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 Falci is Executive Vice President and Head of Systematic & Multi-Asset Strategies at Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Impax Funds.

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.

Steve has more than 30 years of experience in investment management. Prior to joining the firm in 2014, he served as Head of Strategy Development, Sustainable Investments, at Kleinwort Benson Investors, where he provided strategic direction, product development and identification of new market opportunities in the sustainable investment business. Before that, Steve served as Chief Investment Officer of Equities at Calvert Group and was a Principal and Senior Portfolio Manager at Mellon Equity Associates.

Steve serves on the board of directors for the US Forum for Sustainable and Responsible Investment (US SIF). He also serves on the board of directors for Mercy Investment Services and is the chairperson of their Investment Committee. Steve has a Master of Business Administration from the Stern School of Business at New York University, a Master of Arts from Pittsburgh Theological Seminary and a Bachelor of Science in economics from New York University. He is a CFA® charterholder.

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Anthony Trzcinka, CFA®

Senior Portfolio Manager

Anthony (Tony) Trzcinka is a Senior Portfolio Manager at Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Impax Funds.

He is a Senior Portfolio Manager of the Core Bond Strategy, which includes the Impax Core Bond Fund. Tony is also a member of the Impax Sustainable Allocation Fund portfolio management team. A pioneer in sustainable fixed income investing, Tony has been managing strategies investing in impact bonds for over 10 years.

Tony has been responsible for multiple strategies since joining the firm in 2003. Before Impax, Tony spent three years as an Assistant Vice President at AEW Capital Management, where he worked in a Senior Analyst role. He began his financial services career as an analyst in 1999.

Tony is a CFA® charterholder and a member of the Boston Security Analysts Society. He holds an MBA from Northeastern University and a Bachelor of Arts from the University of Massachusetts.

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Andrew Braun, Pax World Funds

Andrew Braun

Senior Portfolio Manager

Andrew Braun is Senior Portfolio Manager at Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Impax Funds.

He is a Senior Portfolio Manager of the US Large Cap Strategy, which includes the Impax Large Cap Fund. He is also a member of the Impax Sustainable Allocation Fund portfolio management team.

Prior to joining the firm in 2017, Andy was Managing Director on the value equity team at Goldman Sachs Asset Management, where he led a team of 30 portfolio managers and analysts. Andy joined Goldman Sachs Asset Management as a Product Development Associate in 1993. He was promoted to Portfolio Manager in 2001 and served as Co-Chief Investment Officer from 2008 to 2014. Before Goldman Sachs, Andy was a Financial Analyst in the corporate finance division of Dillon, Read & Co. Inc.

Andy has a Bachelor of Arts in economics from Harvard University and a Master of Business Administration in finance and economics from the Stern School of Business at New York University.

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