Launch Date1
August 1971
Underlying Fund Bond Issues (as of 08/31/2023)
Underlying Fund Equity Holdings (as of 08/31/2023)
Morningstar Low Carbon Designation™
Low Carbon logo
Moderate Allocation as of 07/31/23.
Based on 78% of AUM.


A risk-focused asset allocation strategy offering a diversified portfolio of sustainable investment strategies providing a wide range of impact.

Dynamic Asset Allocation

Utilizes a dynamic, risk-focused asset allocation approach based on the portfolio managers’ view of overall market risk, economic data, earnings trends and relative market valuations.

Diverse Portfolio

Invests in Impax’s broad sustainable investing platform to diversify across a variety of US equity, US fixed income, developed international equity, and global thematic investment strategies.

Diverse Impact

Fossil fuel free and offers impact across a range of sustainability issues – from the environment to gender equality – through full ESG integration within each underlying fund, compelling thematic strategies, direct high impact investments and engagement initiatives.

Monthly Total Returns

(As of 08/31/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
Impax Sustainable Allocation Fund – Investor Class-
Impax Sustainable Allocation Fund – Institutional Class1-
S&P 500 Index-1.598.2818.7315.9410.5211.1212.81
60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Bond Index-1.214.5111.559.044.577.148.41
Morningstar Moderate Allocation-1.484.248.266.964.145.126.35

Quarterly Total Returns

(As of 06/30/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
Impax Sustainable Allocation Fund – Investor Class3.452.507.497.416.126.807.158.14
Impax Sustainable Allocation Fund – Institutional Class13.462.577.607.676.387.067.428.22
S&P 500 Index6.618.7416.8919.5914.6012.3112.86
60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Bond Index3.824.8610.8111.247.097.948.45
Morningstar Moderate Allocation3.503.447.518.566.445.686.45
1 Institutional Class Inception date return since April 2, 2007 is 5.47 (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.

Risk Statistics

(As of 08/31/2023)
 3 – Year
3 – Year
Standard Deviation 12.18
Alpha -0.31
Beta 0.67
R-Squared 94
Standard Deviation 12.20
Alpha -0.29
Beta 0.67
R-Squared 94

Morningstar Ratings

(As of 08/31/2023)
 Moderate AllocationOverall3yrs5yrs10yrs
Impax Sustainable Allocation Fund – Investor Class Rating ★★★ ★★★ ★★★★ ★★★
Impax Sustainable Allocation Fund – Institutional Class Rating ★★★★ ★★★ ★★★★ ★★★★
  # In Peer Group 686 686 653 487
Based on risk adjusted returns.

Morningstar Percentile Rankings

(As of 08/31/2023)
 Moderate Allocation1yr3yrs5yrs10yrs
Impax Sustainable Allocation Fund – Investor Class Percentile Rank 81 63 32 36
  Prime Rank 614 429 180 171
  # In Peer Group 746 686 653 487
Impax Sustainable Allocation Fund – Institutional Class Percentile Rank 78 56 26 31
  Prime Rank 595 366 149 136
  # In Peer Group 746 686 653 487
Based on total returns.

Net Asset Values

(As of 10/02/2023)
 N.A.V.% Change
Impax Sustainable Allocation Fund – Institutional Class $23.44 -0.59
Impax Sustainable Allocation Fund – Investor Class $22.95 -0.61
Past performance does not guarantee future results.

Asset Allocation

(As of 08/31/2023)

Portfolio Statistics

(As of 08/31/2023)
Assets (all share classes)$2,230,631,018
Number of Holdings (All)9
Turnover Ratio (12/31/2022)4

Top Sectors

(As of 08/31/2023)

Manager Allocation (Equity Strategy)

(As of 08/31/2023)

Manager Allocation (Fixed Allocation Strategy)

(As of 08/31/2023)

Top Ten Holdings

(As of 08/31/2023)

Top Ten Holdings – Fixed Income

(As of 08/31/2023)
 Portfolio %
Portfolio %
United States Treasury Note, 3.875% 05/15/43 2.00
United States Treasury Note, 4.0% 06/30/28 1.00
United States Treasury Note, 3.625% 05/15/53 0.90
United States Treasury Note, 4.5% 07/15/26 0.80
United States Treasury Note, 3.75% 06/30/30 0.40
International Bank For Reconstruction & Development, 1.625%, 1/15/25 0.30
Kfw, 4.125% 07/15/33 0.30
European Investment Bank, 3.25%, 1/29/24 0.20
United States Treasury Note, 3.5% 02/15/33 0.20
Kfw Bankengruppe, 2.625%, 2/28/24 0.20

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

Nathan Moser, CFA®

Senior Portfolio Manager

Nathan has been with Impax Asset Management since 2008 and in 2015 also joined the firm’s sustainable allocation portfolio management team.

He previously worked in the portfolio management team at Citizens Funds where he initially joined as an analyst. He began his investment career at John Hancock Investment Management.

Nathan is a CFA Charterholder and member of the CFA Institute. He also holds a bachelor’s degree in Investment and Economics from Babson College.

Recent Insights

Andrew Braun, Pax World Funds

Andrew Braun

Senior Portfolio Manager

Andrew is a portfolio manager of US large cap equities for Impax Asset Management, and also works in the firm’s sustainable allocation team. He has held this role since 2017.

Before joining Impax, Andrew served as Managing Director for the value equity team at Goldman Sachs Asset Management. He began at the firm in 1993, first as a product development associate before progressing to Portfolio Manager and co-Chief Investment Officer, leading a team of 30 portfolio managers and analysts. Prior to Goldman Sachs, Andrew served in the corporate finance division of Dillon, Read & Co as a financial analyst.

A Harvard University graduate with a bachelor’s degree in Economics, Andrew also has a master’s degree in Business Administration in finance and economics from New York University’s Stern School of Business.

Recent Insights

Asset TV’s 2023 Outlook Masterclass features Impax Portfolio Manager

In Asset TV’s 2023 Outlook Masterclass, Impax Portfolio Manager Andy Braun notes the themes that he believes will shape capital markets in the year ahead – and the risks and opportunities investors should be aware of related to the transition to a more sustainable economy.

9 Feb 2023

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

Kirsteen Morrison

Senior Portfolio Manager

Kirsteen is a member of Impax Asset Management’s portfolio management team, specialising in Financials. She has worked at Impax since 2009.

Kirsteen began her career in the investment industry in 1987, investing in Asian equities at Royal London and then at Henderson Global Investors. Kirsteen then worked for Odey Asset Management before joining JP Morgan.  

Kirsteen has an MA in Metallurgy and Science of Materials from Oxford.

Recent Insights

Additional Insights

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