Monthly Updates September 2017
Monthly Updates September 2017
Performance*
1 Month
YTD
12 Month
3 Year p.a.
5 Year p.a.
Since Launch**
GAMAX Asia Pacific
0.00%
9.91%
15.61%
12.60%
10.30%
5.22%
Benchmark***
-1.93%
6.34%
11.34%
10.28%
9.92%
3.83%
Net Excess Return
1.93%
3.57%
4.27%
2.32%
0.38%
1.39%
*Performance Figures Net of Fees to 30.08.17, 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: Mediolanum Asset Managment Limited.
Market Overview and Performance Analysis
Asian equity markets continued to do well in August, outperforming European and American peers. Hong Kong listed Chinese equities posted the strongest gains, moving up +4.5% in local currency, as Chinese equities were supported by better than expected earnings results. Thai equities also did well, posting a gain of +4.3% in local currency. Korean, Indian and Japanese equity markets lagged behind, with Korean equities posting the weakest performance, closing the month -1.7% lower in local currency. Korean equities were negatively impacted by an escalation of the conflict surrounding North Korea, which was triggered by North Korean missile launches. The GAMAX Asia Pacific fund was level for the month (+0.0%), outperforming its benchmark which dropped -1.93%. Chinese laminates producer Kingboard Lamanites was once again a top contributor to performance (+25.42%), while parent company Kingboard Chemical was up +26.84%. Kingboard Laminates presented very strong half year results, posting a 20% increase in revenue. Chinese sportswear company Anta Sports, the leading producer of shoes and apparel, posted a gain of 15% over the month. Performance was driven by strong earnings results, demonstrating that the company is benefitting from rising Chinese consumer power. Strong quarterly earnings from Tencent were welcomed by market participants as well, showing a 51% year on year increase of operating profit on the back of strong growth in gaming and advertising over value added services. Performance detractors were Korean telecommunications company KT Corp, which saw a decline of -11.6%, Japanese bicycle component manufacturer Shimano, which lost -9.0%, and Chinese tissue producer Vinda, which lost -5.26%. At the end of the month the total invest quota was about 96.98%, while 2.95% was held in cash. Portfolio Activity
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* Thailand, 0.36% Taiwan, 4.51%
Cash & Others, 2.95%
Australia, 5.40%
South Korea, 6.09% Singapore, 2.71%
China, 15.00%
Macau, 0.88%
Germany, 0.07%
Japan, 21.75%
Over the month the Fund increased positions in Bank of East Asia, packaging paper manufacturer Lee & Man Paper, Hong Kong based conglomerate CK Hutchison, life insurance company AIA, Japanese electronic parts manufacturer Rohm, and Taiwanese semiconductor company Mediatek. The Fund reduced its positions in Japanese beverage company Suntory and Japanese bicycle component manufacturer Shimano.
Portfolio Strategy and Outlook
China remains the most important market for the Fund, and we believe the current macro-economic environment in China looks favourable. The Chinese trade surplus increased further $46.7bn (USD) in July, compared to $42.8bn the month before. The Chinese Yuan is also among the strongest Asian currencies at the moment, posting the steepest monthly gain in two years. At the same time earnings results from Chinese companies are very encouraging, with better than expected numbers across the board. Although the macro picture for Asia still looks encouraging, short term volatility might arise from further tensions arising from the North Korean ballistic missile program.
Indonesia, 0.30%
Hong Kong, 39.98%
Asset Allocation Breakdown* Funds, 0.00%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Bonds, 0.07%
Cash, 2.95%
Stocks, 96.98%
Monthly Updates September 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 Ltd
6.65%
HK
Champion Real Estate Inv Trust
5.21%
HK
Rio Tinto Limited
5.14%
AU
West Japan Railway Co
4.98%
JP
Taiwan Semicond Manufact
4.02%
TW
Hopewell Holdings Ltd
3.76%
HK
Great Eagle Holdings Ltd
3.19%
HK
Anta Sports Products Ltd
3.12%
HK
DMG Moriseiki
3.10%
JP
IMPORTANT INFORMATION:
HK
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.
Zhejiang Expressway Co Ltd H
3.00%
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** Kingboard Chemical Holdings
26.84%
HK
Kingboard Laminates Holding
25.42%
HK
Anta Sports Products Ltd
15.03%
CN
Sumitomo Metal Mining Co Ltd
14.28%
JP
Samsung Sdi Co Ltd
13.87%
KR
Sydney Airport
9.71%
AU
Advanced Info Service
7.04%
TH
Technopro Holdings Inc
6.44%
JP
Sun Hung Kai Properties
6.35%
HK
Ebara Corp
6.01%
JP
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** Asics Corp
-17.45%
JP
KT Corp
-11.61%
KR
Shimano Inc
-8.99%
JP
Suntory Beverage & Food Ltd
-7.02%
JP
Hon Kwok Land Investment
-6.04%
HK
DBS Group Holdings Ltd
-5.89%
SG
Vinda International Holdings
-5.26%
CN
Korea Electric Power Corp
-4.02%
KR
Byd Co Ltd-H
-3.62%
CN
Champion Reit
-3.48%
HK
SMALL-/MID-/LARGECAPS IN %** Largecap
48.78%
Midcap
40.16%
Smallcap
8.46%
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
0.00%
9.91%
15.61%
12.60%
10.30%
5.22%
Benchmark***
-1.93%
6.34%
11.34%
10.28%
9.92%
3.83%
Net Excess Return
1.93%
3.57%
4.27%
2.32%
0.38%
1.39%
*Performance Figures Net of Fees to 30.08.17, 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: Mediolanum Asset Managment Limited.
Market Overview and Performance Analysis
Asian equity markets continued to do well in August, outperforming European and American peers. Hong Kong listed Chinese equities posted the strongest gains, moving up +4.5% in local currency, as Chinese equities were supported by better than expected earnings results. Thai equities also did well, posting a gain of +4.3% in local currency. Korean, Indian and Japanese equity markets lagged behind, with Korean equities posting the weakest performance, closing the month -1.7% lower in local currency. Korean equities were negatively impacted by an escalation of the conflict surrounding North Korea, which was triggered by North Korean missile launches. The GAMAX Asia Pacific fund was level for the month (+0.0%), outperforming its benchmark which dropped -1.93%. Chinese laminates producer Kingboard Lamanites was once again a top contributor to performance (+25.42%), while parent company Kingboard Chemical was up +26.84%. Kingboard Laminates presented very strong half year results, posting a 20% increase in revenue. Chinese sportswear company Anta Sports, the leading producer of shoes and apparel, posted a gain of 15% over the month. Performance was driven by strong earnings results, demonstrating that the company is benefitting from rising Chinese consumer power. Strong quarterly earnings from Tencent were welcomed by market participants as well, showing a 51% year on year increase of operating profit on the back of strong growth in gaming and advertising over value added services. Performance detractors were Korean telecommunications company KT Corp, which saw a decline of -11.6%, Japanese bicycle component manufacturer Shimano, which lost -9.0%, and Chinese tissue producer Vinda, which lost -5.26%. At the end of the month the total invest quota was about 96.98%, while 2.95% was held in cash. Portfolio Activity
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* Thailand, 0.36% Taiwan, 4.51%
Cash & Others, 2.95%
Australia, 5.40%
South Korea, 6.09% Singapore, 2.71%
China, 15.00%
Macau, 0.88%
Germany, 0.07%
Japan, 21.75%
Over the month the Fund increased positions in Bank of East Asia, packaging paper manufacturer Lee & Man Paper, Hong Kong based conglomerate CK Hutchison, life insurance company AIA, Japanese electronic parts manufacturer Rohm, and Taiwanese semiconductor company Mediatek. The Fund reduced its positions in Japanese beverage company Suntory and Japanese bicycle component manufacturer Shimano.
Portfolio Strategy and Outlook
China remains the most important market for the Fund, and we believe the current macro-economic environment in China looks favourable. The Chinese trade surplus increased further $46.7bn (USD) in July, compared to $42.8bn the month before. The Chinese Yuan is also among the strongest Asian currencies at the moment, posting the steepest monthly gain in two years. At the same time earnings results from Chinese companies are very encouraging, with better than expected numbers across the board. Although the macro picture for Asia still looks encouraging, short term volatility might arise from further tensions arising from the North Korean ballistic missile program.
Indonesia, 0.30%
Hong Kong, 39.98%
Asset Allocation Breakdown* Funds, 0.00%
For further information please contact: Sarah Thanisch | Gamax Management AG | +352 269 764 82 | [email protected] www.gamaxfunds.com
Bonds, 0.07%
Cash, 2.95%
Stocks, 96.98%
Monthly Updates September 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 Ltd
6.65%
HK
Champion Real Estate Inv Trust
5.21%
HK
Rio Tinto Limited
5.14%
AU
West Japan Railway Co
4.98%
JP
Taiwan Semicond Manufact
4.02%
TW
Hopewell Holdings Ltd
3.76%
HK
Great Eagle Holdings Ltd
3.19%
HK
Anta Sports Products Ltd
3.12%
HK
DMG Moriseiki
3.10%
JP
IMPORTANT INFORMATION:
HK
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.
Zhejiang Expressway Co Ltd H
3.00%
TOP 10 CONTRIBUTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** Kingboard Chemical Holdings
26.84%
HK
Kingboard Laminates Holding
25.42%
HK
Anta Sports Products Ltd
15.03%
CN
Sumitomo Metal Mining Co Ltd
14.28%
JP
Samsung Sdi Co Ltd
13.87%
KR
Sydney Airport
9.71%
AU
Advanced Info Service
7.04%
TH
Technopro Holdings Inc
6.44%
JP
Sun Hung Kai Properties
6.35%
HK
Ebara Corp
6.01%
JP
TOP 10 DETRACTORS (STOCKS) TO MONTHLY PERFORMANCES IN %** Asics Corp
-17.45%
JP
KT Corp
-11.61%
KR
Shimano Inc
-8.99%
JP
Suntory Beverage & Food Ltd
-7.02%
JP
Hon Kwok Land Investment
-6.04%
HK
DBS Group Holdings Ltd
-5.89%
SG
Vinda International Holdings
-5.26%
CN
Korea Electric Power Corp
-4.02%
KR
Byd Co Ltd-H
-3.62%
CN
Champion Reit
-3.48%
HK
SMALL-/MID-/LARGECAPS IN %** Largecap
48.78%
Midcap
40.16%
Smallcap
8.46%
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
