Monthly Updates October 2016
Monthly Updates October 2016
Performance*
1 Month
YTD
1 Year
3 Year p.a.
5 Year p.a.
Since Launch**
GAMAX Asia Pacific
2.26%
6.69%
8.21%
10.42%
9.50%
4.54%
Benchmark***
2.03%
6.68%
6.80%
9.22%
10.48%
3.30%
Net Excess Return
+0.23%
+0.01%
+1.41%
+1.20%
-0.98%
+1.24%
*All performance are net of fees to 31.10.16. 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 There was a mixed development among the stock exchanges of the Asian Pacific region in October. On the one hand the Japanese market measured by the Nikkei 225 index and the Chinese mainland region measured by the Shanghai Composite Index outperformed on a monthly basis with gains of 5.93% and 3.19% in local currencies On the other hand there was a disappointing development of the markets in Hong Kong, Singapore, South Korea and Australia. The leading indices of these four regions lost 1.56%, 1.94%, 1.73% and 2.22% in local currencies. The Fund gained 2.44% on a gross basis in the reporting period and therefore outperformed the benchmark-index which was up by 1.93%. The main reason for the outperformance in October is the development of some of the key holdings of the fund. The top contributors to performance during the month came from our investments in the stocks of Japanese bicycle-equipment manufacturer Shimano (+20.12%) and in the Japanese construction company Daito Trust (+10.01%). Both are among the top 10 holdings of the Fund and showed double digit percentage gains in October. Furthermore we observed good performances from stocks like Chinese sports goods manufacturer Anta Sports (+9.20%), and Australian resources company Rio Tinto (+4.43%). Anta was supported by good quarterly results and Rio Tinto benefitted from the increase in prices of their key product, iron ore. We also saw disappointing performances in stocks like Korean tobacco and ginseng producer KT&G (-10.00%), Hong Kong Reals Estate company Champion REIT (-6.53%).
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, 0.85% DE, 0.08% SG, 1.32% AU, 3.41% MO, 3.58%
Portfolio Activity At the end of September the total investment quota was approximately 97%. In October the Fund management bought, amongst others, stocks of Japanese battery producer Panasonic and the aforementioned mentioned Anta Sports. Furthermore the position in Rio Tinto was extended because of an improving earnings outlook of the company. The Chinese electric vehicle producer BYD was added as a new stock to portfolio. BYD is among the market leaders regarding electric vehicles and offers an attractive long-term growth profile. The Chinese region remains the most important investment region at the moment for the Fund. All Chinese stocks are bought via the exchange of Hong Kong.
Cash, 1.87%
TW, 4.23%
HK, 35.02%
KR, 6.43%
CN, 17.75%
JP, 25.46%
Market Outlook & Portfolio Strategy The outlook for the Asian Pacific region for the second half of 2016 remains positive. The economic activity in many regions is on an upward trend and Chinese economic data is improving. Fund flows towards emerging markets are increasing. The valuation of the Hong Kong market, which is the most important single market for the fund, remains attractive.
Asset Allocation Breakdown Funds, 0.00% Cash:, 1.87% Bonds, 0.08%
Stocks, 98.05%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Monthly Updates October 2016
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS Name
Weight in%
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.
DAITO TRUST CONSTRUCT CO LTD
5.19
JP
CHAMPION REIT
5.10
HK
HOPEWELL HOLDINGS LTD
4.90
HK
KINGBOARD LAMINATES HOLDING
4.42
HK
TAIWAN SEMICONDUCTOR MANUFAC
4.23
TW
SHIMANO INC
4.20
JP
WEST JAPAN RAILWAY CO
3.73
JP
GREAT EAGLE HOLDINGS LTD
3.58
HK
SANDS CHINA LTD
3.58
MO
IMPORTANT INFORMATION:
ZHEJIANG EXPRESSWAY CO-H
3.24
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 % LUK FOOK HOLDINGS INTL LTD
20.94
HK
SHIMANO INC
20.12
JP
ASICS CORP
10.76
JP
DAITO TRUST CONSTRUCT CO LTD
10.01
JP
ANTA SPORTS PRODUCTS LTD
9.20
CN
DMG MORI CO LTD
7.06
JP
SICHUAN EXPRESSWAY CO-H
6.83
CN
SUNTORY BEVERAGE & FOOD LTD
5.69
JP
RIO TINTO LIMITED
4.43
AU
PEAK SPORT PRODUCTS LTD
3.19
CN
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN % TRAVELSKY TECHNOLOGY LTD-H
-11.35
POLA ORBIS HOLDINGS INC
-10.78
JP
KT&G CORP
-10.00
KR
SYDNEY AIRPORT
-8.99
AU
KOREA ELECTRIC POWER CORP
-8.80
KR
GLORIOUS SUN ENTERPRISES LTD
-7.96
HK
CHINA MOBILE LTD
-6.54
HK
CHAMPION REIT
-6.53
HK
HONGKONG LAND HOLDINGS LTD
-5.48
HK
GUANGDONG INVESTMENT LTD
-5.26
HK
SMALL-/MID-/LARGECAPS IN % Smallcap
13.17
Midcap
37.37
Largecap
46.51
CN
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
2.26%
6.69%
8.21%
10.42%
9.50%
4.54%
Benchmark***
2.03%
6.68%
6.80%
9.22%
10.48%
3.30%
Net Excess Return
+0.23%
+0.01%
+1.41%
+1.20%
-0.98%
+1.24%
*All performance are net of fees to 31.10.16. 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 There was a mixed development among the stock exchanges of the Asian Pacific region in October. On the one hand the Japanese market measured by the Nikkei 225 index and the Chinese mainland region measured by the Shanghai Composite Index outperformed on a monthly basis with gains of 5.93% and 3.19% in local currencies On the other hand there was a disappointing development of the markets in Hong Kong, Singapore, South Korea and Australia. The leading indices of these four regions lost 1.56%, 1.94%, 1.73% and 2.22% in local currencies. The Fund gained 2.44% on a gross basis in the reporting period and therefore outperformed the benchmark-index which was up by 1.93%. The main reason for the outperformance in October is the development of some of the key holdings of the fund. The top contributors to performance during the month came from our investments in the stocks of Japanese bicycle-equipment manufacturer Shimano (+20.12%) and in the Japanese construction company Daito Trust (+10.01%). Both are among the top 10 holdings of the Fund and showed double digit percentage gains in October. Furthermore we observed good performances from stocks like Chinese sports goods manufacturer Anta Sports (+9.20%), and Australian resources company Rio Tinto (+4.43%). Anta was supported by good quarterly results and Rio Tinto benefitted from the increase in prices of their key product, iron ore. We also saw disappointing performances in stocks like Korean tobacco and ginseng producer KT&G (-10.00%), Hong Kong Reals Estate company Champion REIT (-6.53%).
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, 0.85% DE, 0.08% SG, 1.32% AU, 3.41% MO, 3.58%
Portfolio Activity At the end of September the total investment quota was approximately 97%. In October the Fund management bought, amongst others, stocks of Japanese battery producer Panasonic and the aforementioned mentioned Anta Sports. Furthermore the position in Rio Tinto was extended because of an improving earnings outlook of the company. The Chinese electric vehicle producer BYD was added as a new stock to portfolio. BYD is among the market leaders regarding electric vehicles and offers an attractive long-term growth profile. The Chinese region remains the most important investment region at the moment for the Fund. All Chinese stocks are bought via the exchange of Hong Kong.
Cash, 1.87%
TW, 4.23%
HK, 35.02%
KR, 6.43%
CN, 17.75%
JP, 25.46%
Market Outlook & Portfolio Strategy The outlook for the Asian Pacific region for the second half of 2016 remains positive. The economic activity in many regions is on an upward trend and Chinese economic data is improving. Fund flows towards emerging markets are increasing. The valuation of the Hong Kong market, which is the most important single market for the fund, remains attractive.
Asset Allocation Breakdown Funds, 0.00% Cash:, 1.87% Bonds, 0.08%
Stocks, 98.05%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Monthly Updates October 2016
INTENDED RECIPIENTS OF PUBLICATION OR MEDIA
TOP 10 HOLDINGS Name
Weight in%
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.
DAITO TRUST CONSTRUCT CO LTD
5.19
JP
CHAMPION REIT
5.10
HK
HOPEWELL HOLDINGS LTD
4.90
HK
KINGBOARD LAMINATES HOLDING
4.42
HK
TAIWAN SEMICONDUCTOR MANUFAC
4.23
TW
SHIMANO INC
4.20
JP
WEST JAPAN RAILWAY CO
3.73
JP
GREAT EAGLE HOLDINGS LTD
3.58
HK
SANDS CHINA LTD
3.58
MO
IMPORTANT INFORMATION:
ZHEJIANG EXPRESSWAY CO-H
3.24
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 % LUK FOOK HOLDINGS INTL LTD
20.94
HK
SHIMANO INC
20.12
JP
ASICS CORP
10.76
JP
DAITO TRUST CONSTRUCT CO LTD
10.01
JP
ANTA SPORTS PRODUCTS LTD
9.20
CN
DMG MORI CO LTD
7.06
JP
SICHUAN EXPRESSWAY CO-H
6.83
CN
SUNTORY BEVERAGE & FOOD LTD
5.69
JP
RIO TINTO LIMITED
4.43
AU
PEAK SPORT PRODUCTS LTD
3.19
CN
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN % TRAVELSKY TECHNOLOGY LTD-H
-11.35
POLA ORBIS HOLDINGS INC
-10.78
JP
KT&G CORP
-10.00
KR
SYDNEY AIRPORT
-8.99
AU
KOREA ELECTRIC POWER CORP
-8.80
KR
GLORIOUS SUN ENTERPRISES LTD
-7.96
HK
CHINA MOBILE LTD
-6.54
HK
CHAMPION REIT
-6.53
HK
HONGKONG LAND HOLDINGS LTD
-5.48
HK
GUANGDONG INVESTMENT LTD
-5.26
HK
SMALL-/MID-/LARGECAPS IN % Smallcap
13.17
Midcap
37.37
Largecap
46.51
CN
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
