Monthly Updates July 2017
Monthly Updates July 2017
Performance*
1 Month
YTD
12 Month
3 Year p.a.
5 Year p.a.
Since Launch**
GAMAX Asia Pacific
0.11%
6.77%
19.06%
12.27%
10.11%
5.00%
Benchmark***
-0.07%
7.21%
21.14%
11.19%
10.71%
3.98%
Net Excess Return
0.18%
-0.44%
-2.08%
1.08%
-0.60%
1.02%
*Performance Figures Net of Fees to 29.06.17, Class A. All figures have been rounded to two decimal places. **Since DJE managed the Fund (Oct 2007) ***Benchmark is MSCI World net return in euro
Merket Overview and Performance Analysis
Overall, when measured in local currencies, the most important stock exchanges of the Asian Pacific region delivered positive returns in June. The markets in Taiwan and mainland China showed the highest monthly gains, advancing +3.53% and +2.41% in local currencies respectively. The markets in Japan, South Korea and Thailand also did well. The leading indices of these regions showed monthly gains of +2.78%, +1.89% and +0.84% in local currencies respectively. However, when measured in euro, the performance of all markets mentioned above was weaker due to the appreciation of the European currency against the different Asian currencies. Measured in Euro, only the Taiwanese and the Chinese mainland market showed gains. The GAMAX Asia Pacific fund gained +0.11% net of fees in June outperforming the benchmark index which was down by -0.07%. Portfolio Activity
The highest performance contributions in June came from our investments in the Chinese laminates producer Kingboard Laminates and from the Chinese chemicals producer Kingboard Chemicals. Both stocks were up by more than 10% in local currencies (+12.57% for Kingboard Chemicals and +10.09% for Kingboard Laminates). Kingboard Chemicals owns a majority of Kingboard Laminates. Furthermore we observed, amongst others, positive performances of stocks such as Chinese sports goods producer Anta Sports Products (+10.04%) and the Chinese Toll road operator Zhejiang Expressway (+8.08%). Of the 48 holdings of the Fund, Japanese commodity producer Sumitomo Metal Mining showed the greatest gain in June, appreciating +12.73%. All performances above are quoted in local currencies. On the other hand returns from stocks such as South Korean utility Korea Electric Power (-7.94%) and Australian airport operator Sydney Airport (-7.30%) were disappointing, along with Hong Kong real estate operator Hang Lung Properties, which was down -4.28%, all in local currencies. At the end of June the total investment quota was close to 93% while approximately 7% was held in cash. In June we increased weightings in stocks such as Chinese electric vehicle producer BYD. As the largest producer of electric vehicles in China, BYD is well placed to benefit from the significant growth potential for electric vehicles in the local market. Positions in South Korean tobacco and ginseng producer KT&G was also increased, due to its attractive valuation and our positive outlook for the South Korean region. A new position in South Korean Samsung SDI was added to the portfolio because of our belief in the prospects of Samsung SDI’s battery business and the current benefit the stock is receiving from its holding in the OLED business in Samsung. Japanese Softbank was another new positon introduced in June as we believe they could benefit from a consolidation in the US – telecom market. On the other hand positions in the Japanese technology companies Tokyo Electron and Rohm were reduced as both traded very close to our price targets, and we therefore we decided to lock in profits.
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 Taiwan, Singapore, Macau, 1.00% 4.25% 2.38%
Thailand, Indonesia, 0.37% 0.34%
Cash & Others, 4.62%
Germany, 0.07% Hong Kong, 33.25%
South Korea, 10.37% China, 13.68% Japan, 25.96%
Asset Allocation Breakdown Bonds, Funds, 0.07% 0.00%
Cash, 4.62%
Market Outlook & Portfolio Strategy
The Chinese region remains the most important investment for the GAMAX Asia Fund. All Chinese stocks are bought via the exchange of Hong Kong. The outlook for the Asian Pacific region for the second half of 2017 remains positive. The economic activity in much of the region is on an upward trend and Chinese and Japanese economic data are improving. Leading economic indicators for South Korean exports improved sharply in the last three months. The valuation of the Hong Kong market, the most important single market for the fund, remains attractive.
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Australia, 3.71%
Stocks, 95.31%
Monthly Updates July 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
WEST JAPAN RAILWAY CO
5.45%
JP
KINGBOARD LAMINATES HOLDING
5.26%
HK
CHAMPION REIT
4.98%
HK
TAIWAN SEMICONDUCTOR MANUFAC
4.24%
TW
HOPEWELL HOLDINGS LTD
4.06%
HK
KT&G CORP
4.00%
KR
DMG MORI CO LTD
3.61%
JP
ZHEJIANG EXPRESSWAY CO-H
3.50%
CN
RIO TINTO LIMITED
3.46%
AU
IMPORTANT INFORMATION:
JP
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.
SHIMANO INC
3.34%
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN % SUMITOMO METAL MINING CO LTD
12.73%
JP
KINGBOARD CHEMICAL HOLDINGS
12.57%
HK
ASICS CORP
11.84%
JP
KINGBOARD LAMINATES HOLDING
10.09%
HK
ANTA SPORTS PRODUCTS LTD
10.04%
CN
ZHEJIANG EXPRESSWAY CO-H
8.08%
CN
BYD CO LTD-H
6.29%
CN
PANASONIC CORP
5.57%
JP
KT CORP
4.94%
KR
IDEMITSU KOSAN CO LTD
4.65%
JP
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN % KOREA ELECTRIC POWER CORP
-7.94%
KR
SYDNEY AIRPORT
-7.30%
AU
HON KWOK LAND INVESTMENT
-6.37%
HK
SUNTORY BEVERAGE & FOOD LTD
-6.20%
JP
GUANGDONG INVESTMENT LTD
-6.17%
HK
HKBN LTD
-5.87%
HK
LINK NET TBK PT
-5.73%
ID
CHINA MOBILE LTD
-4.78%
HK
HANG LUNG PROPERTIES LTD
-4.28%
HK
KDDI Corp
-3.16%
JP
SMALL-/MID-/LARGECAPS IN % Largecap
48.63%
Midcap
36.73%
Smallcap
7.32%
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
0.11%
6.77%
19.06%
12.27%
10.11%
5.00%
Benchmark***
-0.07%
7.21%
21.14%
11.19%
10.71%
3.98%
Net Excess Return
0.18%
-0.44%
-2.08%
1.08%
-0.60%
1.02%
*Performance Figures Net of Fees to 29.06.17, Class A. All figures have been rounded to two decimal places. **Since DJE managed the Fund (Oct 2007) ***Benchmark is MSCI World net return in euro
Merket Overview and Performance Analysis
Overall, when measured in local currencies, the most important stock exchanges of the Asian Pacific region delivered positive returns in June. The markets in Taiwan and mainland China showed the highest monthly gains, advancing +3.53% and +2.41% in local currencies respectively. The markets in Japan, South Korea and Thailand also did well. The leading indices of these regions showed monthly gains of +2.78%, +1.89% and +0.84% in local currencies respectively. However, when measured in euro, the performance of all markets mentioned above was weaker due to the appreciation of the European currency against the different Asian currencies. Measured in Euro, only the Taiwanese and the Chinese mainland market showed gains. The GAMAX Asia Pacific fund gained +0.11% net of fees in June outperforming the benchmark index which was down by -0.07%. Portfolio Activity
The highest performance contributions in June came from our investments in the Chinese laminates producer Kingboard Laminates and from the Chinese chemicals producer Kingboard Chemicals. Both stocks were up by more than 10% in local currencies (+12.57% for Kingboard Chemicals and +10.09% for Kingboard Laminates). Kingboard Chemicals owns a majority of Kingboard Laminates. Furthermore we observed, amongst others, positive performances of stocks such as Chinese sports goods producer Anta Sports Products (+10.04%) and the Chinese Toll road operator Zhejiang Expressway (+8.08%). Of the 48 holdings of the Fund, Japanese commodity producer Sumitomo Metal Mining showed the greatest gain in June, appreciating +12.73%. All performances above are quoted in local currencies. On the other hand returns from stocks such as South Korean utility Korea Electric Power (-7.94%) and Australian airport operator Sydney Airport (-7.30%) were disappointing, along with Hong Kong real estate operator Hang Lung Properties, which was down -4.28%, all in local currencies. At the end of June the total investment quota was close to 93% while approximately 7% was held in cash. In June we increased weightings in stocks such as Chinese electric vehicle producer BYD. As the largest producer of electric vehicles in China, BYD is well placed to benefit from the significant growth potential for electric vehicles in the local market. Positions in South Korean tobacco and ginseng producer KT&G was also increased, due to its attractive valuation and our positive outlook for the South Korean region. A new position in South Korean Samsung SDI was added to the portfolio because of our belief in the prospects of Samsung SDI’s battery business and the current benefit the stock is receiving from its holding in the OLED business in Samsung. Japanese Softbank was another new positon introduced in June as we believe they could benefit from a consolidation in the US – telecom market. On the other hand positions in the Japanese technology companies Tokyo Electron and Rohm were reduced as both traded very close to our price targets, and we therefore we decided to lock in profits.
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 Taiwan, Singapore, Macau, 1.00% 4.25% 2.38%
Thailand, Indonesia, 0.37% 0.34%
Cash & Others, 4.62%
Germany, 0.07% Hong Kong, 33.25%
South Korea, 10.37% China, 13.68% Japan, 25.96%
Asset Allocation Breakdown Bonds, Funds, 0.07% 0.00%
Cash, 4.62%
Market Outlook & Portfolio Strategy
The Chinese region remains the most important investment for the GAMAX Asia Fund. All Chinese stocks are bought via the exchange of Hong Kong. The outlook for the Asian Pacific region for the second half of 2017 remains positive. The economic activity in much of the region is on an upward trend and Chinese and Japanese economic data are improving. Leading economic indicators for South Korean exports improved sharply in the last three months. The valuation of the Hong Kong market, the most important single market for the fund, remains attractive.
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Australia, 3.71%
Stocks, 95.31%
Monthly Updates July 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
WEST JAPAN RAILWAY CO
5.45%
JP
KINGBOARD LAMINATES HOLDING
5.26%
HK
CHAMPION REIT
4.98%
HK
TAIWAN SEMICONDUCTOR MANUFAC
4.24%
TW
HOPEWELL HOLDINGS LTD
4.06%
HK
KT&G CORP
4.00%
KR
DMG MORI CO LTD
3.61%
JP
ZHEJIANG EXPRESSWAY CO-H
3.50%
CN
RIO TINTO LIMITED
3.46%
AU
IMPORTANT INFORMATION:
JP
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.
SHIMANO INC
3.34%
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN % SUMITOMO METAL MINING CO LTD
12.73%
JP
KINGBOARD CHEMICAL HOLDINGS
12.57%
HK
ASICS CORP
11.84%
JP
KINGBOARD LAMINATES HOLDING
10.09%
HK
ANTA SPORTS PRODUCTS LTD
10.04%
CN
ZHEJIANG EXPRESSWAY CO-H
8.08%
CN
BYD CO LTD-H
6.29%
CN
PANASONIC CORP
5.57%
JP
KT CORP
4.94%
KR
IDEMITSU KOSAN CO LTD
4.65%
JP
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN % KOREA ELECTRIC POWER CORP
-7.94%
KR
SYDNEY AIRPORT
-7.30%
AU
HON KWOK LAND INVESTMENT
-6.37%
HK
SUNTORY BEVERAGE & FOOD LTD
-6.20%
JP
GUANGDONG INVESTMENT LTD
-6.17%
HK
HKBN LTD
-5.87%
HK
LINK NET TBK PT
-5.73%
ID
CHINA MOBILE LTD
-4.78%
HK
HANG LUNG PROPERTIES LTD
-4.28%
HK
KDDI Corp
-3.16%
JP
SMALL-/MID-/LARGECAPS IN % Largecap
48.63%
Midcap
36.73%
Smallcap
7.32%
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
