Monthly Updates April 2018
Monthly Updates April 2018
Performance*
1 Month
YTD
12 Month
3 Year p.a.
5 Year p.a.
Since Launch**
GAMAX Asia Pacific
-5.82%
-4.62%
2.48%
4.72%
7.46%
4.97%
Benchmark***
-4.49%
-3.71%
3.12%
3.37%
8.25%
4.07%
Net Excess Return
-1.33%
-0.91%
-0.64%
1.35%
-0.79%
0.90%
*Performance Figures Net of Fees to 28.03.18, 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
March was a very difficult month for global stocks as well as for the Asia Pacific regions. Asian equities started the year strongly although ended the quarter unchanged mainly due to fears of an extensive trade war between the US and China and an acceleration of US’s inflation. The exceptions were the markets in South Korea and Taiwan with gains of the KOSPI and the TAIEX-index of 0.76% and 0.96% in local currencies. The markets of mainland China, Hong Kong, Singapore, Japan and Australia suffered losses. The leading indices of these five regions lost between 2.4% and 4.1% in local currencies and therefore underperformed the global MSCI world index which was down 2.4% in USD. Portfolio Activity
The GAMAX Asia fund lost 5.82% on a net basis over March underperforming the reference index MSCI AC Asia Pacific which was down by 4.49%. The poor performance from a sector perspective was due to the overweight towards Materials, Consumer Discretionary and Industrials. Detractors to performance wat a security level were the exposure to Kingboard Laminates (5.13% portfolio weight), PICC Property & Casualty (2.53% portfolio weight), Panasonic (3.16% portfolio weight) and DMG Mori (3.22% portfolio weight). Contributors to performance during the month were the stocks of the Macao casino operator Galaxy Entertainment (+5.74%), the Chinese sports shoes producer Anta Sports (+3.61%) and the Chinese jewellery & gold retailer Chow Tai Fook (+5.00%).
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
Other Country, 7.01% Cash, 9.10% Taiwan, 4.09%
China, 17.55%
Singapore, 3.27%
Portfolio Strategy and Outlook
Generally, the outlook for the Asian pacific region remains positive. Economic growth in the region continues to pick up, while inflation remains low. At the same time corporate earnings in the region show a strong pick up following years of rather weak earnings growth. The spikes in volatility over escalating trade tensions between the US and China rather than impacting earning forecast are contributing to a greater overall risk premium for equities.
Japan, 19.21% Hong Kong, 39.77%
Asset Allocation Breakdown
Bonds 0.06%
Cash 9.10%
Stocks 90.84%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Monthly Updates April 2018
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS* Name
Weight in%
Country
KINGBOARD LAMINATES HLDGS LTD
5.13%
HK
ANTA SPORTS PRODUCTS LTD
4.59%
CN
CHAMPION REAL ESTATE INV TRUST
4.40%
HK
TAIWAN SEMICOND.MANUFACT
4.09%
TW
ALIBABA GROUP HOLDING LTD /ADR
4.03%
CN
HOPEWELL HOLDINGS LTD
3.98%
HK
DBS GROUP HOLDINGS LTD
3.27%
SG
DMG MORISEIKI J
3.22%
JP
TECHNOPRO HOLDINGS.INC.
3.18%
JP
PANASONIC CORP
3.16%
JP
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** ASICS CORP
16.87%
JP
SAMSUNG SDI CO LTD
15.79%
KR
SINO BIOPHARMACEUTICAL
6.82%
HK
GALAXY ENTERTAINMENT GROUP L
5.74%
HK
CHOW TAI FOOK JEWELLERY GROU
5.00%
HK
LUK FOOK HOLDINGS INTL LTD
3.87%
HK
ANTA SPORTS PRODUCTS LTD
3.61%
CN
AIA GROUP LTD
3.01%
HK
TECHNOPRO HOLDINGS INC
2.21%
JP
GUANGDONG INVESTMENT LTD
1.68%
HK
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** KINGBOARD LAMINATES HOLDING
-18.65%
HK
BYD CO LTD-H
-17.33%
CN
KINGBOARD CHEMICAL HOLDINGS
-12.56%
HK
PICC PROPERTY & CASUALTY -H
-12.55%
CN
VINDA INTERNATIONAL HOLDINGS
-10.97%
CN
TRAVELSKY TECHNOLOGY LTD-H
-9.64%
CN
PANASONIC CORP
-9.48%
JP
TENCENT HOLDINGS LTD
-7.60%
CN
DMG MORI CO LTD
-7.54%
JP
KOMATSU LTD
-6.54%
JP
SMALL-/MID-/LARGECAPS IN %** Smallcap
9.93%
Midcap
31.25%
Largecap
52.29%
*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
-5.82%
-4.62%
2.48%
4.72%
7.46%
4.97%
Benchmark***
-4.49%
-3.71%
3.12%
3.37%
8.25%
4.07%
Net Excess Return
-1.33%
-0.91%
-0.64%
1.35%
-0.79%
0.90%
*Performance Figures Net of Fees to 28.03.18, 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
March was a very difficult month for global stocks as well as for the Asia Pacific regions. Asian equities started the year strongly although ended the quarter unchanged mainly due to fears of an extensive trade war between the US and China and an acceleration of US’s inflation. The exceptions were the markets in South Korea and Taiwan with gains of the KOSPI and the TAIEX-index of 0.76% and 0.96% in local currencies. The markets of mainland China, Hong Kong, Singapore, Japan and Australia suffered losses. The leading indices of these five regions lost between 2.4% and 4.1% in local currencies and therefore underperformed the global MSCI world index which was down 2.4% in USD. Portfolio Activity
The GAMAX Asia fund lost 5.82% on a net basis over March underperforming the reference index MSCI AC Asia Pacific which was down by 4.49%. The poor performance from a sector perspective was due to the overweight towards Materials, Consumer Discretionary and Industrials. Detractors to performance wat a security level were the exposure to Kingboard Laminates (5.13% portfolio weight), PICC Property & Casualty (2.53% portfolio weight), Panasonic (3.16% portfolio weight) and DMG Mori (3.22% portfolio weight). Contributors to performance during the month were the stocks of the Macao casino operator Galaxy Entertainment (+5.74%), the Chinese sports shoes producer Anta Sports (+3.61%) and the Chinese jewellery & gold retailer Chow Tai Fook (+5.00%).
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
Other Country, 7.01% Cash, 9.10% Taiwan, 4.09%
China, 17.55%
Singapore, 3.27%
Portfolio Strategy and Outlook
Generally, the outlook for the Asian pacific region remains positive. Economic growth in the region continues to pick up, while inflation remains low. At the same time corporate earnings in the region show a strong pick up following years of rather weak earnings growth. The spikes in volatility over escalating trade tensions between the US and China rather than impacting earning forecast are contributing to a greater overall risk premium for equities.
Japan, 19.21% Hong Kong, 39.77%
Asset Allocation Breakdown
Bonds 0.06%
Cash 9.10%
Stocks 90.84%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Monthly Updates April 2018
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS* Name
Weight in%
Country
KINGBOARD LAMINATES HLDGS LTD
5.13%
HK
ANTA SPORTS PRODUCTS LTD
4.59%
CN
CHAMPION REAL ESTATE INV TRUST
4.40%
HK
TAIWAN SEMICOND.MANUFACT
4.09%
TW
ALIBABA GROUP HOLDING LTD /ADR
4.03%
CN
HOPEWELL HOLDINGS LTD
3.98%
HK
DBS GROUP HOLDINGS LTD
3.27%
SG
DMG MORISEIKI J
3.22%
JP
TECHNOPRO HOLDINGS.INC.
3.18%
JP
PANASONIC CORP
3.16%
JP
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** ASICS CORP
16.87%
JP
SAMSUNG SDI CO LTD
15.79%
KR
SINO BIOPHARMACEUTICAL
6.82%
HK
GALAXY ENTERTAINMENT GROUP L
5.74%
HK
CHOW TAI FOOK JEWELLERY GROU
5.00%
HK
LUK FOOK HOLDINGS INTL LTD
3.87%
HK
ANTA SPORTS PRODUCTS LTD
3.61%
CN
AIA GROUP LTD
3.01%
HK
TECHNOPRO HOLDINGS INC
2.21%
JP
GUANGDONG INVESTMENT LTD
1.68%
HK
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** KINGBOARD LAMINATES HOLDING
-18.65%
HK
BYD CO LTD-H
-17.33%
CN
KINGBOARD CHEMICAL HOLDINGS
-12.56%
HK
PICC PROPERTY & CASUALTY -H
-12.55%
CN
VINDA INTERNATIONAL HOLDINGS
-10.97%
CN
TRAVELSKY TECHNOLOGY LTD-H
-9.64%
CN
PANASONIC CORP
-9.48%
JP
TENCENT HOLDINGS LTD
-7.60%
CN
DMG MORI CO LTD
-7.54%
JP
KOMATSU LTD
-6.54%
JP
SMALL-/MID-/LARGECAPS IN %** Smallcap
9.93%
Midcap
31.25%
Largecap
52.29%
*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
