Monthly Updates February 2017
Monthly Updates February 2017
Performance*
1 Month
YTD
12 Month
3 Year p.a.
5 Year p.a.
Since Launch**
GAMAX Asia Pacific
1.19%
1.19%
16.69%
10.96%
9.56%
4.75%
Benchmark***
2.64%
2.64%
20.31%
9.22%
10.12%
3.78%
Net Excess Return
-1.30%
-1.30%
+3.33%
-1.77%
-0.56%
+0.98%
*Performance Figures Net of Fees to 31.01.17. All figures have been rounded to two decimal places. **Since DJE managed the Fund (Oct 2007) ***Benchmark is MSCI World net return in euro
Performance Analysis
Emerging markets enjoyed strong gains over the month as the US Dollar reversed some of its steep gains. With volatility touching historic lows during the month, some investors had called for a correction in equity markets following the inauguration of Donald Trump, but despite some headline reaction there was little in the way of corrective action with the exception of some European indices. Global economic data continued to come out strongly, with investors raising their inflation expectations. Overall, the stocks markets of the Asia-Pacific region were positive over the month. The exception to this was the Australian ASX index which declined 0.77%. The highest monthly gains were generated by Hong Kong (Hang Seng, +6.18%), Singapore (STI, +5.76%) markets. Markets in mainland China, South Korea, Taiwan and Thailand recorded gains ranging from 1.79% and 2.23%. The Japanese market, as measured by the Topix index, was more or less flat at +0.20% over the month. The GAMAX Asia Pacific fund generated a net-of-fees return of 2.37, versus its benchmark (MSCI Asia Pacific) which returned 3.59%. The main reasons for the fund’s underperformance is due to its lower exposure versus its benchmark to the Technology, Industrials and Energy sectors. Whereas our relatively higher exposure to the Materials/Commodity and Chemical sectors, versus the benchmark, contributed to performance.
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 ID, 0.36% TH, 0.00% DE, 0.08%
SG, 3.56%
Cash, 4.78%
MO, 3.46% TW, 4.35%
On a single stocks basis, the highest performance contributions came from our positions in the Australian commodity producer Rio Tinto (+11.92%) and to the Chinese chemical producer Kingboard Laminates (+15.35%). Both stocks are within the top ten holdings of the fund. Furthermore, our exposure to the Travel & Leisure and Retail sectors (Japan Railway, TravelSky and Chow Fook Jewellery) generated positive returns. Our allocation to the Construction and Real Estate sectors hurt performance
HK, 33.56%
AU, 5.33% KR, 8.36%
CN, 13.79% JP, 22.37%
Portfolio Activity
At the end of January the total investment quota was close to 98%. During the month we increased our weightings across the Autos & Parts, Financial and Technology sectors. For example, positions were opened in South Korean automotive producer Hyundai and Singaporean financial holding DBS Group. Our exposure to the healthcare sector was reduced by closing our position in Japanese pharmaceutical company, Astellas Pharma.
Asset Allocation Breakdown Bonds, Funds, 0.08% 0.00%
Cash, 4.78%
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 first months of 2017 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 still continue to benefit from the global risk-on environment in global financial markets. For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Stocks, 95.14%
Monthly Updates February 2017
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS Weight in%
Name
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
5.56
JP
KINGBOARD LAMINATES HOLDING
5.54
HK
RIO TINTO LIMITED
5.08
AU
CHAMPION REIT
4.80
HK
TAIWAN SEMICONDUCTOR MANUFAC
4.16
TW
HOPEWELL HOLDINGS LTD
3.91
HK
SHIMANO INC
3.77
JP
DBS GROUP HOLDINGS LTD
3.56
SG
SANDS CHINA LTD
3.46
MO
IMPORTANT INFORMATION:
ANTA SPORTS PRODUCTS LTD
3.18
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 - 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
18.72
HK
HON KWOK LAND INVESTMENT
18.15
HK
CHOW TAI FOOK JEWELLERY GROU
15.68
HK
KINGBOARD LAMINATES HOLDING
15.35
HK
SINO BIOPHARMACEUTICAL
14.10
HK
HKBN LTD
12.10
HK
RIO TINTO LIMITED
11.92
AU
ZHEJIANG EXPRESSWAY CO-H
10.00
CN
SUN HUNG KAI PROPERTIES
10.00
HK
TRAVELSKY TECHNOLOGY LTD-H
9.33
CN
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN % HENGDELI HOLDINGS LTD
-12.50
HK
DAITO TRUST CONSTRUCT CO LTD
-9.44
JP
ASICS CORP
-7.92
JP
HYUNDAI MOTOR CO
-7.00
KR
LINK NET TBK PT
-4.66
ID
GREAT EAGLE HOLDINGS LTD
-4.60
HK
CHINA MENGNIU DAIRY CO
-4.15
CN
VITASOY INTL HOLDINGS LTD
-3.47
HK
KOREA ELECTRIC POWER CORP
-3.41
KR
SHIMANO INC
-3.05
JP
SMALL-/MID-/LARGECAPS IN % Smallcap
10.83
Midcap
39.18
Largecap
49.94
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
12 Month
3 Year p.a.
5 Year p.a.
Since Launch**
GAMAX Asia Pacific
1.19%
1.19%
16.69%
10.96%
9.56%
4.75%
Benchmark***
2.64%
2.64%
20.31%
9.22%
10.12%
3.78%
Net Excess Return
-1.30%
-1.30%
+3.33%
-1.77%
-0.56%
+0.98%
*Performance Figures Net of Fees to 31.01.17. All figures have been rounded to two decimal places. **Since DJE managed the Fund (Oct 2007) ***Benchmark is MSCI World net return in euro
Performance Analysis
Emerging markets enjoyed strong gains over the month as the US Dollar reversed some of its steep gains. With volatility touching historic lows during the month, some investors had called for a correction in equity markets following the inauguration of Donald Trump, but despite some headline reaction there was little in the way of corrective action with the exception of some European indices. Global economic data continued to come out strongly, with investors raising their inflation expectations. Overall, the stocks markets of the Asia-Pacific region were positive over the month. The exception to this was the Australian ASX index which declined 0.77%. The highest monthly gains were generated by Hong Kong (Hang Seng, +6.18%), Singapore (STI, +5.76%) markets. Markets in mainland China, South Korea, Taiwan and Thailand recorded gains ranging from 1.79% and 2.23%. The Japanese market, as measured by the Topix index, was more or less flat at +0.20% over the month. The GAMAX Asia Pacific fund generated a net-of-fees return of 2.37, versus its benchmark (MSCI Asia Pacific) which returned 3.59%. The main reasons for the fund’s underperformance is due to its lower exposure versus its benchmark to the Technology, Industrials and Energy sectors. Whereas our relatively higher exposure to the Materials/Commodity and Chemical sectors, versus the benchmark, contributed to performance.
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 ID, 0.36% TH, 0.00% DE, 0.08%
SG, 3.56%
Cash, 4.78%
MO, 3.46% TW, 4.35%
On a single stocks basis, the highest performance contributions came from our positions in the Australian commodity producer Rio Tinto (+11.92%) and to the Chinese chemical producer Kingboard Laminates (+15.35%). Both stocks are within the top ten holdings of the fund. Furthermore, our exposure to the Travel & Leisure and Retail sectors (Japan Railway, TravelSky and Chow Fook Jewellery) generated positive returns. Our allocation to the Construction and Real Estate sectors hurt performance
HK, 33.56%
AU, 5.33% KR, 8.36%
CN, 13.79% JP, 22.37%
Portfolio Activity
At the end of January the total investment quota was close to 98%. During the month we increased our weightings across the Autos & Parts, Financial and Technology sectors. For example, positions were opened in South Korean automotive producer Hyundai and Singaporean financial holding DBS Group. Our exposure to the healthcare sector was reduced by closing our position in Japanese pharmaceutical company, Astellas Pharma.
Asset Allocation Breakdown Bonds, Funds, 0.08% 0.00%
Cash, 4.78%
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 first months of 2017 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 still continue to benefit from the global risk-on environment in global financial markets. For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Stocks, 95.14%
Monthly Updates February 2017
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS Weight in%
Name
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
5.56
JP
KINGBOARD LAMINATES HOLDING
5.54
HK
RIO TINTO LIMITED
5.08
AU
CHAMPION REIT
4.80
HK
TAIWAN SEMICONDUCTOR MANUFAC
4.16
TW
HOPEWELL HOLDINGS LTD
3.91
HK
SHIMANO INC
3.77
JP
DBS GROUP HOLDINGS LTD
3.56
SG
SANDS CHINA LTD
3.46
MO
IMPORTANT INFORMATION:
ANTA SPORTS PRODUCTS LTD
3.18
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 - 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
18.72
HK
HON KWOK LAND INVESTMENT
18.15
HK
CHOW TAI FOOK JEWELLERY GROU
15.68
HK
KINGBOARD LAMINATES HOLDING
15.35
HK
SINO BIOPHARMACEUTICAL
14.10
HK
HKBN LTD
12.10
HK
RIO TINTO LIMITED
11.92
AU
ZHEJIANG EXPRESSWAY CO-H
10.00
CN
SUN HUNG KAI PROPERTIES
10.00
HK
TRAVELSKY TECHNOLOGY LTD-H
9.33
CN
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN % HENGDELI HOLDINGS LTD
-12.50
HK
DAITO TRUST CONSTRUCT CO LTD
-9.44
JP
ASICS CORP
-7.92
JP
HYUNDAI MOTOR CO
-7.00
KR
LINK NET TBK PT
-4.66
ID
GREAT EAGLE HOLDINGS LTD
-4.60
HK
CHINA MENGNIU DAIRY CO
-4.15
CN
VITASOY INTL HOLDINGS LTD
-3.47
HK
KOREA ELECTRIC POWER CORP
-3.41
KR
SHIMANO INC
-3.05
JP
SMALL-/MID-/LARGECAPS IN % Smallcap
10.83
Midcap
39.18
Largecap
49.94
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
