AUM
$830,593,860
Holdings
494
Launch Date
December 2016
Portfolio Manager
Anthony Trzcinka, CFA®

Overview

An investment-grade bond strategy focused on the opportunities and risks arising from 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

A fossil fuel free strategy that 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 04/30/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception
Impax Core Bond Fund – Investor Class0.550.333.56-1.09-3.190.770.80
Impax Core Bond Fund – Institutional Class0.690.393.64-0.84-2.951.021.05
Bloomberg US Aggregate Index0.610.493.59-0.43-3.151.181.30
Lipper Core Bond Funds Index0.640.453.94-0.44-2.261.451.56
Morningstar Intermediate Core Bond0.580.473.60-0.83-2.721.02

Quarterly Total Returns

(As of 03/31/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception
Impax Core Bond Fund – Investor Class2.312.992.99-5.07-2.730.520.72
Impax Core Bond Fund – Institutional Class2.332.932.93-4.94-2.520.740.95
Bloomberg US Aggregate Index2.542.962.96-4.78-2.770.911.22
Lipper Core Bond Funds Index2.393.273.27-4.87-1.691.181.48
Morningstar Intermediate Core Bond2.312.992.99-5.07-2.260.75
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 04/30/2023)
 30 Day SEC
Yield (%)
Annual Distribution
Yield (%)
30 Day Distribution
Yield (%)
Impax Core Bond Fund – Institutional Class 3.89 2.86 3.07
~30 Day Distribution Yield: Funds 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 04/30/2023)
 3 – Year
3 – Year
Standard Deviation 5.85
Alpha -0.01
Beta 0.96
R-Squared 99
Standard Deviation 5.91
Alpha 0.01
Beta 0.96
R-Squared 99

Morningstar Ratings

(As of 04/30/2023)
 Intermediate Core BondOverall3yrs5yrs10yrs
Impax Core Bond Fund – Investor Class Rating ★★ ★★★ ★★
Impax Core Bond Fund – Institutional Class Rating ★★★ ★★★ ★★★
  # In Peer Group 416 416 380
Based on risk adjusted returns.

Lipper Rankings

(As of 04/30/2023)
 Core Bond1yr3yrs5yrs10yrs
Impax Core Bond Fund – Investor Class Percentile Rank 55 84 78
  Prime Rank 282 413 363
  # In Peer Group 520 497 470
Impax Core Bond Fund – Institutional Class Percentile Rank 43 72 60
  Prime Rank 223 353 280
  # In Peer Group 520 497 470
Based on total returns.

Net Asset Values

(As of 06/02/2023)
 N.A.V.% Change
Impax Core Bond Fund – Investor Class $8.77 -0.34
Impax Core Bond Fund – Institutional Class $8.76 -0.45
Past performance does not guarantee future results.

Asset Allocation

(As of 04/30/2023)

Portfolio Statistics

(As of 04/30/2023)
 Value
Value
Assets (all share classes)$830,593,860
Number of Holdings (All)494
Turnover Ratio (12/31/2022)70

Top Sectors

(As of 04/30/2023)

Fixed Income Characteristics

(As of 04/30/2023)
 Value
Value
Effective Yield4.61
Current Yield (Weighted Average)3.44
Average Coupon (Weighted Average)3.27
Effective Duration6.16
Years to Maturity (Weighted Average)13.87

Top 10 Holdings

(As of 04/30/2023)
 Portfolio %
Portfolio %
Government Of The United States Of America 3.875% 02/15/43 4.90
Government Of The United States Of America 3.625% 02/15/53 3.10
Government Of The United States Of America 3.625% 03/31/28 2.50
Government Of The United States Of America 3.5% 02/15/33 1.30
Government Of The United States Of America 4.625% 03/15/26 1.20
International Bank For Reconstruction & Development, 1.625%, 1/15/25 0.90
European Investment Bank, 3.25%, 1/29/24 0.70
Kfw Bankengruppe, 2.625%, 2/28/24 0.60
United States Treasury Note, 0.375%, 7/15/27 0.60
International Bank For Reconstruction & Development, 0.625%, 4/22/25 0.60

Credit Quality

(As of 04/30/2023)

Portfolio Management Team

Anthony Trzcinka, CFA®

Senior Portfolio Manager, North America

Tony’s experience running impact bond strategies for almost two decade makes him a pioneer in the space and he has been responsible for overseeing multiple strategies since joining Impax Asset Management 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.

Recent 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

Senior Fixed Income Analyst

Yvonne has extensive experience in the securitised products space and has been in her current role at Impax Asset Management for almost six years.

Her investment analysis career began in 1998, serving as mortgage-backed securities investment analyst at Fischer Francis Tree & Watts Inc, before progressing to Jefferies Financial Group Inc where she was a structured finance analyst forming collateralised loan obligations. By 2005, Yvonne was working for State Street Global Advisors as Vice President and Senior Credit Analyst, remaining at the firm for nine years. She then joined Moody’s Investors Service as Assistant Vice President and Senior Analyst.

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.

Authored Insights

Contact Us

Please visit the contact page to find your regional representative.

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