In this Q&A, we ask Steve Falci, Head of Systematic & Multi-Asset Strategies at Impax, for his insights on allocating strategically in the current macroeconomic environment. He outlines his conviction in multi-asset investing and where he perceives opportunities for both active portfolio management and diversification.

Steve is joined by Senior Portfolio Managers Tony Trzcinka and Andy Braun, who discuss how they use portfolio construction and disciplined review processes to help investors navigate challenging market conditions.

Our long-term convictions:

  • We believe the fundamental rationale for a multi-asset approach remains intact, with vigilance around risk management and a focus on additional sources of diversification and return, even in an inflationary, rising-rates environment
  • We believe having the transition to a more sustainable economic model embedded in the structure and holdings of our underlying portfolios can drive better long-term risk-adjusted returns as that transition accelerates
  • We believe a ‘core-satellite’ approach to asset allocation can add diversification and potential upside to a balanced portfolio, within investors’ risk tolerances

Steve Falci, CFA®

Head of Systematic & Multi-Asset Strategies

Steve oversees the firm’s systematic equity, multi-asset and fixed income strategies, as well as the integration of Environmental, Social and Governance (ESG) research into these strategies.

Before joining Impax in 2014, Steve was Head of Strategy Development for sustainable investments at Kleinwort Benson Investors. He was also Chief Investment Officer for equities at Calvert Group and Principal and Senior Portfolio Manager at Mellon Equity Associates. He currently serves on the board of directors at the US Forum for Sustainable and Responsible Investment and at Mercy Investment Services.

A CFA Charterholder, Steve also has an MBA from the Stern School of Business, New York University, a master’s degree from Pittsburgh Theological Seminary, and a bachelor’s degree in Economics from New York University.

Recent Insights

Anthony Trzcinka, CFA®

Senior Portfolio Manager, North America

Tony’s experience running impact bond strategies for almost two decade makes him a pioneer in the space and he has been responsible for overseeing multiple strategies since joining Impax Asset Management in 2003.

Prior to working at Impax, Tony spent three years as an Assistant Vice President at AEW Capital Management, a $90 billion Boston-based asset manager where he focused on analysis of public and private debt.

Tony is a CFA Charterholder and a member of the CFA Society Boston. He has an MBA from Northeastern University and a bachelor’s degree from the University of Massachusetts Amherst.

Recent Insights

Innovating for impact: Impax and the World Bank

From empowering women to improving access to clean water and reducing emissions, our collaboration with the World Bank has produced fixed income securities targeting gender and climate-related goals

19 May 2023
Andrew Braun, Pax World Funds

Andrew Braun

Senior Portfolio Manager

Andrew is a portfolio manager of US large cap equities for Impax Asset Management, and also works in the firm’s sustainable allocation team. He has held this role since 2017.

Before joining Impax, Andrew served as Managing Director for the value equity team at Goldman Sachs Asset Management. He began at the firm in 1993, first as a product development associate before progressing to Portfolio Manager and co-Chief Investment Officer, leading a team of 30 portfolio managers and analysts. Prior to Goldman Sachs, Andrew served in the corporate finance division of Dillon, Read & Co as a financial analyst.

A Harvard University graduate with a bachelor’s degree in Economics, Andrew also has a master’s degree in Business Administration in finance and economics from New York University’s Stern School of Business.

Recent Insights

Asset TV’s 2023 Outlook Masterclass features Impax Portfolio Manager

In Asset TV’s 2023 Outlook Masterclass, Impax Portfolio Manager Andy Braun notes the themes that he believes will shape capital markets in the year ahead – and the risks and opportunities investors should be aware of related to the transition to a more sustainable economy.

9 Feb 2023
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