AUM
$867,102,897
Holdings
468
Launch Date
December 2016
Portfolio Manager
Anthony Trzcinka, CFA®
Morningstar Low Carbon Designation™
Low Carbon logo
US Fixed Income as of 04/30/24.
Based on 49% of AUM.

Overview

A diversified, multi-sector, investment grade bond strategy that seeks to invest in issuers aligned with the transition to a more sustainable economy.

Quality

Maintains high quality portfolio with an overall interest rate risk profile and sector diversification similar to the Bloomberg Barclays US Aggregate Bond Index.

Sustainability

Uses proprietary sustainability lens and ESG research to better manage risk and identify opportunities.

Impact

Allocates a significant portion of the portfolio to impact bonds that provide a range of positive societal and environmental benefits.

Monthly Total Returns

(As of 05/31/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception
Impax Core Bond Fund – Investor Class1.60-0.03-1.411.42-3.17-0.430.72
Impax Core Bond Fund – Institutional Class1.620.14-1.311.68-2.93-0.180.97
Bloomberg US Aggregate Index1.700.04-1.641.31-3.10-0.171.14
Morningstar Intermediate Core Bond1.650.11-1.251.72-3.10-0.13

Quarterly Total Returns

(As of 03/31/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception
Impax Core Bond Fund – Investor Class0.87-0.52-0.521.77-2.560.100.86
Impax Core Bond Fund – Institutional Class0.89-0.57-0.572.02-2.350.331.10
Bloomberg US Aggregate Index0.92-0.78-0.781.70-2.460.361.29
Morningstar Intermediate Core Bond0.87-0.51-0.512.01-2.450.36
Performance data quoted represent past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Yield~

(As of 05/31/2024)
 30 Day SEC
Yield (%)
Annual Distribution
Yield (%)
30 Day Distribution
Yield (%)
Impax Core Bond Fund – Investor Class 4.24 3.26 3.58
Impax Core Bond Fund – Institutional Class 4.49 3.51 3.83
~30 Day Distribution Yield: Fund income distribution paid in the preceding 30 days annualized. Annual Distribution Yield: Actual annual income distribution paid including capital gains. 30 Day SEC Yield: An annualized yield based on the most recent 30-day period.

Risk Statistics

(As of 05/31/2024)
 3 – Year
3 – Year
Standard Deviation 7.03
Alpha -0.02
Beta 0.96
R-Squared 100
Standard Deviation 7.05
Alpha
Beta 0.96
R-Squared 100

Morningstar Ratings

(As of 05/31/2024)
 Intermediate Core BondOverall3yrs5yrs10yrs
Impax Core Bond Fund – Investor Class Rating ★★ ★★★ ★★
Impax Core Bond Fund – Institutional Class Rating ★★★ ★★★★ ★★★
  # In Peer Group 426 426 382
Based on risk adjusted returns.

Lipper Rankings

(As of 05/31/2024)
 Core Bond1yr3yrs5yrs10yrs
Impax Core Bond Fund – Investor Class Percentile Rank 61 50 82
  Prime Rank 306 239 376
  # In Peer Group 508 484 460
Impax Core Bond Fund – Institutional Class Percentile Rank 51 29 61
  Prime Rank 258 140 280
  # In Peer Group 508 484 460
Based on total returns.

Net Asset Values

(As of 06/18/2024)
 N.A.V.% Change
Impax Core Bond Fund – Institutional Class $8.76 0.34
Impax Core Bond Fund – Investor Class $8.77 0.34
Past performance does not guarantee future results.

Asset Allocation

(As of 05/31/2024)

Portfolio Statistics

(As of 05/31/2024)
 Value
Value
Assets (all share classes)$867,102,897
Number of Holdings (All)468
Turnover Ratio (12/31/2023)79

Top Sectors

(As of 05/31/2024)

Fixed Income Characteristics

(As of 05/31/2024)
 Value
Value
Effective Yield5.26
Current Yield (Weighted Average)4.13
Average Coupon (Weighted Average)3.85
Effective Duration5.98
Years to Maturity (Weighted Average)14.45

Top 10 Holdings

(As of 05/31/2024)
 Portfolio %
Portfolio %
United States Treasury Note, 4.5% 02/15/44 5.40
United States Treasury Note, 4.625% 04/30/29 3.70
United States Treasury Note, 4.625% 05/15/54 3.50
United States Treasury Note, 4.5% 05/15/27 2.90
United States Treasury Note, 4.125% 03/31/31 1.30
International Bank For Reconstruction & Development, 1.625%, 1/15/25 0.90
International Bank For Reconstruction & Development, 0.625%, 4/22/25 0.60
Kfw, 0.625%, 1/22/26 0.50
Kfw, 4.125% 07/15/33 0.50
Ginnie Mae II Pool 3.00% 6/20/53 0.50

Credit Quality

(As of 05/31/2024)

Portfolio Management Team

Anthony Trzcinka, CFA®

Senior Portfolio Manager, North America

Anthony is the Portfolio Manager for the Impax Core Bond strategy and is also a member of the Multi-Asset Sustainable Allocation team. Tony has been running impact bond products for almost two decades has overseen multiple strategies since joining Impax in 2003.

Prior to working at Impax, Tony spent three years as an Assistant Vice President at AEW Capital Management, a $90 billion Boston-based asset manager where he focused on analysis of public and private debt.

Tony is a CFA® charterholder and a member of the CFA Society Boston. He has an MBA from Northeastern University and a bachelor’s degree from the University of Massachusetts Amherst.

Authored Insights

Innovating for impact: Impax and the World Bank

From empowering women to improving access to clean water and reducing emissions, our collaboration with the World Bank has produced fixed income securities targeting gender and climate-related goals

19 May 2023

Yvonne Tai

Director, Senior Fixed Income Analyst

Yvonne is Director, Senior Fixed Income Analyst at Impax Asset Management. She joined Impax in 2017 and leads securitized products research and investments for the company.

Yvonne has over twenty-five years of experience in the securitized products markets, and has previously held positions at Moody’s Investors Service, State Street Global Advisors, Jefferies Financial Group and Fischer Francis Trees & Watts. She has extensive experience in investment analysis, credit ratings and structured finance, across multiple securitized products sectors.

A Bryn Mawr College graduate with a bachelor’s degree in mathematics and physics, magna cum laude, Yvonne also holds an MBA in finance from Columbia Business School.

Recent Insights

Additional Insights

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