Launch Date
December 2016
Portfolio Manager
Anthony Trzcinka, CFA®
Morningstar Low Carbon Designation™
Low Carbon logo
US Fixed Income as of 08/31/23.
Based on 53% of AUM.


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


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


A fossil fuel free strategy that uses proprietary sustainability lens and ESG research to better manage risk and identify opportunities.


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 10/31/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
Impax Core Bond Fund – Investor Class-1.63-4.53-2.64-0.01-5.66-0.40-0.16
Impax Core Bond Fund – Institutional Class-1.61-4.48-2.440.24-5.42-0.150.09
Bloomberg US Aggregate Index-1.58-4.69-2.770.36-5.57-0.060.28
Lipper Core Bond Funds Index-1.69-4.77-2.290.82-
Morningstar Intermediate Core Bond-1.60-4.53-2.420.55-5.39-0.16

Quarterly Total Returns

(As of 09/30/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
Impax Core Bond Fund – Investor Class-2.41-3.16-1.030.43-5.31-0.210.08
Impax Core Bond Fund – Institutional Class-2.39-2.99-0.840.68-
Bloomberg US Aggregate Index-2.54-3.23-1.210.64-
Lipper Core Bond Funds Index-2.51-3.07-0.611.24-4.810.420.80
Morningstar Intermediate Core Bond-2.45-2.97-0.830.77-5.02
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.


(As of 10/31/2023)
 30 Day SEC
Yield (%)
Annual Distribution
Yield (%)
30 Day Distribution
Yield (%)
Impax Core Bond Fund – Investor Class 4.52 3.02 3.10
Impax Core Bond Fund – Institutional Class 4.77 3.28 3.34
~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 10/31/2023)
 3 – Year
3 – Year
Standard Deviation 5.88
Alpha -0.03
Beta 0.95
R-Squared 99
Standard Deviation 5.92
Alpha -0.01
Beta 0.96
R-Squared 100

Morningstar Ratings

(As of 10/31/2023)
 Intermediate Core BondOverall3yrs5yrs10yrs
Impax Core Bond Fund – Investor Class Rating ★★ ★★★ ★★
Impax Core Bond Fund – Institutional Class Rating ★★★ ★★★ ★★★
  # In Peer Group 423 423 383
Based on risk adjusted returns.

Lipper Rankings

(As of 10/31/2023)
 Core Bond1yr3yrs5yrs10yrs
Impax Core Bond Fund – Investor Class Percentile Rank 75 61 78
  Prime Rank 392 300 366
  # In Peer Group 523 498 475
Impax Core Bond Fund – Institutional Class Percentile Rank 65 42 58
  Prime Rank 338 205 274
  # In Peer Group 523 498 475
Based on total returns.

Net Asset Values

(As of 12/04/2023)
 N.A.V.% Change
Impax Core Bond Fund – Institutional Class $8.64 -0.23
Impax Core Bond Fund – Investor Class $8.64 -0.23
Past performance does not guarantee future results.

Asset Allocation

(As of 10/31/2023)

Portfolio Statistics

(As of 10/31/2023)
Assets (all share classes)$831,185,652
Number of Holdings (All)494
Turnover Ratio (12/31/2022)70

Top Sectors

(As of 10/31/2023)

Fixed Income Characteristics

(As of 10/31/2023)
Effective Yield5.91
Current Yield (Weighted Average)4.08
Average Coupon (Weighted Average)3.61
Effective Duration5.82
Years to Maturity (Weighted Average)13.66

Top 10 Holdings

(As of 10/31/2023)
 Portfolio %
Portfolio %
United States Treasury Note, 3.875% 05/15/43 5.60
United States Treasury Note, 4.0% 06/30/28 3.00
United States Treasury Note, 3.625% 05/15/53 2.70
United States Treasury Note, 4.5% 07/15/26 2.40
United States Treasury Note, 3.75% 06/30/30 1.10
International Bank For Reconstruction & Development, 1.625%, 1/15/25 0.90
Kfw, 4.125% 07/15/33 0.70
European Investment Bank, 3.25%, 1/29/24 0.70
Kfw Bankengruppe, 2.625%, 2/28/24 0.60
International Bank For Reconstruction & Development, 0.625%, 4/22/25 0.60

Credit Quality

(As of 10/31/2023)

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

Water droplet creating ripples in blue-tinted water
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