Monthly Updates September 2016
Monthly Updates September 2016
Performance*
1 Month
YTD
1 Year
3 Year p.a.
5 Year p.a.
Since Launch**
GAMAX Asia Pacific
1.99%
4.33%
15.85%
9.81%
10.04%
4.32%
Benchmark***
80%
4.56%
14.89%
9.31%
10.81%
3.10%
Net Excess Return
1.19%
-0.22%
0.96%
0.50%
-0.77%
1.23%
*All performance are net of fees to 30.09.16. 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 Performances in the stock exchanges of the Asia Pacific region were mixed in September. The markets in Hong Kong, Singapore and Taiwan performed strongly on a monthly basis with gains of the leading indices in local currency of 1.39%, 1.73% and 1.08%. On the other hand there were disappointing performances in the Japanese market (Nikkei 225 -2.59%) and the market in Thailand (SET -4.21%). Hong Kong performed extremely well compared to the Chinese mainland region, measured by the Shanghai Composite Index, which was down 2.6% in local currency. The Chinese region remains 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 GAMAX Asia fund gained 2.17% on a gross basis in the reporting period, and therefore outperformed the benchmark-index (MSCI Asia Pac) which was up by 1.08%. The highest performance contributions came from our investments in stocks of Chinese chemical producer Kingboard Chemicals (+13.97% on a monthly basis), Japanese construction company Daito Trust, and HK/Macao gaming and entertainment company Sands China. Furthermore we observed very good performances of Japanese cosmetics producer Pola Orbis (+11.0%) and Australian commodity producer Rio Tinto (+10.74%). On the other hand the performance of Korean utility Korea Electric (-6.25%) and Chinese toll road operator Zhejiang Expressway (-4.61%) disappointed.
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 At the end of September the total investment quota was close to 97%. We remain optimistic for the Asian region for the second half of 2016. In September we bought, amongst others, stocks of Chinese utility and infrastructure company Guangdong Investment and the aforementioned Australian commodity producer, Rio Tinto. The Japanese electronics and battery producer Panasonic and the Australian airport operator Sydney Airport were also added as new stocks to the portfolio. On the other hand stocks of Chinese car manufacturer Great Wall Motor and Indonesian food producer Indofood were sold.
1.60% 1.37% 0.08% 3.49% 2.12%
4.24%
HK JP CN
4.14%
KR TW
36.68%
6.97%
MO AU ID
Market Outlook & Portfolio Strategy
SG
The outlook for the Asian Pacific region for the second half of 2016 remains good. Asian stock markets are valued attractively, especially when compared to the fixed interest markets. The economic activity in many regions is improving along with Chinese economic data. Overall, fund flows towards emerging markets are increasing. We remain optimistic towards our highest weighted region; HK/China. The stock market in Hong Kong remains one of the cheapest in the world.
16.00%
DE CASH
23.31%
hk
jp
cn
kr
tw
mo
au
id
sg
de
cash
Asset Allocation Breakdown 0.00%
4.24%
0.08%
STOCKS CASH FUND BONDS
95.68%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Monthly Updates September 2016
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS Name
Weight in%
Country
CHAMPION REIT
5.41
HK
HOPEWELL HOLDINGS LTD
5.08
HK
DAITO TRUST CONSTRUCT CO LTD
4.83
JP
GREAT EAGLE HOLDINGS LTD
4.58
HK
KINGBOARD LAMINATES HOLDING
4.53
HK
TAIWAN SEMICONDUCTOR MANUFAC
4.14
TW
WEST JAPAN RAILWAY CO
3.80
JP
SHIMANO INC
3.58
JP
SANDS CHINA LTD
3.49
MO
IMPORTANT INFORMATION:
KOREA ELECTRIC POWER CORP
3.20
KR
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 % KINGBOARD CHEMICAL HOLDINGS
13.97
HK
GLORIOUS SUN ENTERPRISES LTD
11.88
HK
POLA ORBIS HOLDINGS INC
11.00
JP
RIO TINTO LIMITED
10.74
AU
HONGKONG LAND HOLDINGS LTD
9.20
HK
SANDS CHINA LTD
8.43
MO
SINO BIOPHARMACEUTICAL
8.40
HK
WEST JAPAN RAILWAY CO
8.09
JP
VITASOY INTL HOLDINGS LTD
7.99
HK
LUK FOOK HOLDINGS INTL LTD
7.67
HK
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN % KOREA ELECTRIC POWER CORP
-6.25
DMG MORI CO LTD
-5.16
JP
ZHEJIANG EXPRESSWAY CO-H
-4.61
CN
ASICS CORP
-4.15
JP
CHAMPION REIT
-3.65
HK
CHINA MENGNIU DAIRY CO
-3.52
CN
INDOFOOD CBP SUKSES MAKMUR T
-3.52
ID
PICC PROPERTY & CASUALTY -H
-1.69
CN
TEXWINCA HOLDINGS LTD
-1.64
HK
ASTELLAS PHARMA INC
-1.60
JP
SMALL-/MID-/LARGECAPS IN % Smallcap
14.69
Midcap
38.42
Largecap
42.57
KR
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
1.99%
4.33%
15.85%
9.81%
10.04%
4.32%
Benchmark***
80%
4.56%
14.89%
9.31%
10.81%
3.10%
Net Excess Return
1.19%
-0.22%
0.96%
0.50%
-0.77%
1.23%
*All performance are net of fees to 30.09.16. 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 Performances in the stock exchanges of the Asia Pacific region were mixed in September. The markets in Hong Kong, Singapore and Taiwan performed strongly on a monthly basis with gains of the leading indices in local currency of 1.39%, 1.73% and 1.08%. On the other hand there were disappointing performances in the Japanese market (Nikkei 225 -2.59%) and the market in Thailand (SET -4.21%). Hong Kong performed extremely well compared to the Chinese mainland region, measured by the Shanghai Composite Index, which was down 2.6% in local currency. The Chinese region remains 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 GAMAX Asia fund gained 2.17% on a gross basis in the reporting period, and therefore outperformed the benchmark-index (MSCI Asia Pac) which was up by 1.08%. The highest performance contributions came from our investments in stocks of Chinese chemical producer Kingboard Chemicals (+13.97% on a monthly basis), Japanese construction company Daito Trust, and HK/Macao gaming and entertainment company Sands China. Furthermore we observed very good performances of Japanese cosmetics producer Pola Orbis (+11.0%) and Australian commodity producer Rio Tinto (+10.74%). On the other hand the performance of Korean utility Korea Electric (-6.25%) and Chinese toll road operator Zhejiang Expressway (-4.61%) disappointed.
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 At the end of September the total investment quota was close to 97%. We remain optimistic for the Asian region for the second half of 2016. In September we bought, amongst others, stocks of Chinese utility and infrastructure company Guangdong Investment and the aforementioned Australian commodity producer, Rio Tinto. The Japanese electronics and battery producer Panasonic and the Australian airport operator Sydney Airport were also added as new stocks to the portfolio. On the other hand stocks of Chinese car manufacturer Great Wall Motor and Indonesian food producer Indofood were sold.
1.60% 1.37% 0.08% 3.49% 2.12%
4.24%
HK JP CN
4.14%
KR TW
36.68%
6.97%
MO AU ID
Market Outlook & Portfolio Strategy
SG
The outlook for the Asian Pacific region for the second half of 2016 remains good. Asian stock markets are valued attractively, especially when compared to the fixed interest markets. The economic activity in many regions is improving along with Chinese economic data. Overall, fund flows towards emerging markets are increasing. We remain optimistic towards our highest weighted region; HK/China. The stock market in Hong Kong remains one of the cheapest in the world.
16.00%
DE CASH
23.31%
hk
jp
cn
kr
tw
mo
au
id
sg
de
cash
Asset Allocation Breakdown 0.00%
4.24%
0.08%
STOCKS CASH FUND BONDS
95.68%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Monthly Updates September 2016
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS Name
Weight in%
Country
CHAMPION REIT
5.41
HK
HOPEWELL HOLDINGS LTD
5.08
HK
DAITO TRUST CONSTRUCT CO LTD
4.83
JP
GREAT EAGLE HOLDINGS LTD
4.58
HK
KINGBOARD LAMINATES HOLDING
4.53
HK
TAIWAN SEMICONDUCTOR MANUFAC
4.14
TW
WEST JAPAN RAILWAY CO
3.80
JP
SHIMANO INC
3.58
JP
SANDS CHINA LTD
3.49
MO
IMPORTANT INFORMATION:
KOREA ELECTRIC POWER CORP
3.20
KR
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 % KINGBOARD CHEMICAL HOLDINGS
13.97
HK
GLORIOUS SUN ENTERPRISES LTD
11.88
HK
POLA ORBIS HOLDINGS INC
11.00
JP
RIO TINTO LIMITED
10.74
AU
HONGKONG LAND HOLDINGS LTD
9.20
HK
SANDS CHINA LTD
8.43
MO
SINO BIOPHARMACEUTICAL
8.40
HK
WEST JAPAN RAILWAY CO
8.09
JP
VITASOY INTL HOLDINGS LTD
7.99
HK
LUK FOOK HOLDINGS INTL LTD
7.67
HK
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN % KOREA ELECTRIC POWER CORP
-6.25
DMG MORI CO LTD
-5.16
JP
ZHEJIANG EXPRESSWAY CO-H
-4.61
CN
ASICS CORP
-4.15
JP
CHAMPION REIT
-3.65
HK
CHINA MENGNIU DAIRY CO
-3.52
CN
INDOFOOD CBP SUKSES MAKMUR T
-3.52
ID
PICC PROPERTY & CASUALTY -H
-1.69
CN
TEXWINCA HOLDINGS LTD
-1.64
HK
ASTELLAS PHARMA INC
-1.60
JP
SMALL-/MID-/LARGECAPS IN % Smallcap
14.69
Midcap
38.42
Largecap
42.57
KR
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
