AUM
$595,502,028
Holdings
280
Launch Date
Launch Date (Institutional)
Launch Date (Class A)
October 1999
June 2004
May 2013
Portfolio Manager
Peter Schwab, CFA®

Overview

A high yield bond strategy leveraging proprietary sustainability tools and research to better identify opportunities and mitigate risks.

Sustainability Lens

A fossil fuel-free strategy that uses the Impax Sustainability Lens to identify higher opportunity and lower risk subsectors of the high yield universe.

ESG

Proprietary ESG research provides additional fundamental insight, which contributes to risk management.

Quality

Focuses on companies with stable profits and manageable debt loads and growing businesses with improving credit profiles.

Monthly Total Returns

(As of 04/30/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax High Yield Bond Fund – Investor Class0.940.324.12-0.452.352.332.584.67
Impax High Yield Bond Fund – Class A50.940.154.12-0.442.302.332.594.67
Impax High Yield Bond Fund – Institutional Class10.960.384.22-0.222.602.582.844.87
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index0.860.804.431.484.183.313.95
Lipper High Yield Bond Funds Index0.940.504.320.635.272.933.53

Quarterly Total Returns

(As of 03/31/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax High Yield Bond Fund – Investor Class0.983.153.15-5.433.292.182.634.64
Impax High Yield Bond Fund – Class A50.983.153.15-5.423.292.192.644.65
Impax High Yield Bond Fund – Institutional Class11.003.223.22-5.083.542.432.894.84
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index1.433.553.55-2.985.313.254.05
Lipper High Yield Bond Funds Index0.913.353.35-3.576.272.843.62
5 Class A Inception date return since May 1, 2013 is 2.58 (annualized).
1 Institutional Class Inception date return since June 1, 2004 is 5.08 (annualized).
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.

Performance after Sales Charge

(As of 04/30/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax High Yield Bond Fund – Class A (Load)-3.68-4.35-0.56-4.880.721.402.124.47

Performance after Sales Charge

(As of 03/31/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax High Yield Bond Fund – Class A (Load)-3.51-1.49-1.49-9.721.701.262.174.44

Yields4

(As of 04/30/2023)
 30 Day SEC
Yield (%)
Annual Distribution
Yield (%)
30 Day Distribution
Yield (%)
Impax High Yield Bond Fund – Class A 7.30 5.18 5.58
Impax High Yield Bond Fund – Institutional Class 7.54 5.42 5.83
430 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 8.57
Alpha -0.14
Beta 0.99
R-Squared 99
Standard Deviation 8.58
Alpha -0.15
Beta 0.99
R-Squared 99
Standard Deviation 8.55
Alpha -0.12
Beta 0.98
R-Squared 99

Morningstar Ratings

(As of 04/30/2023)
 High Yield BondOverall3yrs5yrs10yrs
Impax High Yield Bond Fund – Investor Class Rating ★★ ★★★ ★★
Impax High Yield Bond Fund – Class A Rating ★★ ★★★ ★★
Impax High Yield Bond Fund – Institutional Class Rating ★★★ ★★★ ★★★
  # In Peer Group 619 619 572 410
Based on risk adjusted returns.

Lipper Rankings

(As of 04/30/2023)
 High Yield Bond1yr3yrs5yrs10yrs
Impax High Yield Bond Fund – Investor Class Percentile Rank 72 94 68 85
  Prime Rank 378 449 305 291
  # In Peer Group 526 482 450 345
Impax High Yield Bond Fund – Class A Percentile Rank 72 94 68 85
  Prime Rank 376 452 302 290
  # In Peer Group 526 482 450 345
Impax High Yield Bond Fund – Institutional Class Percentile Rank 68 92 52 75
  Prime Rank 353 439 232 256
  # In Peer Group 526 482 450 345
Based on total returns.

Net Asset Values

(As of 06/02/2023)
 N.A.V.% Change
Impax High Yield Bond Fund – Investor Class $5.79 0.52
Impax High Yield Bond Fund – Institutional Class $5.77 0.52
Impax High Yield Bond Fund – Class A $5.80 0.52
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)$595,502,028
Number of Holdings (All)280
Turnover Ratio (12/31/2022)35

Top Sectors

(As of 04/30/2023)

Top Ten Holdings – Fixed Income

(As of 04/30/2023)
 Portfolio %
Portfolio %
Cco Holdings LLC, 4.750%, 3/1/30 1.20
Darling Ingredients Inc. 6.0% 6/15/30 1.00
Avantor Funding, Inc., 4.625%, 7/15/28 0.90
United Natural Foods, Inc., 6.75%, 10/15/28 0.90
Tenet Healthcare Corporation 5.125% 11/01/27 0.80
Ncr Corp., 5.125%, 4/15/29 0.80
Graphic Packaging International, Llc 3.75% 2/01/30 0.80
Iron Mountain Incorporated 4.875% 9/15/29 0.80
Prime Security Services Borrower LLC, 6.25%, 1/15/28 0.80
Vm Consolidated, Inc. 5.5% 04/15/29 0.70

Fixed Income Characteristics

(As of 04/30/2023)
 Value
Value
Effective Yield8.18
Current Yield (Weighted Average)6.46
Average Coupon (Weighted Average)5.68
Effective Duration3.83
Years to Maturity (Weighted Average)5.90

Credit Quality

(As of 04/30/2023)

Portfolio Management Team

Peter Schwab, CFA®

Senior Portfolio Manager

Peter joined Impax Asset Management in 2015 and now manages the firm’s high yield bond strategies. He is also a member of the management team for the Impax Sustainable Allocation Fund.

Peter started his career in 1996 as an investment associate at Putnam Investments, where he remained for two years, before attending business school. After an internship at Donaldson Lufkin & Jenrette in 1999, Peter joined Goldman Sachs Asset Management where he progressed to the role of Managing Director on the high yield bond and leveraged loan team.

Peter earned a bachelor’s degree in History and Economics from Union College, and gained an MBA from Columbia Business School. He is a CFA Charterholder and holds FINRA Series 7 and 63 registrations. Peter is also a member of the New York Society of Security Analysts and a registered representative of Foreside Financial Services

Authored Insights

Kent Siefers

Portfolio Manager

Kent joined Impax Asset Management in 2009 and helps manage the firm’s high-yield bond strategy.

Prior to this, Kent was part of the research team at LKS Capital LLC, where he worked on a multi-strategy hedge fund. He also co-managed a convertible arbitrage hedge fund at EFG International. He started his career in 1996 as a research associate working for investment firms such as Thomas Weisel Partners, BankBoston Robertson Stephens, and Federated Investors.

Kent has a bachelor’s degree in Business Administration from the University of Vermont. He is a member of the Boston Security Analysts Society.

Kelly Iosua

Senior High Yield Analyst

Kelly joined Impax Asset Management in 2020 and is responsible for covering the consumer products, packaging, rental, utility, retail, food and beverage, and supermarkets sectors.

Before joining Impax, Kelly held various credit research roles with Loomis Sayles & Company over a period of 13 years. She spearheaded various programmes during her time with Loomis including the Credit Research Training Program, the Steering Committee of the firm’s Women’s Network and participated in various firm mentorship programmes. Prior to Loomis, Kelly’s worked at Wachovia Bank, NA and held internships at Merrill Lynch, Alpha Equity Research and OppenheimerFunds.

She has bachelor’s degree in Economics from the University of New Hampshire and holds an MBA from Boston College – Carroll School of Management.

Finn Johnson

High Yield Analyst

Finn is a CFA Charter holder and has been a member of the Impax Asset Management team since 2017. Finn provides analysis across the healthcare, industrial, chemical, leisure, real estate, and financial sectors. In these sectors he engages with public and private issuers to create performance models to estimate of future results and to run stress test scenarios.

Finn has a bachelor’s degree in Economics from the University of New Hampshire where he was a Dean’s list student and the Chief Economist for the Atkins Investment Group.

Shaun Yanosick

Fixed Income Trader

Shaun is Impax Asset Management’s lead Corporate Credit Trader with a specialisation in High Yield trade executions.

Before becoming Impax’s lead Corporate Credit Trader, Shaun held a position on the trading desk where he was responsible for executing equity and derivatives trades, and managing the firm’s trade operations.

Shaun has a bachelor’s degree in Finance from the University of New Hampshire.

Contact Us

Please visit the contact page to find your regional representative.

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