The emergence of a ‘K-shaped’ US consumer economy
Divergent spending between more and less affluent households in the US supports opportunities for companies that successfully meet evolving patterns of demand
Insights
Showcasing Impax’s original thinking on the challenges and opportunities arising from the transition to a more sustainable economy.
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French credits are not all at the barricades
Government bond yields have spiked recently but a large share of French investment grade credit trades inside OATs
Why AI’s labour shake-up poses culture questions for investors
As AI increasingly reshapes large parts of the jobs market, companies must navigate emerging operational and reputational risks relating to their own workforce transitions
Asian leaders at the frontier of factory automation
Shrinking labour pools and rising precision demands are reshaping manufacturing, with the region’s companies leading adoption and production of factory robotics
Extreme heat and the semiconductor supply chain: unpriced risks
Our analysis highlights how extreme heat presents rising risks for many chipmakers that are hard to model, but critical for investors to evaluate at a fab-specific level given their financial materiality
Unpack climate change, switch the narrative
Investors need to sidestep the politicisation of climate change and focus their analysis and language on its rising financial implications for companies and, ultimately, asset owners
How the sustainability story for Asian investors is evolving – in three ways
We perceive a shift in focus in the region towards economic resilience, solutions to AI’s environmental challenges and financially material insights from sustainability analysis
Where extreme weather has impacted credit spreads – and where it has not
US wildfires stand out in our analysis for having led to credit events in the utilities sector, but the timing and extent of bond repricing is found to depend on jurisdiction
Landfill methane: cutting emissions, capturing value
Research and satellite data, alongside direct engagement, can help investors understand which operators are navigating the regulatory risks associated with fugitive methane emissions and seizing the financial opportunities from monetising captured gas
‘Don’t trust the Fed’: will Warsh be the new Burns?
As markets test the new Federal Reserve Chair’s resolve amid persistent inflation, rising long-dated US Treasury yields are amplifying duration risks for credit investors
Solutions enhancing the economics of desalination
Desalination has an increasingly strategic role in meeting rising water demand and enhancing water resilience amid more widespread droughts
‘Refi’ meets AI: impacts for MBS investors
Prepayment risk is rising in mortgage-backed securities as AI starts to make refinancing easier, but protection can be sought in certain loan groups
A lens on the transition: Consumer
Impax’s analysis of key sustainability-related themes disrupting the Consumer sector and their impact across a set of sub-industries
Our inaugural Sustainability Report: ‘Insights’, ‘Integration’ and ‘Influence’
In our 2026 report, we bring to life how we identify and manage sustainability-related risks and opportunities across our investments, introduce our first nature-related disclosures, and spotlight where we are identifying investment opportunities in climate adaptation.
What El Niño could mean for sugar credits
Potentially major disruption to global sugar cane production does not appear to be fully reflected in bond prices, based on our analysis
Why companies can overlook climate resilience no longer
Four themes are driving greater corporate focus on climate-related risks and expanding the opportunity set for innovative solutions providers
Time to shine? Capturing value from renewables
Conflict in the Middle East has further enhanced the competitiveness of renewable energy, but investors must remain selective
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
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