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AUM
$553,163,323
Holdings
245
Launch Date
Launch Date (Institutional)
Launch Date (Class A)
October 1999
June 2004
May 2013
Portfolio Manager
Peter Schwab, CFA®
Kent Siefers

Overview

A diversified high yield strategy that seeks to invest in issuers that are aligned with the transition to a more sustainable economy.

Sustainability Lens

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 01/31/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax High Yield Bond Fund – Investor Class-0.038.67-0.037.00-0.123.302.894.80
Impax High Yield Bond Fund – Class A5-0.038.46-0.036.82-0.163.312.904.80
Impax High Yield Bond Fund – Institutional Class1-0.028.56-0.027.270.113.563.155.00
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index0.078.250.078.711.714.294.46
Lipper High Yield Bond Funds Index0.298.010.298.542.144.174.00

Quarterly Total Returns

(As of 12/31/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax High Yield Bond Fund – Investor Class3.916.9411.0911.09-0.124.152.944.82
Impax High Yield Bond Fund – Class A53.916.7511.0811.08-0.114.162.964.82
Impax High Yield Bond Fund – Institutional Class13.956.8411.3911.390.164.413.215.02
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index3.427.1212.5512.551.725.194.53
Lipper High Yield Bond Funds Index3.416.3512.3412.342.185.034.04
5 Class A Inception date return since May 1, 2013 is 3.01 (annualized).
1 Institutional Class Inception date return since June 1, 2004 is 5.24 (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 01/31/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax High Yield Bond Fund – Class A (Load)-4.473.66-4.472.01-1.692.352.434.60

Performance after Sales Charge

(As of 12/31/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax High Yield Bond Fund – Class A (Load)-0.691.946.096.09-1.643.222.484.62

Yields4

(As of 01/31/2024)
 30 Day SEC
Yield (%)
Annual Distribution
Yield (%)
30 Day Distribution
Yield (%)
Impax High Yield Bond Fund – Investor Class 6.70 5.44 5.14
Impax High Yield Bond Fund – Class A 6.39 5.44 5.12
Impax High Yield Bond Fund – Institutional Class 6.95 5.68 5.35
430 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 01/31/2024)
 3 – Year
3 – Year
Standard Deviation 8.58
Alpha -0.17
Beta 1.03
R-Squared 99
Standard Deviation 8.59
Alpha -0.17
Beta 1.03
R-Squared 99
Standard Deviation 8.55
Alpha -0.15
Beta 1.02
R-Squared 99

Morningstar Ratings

(As of 01/31/2024)
 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 614 614 581 434
Based on risk adjusted returns.

Lipper Rankings

(As of 01/31/2024)
 High Yield Bond1yr3yrs5yrs10yrs
Impax High Yield Bond Fund – Investor Class Percentile Rank 85 96 76 87
  Prime Rank 434 448 337 305
  # In Peer Group 516 471 448 351
Impax High Yield Bond Fund – Class A Percentile Rank 88 96 75 87
  Prime Rank 450 450 333 304
  # In Peer Group 516 471 448 351
Impax High Yield Bond Fund – Institutional Class Percentile Rank 79 93 64 80
  Prime Rank 403 436 283 278
  # In Peer Group 516 471 448 351
Based on total returns.

Net Asset Values

(As of 02/21/2024)
 N.A.V.% Change
Impax High Yield Bond Fund – Class A $5.96
Impax High Yield Bond Fund – Institutional Class $5.93
Impax High Yield Bond Fund – Investor Class $5.95
Past performance does not guarantee future results.

Asset Allocation

(As of 01/31/2024)

Portfolio Statistics

(As of 01/31/2024)
 Value
Value
Assets (all share classes)$553,163,323
Number of Holdings (All)245
Turnover Ratio (12/31/2023)29

Top Sectors

(As of 01/31/2024)

Top Ten Holdings – Fixed Income

(As of 01/31/2024)
 Portfolio %
Portfolio %
Cco Holdings LLC, 4.750%, 3/1/30 1.40
Darling Ingredients Inc. 6.0% 6/15/30 1.00
Ncr Corp., 5.125%, 4/15/29 1.00
Avantor Funding, Inc., 4.625%, 7/15/28 1.00
Liberty Mutual Group, Inc. 4.125% 12/15/51 1.00
Vm Consolidated, Inc. 5.5% 04/15/29 0.90
Interface, Inc. 5.5% 12/01/28 0.90
Medline Borrower Lp Term Loan 10/23/28 0.90
Graphic Packaging International, Llc 3.75% 2/01/30 0.90
Iron Mountain Incorporated 4.875% 9/15/29 0.90

Fixed Income Characteristics

(As of 01/31/2024)
 Value
Value
Effective Yield7.15
Current Yield (Weighted Average)6.03
Average Coupon (Weighted Average)5.63
Effective Duration3.62
Years to Maturity (Weighted Average)6.10

Credit Quality

(As of 01/31/2024)

Portfolio Management Team

Peter Schwab, CFA®

Senior Portfolio Manager

Peter joined Impax Asset Management in 2015 and is a co-Portfolio Manager of the High Yield Bond strategy and is also a member of the Multi-Asset Sustainable Allocation team.

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 is a co-Portfolio Manager of the 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.

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