12%
CN
SANDS CHINA LTD
7.92%
MO
KOREA ELECTRIC POWER CORP
7.57%
KR
KT CORP
7.39%
KR
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN % ASICS CORP
-7.99%
JP
ANTA SPORTS PRODUCTS LTD
-7.01%
CN
SINO BIOPHARMACEUTICAL
-6.51%
HK
DMG MORI CO LTD
-5.43%
JP
HENGDELI HOLDINGS LTD
-4.72%
HK
BYD CO LTD-H
-4.38%
CN
KT&G CORP
-4.00%
KR
HKBN LTD
-3.98%
HK
WEST JAPAN RAILWAY CO
-3.83%
JP
DAITO TRUST CONSTRUCT CO LTD
-3.37%
JP
SMALL-/MID-/LARGECAPS IN % Smallcap
11.66%
Midcap
42.37%
Largecap
45.87%
The information contained on this publication or media does not constitute an offer for products or services and should not be construed as an offer to sell or a solicitation of an offer to buy to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence. Save as otherwise disclosed, none of the information, whether in part or full, is permitted to be copied, reproduced or redistributed in any form nor should it be regarded as an offer or a solicitation of an offer for investment in countries outside of Austria, Germany, Italy, Luxembourg, Spain and Switzerland. The content of this publication or media was issued by or on behalf of GAMAX Management AG (’GMAG) for the sole attention of investors who or which are domiciled in jurisdictions where such distribution or availability would not be contrary to local laws or regulations.
GMAG has appointed Mediolanum Asset Management Ltd. (“MAML”) as Investment Manager of the Fund. MAML is authorised by the Central Bank of Ireland as an Investment Firm under the European Communities (Markets in Financial Instruments) Regulations 2007. DJE Kapital AG (DJE) has been appointed as the portfolio manager of the GAMAX Junior and GAMAX Asia-Pacific funds. DJE is authorised as an investment firm by BaFin in Germany. The entities, products or services referred to in any publication or media hosted on this website are not endorsed by the CSSF or other relevant EU competent authority. This update should be read in conjunction with the Prospectus and the relevant key investor information document of GAMAX Funds, together with the most recent annual report (or semi-annual report if published thereafter) and raise any questions you have on this documentation with your independent professional adviser (including in respect of investment suitability, accounting and tax issues). The Prospectus, KIIDs and additional fund documents are available for download in several languages in our website: www.gamaxfunds.com Future returns depend upon future economic conditions. Past performance may not be a reliable guide to future performance. Neither past experience nor the current situation are necessarily accurate guides to the future. Any performance data that may be made available in publications or media hosted on this website shall be net of fees, excluding subscription fees and sales commissions. The value of your investment may increase or decrease. The income you receive from your investment may increase or decrease and you may get back less than you invest. The investment may be affected by changes in currency exchange rates and / or market conditions; your investment return may increase or decrease as a result of currency fluctuations or market conditions. At any one time the net asset value of the Fund may have a high volatility due to its portfolio composition or the portfolio management techniques that may be used. Please refer to the past performance information and the risk and reward profile of the KIID, together with the Prospectus for further information. There can be no guarantee that specific securities or the securities of specific issuers that may be identified in this publication will be held by any of the Gamax funds at any given time.
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
