AUM
$530,888,538
Holdings
215
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 high current income and capital appreciation by investing in a diversified portfolio of predominantly high yield securities. The strategy also seeks to mitigate sustainability risks by incorporating sustainability analysis into credit research and selection.

Credit Selection

Focused on identifying companies with strong fundamentals and attractive relative valuations.

Sustainability Integration

Our Sustainability Framework for Fixed Income helps to identify and manage sustainability risks across a broad range of sectors and activities while addressing disclosure gaps that exist in smaller or private issuers.

Risk Management

Risk management is embedded in every part of our process. The Enterprise Risk team is responsible for independent oversight and challenge of first line activities.

Monthly Total Returns

(As of 10/31/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax High Yield Bond Fund – Investor Class-0.681.865.3114.470.892.893.224.87
Impax High Yield Bond Fund – Class A5-0.841.865.3014.250.902.903.224.87
Impax High Yield Bond Fund – Institutional Class1-0.661.935.5214.581.183.173.475.07
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index-0.721.946.2514.932.563.984.61

Quarterly Total Returns

(As of 09/30/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax High Yield Bond Fund – Investor Class1.094.246.0313.390.983.123.254.91
Impax High Yield Bond Fund – Class A51.264.406.1913.350.993.153.264.92
Impax High Yield Bond Fund – Institutional Class11.114.316.2213.491.223.403.505.12
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index1.124.397.0314.642.754.204.84
5 Class A Inception date return since May 1, 2013 is 3.27 (annualized).
1 Institutional Class Inception date return since June 1, 2004 is 5.32 (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.

Effective October 28, 2024, shares of Impax High Yield Bond Fund redeemed within 30 days of purchase will be charged a 2.00% redemption fee. Performance data quoted does not reflect the redemption fee. If reflected, total returns would be reduced.

Performance after Sales Charge

(As of 10/31/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax High Yield Bond Fund – Class A (Load)-5.30-2.650.639.19-0.661.942.754.68

Performance after Sales Charge

(As of 09/30/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax High Yield Bond Fund – Class A (Load)-3.34-0.281.488.25-0.552.202.794.73

Yields4

(As of 10/31/2024)
 30 Day SEC
Yield (%)
Annual Distribution
Yield (%)
30 Day Distribution
Yield (%)
Impax High Yield Bond Fund – Investor Class 5.70 5.39 5.45
Impax High Yield Bond Fund – Class A 5.44 5.39 5.44
Impax High Yield Bond Fund – Institutional Class 5.96 5.63 5.70
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 10/31/2024)
 3 – Year
3 – Year
Standard Deviation 8.75
Alpha -0.14
Beta 1.03
R-Squared 99
Standard Deviation 8.77
Alpha -0.14
Beta 1.03
R-Squared 99
Standard Deviation 8.72
Alpha -0.12
Beta 1.02
R-Squared 99

Morningstar Ratings

(As of 10/31/2024)
 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 588 588 553 422
Based on risk adjusted returns.

Lipper Rankings

(As of 10/31/2024)
 High Yield Bond1yr3yrs5yrs10yrs
Impax High Yield Bond Fund – Investor Class Percentile Rank 72 95 87 89
  Prime Rank 362 429 378 305
  # In Peer Group 504 454 435 343
Impax High Yield Bond Fund – Class A Percentile Rank 77 95 87 89
  Prime Rank 388 428 376 304
  # In Peer Group 504 454 435 343
Impax High Yield Bond Fund – Institutional Class Percentile Rank 70 91 79 82
  Prime Rank 352 411 341 278
  # In Peer Group 504 454 435 343
Based on total returns.

Net Asset Values

(As of 11/08/2024)
 N.A.V.% Change
Impax High Yield Bond Fund – Class A $6.10 0.16
Impax High Yield Bond Fund – Institutional Class $6.07 0.17
Impax High Yield Bond Fund – Investor Class $6.09 0.16
Past performance does not guarantee future results.

Asset Allocation

(As of 10/31/2024)

Portfolio Statistics

(As of 10/31/2024)
 Value
Value
Assets (all share classes)$530,888,538
Number of Holdings (All)215
Turnover Ratio (12/31/2023)30

Top Sectors

(As of 10/31/2024)

Top Ten Holdings – Fixed Income

(As of 10/31/2024)
 Portfolio %
Portfolio %
Hilton Domestic Operating Co., Inc. 6.125% 01-apr-2032 1.30
Alliant Holdings Intermediate, Llc 7.0% 15-jan-2031 1.20
Cco Holdings, Llc 4.75% 01-mar-2030 1.10
Liberty Mutual Group, Inc. 4.125% 15-dec-2051 1.10
Avantor Funding, Inc. 4.625% 15-jul-2028 1.00
Interface, Inc. 5.5% 01-dec-2028 1.00
Bank Of America Corporation 4.3% Perp 1.00
MEDLINE BORROWER, LP 0.90
Cvs Health Corporation 6.125% 15-sep-2039 0.90
Victoria’s Secret & Co. 4.625% 15-jul-2029 0.80

Fixed Income Characteristics

(As of 10/31/2024)
 Value
Value
Current Yield (Weighted Average)5.92
Average Coupon (Weighted Average)6.27
Yield to Maturity (Weighted Average)6.68
Effective Duration3.06
Years to Maturity (Weighted Average)5.55

Credit Quality

(As of 10/31/2024)

Portfolio Management Team

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