PORTSMOUTH, N.H., October 17, 2022– Impax Asset Management, the specialist asset manager investing in the transition to a more sustainable economy, and investment adviser to the Pax World Funds, announced today that the Pax World Funds will be renamed Impax Funds, effective December 31, 2022.1
The announcement follows the decision of the Board of Trustees of the Pax World Funds to change the name of the mutual funds to align with Impax Asset Management’s global brand positioning. For each of the 11 Pax World Funds, “Pax” will be replaced by “Impax”. There will be no other changes to any of the funds.
|Fund Name Prior to December 31, 2022||Fund Name After December 31, 2022|
|Pax Large Cap Fund||Impax Large Cap Fund|
|Pax Small Cap Fund||Impax Small Cap Fund|
|Pax Global Opportunities Fund||Impax Global Opportunities Fund|
|Pax Global Environmental Markets Fund||Impax Global Environmental Markets Fund|
|Pax Ellevate Global Women’s Leadership Fund||Impax Ellevate Global Women’s Leadership Fund|
|Pax Global Sustainable Infrastructure Fund||Impax Global Sustainable Infrastructure Fund|
|Pax US Sustainable Economy Fund||Impax US Sustainable Economy Fund|
|Pax International Sustainable Economy Fund||Impax International Sustainable Economy Fund|
|Pax Sustainable Allocation Fund||Impax Sustainable Allocation Fund|
|Pax High Yield Bond Fund||Impax High Yield Bond Fund|
|Pax Core Bond Fund||Impax Core Bond Fund|
Ian Simm, Founder and Chief Executive Officer, Impax Asset Management commented: “Impax’s global investment team continues to identify great opportunities to invest in companies that are benefiting from the transition to a more sustainable economy. By bringing the mutual funds that we manage in the United States under the Impax brand, the renaming reflects our unified approach to investment world-wide.”
Impax Asset Management Group plc acquired Pax World Management LLC, investment adviser to the Pax World Funds, in 2018. In North America, Impax manages not only the Pax World family of mutual funds but separately managed accounts, segregated institutional mandates, sub-advised accounts and other investments on behalf of financial intermediaries, consultants, their clients and institutional investors. All Impax strategies focus on investing in the opportunities arising from the transition a more sustainable global economy, and each fund also integrates environmental, social and governance (ESG) research into the investment process in an effort to better manage risk and deliver competitive long-term investment performance.
“This is a natural next chapter in the long and storied history of the funds”, says John L. Liechty, Chairman of the Board, Pax World Funds. “When it was founded in 1971, Pax World was the first mutual fund in the United States to include environmental and social criteria in addition to traditional financial metrics in company research and portfolio construction. Changing the name to Impax at this time more clearly underscores the funds’ clear focus on the investable opportunities presented by the transition to a more sustainable economy.”
To mark this new chapter and celebrate the heritage of the Pax name, Impax Asset Management has created the Pax Scholarship Program. This will award annual scholarships to three New Hampshire-based educational and non-profit institutions promoting sustainable finance, advancing women and girls, and fostering global peace. These organizations are:
- The Peter T. Paul College of Business and Economics at the University of New Hampshire – The merit-based scholarship will support students enrolled in the Peter T. Paul College of Business and Economics with a GPA of 3.0 or higher and a demonstrated focus in sustainability and/or sustainable investing.
- The New Hampshire Women’s Foundation (NHWF) – The NHWF’s mission is to advance social, political and economic opportunity and equality for women and girls through research, education, advocacy, grantmaking and philanthropy.
- Friends Forever International (FFI) – FFI works with communities around the globe to build the leadership abilities of their youth from diverse backgrounds to tackle local and global issues.
About Impax Asset Management
Founded in 1998, Impax is a specialist asset manager, with approximately £38.0 billion/$42.2 billion as of 31 August 2022, 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 companies that Impax believes are well positioned 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 260 staff across its offices in the United Kingdom, the United States, Ireland and Hong Kong, making it one of the investment management sector’s largest investment teams dedicated to sustainable development.
Impax Asset Management Group plc includes Impax Asset Management Ltd, Impax Asset Management (AIFM) Ltd., Impax Asset Management Ireland Ltd, Impax Asset Management LLC, and Impax Asset Management (Hong Kong) Limited (together, “Impax”). Impax Asset Management Ltd, Impax Asset Management (AIFM) Ltd and Impax Asset Management LLC are registered as investment advisers with the U.S. Securities and Exchange Commission (“SEC”), pursuant the Investment Advisers Act of 1940 (“Advisers Act”). Registration with the SEC does not imply a certain level of skill or training. Copies of the most recently filed Form ADV for Impax and additional information about registered investment advisers is available through the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.
The views, opinions, and forecasts included or expressed herein are as of the date indicated and are subject to change without notice. You should not assume that such information, views and forward-looking statements would remain the same after the date indicated.
The information presented herein is provided for general informational purposes only and is not intended to provide legal, tax, investment, or financial planning advice. It does not constitute an offer, invitation, solicitation, recommendation, or advice to buy or sell any securities, financial instruments, investments; to follow a particular investment strategy; to engage in any other transaction; or to engage Impax to provide investment advisory or other services.
Certain content (including data) contained within may include, or be based on, data obtained from statistical services, company reports or communications, or other third-party sources, that Impax believes are reliable. However, Impax has generally not verified this information where Impax believes the third-party source is reliable and, therefore, there is a risk that information from such third-party sources are inaccurate or incomplete. You should not rely on the information presented here as a basis for investment decisions.
IMPAX is a U.S. registered trademark of Impax Asset Management Group Plc.
You should always consider Pax World Funds’ investment objectives, risks, and charges and expenses carefully before investing. For this and other important information, visit www.impaxam.com for a fund prospectus and read it carefully before investing.
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.
All investments involve risk and principal loss is possible.
Pax World Funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with Impax Asset Management LLC.
This document is being provided for informational purposes only and no offer of sale of a fund or security is being made.
1Impax Asset Management LLC is the investment adviser to Pax World Funds.