Monthly Updates January 2017
Monthly Updates January 2017
Performance*
1 Month
YTD
1 Year
3 Year p.a.
5 Year p.a.
Since Launch**
GAMAX Asia Pacific
-1.40%
7.46%
7.46%
10.52%
9.72%
4.54%
Benchmark***
0.30%
8.03%
8.03%
10.34%
10.59%
3.38%
Net Excess Return
-1.70%
-0.57%
-0.57%
+0.18%
-0.87%
+1.16%
*All performance are net of fees to 30.12.16. 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 Overall the stock exchanges of the Asian Pacific region performed positively in December. The exception was China. The Chinese mainland market, measured by the Shanghai Composite Index, lost 4.50% in local currencies and the market in Hong Kong lost 3.46% in local currencies. Concerns about Chinese property prices and a further weakening of the Chinese Yuan were, amongst others, reasons for the weakness on a monthly basis. However, most of the Chinese economic data still signals an improving economy. For example one of the most important purchasing manager indices (the Caixin PMI for the service sector) reached 53.4 points in December. Therefore the index reached a four year high, suggesting that the Chinese economy is in expansion mode. Beside China, the performance of the markets in Singapore (-0.84%) and Taiwan (+0.14%) was disappointing. On the other hand the markets in Japan, South Korea and Australia showed solid monthly gains in local currencies of 3.35%, 2.17% and 3.94% respectively. The Japanese market benefitted from the depreciation of the Yen. The outcome of the weaker Yen should be increased profits for Japanese exporters. The Fund lost 1.40% on a net of fees basis and therefore underperformed the benchmark-index which was up by 0.30%. The main reason for the underperformance in December was the Fund’s significant exposure to the Chinese region and the limited exposure to Australia. In 2016 the GAMAX Asia Pacific Fund returned +7.46% net of fees while the benchmark returned 8.03%.
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 SG, 3.36%
ID, 0.49%
DE, 0.08%
Cash, 2.18%
MO, 3.64%
Portfolio Activity
TW, 4.32%
The highest performance contributions in December came from our investments in the stocks of Chinese watch retailer Hengdeli (which was up 28.74%) and Chinese chemicals stock Kingboard Laminates (which was up 11.57%). Furthermore we observed solid performances of stocks like Japanese tool manufacturer DMG Mori Seiki (+6.14%), Honk Kong based real estate stock Great Eagle (5.87%) and Australian based mining stock, Rio Tinto (2.04%). On the other hand there was a disappointing development of stocks like Macao casino operator Sands China (-11.55%), Chinese electric vehicle producer BYD (-11.20%) and Chinese toll road operator Zhejiang Expressway (-10.84%). At the end of December the total investment quota was close to 98%. In December we bought, amongst others, stocks of South Korean car manufacturer Hyundai Motor in order to increase our exposure to the automobiles and parts sector. Furthermore the position in Singaporean Financial DBS Group was extended in order to reduce the Fund’s exposure to financials. On the other hand we reduced exposure to the real estate sector by selling stocks of Hong Kong Land and Sun Hung Kai.
AU, 4.78% HK, 35.02% KR, 7.78% CN, 13.79%
JP, 24.56%
Asset Allocation Breakdown 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, which was initially triggered by the US-presidential elections.
Funds, 0.00%
Bonds, 0.08%
Cash, 2.18%
Stocks, 97.74%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Monthly Updates January 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
5.52%
JP
KINGBOARD LAMINATES HOLDING
5.06%
HK
CHAMPION REIT
5.03%
HK
HOPEWELL HOLDINGS LTD
4.63%
HK
RIO TINTO LIMITED
4.53%
AU
TAIWAN SEMICONDUCTOR MANUFAC
4.12%
TW
SHIMANO INC
3.97%
JP
SANDS CHINA LTD
3.64%
MO
DAITO TRUST CONSTRUCT CO LTD
3.52%
JP
IMPORTANT INFORMATION:
DBS GROUP HOLDINGS LTD
3.36%
SG
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 % HENGDELI HOLDINGS LTD
28.74%
HK
KINGBOARD LAMINATES HOLDING
11.57%
HK
KINGBOARD CHEMICAL HOLDINGS
7.55%
HK
DMG MORI CO LTD
6.14%
JP
GREAT EAGLE HOLDINGS LTD
5.87%
HK
ASTELLAS PHARMA INC
3.94%
JP
WEST JAPAN RAILWAY CO
3.82%
JP
ANTA SPORTS PRODUCTS LTD
3.81%
CN
HON KWOK LAND INVESTMENT
2.36%
HK
RIO TINTO LIMITED
2.04%
AU
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN % SANDS CHINA LTD
-11.55%
MO
BYD CO LTD-H
-11.20%
CN
TEXWINCA HOLDINGS LTD
-10.90%
HK
ZHEJIANG EXPRESSWAY CO-H
-10.84%
CN
CHOW TAI FOOK JEWELLERY GROU
-8.77%
HK
LUK FOOK HOLDINGS INTL LTD
-7.95%
HK
HOPEWELL HOLDINGS LTD
-6.94%
HK
PICC PROPERTY & CASUALTY -H
-6.93%
CN
SICHUAN EXPRESSWAY CO-H
-6.58%
CN
ASICS CORP
-6.19%
JP
SMALL-/MID-/LARGECAPS IN % Smallcap
49.13%
Midcap
39.49%
Largecap
9.12%
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
-1.40%
7.46%
7.46%
10.52%
9.72%
4.54%
Benchmark***
0.30%
8.03%
8.03%
10.34%
10.59%
3.38%
Net Excess Return
-1.70%
-0.57%
-0.57%
+0.18%
-0.87%
+1.16%
*All performance are net of fees to 30.12.16. 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 Overall the stock exchanges of the Asian Pacific region performed positively in December. The exception was China. The Chinese mainland market, measured by the Shanghai Composite Index, lost 4.50% in local currencies and the market in Hong Kong lost 3.46% in local currencies. Concerns about Chinese property prices and a further weakening of the Chinese Yuan were, amongst others, reasons for the weakness on a monthly basis. However, most of the Chinese economic data still signals an improving economy. For example one of the most important purchasing manager indices (the Caixin PMI for the service sector) reached 53.4 points in December. Therefore the index reached a four year high, suggesting that the Chinese economy is in expansion mode. Beside China, the performance of the markets in Singapore (-0.84%) and Taiwan (+0.14%) was disappointing. On the other hand the markets in Japan, South Korea and Australia showed solid monthly gains in local currencies of 3.35%, 2.17% and 3.94% respectively. The Japanese market benefitted from the depreciation of the Yen. The outcome of the weaker Yen should be increased profits for Japanese exporters. The Fund lost 1.40% on a net of fees basis and therefore underperformed the benchmark-index which was up by 0.30%. The main reason for the underperformance in December was the Fund’s significant exposure to the Chinese region and the limited exposure to Australia. In 2016 the GAMAX Asia Pacific Fund returned +7.46% net of fees while the benchmark returned 8.03%.
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 SG, 3.36%
ID, 0.49%
DE, 0.08%
Cash, 2.18%
MO, 3.64%
Portfolio Activity
TW, 4.32%
The highest performance contributions in December came from our investments in the stocks of Chinese watch retailer Hengdeli (which was up 28.74%) and Chinese chemicals stock Kingboard Laminates (which was up 11.57%). Furthermore we observed solid performances of stocks like Japanese tool manufacturer DMG Mori Seiki (+6.14%), Honk Kong based real estate stock Great Eagle (5.87%) and Australian based mining stock, Rio Tinto (2.04%). On the other hand there was a disappointing development of stocks like Macao casino operator Sands China (-11.55%), Chinese electric vehicle producer BYD (-11.20%) and Chinese toll road operator Zhejiang Expressway (-10.84%). At the end of December the total investment quota was close to 98%. In December we bought, amongst others, stocks of South Korean car manufacturer Hyundai Motor in order to increase our exposure to the automobiles and parts sector. Furthermore the position in Singaporean Financial DBS Group was extended in order to reduce the Fund’s exposure to financials. On the other hand we reduced exposure to the real estate sector by selling stocks of Hong Kong Land and Sun Hung Kai.
AU, 4.78% HK, 35.02% KR, 7.78% CN, 13.79%
JP, 24.56%
Asset Allocation Breakdown 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, which was initially triggered by the US-presidential elections.
Funds, 0.00%
Bonds, 0.08%
Cash, 2.18%
Stocks, 97.74%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Monthly Updates January 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
5.52%
JP
KINGBOARD LAMINATES HOLDING
5.06%
HK
CHAMPION REIT
5.03%
HK
HOPEWELL HOLDINGS LTD
4.63%
HK
RIO TINTO LIMITED
4.53%
AU
TAIWAN SEMICONDUCTOR MANUFAC
4.12%
TW
SHIMANO INC
3.97%
JP
SANDS CHINA LTD
3.64%
MO
DAITO TRUST CONSTRUCT CO LTD
3.52%
JP
IMPORTANT INFORMATION:
DBS GROUP HOLDINGS LTD
3.36%
SG
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 % HENGDELI HOLDINGS LTD
28.74%
HK
KINGBOARD LAMINATES HOLDING
11.57%
HK
KINGBOARD CHEMICAL HOLDINGS
7.55%
HK
DMG MORI CO LTD
6.14%
JP
GREAT EAGLE HOLDINGS LTD
5.87%
HK
ASTELLAS PHARMA INC
3.94%
JP
WEST JAPAN RAILWAY CO
3.82%
JP
ANTA SPORTS PRODUCTS LTD
3.81%
CN
HON KWOK LAND INVESTMENT
2.36%
HK
RIO TINTO LIMITED
2.04%
AU
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN % SANDS CHINA LTD
-11.55%
MO
BYD CO LTD-H
-11.20%
CN
TEXWINCA HOLDINGS LTD
-10.90%
HK
ZHEJIANG EXPRESSWAY CO-H
-10.84%
CN
CHOW TAI FOOK JEWELLERY GROU
-8.77%
HK
LUK FOOK HOLDINGS INTL LTD
-7.95%
HK
HOPEWELL HOLDINGS LTD
-6.94%
HK
PICC PROPERTY & CASUALTY -H
-6.93%
CN
SICHUAN EXPRESSWAY CO-H
-6.58%
CN
ASICS CORP
-6.19%
JP
SMALL-/MID-/LARGECAPS IN % Smallcap
49.13%
Midcap
39.49%
Largecap
9.12%
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
