Mid-Year Equities Outlook 2026
In this paper, we discuss four themes that we believe are helping to shape the opportunity set for global equities investors as we approach the second half of 2026
Insights
Showcasing Impax’s original thinking on the challenges and opportunities arising from the transition to a more sustainable economy.
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Mid-Year Credit Outlook 2026
In this paper, we share our perspectives on each of the main sub-asset classes that we focus on within fixed income and identify key watch items for the second half of 2026
Private credit: the cracks have widened
The failures of First Brands and Tricolor in late 2025 exposed structural fragilities within private credit that have since been confirmed by rising defaults and strained liquidity
Climate adaptation is no longer ‘tomorrow’s’ investment opportunity
The need to enhance resilience to the impacts of climate change is driving an expanding opportunity set for investors, particularly within water infrastructure and efficiency
UK gilts update: the ‘canary’ has stopped singing
The recent surge in UK government bond yields reflects a convergence of quantitative tightening, energy prices and political instability, and has implications for investors in sterling-denominated credit – and possibly beyond
High yield and software: lower exposure to looming risks
Disruption from AI and a wall of maturing debt provide grounds for credit investor caution towards software – a sector that forms only a small share of the high yield market
Stewardship and Advocacy Report 2026
In our ninth annual report, we fully integrate our response to the updated UK Stewardship Code.
Conflict puts the spotlight on energy efficiency solutions
The economics of many energy management and efficiency solutions look more compelling as elevated oil and gas prices highlight the global economy’s enduring vulnerability to energy shocks
Enhancing agricultural efficiency – and resilience
Technological solutions are helping farmers address rising water and climate-related risks, improving yields and reducing the industry’s environmental footprint
European energy security lies in renewables
Conflict in the Middle East has again exposed Europe’s vulnerability to imported oil and gas, underscoring the urgent need for investment in a more resilient, renewables-led grid
Data centre securitisation: navigating a fast-growing asset class
Exploring the role of asset-backed and commercial mortgage-backed securities in data centre finance
Structural forces and their implications for global credit
How supercycles and secular trends are combining to reshape the landscape for fixed income investors
Is China becoming a leader in sustainability?
The country’s climate and industrial strategies, combined with evolving sustainability regulation and disclosure requirements, are shaping investment opportunities in global clean technology markets
Investing in an era of extreme weather
A Sustainable Markets Initiative report exploring how asset owners and managers can build more resilient portfolios
Enhancing the resilience of critical infrastructure
The pressing need to upgrade and expand infrastructure assets to meet rising demand and emerging risks supports investment opportunities within the power, water, transport and cybersecurity sectors
A lens on the transition: Healthcare
Impax’s analysis of key sustainability-related themes disrupting the Healthcare sector and their impact across a set of sub-industries
Beyond the ‘hyperscalers’: AI issuance in high yield markets
Investment grade has dominated AI-related infrastructure issuance, but there is an emerging breadth of opportunities for high yield investors – so long as they remain selective
Why corporate culture matters for gender equity – and returns
While progress on gender diversity in corporate leadership is currently reversing and many pledges are unravelling, our analysis identifies ongoing correlations between indicators of culture and financial performance
Is emerging market corporate credit back in vogue?
Five factors now combine to support the case for emerging market corporate bonds within a diversified fixed income portfolio
Resilient industrial specialists in a disruptive age
Suppliers of niche but critical components look well positioned to navigate the next industrial cycle