Monthly Updates February 2018 AWS
Monthly Updates February 2018
Performance*
1 Month
YTD
12 Month
3 Year p.a.
5 Year p.a.
Since Launch**
GAMAX Asia Pacific
2.77%
2.77%
16.17%
10.07%
10.27%
5.81%
Benchmark***
2.40%
2.40%
14.33%
8.83%
11.29%
4.76%
Net Excess Return
+0.37%
+0.37%
+1.85%
+1.24%
-1.02%
+1.05%
*Performance Figures Net of Fees to 30.01.18, Class A. All figures have been rounded to two decimal places. **Since DJE managed the Fund (Oct 2007) ***Benchmark is MSCI Asia Pacific Net Return Index (€). Source: GAMAX Management AG.
Market Overview and Performance Analysis
Most of the stock markets of the Asian Pacific region had a positive start into the year 2018. The only exception was the Australian market, which was slightly down, both in local currencies and euro. The highest gains in local currencies were allotted to the stock exchanges of Hong Kong (+9.92%), mainland China (+5.25%) and Taiwan (+4.33%). Economic news out of China was still mostly positive. China and Japan remain the most important investment regions for the Fund. The Japanese market underperformed the above mentioned stock markets in January with a gain of +1.46% in local currencies. The GAMAX Asia Pacific fund gained +2.77% net of fees in January and therefore outperformed the benchmark index which was up +2.40% in the reporting period. The key reasons for the outperformance in January were the underweight in Australian equities relative to the benchmark index and the above average performance of some of the higher weighted stocks in the portfolio. The biggest positive contributors to the fund’s performance in January were Chinese e-commerce companies JD.com (+18.86%) and Alibaba Group (+18.48%) followed by the Chinese chemical stock Kingboard Laminates (+15.93%). Stocks of Macao gaming operator Sands China and Chinese Holding company Tencent also helped in January. On the other hand the stock price declines of stocks like Hong Kong jewellery company Luk Fook Holdings (-16.54%), and Korean electronics company Samsung (-8.56%) detracted from performance over the reporting period. The best performing sectors in the Asian Pacific Region over January were technology, energy, finance and real estate. Underperforming sectors were telecoms, consumer staples and utilities.
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
Cash 5.69%
Other Countries 10.41%
China 19.22%
Taiwan 4.03%
Portfolio Activity
At the end of the month the total investment quota was about 94%, while 6% was held in cash. Weightings in the finance sector were increased by adding stocks of Bank of China. Furthermore we increased the exposure towards the Australian region via investing further in commodity producer Rio Tinto. On the other hand the weighting in the real estate and utility sectors were reduced via selling the entire positions in Daito Trust and Korea Electric Power.
Japan 24.27%
Hong Kong 36.38%
Asset Allocation Breakdown Portfolio Strategy and Outlook
The outlook for Asia still remains attractive. Economic growth in the region continues to pick up, while inflation remains low, giving central banks no reason for substantial rate hikes. At the same time corporate earnings in the region show a strong pick up following years of rather weak earnings growth. Valuations are still attractive and global fund managers are not overweight in the Asian Pacific region.
Funds Bonds 0.00% 0.06%
Cash 5.69%
Stocks 94.25%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Monthly Updates February 2018
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS* Name
Weight in%
Country
KINGBOARD LAMINATES HLDGS LTD
5.88%
HK
CHAMPION REAL ESTATE INV TRUST
4.33%
HK
TAIWAN SEMICOND.MANUFACT
4.03%
TW
HOPEWELL HOLDINGS LTD
3.97%
HK
DMG MORISEIKI J
3.76%
JP
ANTA SPORTS PRODUCTS LTD
3.44%
CN
ALIBABA GROUP HOLDING LTD /ADR
3.22%
CN
WEST JAPAN RAILWAY CO
3.17%
JP
PANASONIC CORP
3.13%
JP
KOMATSU LTD
3.09%
JP
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** JD.COM INC-ADR
18.86%
CN
ALIBABA GROUP HOLDING-SP ADR
18.48%
CN
KINGBOARD LAMINATES HOLDING
15.93%
HK
TENCENT HOLDINGS LTD
13.45%
CN
SANDS CHINA LTD
13.14%
MO
TAIWAN SEMICONDUCTOR MANUFAC
13.07%
TW
GUANGDONG INVESTMENT LTD
12.05%
HK
GALAXY ENTERTAINMENT GROUP L
11.16%
HK
DMG MORI CO LTD
10.21%
JP
PICC PROPERTY & CASUALTY -H
9.05%
CN
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** LUK FOOK HOLDINGS INTL LTD
-16.54%
HK
SAMSUNG SDI CO LTD
-8.56%
KR
VINDA INTERNATIONAL HOLDINGS
-5.10%
CN
SYDNEY AIRPORT
-3.26%
AU
XINJIANG GOLDWIND SCI&TEC-H
-2.71%
CN
AIA GROUP LTD
-1.35%
HK
WEST JAPAN RAILWAY CO
-1.32%
JP
TECHNOPRO HOLDINGS INC
-0.98%
JP
LINK NET TBK PT
-0.91%
ID
CHINA MERCHANTS HLDGS INTL
-0.49%
HK
SMALL-/MID-/LARGECAPS IN %** Smallcap
4.57%
Midcap
36.66%
Largecap
53.65%
*Source: Mediolanum Asset Management Limited. **Source: DJE Kapital Management AG.
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 rWWesidence. 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.
IMPORTANT INFORMATION: 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. 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
2.77%
2.77%
16.17%
10.07%
10.27%
5.81%
Benchmark***
2.40%
2.40%
14.33%
8.83%
11.29%
4.76%
Net Excess Return
+0.37%
+0.37%
+1.85%
+1.24%
-1.02%
+1.05%
*Performance Figures Net of Fees to 30.01.18, Class A. All figures have been rounded to two decimal places. **Since DJE managed the Fund (Oct 2007) ***Benchmark is MSCI Asia Pacific Net Return Index (€). Source: GAMAX Management AG.
Market Overview and Performance Analysis
Most of the stock markets of the Asian Pacific region had a positive start into the year 2018. The only exception was the Australian market, which was slightly down, both in local currencies and euro. The highest gains in local currencies were allotted to the stock exchanges of Hong Kong (+9.92%), mainland China (+5.25%) and Taiwan (+4.33%). Economic news out of China was still mostly positive. China and Japan remain the most important investment regions for the Fund. The Japanese market underperformed the above mentioned stock markets in January with a gain of +1.46% in local currencies. The GAMAX Asia Pacific fund gained +2.77% net of fees in January and therefore outperformed the benchmark index which was up +2.40% in the reporting period. The key reasons for the outperformance in January were the underweight in Australian equities relative to the benchmark index and the above average performance of some of the higher weighted stocks in the portfolio. The biggest positive contributors to the fund’s performance in January were Chinese e-commerce companies JD.com (+18.86%) and Alibaba Group (+18.48%) followed by the Chinese chemical stock Kingboard Laminates (+15.93%). Stocks of Macao gaming operator Sands China and Chinese Holding company Tencent also helped in January. On the other hand the stock price declines of stocks like Hong Kong jewellery company Luk Fook Holdings (-16.54%), and Korean electronics company Samsung (-8.56%) detracted from performance over the reporting period. The best performing sectors in the Asian Pacific Region over January were technology, energy, finance and real estate. Underperforming sectors were telecoms, consumer staples and utilities.
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
Cash 5.69%
Other Countries 10.41%
China 19.22%
Taiwan 4.03%
Portfolio Activity
At the end of the month the total investment quota was about 94%, while 6% was held in cash. Weightings in the finance sector were increased by adding stocks of Bank of China. Furthermore we increased the exposure towards the Australian region via investing further in commodity producer Rio Tinto. On the other hand the weighting in the real estate and utility sectors were reduced via selling the entire positions in Daito Trust and Korea Electric Power.
Japan 24.27%
Hong Kong 36.38%
Asset Allocation Breakdown Portfolio Strategy and Outlook
The outlook for Asia still remains attractive. Economic growth in the region continues to pick up, while inflation remains low, giving central banks no reason for substantial rate hikes. At the same time corporate earnings in the region show a strong pick up following years of rather weak earnings growth. Valuations are still attractive and global fund managers are not overweight in the Asian Pacific region.
Funds Bonds 0.00% 0.06%
Cash 5.69%
Stocks 94.25%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Monthly Updates February 2018
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS* Name
Weight in%
Country
KINGBOARD LAMINATES HLDGS LTD
5.88%
HK
CHAMPION REAL ESTATE INV TRUST
4.33%
HK
TAIWAN SEMICOND.MANUFACT
4.03%
TW
HOPEWELL HOLDINGS LTD
3.97%
HK
DMG MORISEIKI J
3.76%
JP
ANTA SPORTS PRODUCTS LTD
3.44%
CN
ALIBABA GROUP HOLDING LTD /ADR
3.22%
CN
WEST JAPAN RAILWAY CO
3.17%
JP
PANASONIC CORP
3.13%
JP
KOMATSU LTD
3.09%
JP
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** JD.COM INC-ADR
18.86%
CN
ALIBABA GROUP HOLDING-SP ADR
18.48%
CN
KINGBOARD LAMINATES HOLDING
15.93%
HK
TENCENT HOLDINGS LTD
13.45%
CN
SANDS CHINA LTD
13.14%
MO
TAIWAN SEMICONDUCTOR MANUFAC
13.07%
TW
GUANGDONG INVESTMENT LTD
12.05%
HK
GALAXY ENTERTAINMENT GROUP L
11.16%
HK
DMG MORI CO LTD
10.21%
JP
PICC PROPERTY & CASUALTY -H
9.05%
CN
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** LUK FOOK HOLDINGS INTL LTD
-16.54%
HK
SAMSUNG SDI CO LTD
-8.56%
KR
VINDA INTERNATIONAL HOLDINGS
-5.10%
CN
SYDNEY AIRPORT
-3.26%
AU
XINJIANG GOLDWIND SCI&TEC-H
-2.71%
CN
AIA GROUP LTD
-1.35%
HK
WEST JAPAN RAILWAY CO
-1.32%
JP
TECHNOPRO HOLDINGS INC
-0.98%
JP
LINK NET TBK PT
-0.91%
ID
CHINA MERCHANTS HLDGS INTL
-0.49%
HK
SMALL-/MID-/LARGECAPS IN %** Smallcap
4.57%
Midcap
36.66%
Largecap
53.65%
*Source: Mediolanum Asset Management Limited. **Source: DJE Kapital Management AG.
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 rWWesidence. 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.
IMPORTANT INFORMATION: 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. 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
