Monthly Updates November 2016
Monthly Updates November 2016
Performance*
1 Month
YTD
1 Year
3 Year p.a.
5 Year p.a.
Since Launch**
GAMAX Asia Pacific
2.15%
8.99%
8.37%
10.96%
10.70%
4.74%
Benchmark***
0.96%
7.70%
5.04%
9.22%
11.40%
3.37%
Net Excess Return
+1.19%
+1.29%
+3.33%
+1.34%
-0.70%
+1.37%
Performance Analysis Overall, the stock exchanges of the Asian Pacific region yielded mixed results in November. On the one hand the Japanese market, measured by the Nikkei 225 index, and the Chinese mainland region, measured by the Shanghai Composite Index, outperformed on a monthly basis with gains of 5.07% and 4.82% in local currencies. The Japanese market benefitted from the depreciation of the Japanese Yen. The outcome of the weaker Yen should see better profits for exporting companies. However, when measured in euro terms, the performance of the Nikkei 225 Index was more or less flat in November. Beside Japan and mainland China, the markets in Singapore and Australia gained 3.24% and 1.85% on a monthly basis. On the other hand the markets in Hong Kong, Taiwan and South Korea delivered disappointing results. The leading indices of these three regions lost 0.63%, 0.53% and 1.23% in local currencies. The Fund gained 2.15%, net of fees, in the reporting period and therefore outperformed the benchmark index which was up by 0.96%. The main reason for the outperformance in November was the development of some of the key holdings of the Fund, which are explained in further detail below.
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 Portfolio Activity The highest performance contributions in the reporting period came from our investments in the stocks of Macao casino operator Sands China, Hong Kong real estate company Hopewell Holdings, and Australian resources company Rio Tinto. All three are among the top 10 holdings of the Fund and showed percentage gains in the range of 6% to 10%. Furthermore we observed very good performances from stocks like Chinese jewellery retailer Chow Tai Fook (+15%) and Japanese machinery producer DMG Mori (+19%). On the other hand stocks like Japanese telecom operator KDDI, which dropped 7%, or Korean telecom operator KT Corp, which dropped 10%, and Hong Kong real estate operator Sun Hung Kai (-14%), all disappointed. At the end of November the total investment quota was close to 99%. In November we added, amongst others, stocks of Singaporean bank DBS Group (in order to reduce the underweight to the financial sector), Japanese pharmaceutical Astellas Pharma, Japanese railroad operator West Japan Railway and Japanese electronics/ battery producer Panasonic. Furthermore, the positions in Rio Tinto and Chow Tai Fook were extended because of an improving earnings outlook for both companies.
DE, 0.08% ID, 0.08% Cash, 4.98% MO, 4.02% SG, 2.11% TW, 4.12% AU, 4.71% HK, 35.98% KR, 5.78% CN, 14.09%
JP, 24.05%
Asset Allocation Breakdown Market Outlook & Portfolio Strategy 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. The outlook for the Asian Pacific region for the rest of 2016 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 attractive. In general the Asian Pacific Region should also benefit from the global risk-on modus of global financial markets triggered by the US-presidential elections earlier in November.
Bonds, Funds, 0.08% 0.00%
Cash, 4.98%
Stocks, 94.94%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Monthly Updates November 2016
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS Name
Weight in%
Country
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.
WEST JAPAN RAILWAY CO
5.32%
JP
HOPEWELL HOLDINGS LTD
5.29%
HK
CHAMPION REIT
5.12%
HK
RIO TINTO LIMITED
4.45%
AU
KINGBOARD LAMINATES HOLDING
4.43%
HK
SHIMANO INC
4.12%
JP
TAIWAN SEMICONDUCTOR MANUFAC
4.12%
TW
SANDS CHINA LTD
4.02%
MO
ZHEJIANG EXPRESSWAY CO-H
3.30%
CN
IMPORTANT INFORMATION:
ASTELLAS PHARMA INC
3.25%
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 - 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 % DMG MORI CO LTD
19.07%
JP
DBS GROUP HOLDINGS LTD
18.15%
SG
PANASONIC CORP
16.03%
JP
CHOW TAI FOOK JEWELLERY GROU
15.45%
HK
ASICS CORP
10.43%
JP
SANDS CHINA LTD
9.96%
MO
WEST JAPAN RAILWAY CO
8.91%
JP
RIO TINTO LIMITED
8.30%
AU
CHINA MENGNIU DAIRY CO
7.90%
CN
HOPEWELL HOLDINGS LTD
5.88%
HK
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN % SUN HUNG KAI PROPERTIES
-13.81%
HK
BYD CO LTD-H
-10.94%
CN
GUANGDONG INVESTMENT LTD
-9.76%
HK
KT CORP
-9.57%
KR
KOREA ELECTRIC POWER CORP
-9.54%
KR
KT&G CORP
-8.44%
KR
KDDI Corp
-7.20%
JP
TENCENT HOLDINGS LTD
-6.58%
CN
HONGKONG LAND HOLDINGS LTD
-5.94%
HK
GLORIOUS SUN ENTERPRISES LTD
-5.77%
HK
SMALL-/MID-/LARGECAPS IN % Smallcap
8.73
Midcap
38.22
Largecap
47.99
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
2.15%
8.99%
8.37%
10.96%
10.70%
4.74%
Benchmark***
0.96%
7.70%
5.04%
9.22%
11.40%
3.37%
Net Excess Return
+1.19%
+1.29%
+3.33%
+1.34%
-0.70%
+1.37%
Performance Analysis Overall, the stock exchanges of the Asian Pacific region yielded mixed results in November. On the one hand the Japanese market, measured by the Nikkei 225 index, and the Chinese mainland region, measured by the Shanghai Composite Index, outperformed on a monthly basis with gains of 5.07% and 4.82% in local currencies. The Japanese market benefitted from the depreciation of the Japanese Yen. The outcome of the weaker Yen should see better profits for exporting companies. However, when measured in euro terms, the performance of the Nikkei 225 Index was more or less flat in November. Beside Japan and mainland China, the markets in Singapore and Australia gained 3.24% and 1.85% on a monthly basis. On the other hand the markets in Hong Kong, Taiwan and South Korea delivered disappointing results. The leading indices of these three regions lost 0.63%, 0.53% and 1.23% in local currencies. The Fund gained 2.15%, net of fees, in the reporting period and therefore outperformed the benchmark index which was up by 0.96%. The main reason for the outperformance in November was the development of some of the key holdings of the Fund, which are explained in further detail below.
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 Portfolio Activity The highest performance contributions in the reporting period came from our investments in the stocks of Macao casino operator Sands China, Hong Kong real estate company Hopewell Holdings, and Australian resources company Rio Tinto. All three are among the top 10 holdings of the Fund and showed percentage gains in the range of 6% to 10%. Furthermore we observed very good performances from stocks like Chinese jewellery retailer Chow Tai Fook (+15%) and Japanese machinery producer DMG Mori (+19%). On the other hand stocks like Japanese telecom operator KDDI, which dropped 7%, or Korean telecom operator KT Corp, which dropped 10%, and Hong Kong real estate operator Sun Hung Kai (-14%), all disappointed. At the end of November the total investment quota was close to 99%. In November we added, amongst others, stocks of Singaporean bank DBS Group (in order to reduce the underweight to the financial sector), Japanese pharmaceutical Astellas Pharma, Japanese railroad operator West Japan Railway and Japanese electronics/ battery producer Panasonic. Furthermore, the positions in Rio Tinto and Chow Tai Fook were extended because of an improving earnings outlook for both companies.
DE, 0.08% ID, 0.08% Cash, 4.98% MO, 4.02% SG, 2.11% TW, 4.12% AU, 4.71% HK, 35.98% KR, 5.78% CN, 14.09%
JP, 24.05%
Asset Allocation Breakdown Market Outlook & Portfolio Strategy 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. The outlook for the Asian Pacific region for the rest of 2016 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 attractive. In general the Asian Pacific Region should also benefit from the global risk-on modus of global financial markets triggered by the US-presidential elections earlier in November.
Bonds, Funds, 0.08% 0.00%
Cash, 4.98%
Stocks, 94.94%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Monthly Updates November 2016
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS Name
Weight in%
Country
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.
WEST JAPAN RAILWAY CO
5.32%
JP
HOPEWELL HOLDINGS LTD
5.29%
HK
CHAMPION REIT
5.12%
HK
RIO TINTO LIMITED
4.45%
AU
KINGBOARD LAMINATES HOLDING
4.43%
HK
SHIMANO INC
4.12%
JP
TAIWAN SEMICONDUCTOR MANUFAC
4.12%
TW
SANDS CHINA LTD
4.02%
MO
ZHEJIANG EXPRESSWAY CO-H
3.30%
CN
IMPORTANT INFORMATION:
ASTELLAS PHARMA INC
3.25%
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 - 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 % DMG MORI CO LTD
19.07%
JP
DBS GROUP HOLDINGS LTD
18.15%
SG
PANASONIC CORP
16.03%
JP
CHOW TAI FOOK JEWELLERY GROU
15.45%
HK
ASICS CORP
10.43%
JP
SANDS CHINA LTD
9.96%
MO
WEST JAPAN RAILWAY CO
8.91%
JP
RIO TINTO LIMITED
8.30%
AU
CHINA MENGNIU DAIRY CO
7.90%
CN
HOPEWELL HOLDINGS LTD
5.88%
HK
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN % SUN HUNG KAI PROPERTIES
-13.81%
HK
BYD CO LTD-H
-10.94%
CN
GUANGDONG INVESTMENT LTD
-9.76%
HK
KT CORP
-9.57%
KR
KOREA ELECTRIC POWER CORP
-9.54%
KR
KT&G CORP
-8.44%
KR
KDDI Corp
-7.20%
JP
TENCENT HOLDINGS LTD
-6.58%
CN
HONGKONG LAND HOLDINGS LTD
-5.94%
HK
GLORIOUS SUN ENTERPRISES LTD
-5.77%
HK
SMALL-/MID-/LARGECAPS IN % Smallcap
8.73
Midcap
38.22
Largecap
47.99
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
