PORTSMOUTH, N.H., February 15 2024 – Impax Asset Management, the specialist asset manager investing in the transition to a more sustainable global economy, has announced changes to the Impax Ellevate Global Women’s Leadership Fund (“the Fund”) that will take effect March 28, 2024.

These enhancements will reflect the team’s latest research focused on enhancing exposure to the Impax Gender Factor and will be applied to the Fund’s investment objective and portfolio construction. The portfolio management team will remain the same.

The Fund’s holdings will be reduced from 400-450 securities to approximately 100-150 securities. The portfolio managers will continue to employ a systematic investment approach with additional optimization to select a more concentrated portfolio of highly-ranked gender leadership companies.

“These enhancements will allow the Impax Gender Factor to contribute more to excess return, underlining our belief that gender leaders outperform over time,” said Kelly Baldoni, Vice President, Global Women’s Strategies. “We remain strongly committed to investing in companies that value women in leadership and create a path for advancement through policies focused on progressing gender diversity, inclusion and equity in the workplace.”

Due to these changes, the Fund will no longer invest in companies comprising the Global Women’s Leadership Index and the Index will be discontinued. The strategy’s starting universe will remain as gender leaders in the MSCI World Index; companies with an Impax Gender Score in the top 50% will be eligible for investment. The investment objective of the Fund will also change from seeking returns closely corresponding to or exceeding the Impax Global Women’s Leadership Index (‘GWL Index’), to seeking long-term growth of capital. A comprehensive list of the changes to the Fund can be found in the prospectus supplement.

In 2023, the Fund was awarded first place at Responsible Investor’s inaugural Gender Equity Investment Awards, out of ten shortlisted mutual funds. The awards recognized funds that demonstrate intentionality, scalability and measurability in their gender lens investing approach.

About Impax Asset Management

Founded in 1998, Impax is a specialist asset manager, with approximately £39.1 billion/US $48.8bn as of 31 December 2023 in both listed and private markets strategies, investing in the opportunities arising from the transition to a more sustainable global economy.

Impax believes that capital markets will be shaped profoundly by global sustainability challenges, including climate change, pollution and essential investments in human capital, infrastructure and resource efficiency. These trends will drive growth for well-positioned companies and create risks for those unable or unwilling to adapt.

The company seeks to invest in higher quality companies with strong business models that demonstrate sound management of risk. Impax offers a well-rounded suite of investment solutions spanning multiple asset classes seeking superior risk-adjusted returns over the medium to long term.

Impax has approximately 300 employees across its offices in the United Kingdom, the United States, Ireland, Hong Kong and Japan making it one of the investment management sector’s largest investment teams dedicated to sustainable development.


You should consider a fund’s investment objectives, risks, and charges and expenses carefully before investing. For this and other information, call 800.767.1729 or visit www.impaxam.com for a fund prospectus and read it carefully before investing.

RISK: Equity investments are subject to market fluctuations, the fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings. Emerging market and international investments involve risk of capital loss from unfavorable fluctuations in currency values, differences in generally accepted accounting principles, economic or political instability in other nations or increased volatility and lower trading volume. The Fund does not take defensive positions in declining markets. The Fund’s performance would likely be adversely affected by a decline in the Index. There is no guarantee that the objective will be met and diversification does not eliminate risk. The investment techniques and decisions of the investment adviser and the Fund’s portfolio manager(s), including the investment adviser’s assessment of a company’s ESG (Environmental, Social and Governance) profile when selecting investments for the Fund, may not produce the desired results and may adversely impact the Fund’s performance, including relative to other Funds that do not consider ESG factors or come to different conclusions regarding such factors.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

Impax Asset Management LLC is investment adviser to Impax Funds. Impax Funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services is not affiliated with Impax Asset Management LLC or Morningstar, Inc. Branch Office: 30 Penhallow Street, Suite 400, Portsmouth, NH 03801 603 431 8022.

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