As of 12/15/23, Impax has updated its fossil fuel policy. Learn more here.
AUM
$2,293,227,014
Launch Date1
August 1971
Underlying Fund Bond Issues (as of 1/31/2024)
691
Underlying Fund Equity Holdings (as of 1/31/2024)
657
Morningstar Low Carbon Designation™
Low Carbon logo
Moderate Allocation as of 12/31/23.
Based on 77% of AUM.

Overview

A risk balanced, globally diversified portfolio investing in Impax’s fund range supporting the transition to a more sustainable economy.

Globally Diverse Portfolio

A risk balanced, globally diversified portfolio investing across a range of Impax Funds in the US Equity, US Fixed Income, Developed International Equity and Global thematic strategies.

Dynamic Asset Allocation

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

Differentiated Impact

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 01/31/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax Sustainable Allocation Fund – Investor Class0.4413.460.447.223.117.956.888.16
Impax Sustainable Allocation Fund – Institutional Class10.4713.520.477.453.378.237.158.24
S&P 500 Index1.6816.011.6820.8210.9914.3012.62
60% S&P 500 Index / 40% Bloomberg US Aggregate Bond Index0.9012.860.9013.075.349.068.35
Morningstar Moderate Allocation0.3211.200.328.863.707.066.30

Quarterly Total Returns

(As of 12/31/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax Sustainable Allocation Fund – Investor Class4.8910.0713.1713.172.948.916.578.16
Impax Sustainable Allocation Fund – Institutional Class14.9110.1213.4413.443.209.186.848.25
S&P 500 Index4.5411.6926.2926.2910.0015.6912.03
60% S&P 500 Index / 40% Bloomberg US Aggregate Bond Index4.269.7417.6717.674.719.988.09
Morningstar Moderate Allocation4.278.6013.7813.783.438.166.07
1 Institutional Class Inception date return since April 2, 2007 is 5.71 (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 01/31/2024)
 3 – Year
3 – Year
Standard Deviation 12.65
Alpha -0.38
Beta 0.71
R-Squared 93
Standard Deviation 12.66
Alpha -0.36
Beta 0.71
R-Squared 93

Morningstar Ratings

(As of 01/31/2024)
 Moderate AllocationOverall3yrs5yrs10yrs
Impax Sustainable Allocation Fund – Investor Class Rating ★★★★ ★★★ ★★★★ ★★★★
Impax Sustainable Allocation Fund – Institutional Class Rating ★★★★ ★★★ ★★★★ ★★★★
  # In Peer Group 703 703 662 494
Based on risk adjusted returns.

Morningstar Percentile Rankings

(As of 01/31/2024)
 Moderate Allocation1yr3yrs5yrs10yrs
Impax Sustainable Allocation Fund – Investor Class Percentile Rank 68 60 29 35
  Prime Rank 516 410 175 162
  # In Peer Group 757 703 662 494
Impax Sustainable Allocation Fund – Institutional Class Percentile Rank 64 55 25 27
  Prime Rank 494 378 142 122
  # In Peer Group 757 703 662 494
Based on total returns.

Net Asset Values

(As of 03/01/2024)
 N.A.V.% Change
Impax Sustainable Allocation Fund – Institutional Class $26.26 0.69
Impax Sustainable Allocation Fund – Investor Class $25.68 0.67
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)$2,293,227,014
Number of Holdings (All)9
Turnover Ratio (12/31/2023)7

Top Sectors

(As of 01/31/2024)

Manager Allocation (Equity Strategy)

(As of 01/31/2024)

Manager Allocation (Fixed Allocation Strategy)

(As of 01/31/2024)

Top Ten Holdings

(As of 01/31/2024)

Top Ten Holdings – Fixed Income

(As of 01/31/2024)
 Portfolio %
Portfolio %
United States Treasury Note, 4.75% 11/15/43 2.10
United States Treasury Note, 4.75% 11/15/43 1.30
United States Treasury Note, 4.875% 10/31/28 1.10
United States Treasury Note, 4.5% 07/15/26 0.70
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
Kfw Bankengruppe, 2.625%, 2/28/24 0.20
United States Treasury Note, 0.75% 7/15/27 0.20
International Bank For Reconstruction & Development, 0.625%, 4/22/25 0.20

Portfolio Management Team

Anthony Trzcinka, CFA®

Senior Portfolio Manager, North America

Anthony is the Portfolio Manager for the Impax Core Bond strategy and is also a member of the Multi-Asset Sustainable Allocation team. Tony has been running impact bond products for almost two decades has overseen multiple strategies since joining Impax 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

Additional Insights

Nathan Moser, CFA®

Senior Portfolio Manager

Nathan is a co-Portfolio Manager of the Impax US Small Cap strategy and a member of the Multi-Asset Sustainable Allocation team. He has been with Impax Asset Management since 2008.

Nathan 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

Disrupting the inefficient healthcare system

World-leading innovation means the US is home to a breadth of exciting – and under-researched – smaller healthcare companies that are improving outcomes for patients and providers

22 Feb 2024

Additional Insights

Andrew Braun, Pax World Funds

Andrew Braun

Senior Portfolio Manager

Andrew is a co-Portfolio Manager of the Impax US Large Cap strategy and is also a member of the Multi-Asset 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.

Authored 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 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

Kirsteen Morrison

Senior Portfolio Manager

Kirsteen is a co-Portfolio Manager of the Impax Global Opportunities strategy, as well as being a specialist in Financials and is a member of the Multi-Asset Sustainable Allocation team. Kirsteen has worked at Impax since 2009.

She began her career in the investment industry in 1987, investing in Asian equities at Royal London and then at Henderson Global Investors. She 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

Water droplet creating ripples in blue-tinted water
Contact Us

Please visit the contact page to find your regional representative.

Scroll to top
To get started, please select your location and investor type below.

If you are invested in Impax Funds – regardless of share class (Investor, Institutional, or Class A) or account type (individual, business or other entity) please select Impax Funds Investor as your Investor Type.

Access Impax Asset Management Limited’s Form CRS here.

Important Information

I confirm that I am a [investor_type] based in [investor_country] and that I have read and understood the important information, privacy policy and terms and conditions which governs the use of this website.

Risk Warning

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

User Agent: CCBot/2.0 (https://commoncrawl.org/faq/)