Monthly Updates August 2016
Monthly Updates August 2016
Performance*
1 Month
YTD
1 Year
3 Year p.a.
5 Year p.a.
Since Launch**
GAMAX Asia Pacific
1.13%
2.29%
10.01%
9.92%
7.76%
4.13%
Benchmark***
1.80%
3.72%
9.53%
10.50%
10.12%
3.03%
Net Excess Return
-0.67%
-1.43%
0.48%
-0.58%
-2.35%
1.10%
*All performance are net of fees to 31.07.16. All figures have been rounded to two decimal places. ** Since DJE managed the Fund (Oct 2007) ***Benchmark is MSCI Asia Pacific net return in Euro
Performance Analysis The majority of Asia-Pacific stock markets delivered positive returns in August, with the Chinese market outperforming over the month. The market in Hong Kong measured by the Hang Seng index was up 4.96% in local currencies, while markets on the Chinese mainland as measured by the Shanghai Composite Index were up by 3.56% (all in local currencies). The Chinese region is the most important investment region at the moment for the Gamax Asia Fund. All Chinese stocks are bought via the exchange of Hong Kong. The performance of the Japanese market, as measured by the Nikkei 225 Index, was and delivered 1.92% on a monthly basis. South Korea, Taiwan and Thailand also posted positive returns. The leading stock market indices of these countries were up by 0.92%, 0.94% and 1.60% (all measured in local currencies) respectively. Among other relevant investment regions Australia (-2.03%) and Singapore (-1.68%) disappointed during the month. The Gamax Asia-Pacific fund generated a return of 1.24% in August, lagging slightly its reference index the MSCI Asia Pacific index which was positive to the tune of 1.80%. The highest performance contributions over the month came from our investments in stocks of Chinese chemical producer Kingboard Laminates (+33.2%) and Chinese sports good producer Anta Sports Products (+21.2%). Furthermore we observed very good performances of stocks like Chinese dairy producer China Megniu Dairy (+15.19%) and Japanese sports goods producer Asics (14.57%). On the other hand there was a disappointing development in stocks like Japanese Construction Company Daito Trust (-11.88%) or Chinese automotive producer Great Wall Motor (-10.50%).
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 2.19
3.00
0.84
1.50
0.09
HK
0.00
JP
0.28
CN
4.54
KR TW
Portfolio Activity
MO
37.48
11.32
At the end of August the total investment quota was close to 99%. In August we bought, amongst others, stocks of Chinese sports goods producer Anta Sports Products and Japanese machinery producer DMG Mori Co. The Chinese conglomerate Guangdong Investment and the Chinese consumer goods producer Vinda were added as new stocks to the portfolio; while stocks of Japanese cosmetics producer Shiseido and Korean utility Korea Electric Power were sold.
ID SG
11.49
AU DE TH
Market Outlook & Portfolio Strategy We remain positive on the outlook for the Asia Pacific region for the rest of 2016 for a number of reasons. Economic activity in many regions is improving and Chinese economic data has not been as bad as expected. Chinese consumer retail growth is at an all-time high, while hk the valuation of the Hong Kong stock market, where all Chinese stocks are bought, is one of the cheapest globally.
CASH
27.27
jp
cn
kr
tw
mo
id
sg
au
de
th
Asset Allocation Breakdown 0.00
0.09
STOCKS
0.28
CASH FUND BONDS
99.63
For further information please contact:
stock
Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
bond
fund
Cash:
cash
Monthly Updates August 2016
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS Name
Weight in%
Country
CHAMPION REIT
5.43
hk
DAITO TRUST CONSTRUCT CO LTD
5.42
jp
HOPEWELL HOLDINGS LTD
4.94
hk
GREAT EAGLE HOLDINGS LTD
4.85
hk
KOREA ELECTRIC POWER CORP
4.81
kr
TAIWAN SEMICONDUCTOR MANUFAC
4.08
tw
SHIMANO INC
3.99
jp
WEST JAPAN RAILWAY CO
3.97
jp
KINGBOARD LAMINATES HOLDING
3.36
hk
IMPORTANT INFORMATION:
ZHEJIANG EXPRESSWAY CO-H
3.26
cn
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 - Maxi-Fonds Asien International; 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.
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN % GREAT WALL MOTOR COMPANY-H
30.53
cn
SUN HUNG KAI PROPERTIES
20.15
hk
SANDS CHINA LTD
16.96
mo
GREAT EAGLE HOLDINGS LTD
15.24
hk
HKBN LTD
12.64
hk
KINGBOARD CHEMICAL HOLDINGS
11.05
hk
CHINA MOBILE LTD
10.27
hk
ASTELLAS PHARMA INC
9.93
jp
ZHEJIANG EXPRESSWAY CO-H
9.88
cn
ANTA SPORTS PRODUCTS LTD
9.55
cn
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN % INDOFOOD CBP SUKSES MAKMUR T
-46.75
id
COWAY CO LTD
-20.74
kr
KT&G CORP
-10.58
kr
HENGDELI HOLDINGS LTD
-10.11
hk
CHINA RESOURCES BEER HOLDINGS
-9.23
hk
SUNTORY BEVERAGE & FOOD LTD
-4.79
jp
CHINA MENGNIU DAIRY CO
-1.34
cn
WEST JAPAN RAILWAY CO
-1.24
jp
GLORIOUS SUN ENTERPRISES LTD
-1.04
hk
LG CHEM LTD
-0.78
kr
SMALL-/MID-/LARGECAPS IN % Smallcap
16.71
Midcap
33.71
Largecap
49.21
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 Maxi-Fonds Asien International 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
1 Year
3 Year p.a.
5 Year p.a.
Since Launch**
GAMAX Asia Pacific
1.13%
2.29%
10.01%
9.92%
7.76%
4.13%
Benchmark***
1.80%
3.72%
9.53%
10.50%
10.12%
3.03%
Net Excess Return
-0.67%
-1.43%
0.48%
-0.58%
-2.35%
1.10%
*All performance are net of fees to 31.07.16. All figures have been rounded to two decimal places. ** Since DJE managed the Fund (Oct 2007) ***Benchmark is MSCI Asia Pacific net return in Euro
Performance Analysis The majority of Asia-Pacific stock markets delivered positive returns in August, with the Chinese market outperforming over the month. The market in Hong Kong measured by the Hang Seng index was up 4.96% in local currencies, while markets on the Chinese mainland as measured by the Shanghai Composite Index were up by 3.56% (all in local currencies). The Chinese region is the most important investment region at the moment for the Gamax Asia Fund. All Chinese stocks are bought via the exchange of Hong Kong. The performance of the Japanese market, as measured by the Nikkei 225 Index, was and delivered 1.92% on a monthly basis. South Korea, Taiwan and Thailand also posted positive returns. The leading stock market indices of these countries were up by 0.92%, 0.94% and 1.60% (all measured in local currencies) respectively. Among other relevant investment regions Australia (-2.03%) and Singapore (-1.68%) disappointed during the month. The Gamax Asia-Pacific fund generated a return of 1.24% in August, lagging slightly its reference index the MSCI Asia Pacific index which was positive to the tune of 1.80%. The highest performance contributions over the month came from our investments in stocks of Chinese chemical producer Kingboard Laminates (+33.2%) and Chinese sports good producer Anta Sports Products (+21.2%). Furthermore we observed very good performances of stocks like Chinese dairy producer China Megniu Dairy (+15.19%) and Japanese sports goods producer Asics (14.57%). On the other hand there was a disappointing development in stocks like Japanese Construction Company Daito Trust (-11.88%) or Chinese automotive producer Great Wall Motor (-10.50%).
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 2.19
3.00
0.84
1.50
0.09
HK
0.00
JP
0.28
CN
4.54
KR TW
Portfolio Activity
MO
37.48
11.32
At the end of August the total investment quota was close to 99%. In August we bought, amongst others, stocks of Chinese sports goods producer Anta Sports Products and Japanese machinery producer DMG Mori Co. The Chinese conglomerate Guangdong Investment and the Chinese consumer goods producer Vinda were added as new stocks to the portfolio; while stocks of Japanese cosmetics producer Shiseido and Korean utility Korea Electric Power were sold.
ID SG
11.49
AU DE TH
Market Outlook & Portfolio Strategy We remain positive on the outlook for the Asia Pacific region for the rest of 2016 for a number of reasons. Economic activity in many regions is improving and Chinese economic data has not been as bad as expected. Chinese consumer retail growth is at an all-time high, while hk the valuation of the Hong Kong stock market, where all Chinese stocks are bought, is one of the cheapest globally.
CASH
27.27
jp
cn
kr
tw
mo
id
sg
au
de
th
Asset Allocation Breakdown 0.00
0.09
STOCKS
0.28
CASH FUND BONDS
99.63
For further information please contact:
stock
Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
bond
fund
Cash:
cash
Monthly Updates August 2016
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS Name
Weight in%
Country
CHAMPION REIT
5.43
hk
DAITO TRUST CONSTRUCT CO LTD
5.42
jp
HOPEWELL HOLDINGS LTD
4.94
hk
GREAT EAGLE HOLDINGS LTD
4.85
hk
KOREA ELECTRIC POWER CORP
4.81
kr
TAIWAN SEMICONDUCTOR MANUFAC
4.08
tw
SHIMANO INC
3.99
jp
WEST JAPAN RAILWAY CO
3.97
jp
KINGBOARD LAMINATES HOLDING
3.36
hk
IMPORTANT INFORMATION:
ZHEJIANG EXPRESSWAY CO-H
3.26
cn
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 - Maxi-Fonds Asien International; 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.
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN % GREAT WALL MOTOR COMPANY-H
30.53
cn
SUN HUNG KAI PROPERTIES
20.15
hk
SANDS CHINA LTD
16.96
mo
GREAT EAGLE HOLDINGS LTD
15.24
hk
HKBN LTD
12.64
hk
KINGBOARD CHEMICAL HOLDINGS
11.05
hk
CHINA MOBILE LTD
10.27
hk
ASTELLAS PHARMA INC
9.93
jp
ZHEJIANG EXPRESSWAY CO-H
9.88
cn
ANTA SPORTS PRODUCTS LTD
9.55
cn
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN % INDOFOOD CBP SUKSES MAKMUR T
-46.75
id
COWAY CO LTD
-20.74
kr
KT&G CORP
-10.58
kr
HENGDELI HOLDINGS LTD
-10.11
hk
CHINA RESOURCES BEER HOLDINGS
-9.23
hk
SUNTORY BEVERAGE & FOOD LTD
-4.79
jp
CHINA MENGNIU DAIRY CO
-1.34
cn
WEST JAPAN RAILWAY CO
-1.24
jp
GLORIOUS SUN ENTERPRISES LTD
-1.04
hk
LG CHEM LTD
-0.78
kr
SMALL-/MID-/LARGECAPS IN % Smallcap
16.71
Midcap
33.71
Largecap
49.21
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 Maxi-Fonds Asien International 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
