Monthly Updates March 2018
Monthly Updates March 2018
Performance*
1 Month
YTD
12 Month
3 Year p.a.
5 Year p.a.
Since Launch**
GAMAX Asia Pacific
-1.45%
1.28%
11.33%
7.93%
9.52%
5.62%
Benchmark***
-1.54%
0.82%
9.46%
6.36%
10.16%
4.56%
Net Excess Return
0.10%
0.46%
1.87%
1.58%
-0.64%
1.05%
*Performance Figures Net of Fees to 27.02.18, 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
February was a very difficult month for global stock markets as well as for the Asian Pacific region. After a positive start in January, February was generally characterised by losses due to fears of an acceleration of inflation in the US, which could end up driving even more interest hikes by the FED. Most of the stock markets of the Asian Pacific region therefore suffered losses in February. The exception was Thailand with a gain of 0.18% of the SET-index when measured in local currency. The Singapore and Australian markets also held up relatively well with moderate losses of 0.45% and 0.47%in local currencies. China, Hong Kong, South Korea and Japan were the markets which suffered the most. The indexes of these four regions lost between 4.5% and 6.4% in local currencies underperforming the global MSCI world index which was down by 4.30% in USD. The Gamax Asia fund lost 1.45% on a net basis in February and therefore outperformed its reference index which was down by 1.54%. The main reasons for the outperformance in February were the underweight to low performing sectors like Energy and Finance as well as the above average performance of some of the higher weighted consumer discretionary stocks. The biggest positive contributors to the fund’s performance in February were the stocks of the Singaporean bank DBS Group, followed by the Japanese recruitment company Technopro Holdings and the Chinese consumer goods producer Vinda. Stocks of Chinese sport shoes producer Anta Sports Products and of Japanese electronics/battery producer Panasonic also did well and helped in February. On a less positive note the price corrections of some stocks like China Merchants, China Mobile or DMG Mori detracted from performance. Among the best performing sectors in Asia Pacific Region during the month were healthcare, consumer staples, consumer discretionary and utilities. Underperforming sectors were real estate, energy and finance.
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, 7.69% Cash , 8.18%
China, 17.47%
Taiwan, 3.93% Singapore, 3.23%
Japan, 22.31%
Hong Kong, 37.52%
Portfolio Activity
In February the Fund increased weights in the consumer space via adding stocks of Anta Sports products and Vinda International. Weights in the Real state were reduced by selling Hang Lung Properties as part of a profit taking strategy. Furthermore, weights on telecommunication sectors were sold, by selling the position held on Softbank, due to uncertainties on the Japanese market
Asset Allocation Breakdown Bonds 0.06%
Cash 8.18%
Portfolio Strategy and Outlook
The outlook for the Asian pacific regions remains positive. 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. Valuations are still attractive and global fund managers are not overweight in the Asian Pacific region. Stocks 91.76%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Monthly Updates March 2018
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS* Name
Weight in%
Country
KINGBOARD LAMINATES HLDGS LTD
5.94%
KY
ANTA SPORTS PRODUCTS LTD
4.30%
CN
CHAMPION REAL ESTATE INV TRUST
4.20%
HK
TAIWAN SEMICOND.MANUFACT
3.93%
TW
HOPEWELL HOLDINGS LTD
3.88%
HK
DMG MORISEIKI J
3.41%
JP
PANASONIC CORP
3.35%
JP
ALIBABA GROUP HOLDING LTD /ADR
3.27%
US
DBS GROUP HOLDINGS LTD
3.23%
SG
WEST JAPAN RAILWAY CO
2.99%
JP
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** DBS GROUP HOLDINGS LTD
7.49%
SG
TECHNOPRO HOLDINGS INC
4.46%
JP
VINDA INTERNATIONAL HOLDINGS
2.96%
CN
ANTA SPORTS PRODUCTS LTD
2.38%
CN
ADVANCED INFO SERVICE-FOR RG
2.33%
TH
VITASOY INTL HOLDINGS LTD
2.06%
HK
GUANGDONG INVESTMENT LTD
1.88%
HK
SINO BIOPHARMACEUTICAL
1.52%
HK
TRAVELSKY TECHNOLOGY LTD-H
0.61%
CN
PANASONIC CORP
0.58%
JP
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** DMG MORI CO LTD
-18.45%
JP
EBARA CORP
-15.03%
JP
KOMATSU LTD
-12.79%
JP
CHINA MOBILE LTD
-11.76%
HK
CHINA MERCHANTS HLDGS INTL
-10.66%
HK
SUMITOMO MITSUI FINANCIAL GR
-9.46%
JP
ZHEJIANG EXPRESSWAY CO-H
-9.40%
CN
WEST JAPAN RAILWAY CO
-8.94%
JP
ALIBABA GROUP HOLDING-SP ADR
-8.88%
CN
SAMSUNG SDI CO LTD
-8.56%
KR
SMALL-/MID-/LARGECAPS IN %** Smallcap
5.62%
Midcap
34.06%
Largecap
49.56%
*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
-1.45%
1.28%
11.33%
7.93%
9.52%
5.62%
Benchmark***
-1.54%
0.82%
9.46%
6.36%
10.16%
4.56%
Net Excess Return
0.10%
0.46%
1.87%
1.58%
-0.64%
1.05%
*Performance Figures Net of Fees to 27.02.18, 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
February was a very difficult month for global stock markets as well as for the Asian Pacific region. After a positive start in January, February was generally characterised by losses due to fears of an acceleration of inflation in the US, which could end up driving even more interest hikes by the FED. Most of the stock markets of the Asian Pacific region therefore suffered losses in February. The exception was Thailand with a gain of 0.18% of the SET-index when measured in local currency. The Singapore and Australian markets also held up relatively well with moderate losses of 0.45% and 0.47%in local currencies. China, Hong Kong, South Korea and Japan were the markets which suffered the most. The indexes of these four regions lost between 4.5% and 6.4% in local currencies underperforming the global MSCI world index which was down by 4.30% in USD. The Gamax Asia fund lost 1.45% on a net basis in February and therefore outperformed its reference index which was down by 1.54%. The main reasons for the outperformance in February were the underweight to low performing sectors like Energy and Finance as well as the above average performance of some of the higher weighted consumer discretionary stocks. The biggest positive contributors to the fund’s performance in February were the stocks of the Singaporean bank DBS Group, followed by the Japanese recruitment company Technopro Holdings and the Chinese consumer goods producer Vinda. Stocks of Chinese sport shoes producer Anta Sports Products and of Japanese electronics/battery producer Panasonic also did well and helped in February. On a less positive note the price corrections of some stocks like China Merchants, China Mobile or DMG Mori detracted from performance. Among the best performing sectors in Asia Pacific Region during the month were healthcare, consumer staples, consumer discretionary and utilities. Underperforming sectors were real estate, energy and finance.
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, 7.69% Cash , 8.18%
China, 17.47%
Taiwan, 3.93% Singapore, 3.23%
Japan, 22.31%
Hong Kong, 37.52%
Portfolio Activity
In February the Fund increased weights in the consumer space via adding stocks of Anta Sports products and Vinda International. Weights in the Real state were reduced by selling Hang Lung Properties as part of a profit taking strategy. Furthermore, weights on telecommunication sectors were sold, by selling the position held on Softbank, due to uncertainties on the Japanese market
Asset Allocation Breakdown Bonds 0.06%
Cash 8.18%
Portfolio Strategy and Outlook
The outlook for the Asian pacific regions remains positive. 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. Valuations are still attractive and global fund managers are not overweight in the Asian Pacific region. Stocks 91.76%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Monthly Updates March 2018
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS* Name
Weight in%
Country
KINGBOARD LAMINATES HLDGS LTD
5.94%
KY
ANTA SPORTS PRODUCTS LTD
4.30%
CN
CHAMPION REAL ESTATE INV TRUST
4.20%
HK
TAIWAN SEMICOND.MANUFACT
3.93%
TW
HOPEWELL HOLDINGS LTD
3.88%
HK
DMG MORISEIKI J
3.41%
JP
PANASONIC CORP
3.35%
JP
ALIBABA GROUP HOLDING LTD /ADR
3.27%
US
DBS GROUP HOLDINGS LTD
3.23%
SG
WEST JAPAN RAILWAY CO
2.99%
JP
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** DBS GROUP HOLDINGS LTD
7.49%
SG
TECHNOPRO HOLDINGS INC
4.46%
JP
VINDA INTERNATIONAL HOLDINGS
2.96%
CN
ANTA SPORTS PRODUCTS LTD
2.38%
CN
ADVANCED INFO SERVICE-FOR RG
2.33%
TH
VITASOY INTL HOLDINGS LTD
2.06%
HK
GUANGDONG INVESTMENT LTD
1.88%
HK
SINO BIOPHARMACEUTICAL
1.52%
HK
TRAVELSKY TECHNOLOGY LTD-H
0.61%
CN
PANASONIC CORP
0.58%
JP
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** DMG MORI CO LTD
-18.45%
JP
EBARA CORP
-15.03%
JP
KOMATSU LTD
-12.79%
JP
CHINA MOBILE LTD
-11.76%
HK
CHINA MERCHANTS HLDGS INTL
-10.66%
HK
SUMITOMO MITSUI FINANCIAL GR
-9.46%
JP
ZHEJIANG EXPRESSWAY CO-H
-9.40%
CN
WEST JAPAN RAILWAY CO
-8.94%
JP
ALIBABA GROUP HOLDING-SP ADR
-8.88%
CN
SAMSUNG SDI CO LTD
-8.56%
KR
SMALL-/MID-/LARGECAPS IN %** Smallcap
5.62%
Midcap
34.06%
Largecap
49.56%
*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
