Monthly Updates October 2017
Monthly Updates October 2017
Performance*
1 Month
YTD
12 Month
3 Year p.a.
5 Year p.a.
Since Launch**
GAMAX Asia Pacific
2.16%
12.28%
13.91%
13.02%
10.89%
5.40%
Benchmark***
1.71%
8.17%
10.83%
10.59%
10.02%
3.97%
Net Excess Return
+0.45%
+4.12%
+3.08%
+2.43%
+0.87%
+1.43%
*Performance Figures Net of Fees to 28.09.17, 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
There was a mixed picture among the Asian equity markets in September. Japanese and Thai equities posted the strongest performance with monthly gains of 3.61% and 3.84% in local currencies. The market in South Korea also did well with a monthly gain of 1.32% in local currency. The market in Korea was supported by surging exports (+35% yoy) in September as shipments were brought forward in anticipation of public holidays during the first week of October. Hong Kong listed Chinese equities and mainland listed Chinese equities lost -1.49% and -0.35% respectively in September despite good economic news out of China. The Gamax Asia Pacific fund gained 2.16%, net-of-fees, in September and therefore outperformed the MSCI Asia Pacific index which was up by 1.71%. Hong Kong listed Chinese electric cars producer BYD was the biggest positive contributor to the Fund’s performance. The stock rallied by 55% due to an improving growth outlook for electric cars in China. Japanese Panasonic (one of the biggest car-battery producers globally) also helped this month (+11%), as the company outperformed the market driven by an increased investor appetite for companies within the electric cars theme.
Dr. Jan Ehrhardt Leading 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 Thailand, 0.36% South Korea, 2.47%
Portfolio Activity
Over the month the Fund held approximately 98% in equites with the balance invested in cash. Positions in BYD (Chinese Automobile and Electronics company), Sumitomo (Japanese Metal & Mining company) and Sands China (Macao casino operator) were all increased. The Fund sold the entire position in Bank of East Asia, to lock in profits as a result of share price appreciation and due to the fact that better opportunities were available elsewhere. Positons in Korea Electric and Japanese bicycle component manufacturer Shimano were reduced, to limit exposure to South Korea and a high valuation respectively. Portfolio Strategy and Outlook
The outlook for Asia remains favourable. 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. China remains the most important market for the fund. Hong Kong listed Chinese equities are attractively valued and still under-owned by global investors. The momentum for the Chinese economy remained positive with 2nd quarter economic growth coming in at 6.9% year-on-year. At the same time trade activity picked up substantially with exports rising 15% in the first half of the year.
Stefan Breintner Deputy Fund Manager
Taiwan, 4.72%
Cash , 1.80% Australia, 5.15%
Singapore, 2.70% Macau, 1.83% China, 16.22% Germany, 0.07%
Japan, 25.04%
Indonesia, 0.30%
Hong Kong, 39.34%
Asset Allocation Breakdown Funds, 0.00%
Bonds, 0.07%
Cash, 1.80%
Stocks, 98.13%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Monthly Updates October 2017
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS* Name
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.
Weight in%
Country
Kingboard Laminates
6.24%
HK
Rio Tinto
4.91%
AU
Champion REIT
4.81%
HK
West Japan Railway Company
4.69%
JP
Taiwan Semicoductor Manufacturing
3.93%
TW
Hopewell Holdings Ltd
3.68%
HK
DMG Moriseiki
3.36%
JP
Anta Sports
3.28%
CN
Panasonic
3.11%
JP
IMPORTANT INFORMATION:
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 - 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.
BYD Company
3.09%
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** BYD Company
55.47%
CN
SINO Biopharamaceutical
19.02%
HK
Hon Kwok Land Investment
18.18%
HK
DMG Moriseiki
12.40%
JP
Chow Tai Fook Jewellery Group
12.35%
HK
Sands China Ltd
11.52%
MO
Panasonic
11.18%
JP
Ebara Corp
9.74%
JP
Galaxy Entertainment Group
7.42%
HK
Lee & Man Paper Manufacturing
6.16%
HK
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** Korea Electirc Power Corp
-9.30%
KR
Champion REIT
-7.55%
HK
Sumitomo Metal Mining Company
-6.76%
JP
PICC Property & Casualty
-6.13%
CN
Kingboard Laminates
-5.96%
HK
China Merchants Holdings
-5.30%
HK
AIA Group
-4.87%
HK
China Mobile
-4.35%
HK
Sydney Airport
-4.32%
AU
Travelsky Technology Ltd
-4.01%
CN
SMALL-/MID-/LARGECAPS IN %** Smallcap
9.83%
Midcap
36.44%
Largecap
52.07%
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.
*Source: Mediolanum Asset Management Limited. **Source: DJE Kapital Management AG. 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
2.16%
12.28%
13.91%
13.02%
10.89%
5.40%
Benchmark***
1.71%
8.17%
10.83%
10.59%
10.02%
3.97%
Net Excess Return
+0.45%
+4.12%
+3.08%
+2.43%
+0.87%
+1.43%
*Performance Figures Net of Fees to 28.09.17, 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
There was a mixed picture among the Asian equity markets in September. Japanese and Thai equities posted the strongest performance with monthly gains of 3.61% and 3.84% in local currencies. The market in South Korea also did well with a monthly gain of 1.32% in local currency. The market in Korea was supported by surging exports (+35% yoy) in September as shipments were brought forward in anticipation of public holidays during the first week of October. Hong Kong listed Chinese equities and mainland listed Chinese equities lost -1.49% and -0.35% respectively in September despite good economic news out of China. The Gamax Asia Pacific fund gained 2.16%, net-of-fees, in September and therefore outperformed the MSCI Asia Pacific index which was up by 1.71%. Hong Kong listed Chinese electric cars producer BYD was the biggest positive contributor to the Fund’s performance. The stock rallied by 55% due to an improving growth outlook for electric cars in China. Japanese Panasonic (one of the biggest car-battery producers globally) also helped this month (+11%), as the company outperformed the market driven by an increased investor appetite for companies within the electric cars theme.
Dr. Jan Ehrhardt Leading 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 Thailand, 0.36% South Korea, 2.47%
Portfolio Activity
Over the month the Fund held approximately 98% in equites with the balance invested in cash. Positions in BYD (Chinese Automobile and Electronics company), Sumitomo (Japanese Metal & Mining company) and Sands China (Macao casino operator) were all increased. The Fund sold the entire position in Bank of East Asia, to lock in profits as a result of share price appreciation and due to the fact that better opportunities were available elsewhere. Positons in Korea Electric and Japanese bicycle component manufacturer Shimano were reduced, to limit exposure to South Korea and a high valuation respectively. Portfolio Strategy and Outlook
The outlook for Asia remains favourable. 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. China remains the most important market for the fund. Hong Kong listed Chinese equities are attractively valued and still under-owned by global investors. The momentum for the Chinese economy remained positive with 2nd quarter economic growth coming in at 6.9% year-on-year. At the same time trade activity picked up substantially with exports rising 15% in the first half of the year.
Stefan Breintner Deputy Fund Manager
Taiwan, 4.72%
Cash , 1.80% Australia, 5.15%
Singapore, 2.70% Macau, 1.83% China, 16.22% Germany, 0.07%
Japan, 25.04%
Indonesia, 0.30%
Hong Kong, 39.34%
Asset Allocation Breakdown Funds, 0.00%
Bonds, 0.07%
Cash, 1.80%
Stocks, 98.13%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Monthly Updates October 2017
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS* Name
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.
Weight in%
Country
Kingboard Laminates
6.24%
HK
Rio Tinto
4.91%
AU
Champion REIT
4.81%
HK
West Japan Railway Company
4.69%
JP
Taiwan Semicoductor Manufacturing
3.93%
TW
Hopewell Holdings Ltd
3.68%
HK
DMG Moriseiki
3.36%
JP
Anta Sports
3.28%
CN
Panasonic
3.11%
JP
IMPORTANT INFORMATION:
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 - 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.
BYD Company
3.09%
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** BYD Company
55.47%
CN
SINO Biopharamaceutical
19.02%
HK
Hon Kwok Land Investment
18.18%
HK
DMG Moriseiki
12.40%
JP
Chow Tai Fook Jewellery Group
12.35%
HK
Sands China Ltd
11.52%
MO
Panasonic
11.18%
JP
Ebara Corp
9.74%
JP
Galaxy Entertainment Group
7.42%
HK
Lee & Man Paper Manufacturing
6.16%
HK
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** Korea Electirc Power Corp
-9.30%
KR
Champion REIT
-7.55%
HK
Sumitomo Metal Mining Company
-6.76%
JP
PICC Property & Casualty
-6.13%
CN
Kingboard Laminates
-5.96%
HK
China Merchants Holdings
-5.30%
HK
AIA Group
-4.87%
HK
China Mobile
-4.35%
HK
Sydney Airport
-4.32%
AU
Travelsky Technology Ltd
-4.01%
CN
SMALL-/MID-/LARGECAPS IN %** Smallcap
9.83%
Midcap
36.44%
Largecap
52.07%
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.
*Source: Mediolanum Asset Management Limited. **Source: DJE Kapital Management AG. For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
