AUM
$869,357,664
Holdings
457
Launch Date
December 2016
Portfolio Manager
Anthony Trzcinka, CFA®
Morningstar Low Carbon Designation™
Low Carbon logo
US Fixed Income as of 10/31/24.
Based on 49% of AUM.

Overview

A core bond strategy providing broad, diversified exposure across a range of investment grade credit sectors delivering a compelling single solution fixed income portfolio targeting attractive income and total returns.

Deep credit expertise

Individual credits are researched by Impax’s Global Credit Research platform, with an intense focus on security selection and relative value, to create additional sources of alpha.

Robust process

Experienced portfolio management team utilizes macroeconomic insights, as well as fundamental, and quantitative inputs to allocate across core sectors.

Differentiated approach

Differentiated capabilities in sectors such as securitized credit and impact bonds aim to provide attractive returns while helping to improve diversification and lower volatility.

Monthly Total Returns

(As of 11/30/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception
Impax Core Bond Fund – Investor Class1.20-0.133.006.64-2.02-0.221.23
Impax Core Bond Fund – Institutional Class1.11-0.073.126.91-1.81-0.011.47
Bloomberg US Aggregate Index1.06-0.132.936.88-1.95-0.011.51
Morningstar Intermediate Core Bond1.10-0.063.166.91-2.03-0.051.41

Quarterly Total Returns

(As of 09/30/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception
Impax Core Bond Fund – Investor Class1.294.924.4611.20-1.510.081.44
Impax Core Bond Fund – Institutional Class1.314.994.5411.35-1.300.311.68
Bloomberg US Aggregate Index1.345.204.4511.57-1.390.331.87
Morningstar Intermediate Core Bond1.295.054.7811.56-1.390.43
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 11/30/2024)
 30 Day SEC
Yield (%)
Annual Distribution
Yield (%)
30 Day Distribution
Yield (%)
Impax Core Bond Fund – Investor Class 3.96 3.42 3.66
Impax Core Bond Fund – Institutional Class 4.21 3.68 3.92
~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 11/30/2024)
 3 – Year
3 – Year
Standard Deviation 7.40
Alpha -0.01
Beta 0.96
R-Squared 100
Standard Deviation 7.41
Alpha 0.01
Beta 0.96
R-Squared 100

Morningstar Ratings

(As of 11/30/2024)
 Intermediate Core BondOverall3yrs5yrs10yrs
Impax Core Bond Fund – Investor Class Rating ★★ ★★★ ★★
Impax Core Bond Fund – Institutional Class Rating ★★★ ★★★ ★★★
  # In Peer Group 431 431 386
Based on risk adjusted returns.

Lipper Rankings

(As of 11/30/2024)
 Core Bond1yr3yrs5yrs10yrs
Impax Core Bond Fund – Investor Class Percentile Rank 85 54 83
  Prime Rank 444 264 382
  # In Peer Group 525 491 462
Impax Core Bond Fund – Institutional Class Percentile Rank 70 34 65
  Prime Rank 366 166 297
  # In Peer Group 525 491 462
Based on total returns.

Net Asset Values

(As of 12/11/2024)
 N.A.V.% Change
Impax Core Bond Fund – Institutional Class $8.83 -0.34
Impax Core Bond Fund – Investor Class $8.84 -0.23
Past performance does not guarantee future results.

Asset Allocation

(As of 11/30/2024)

Portfolio Statistics

(As of 11/30/2024)
 Value
Value
Assets (all share classes)$869,357,664
Number of Holdings (All)457
Turnover Ratio (12/31/2023)79

Top Sectors

(As of 11/30/2024)

Fixed Income Characteristics

(As of 11/30/2024)
 Value
Value
Current Yield (Weighted Average)4.11
Average Coupon (Weighted Average)3.99
Yield to Maturity (Weighted Average)4.86
Effective Duration6.01
Years to Maturity (Weighted Average)15.07

Top 10 Holdings

(As of 11/30/2024)
 Portfolio %
Portfolio %
Government Of The United States Of America 3.875% 15-oct-2027 7.30
Government Of The United States Of America 3.5% 30-sep-2029 4.80
Government Of The United States Of America 4.125% 15-aug-2044 3.40
Government Of The United States Of America 4.25% 15-aug-2054 3.40
Fhlmc 30yr Pool#rj0694 5.500% 01-jan-2054 0.70
Government Of The United States Of America 4.125% 31-oct-2026 0.60
Kfw 0.625% 22-jan-2026 0.60
Inter-american Development Bank 3.5% 14-sep-2029 0.50
Gnma Ii 30yr Pool#ma8197 2.500% 20-aug-2052 0.50
International Bank For Reconstruction & Development 0.0% 31-mar-2028 0.50

Credit Quality

(As of 11/30/2024)

Portfolio Management Team

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Risk Warning

Capital at risk. The value of investments may go up or down and is not guaranteed.