Monthly Updates December 2017 - AWS
Monthly Updates December 2017
Performance*
1 Month
YTD
12 Month
3 Year p.a.
5 Year p.a.
Since Launch**
GAMAX Asia Pacific
-1.36%
16.50%
14.80%
13.55%
10.54%
5.69%
Benchmark***
0.41%
15.30%
15.74%
12.11%
11.31%
4.56%
Net Excess Return
-1.77%
1.20%
-0.94%
1.44%
-0.77%
1.13%
*Performance Figures Net of Fees to 29.11.17, 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
November delivered mixed results among the Asian equity markets. When measured in euro, Japanese, Hong Kong and Singaporean equities posted the strongest performances with monthly gains of 2.18%, 1.07% and 0.70%. Economic data out of Asia continues to be strong, and the profitability of Asian companies, especially in Japan, is improving. However, some Asian markets came under pressure in November. Mainland listed Chinese equities lost, when measured in euro, 3.90% over the month. Economic news out of China was still mostly positive, but a rise in Chinese interest rates raised concerns among investors. The markets in Taiwan and South Korea were also down in the reporting period and lost, 3.83% and 1.07% respectively, again measured in euro. The GAMAX Asia Pacific fund declined by 1.36% over the month, underperforming the benchmark index which was up 0.41%. The key reasons for the underperformance were the underweight in Japanese equities relative to the benchmark index and the price correction of some of the Fund’s Hong Kong listed Chinese stocks, such as China Merchants Ports (-14.88%) or PICC Property & Casualty (-11.93%). Furthermore the price correction of technology stocks such as Japanese Disco Corp (-9.95%) or Tokyo Electron (-7.19%) weighed on performance in November. On the other hand Chinese soy milk producer Vitasoy was the biggest positive contributor to the Fund’s performance (up by 12.42%), followed by Tencent Holdings, the Chinese internet giant (up by 7.78%), the Singaporean bank DBS Group (up 7.30%), and Japanese recruitment company Technopro (up 7.47%).
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 Countries 6.63%
Cash 9.10%
Taiwan 4.77%
China 17.58%
Singapore 3.00%
Portfolio Activity
At the end of the month the total investment quota was about 91%, while 9% was held in cash. Fundamentally we believe that the Asian stock markets are well situated for growth. But in the short-term we see the risk of a potential correction from market technical factors (such as too much optimism). As soon as our market technical indicators show improved signals, we will reinvest a portion of the additional cash. Over the month positions in Japanese machinery producer Disco Corp and in Hong Kong real estate / mall operator Hang Lung were increased, along with Chinese ecommerce stocks Alibaba and JD.COM. Both ecommerce companies have attractive market positions and very good growth perspectives. On the other hand, positions in the Australian mining company Rio Tinto and in the Chinese port operator China Merchants were reduced. We furthermore realized profits by selling parts of our positions in the Japanese construction company Daito Trust.
Japan 21.96%
Hong Kong 36.96%
Asset Allocation Breakdown
Funds Bonds 0.00% 0.06%
Cash 9.10%
Portfolio Strategy and Outlook
The long-term outlook for Asia remains good. 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. Stocks 90.84%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Monthly Updates December 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 HLDGS LTD
6.02%
HK
CHAMPION REAL ESTATE INV TRUST
4.86%
HK
TAIWAN SEMICOND.MANUFACT
3.91%
TW
HOPEWELL HOLDINGS LTD
3.75%
JP
DMG MORISEIKI J
3.73%
HK
PANASONIC CORP
3.54%
JP
WEST JAPAN RAILWAY CO
3.52%
JP
ANTA SPORTS PRODUCTS LTD
3.29%
CN
TENCENT HOLDINGS LTD
3.03%
SG
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.
DBS GROUP HOLDINGS LTD
3.00%
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** VITASOY INTL HOLDINGS LTD
12.42%
HK
TENCENT HOLDINGS LTD
7.78%
CN
TECHNOPRO HOLDINGS INC
7.47%
JP
DBS GROUP HOLDINGS LTD
7.30%
SG
SINO BIOPHARMACEUTICAL
7.08%
HK
AIA GROUP LTD
4.99%
HK
EBARA CORP
4.82%
JP
CHOW TAI FOOK JEWELLERY GROU
3.91%
HK
TRAVELSKY TECHNOLOGY LTD-H
3.84%
CN
HANG LUNG PROPERTIES LTD
3.77%
HK
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** CHINA MERCHANTS HLDGS INTL
-14.88%
HK
PICC PROPERTY & CASUALTY -H
-11.93%
CN
DISCO CORP
-9.95%
JP
ADVANCED INFO SERVICE-FOR RG
-9.74%
TH
SUNTORY BEVERAGE & FOOD LTD
-8.41%
JP
KINGBOARD CHEMICAL HOLDINGS
-7.80%
HK
ANTA SPORTS PRODUCTS LTD
-7.78%
CN
TOKYO ELECTRON LTD
-7.19%
JP
SICHUAN EXPRESSWAY CO-H
-7.03%
CN
PANASONIC CORP
-6.91%
JP
SMALL-/MID-/LARGECAPS IN %** Smallcap
2.61%
Midcap
45.92%
Largecap
47.07%
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
-1.36%
16.50%
14.80%
13.55%
10.54%
5.69%
Benchmark***
0.41%
15.30%
15.74%
12.11%
11.31%
4.56%
Net Excess Return
-1.77%
1.20%
-0.94%
1.44%
-0.77%
1.13%
*Performance Figures Net of Fees to 29.11.17, 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
November delivered mixed results among the Asian equity markets. When measured in euro, Japanese, Hong Kong and Singaporean equities posted the strongest performances with monthly gains of 2.18%, 1.07% and 0.70%. Economic data out of Asia continues to be strong, and the profitability of Asian companies, especially in Japan, is improving. However, some Asian markets came under pressure in November. Mainland listed Chinese equities lost, when measured in euro, 3.90% over the month. Economic news out of China was still mostly positive, but a rise in Chinese interest rates raised concerns among investors. The markets in Taiwan and South Korea were also down in the reporting period and lost, 3.83% and 1.07% respectively, again measured in euro. The GAMAX Asia Pacific fund declined by 1.36% over the month, underperforming the benchmark index which was up 0.41%. The key reasons for the underperformance were the underweight in Japanese equities relative to the benchmark index and the price correction of some of the Fund’s Hong Kong listed Chinese stocks, such as China Merchants Ports (-14.88%) or PICC Property & Casualty (-11.93%). Furthermore the price correction of technology stocks such as Japanese Disco Corp (-9.95%) or Tokyo Electron (-7.19%) weighed on performance in November. On the other hand Chinese soy milk producer Vitasoy was the biggest positive contributor to the Fund’s performance (up by 12.42%), followed by Tencent Holdings, the Chinese internet giant (up by 7.78%), the Singaporean bank DBS Group (up 7.30%), and Japanese recruitment company Technopro (up 7.47%).
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 Countries 6.63%
Cash 9.10%
Taiwan 4.77%
China 17.58%
Singapore 3.00%
Portfolio Activity
At the end of the month the total investment quota was about 91%, while 9% was held in cash. Fundamentally we believe that the Asian stock markets are well situated for growth. But in the short-term we see the risk of a potential correction from market technical factors (such as too much optimism). As soon as our market technical indicators show improved signals, we will reinvest a portion of the additional cash. Over the month positions in Japanese machinery producer Disco Corp and in Hong Kong real estate / mall operator Hang Lung were increased, along with Chinese ecommerce stocks Alibaba and JD.COM. Both ecommerce companies have attractive market positions and very good growth perspectives. On the other hand, positions in the Australian mining company Rio Tinto and in the Chinese port operator China Merchants were reduced. We furthermore realized profits by selling parts of our positions in the Japanese construction company Daito Trust.
Japan 21.96%
Hong Kong 36.96%
Asset Allocation Breakdown
Funds Bonds 0.00% 0.06%
Cash 9.10%
Portfolio Strategy and Outlook
The long-term outlook for Asia remains good. 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. Stocks 90.84%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Monthly Updates December 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 HLDGS LTD
6.02%
HK
CHAMPION REAL ESTATE INV TRUST
4.86%
HK
TAIWAN SEMICOND.MANUFACT
3.91%
TW
HOPEWELL HOLDINGS LTD
3.75%
JP
DMG MORISEIKI J
3.73%
HK
PANASONIC CORP
3.54%
JP
WEST JAPAN RAILWAY CO
3.52%
JP
ANTA SPORTS PRODUCTS LTD
3.29%
CN
TENCENT HOLDINGS LTD
3.03%
SG
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.
DBS GROUP HOLDINGS LTD
3.00%
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** VITASOY INTL HOLDINGS LTD
12.42%
HK
TENCENT HOLDINGS LTD
7.78%
CN
TECHNOPRO HOLDINGS INC
7.47%
JP
DBS GROUP HOLDINGS LTD
7.30%
SG
SINO BIOPHARMACEUTICAL
7.08%
HK
AIA GROUP LTD
4.99%
HK
EBARA CORP
4.82%
JP
CHOW TAI FOOK JEWELLERY GROU
3.91%
HK
TRAVELSKY TECHNOLOGY LTD-H
3.84%
CN
HANG LUNG PROPERTIES LTD
3.77%
HK
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** CHINA MERCHANTS HLDGS INTL
-14.88%
HK
PICC PROPERTY & CASUALTY -H
-11.93%
CN
DISCO CORP
-9.95%
JP
ADVANCED INFO SERVICE-FOR RG
-9.74%
TH
SUNTORY BEVERAGE & FOOD LTD
-8.41%
JP
KINGBOARD CHEMICAL HOLDINGS
-7.80%
HK
ANTA SPORTS PRODUCTS LTD
-7.78%
CN
TOKYO ELECTRON LTD
-7.19%
JP
SICHUAN EXPRESSWAY CO-H
-7.03%
CN
PANASONIC CORP
-6.91%
JP
SMALL-/MID-/LARGECAPS IN %** Smallcap
2.61%
Midcap
45.92%
Largecap
47.07%
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
