Monthly Updates November 2017 AWS
Monthly Updates November 2017
Performance*
1 Month
YTD
12 Month
3 Year p.a.
5 Year p.a.
Since Launch**
GAMAX Asia Pacific
5.12%
18.10%
18.03%
14.37%
11.62%
5.88%
Benchmark***
6.08%
14.83%
16.44%
12.29%
11.81%
4.56%
Net Excess Return
-0.96%
3.27%
1.59%
2.08%
-0.19%
1.33%
*Performance Figures Net of Fees to 30.10.17, 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
October was a strong month for Asian equity markets. Japanese and South Korean equities posted the strongest performance with monthly gains of 8.13% and 5.39% in local currencies. Both markets were supported by healthy economic data and good earnings reports from corporates. The Japanese market reached its highest level in 21 years. Hong Kong listed Chinese equities and mainland listed Chinese equities lagged this performance but were also up by 2.51% and 1.33% respectively. Economic news out of China was weaker than analysts expected, but still in expansive territory. For example industrial production increased 6.2% and retail sales 10.0% in October. Equity markets in Singapore and Taiwan also advanced, gaining 4.79% and 3.95% on a monthly basis. The GAMAX Asia fund gained 5.12% net of fees in October slightly underperforming the benchmark MSCI Asia Pacific index which was up by 6.08%. Japanese Sumitomo Metal and Mining was the biggest contributor to the Fund’s performance over the month. The stock rallied by more than 30% and was supported by its exposure towards battery materials, copper and nickel. Furthermore the fund management observed very good performances of stocks like Japanese Tokyo Electron, Chinese PICC and Japanese Komatsu, which gained circa 29%, 22% and 19% respectively over the month. The main performance detractors were Chinese gold and jewelry retailer Chow Tai Fook (-12.70%) and Macao casino operator Sands China (-5.78%).
Dr. Jan Ehrhardt Leading 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
Australia 4.86%
Other Countries Cash 9.24% Taiwan 2.28% 5.00%
Portfolio Activity
At the end of the month the total investment quota was about 97.6%, and approximately 2.3% was held in cash. The fund manager increased, amongst others, the positions in the Chinese insurance company PICC, the Hong Kong real estate company Hang Lung Properties and in the Chinese e-commerce giant Alibaba. South Korean Samsung Electronics and Chinese online-retailer JD.COM were added as new positions to the portfolio. Both 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 electric cars producer BYD were reduced.
Stefan Breintner Deputy Fund Manager
Japan 25.82%
Hong Kong 36.27%
Portfolio Strategy and Outlook
The 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. China remains the most important market for the Fund. Hong Kong listed Chinese equities are attractively valued and still under-owned by global investors. The momentum for the Chinese economy remains positive.
Asset Allocation Breakdown Funds Bonds Cash 0.00% 0.06% 2.33%
Stocks 97.61%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
China 16.52%
Monthly Updates November 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
6.15%
HK
Champion REIT
4.77%
AU
Rio Tinto
4.75%
HK
West Japan Railway Co
4.49%
JP
Taiwan Semicond.manufact
4.21%
TW
DMG Moriseiki
3.92%
HK
Panasonic Corp
3.58%
JP
Hopewell Holdings Ltd
3.44%
CN
Anta Sports Products Ltd
3.31%
JP
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
2.79%
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** Sumitomo Metal Mining Co Ltd
30.08%
JP
Tokyo Electron Ltd
28.73%
JP
PICC Property & Casualty
21.63%
CN
Komatsu Ltd
19.19%
JP
Disco Corp
18.47%
JP
Mediatek Inc
17.57%
TW
Rohm Co Ltd
16.28%
JP
Sino Biopharmaceutical
16.22%
HK
DMG Moriseiki
15.14%
JP
Kingboard Chemical Holdings
14.75%
HK
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** Chow Tai Fook Jewellery Group
-12.70%
HK
Sands China Ltd
-5.78%
MO
BYD Company
-4.83%
CN
Link Net
-4.04%
ID
Zhejiang Expressway
-3.71%
CN
Hang Lung Properties Ltd
-2.80%
HK
Hon Kwok Land Investment
-2.63%
HK
Hopewell Holdings Ltd
-1.64%
HK
Korea Electric Power Corp
-1.15%
KR
Sichuan Expressway
-0.32%
CN
SMALL-/MID-/LARGECAPS IN %** Smallcap
2.58%
Midcap
40.32%
Largecap
54.74%
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
5.12%
18.10%
18.03%
14.37%
11.62%
5.88%
Benchmark***
6.08%
14.83%
16.44%
12.29%
11.81%
4.56%
Net Excess Return
-0.96%
3.27%
1.59%
2.08%
-0.19%
1.33%
*Performance Figures Net of Fees to 30.10.17, 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
October was a strong month for Asian equity markets. Japanese and South Korean equities posted the strongest performance with monthly gains of 8.13% and 5.39% in local currencies. Both markets were supported by healthy economic data and good earnings reports from corporates. The Japanese market reached its highest level in 21 years. Hong Kong listed Chinese equities and mainland listed Chinese equities lagged this performance but were also up by 2.51% and 1.33% respectively. Economic news out of China was weaker than analysts expected, but still in expansive territory. For example industrial production increased 6.2% and retail sales 10.0% in October. Equity markets in Singapore and Taiwan also advanced, gaining 4.79% and 3.95% on a monthly basis. The GAMAX Asia fund gained 5.12% net of fees in October slightly underperforming the benchmark MSCI Asia Pacific index which was up by 6.08%. Japanese Sumitomo Metal and Mining was the biggest contributor to the Fund’s performance over the month. The stock rallied by more than 30% and was supported by its exposure towards battery materials, copper and nickel. Furthermore the fund management observed very good performances of stocks like Japanese Tokyo Electron, Chinese PICC and Japanese Komatsu, which gained circa 29%, 22% and 19% respectively over the month. The main performance detractors were Chinese gold and jewelry retailer Chow Tai Fook (-12.70%) and Macao casino operator Sands China (-5.78%).
Dr. Jan Ehrhardt Leading 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
Australia 4.86%
Other Countries Cash 9.24% Taiwan 2.28% 5.00%
Portfolio Activity
At the end of the month the total investment quota was about 97.6%, and approximately 2.3% was held in cash. The fund manager increased, amongst others, the positions in the Chinese insurance company PICC, the Hong Kong real estate company Hang Lung Properties and in the Chinese e-commerce giant Alibaba. South Korean Samsung Electronics and Chinese online-retailer JD.COM were added as new positions to the portfolio. Both 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 electric cars producer BYD were reduced.
Stefan Breintner Deputy Fund Manager
Japan 25.82%
Hong Kong 36.27%
Portfolio Strategy and Outlook
The 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. China remains the most important market for the Fund. Hong Kong listed Chinese equities are attractively valued and still under-owned by global investors. The momentum for the Chinese economy remains positive.
Asset Allocation Breakdown Funds Bonds Cash 0.00% 0.06% 2.33%
Stocks 97.61%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
China 16.52%
Monthly Updates November 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
6.15%
HK
Champion REIT
4.77%
AU
Rio Tinto
4.75%
HK
West Japan Railway Co
4.49%
JP
Taiwan Semicond.manufact
4.21%
TW
DMG Moriseiki
3.92%
HK
Panasonic Corp
3.58%
JP
Hopewell Holdings Ltd
3.44%
CN
Anta Sports Products Ltd
3.31%
JP
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
2.79%
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** Sumitomo Metal Mining Co Ltd
30.08%
JP
Tokyo Electron Ltd
28.73%
JP
PICC Property & Casualty
21.63%
CN
Komatsu Ltd
19.19%
JP
Disco Corp
18.47%
JP
Mediatek Inc
17.57%
TW
Rohm Co Ltd
16.28%
JP
Sino Biopharmaceutical
16.22%
HK
DMG Moriseiki
15.14%
JP
Kingboard Chemical Holdings
14.75%
HK
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** Chow Tai Fook Jewellery Group
-12.70%
HK
Sands China Ltd
-5.78%
MO
BYD Company
-4.83%
CN
Link Net
-4.04%
ID
Zhejiang Expressway
-3.71%
CN
Hang Lung Properties Ltd
-2.80%
HK
Hon Kwok Land Investment
-2.63%
HK
Hopewell Holdings Ltd
-1.64%
HK
Korea Electric Power Corp
-1.15%
KR
Sichuan Expressway
-0.32%
CN
SMALL-/MID-/LARGECAPS IN %** Smallcap
2.58%
Midcap
40.32%
Largecap
54.74%
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
