Monthly Updates July 2016
Monthly Updates July 2016
Performance*
1 Month
YTD
1 Year
3 Year p.a.
Since Launch**
GAMAX Junior Fund
3.93%
1.15%
0.70%
9.38%
4.04%
Benchmark***
5.25%
1.89%
-2.72%
9.64%
2.86%
Net Excess Return
-1.32%
-0.74%
+3.42%
-0.26%
1.19%
*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 World net return in Euro
Performance Analysis Asia Pacific equity markets enjoyed a very strong month in July as fears over Brexit repercussions and the risks surrounding Italian banks subsided, at least for now. Economic data from China surprised on the upside during the month. GDP grew 6.7% year-on-year. Exports increased, consumer retail sales jumped, with services and industrial production also rising. Japanese data was mixed but generally remained consistent with positive, although modest, growth. The move by the U.S. Federal Reserve to back away from any potential rate hikes together with other central banks stepping up stimulus helped to boost sentiment over the month. The Hang Seng index in Hong Kong jumped 5.28%, while markets on the Chinese mainland lagged but still finished in positive territory adding 1.70%. Markets in South Korea (2.33%), Thailand (5.47%) and Taiwan (3.67%) all generated good returns over the month. The Fund returned 3.93% net-of-fees during the month, underperforming the benchmark MSCI Asia Pacific index (+5.25%). Stock selection within the Fund was the biggest detractor to performance. Coway (South Korean household electronics), Hengdeli (Chinese retail) and Suntory (Japanese Brewing & Distillery) contributed negatively to performance, losing -20.74%, -10.11% and -4.79% respectively. Asian real estate companies added significantly to performance with Sun Hung Kai (+20.15%) and Great Eagle Holdings (+15.24%) being the stand-out performers over the month.
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 3.00
0.84
1.50
2.19
0.09
HK
0.00
JP
0.28
CN
4.54
KR
Portfolio Activity
TW
Champion REIT (Hong Kong real estate) is currently the largest holding in the portfolio (5.43%). The company holds numerous shopping malls and office blocks in central Hong Kong within its portfolio. We are very positive on the stock as the company displays very good earnings growth and receives good rental income from its portfolio while paying a good dividend to shareholders.
MO
37.48
11.32
ID SG
11.49
AU DE
During the month the Fund bought positions in Chinese sports good producer Anta Sports and Chinese Jewellery Group Chow Tai Fook. Singaporean DBS Group (financial services) was also added. The Japanese stock Central Japan Railway was sold.
TH CASH
27.27
Market Outlook & Portfolio Strategy hk We are 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 up 10% year-on-year – an all-time high. The valuation of the Hong Kong stock market, where all Chinese stocks are bought, is one of the cheapest globally. Chinese money supply has also experienced healthy growth of 25% year-on-year. Historically this has been one of the best indicators for the movement of Chinese stock markets.
jp
cn
kr
tw
mo
id
sg
au
0.00
0.09
STOCKS
0.28
CASH FUND BONDS
stock
Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
th
Asset Allocation Breakdown
99.63
For further information please contact:
de
bond
fund
Cash:
cash
Monthly Updates July 2016
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS 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.
Name
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.
Since Launch**
GAMAX Junior Fund
3.93%
1.15%
0.70%
9.38%
4.04%
Benchmark***
5.25%
1.89%
-2.72%
9.64%
2.86%
Net Excess Return
-1.32%
-0.74%
+3.42%
-0.26%
1.19%
*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 World net return in Euro
Performance Analysis Asia Pacific equity markets enjoyed a very strong month in July as fears over Brexit repercussions and the risks surrounding Italian banks subsided, at least for now. Economic data from China surprised on the upside during the month. GDP grew 6.7% year-on-year. Exports increased, consumer retail sales jumped, with services and industrial production also rising. Japanese data was mixed but generally remained consistent with positive, although modest, growth. The move by the U.S. Federal Reserve to back away from any potential rate hikes together with other central banks stepping up stimulus helped to boost sentiment over the month. The Hang Seng index in Hong Kong jumped 5.28%, while markets on the Chinese mainland lagged but still finished in positive territory adding 1.70%. Markets in South Korea (2.33%), Thailand (5.47%) and Taiwan (3.67%) all generated good returns over the month. The Fund returned 3.93% net-of-fees during the month, underperforming the benchmark MSCI Asia Pacific index (+5.25%). Stock selection within the Fund was the biggest detractor to performance. Coway (South Korean household electronics), Hengdeli (Chinese retail) and Suntory (Japanese Brewing & Distillery) contributed negatively to performance, losing -20.74%, -10.11% and -4.79% respectively. Asian real estate companies added significantly to performance with Sun Hung Kai (+20.15%) and Great Eagle Holdings (+15.24%) being the stand-out performers over the month.
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 3.00
0.84
1.50
2.19
0.09
HK
0.00
JP
0.28
CN
4.54
KR
Portfolio Activity
TW
Champion REIT (Hong Kong real estate) is currently the largest holding in the portfolio (5.43%). The company holds numerous shopping malls and office blocks in central Hong Kong within its portfolio. We are very positive on the stock as the company displays very good earnings growth and receives good rental income from its portfolio while paying a good dividend to shareholders.
MO
37.48
11.32
ID SG
11.49
AU DE
During the month the Fund bought positions in Chinese sports good producer Anta Sports and Chinese Jewellery Group Chow Tai Fook. Singaporean DBS Group (financial services) was also added. The Japanese stock Central Japan Railway was sold.
TH CASH
27.27
Market Outlook & Portfolio Strategy hk We are 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 up 10% year-on-year – an all-time high. The valuation of the Hong Kong stock market, where all Chinese stocks are bought, is one of the cheapest globally. Chinese money supply has also experienced healthy growth of 25% year-on-year. Historically this has been one of the best indicators for the movement of Chinese stock markets.
jp
cn
kr
tw
mo
id
sg
au
0.00
0.09
STOCKS
0.28
CASH FUND BONDS
stock
Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
th
Asset Allocation Breakdown
99.63
For further information please contact:
de
bond
fund
Cash:
cash
Monthly Updates July 2016
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS 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.
Name
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
