Launch date
January 2015
Portfolio managers
Kirsteen Morrison
David Winborne


An all cap global equity strategy that invests in companies possessing sustainable competitive advantages in order to achieve long-term capital growth

Capturing Opportunities

The transition to a more sustainable economic model creates opportunities for well-positioned companies.

Avoiding Risks

The investment process includes a strong focus on risks arising from this transition.

Sustainability Lens

The proprietary “Impax Sustainability Lens” identifies durable companies best positioned to seize these opportunities and mitigate these risks.

Cumulative performance (%) USD

Discrete performance (%) USD

(As of 29/10/2021)
 2021 YTD20202019201820172016
Strategy (gross)17.3424.7435.09-4.1134.241.27
Strategy (net)16.6823.9534.09-4.8233.240.51
MSCI ACWI16.7916.2526.60-9.4123.977.86

All data as at 29 October 2021.

Past performance is not necessarily a guide to future performance. The value of investments can fall as well as rise and you may get back less than you have invested. Performance source: FactSet, Bloomberg, WM Reuters. Data is in USD. Composite figures are presented both gross and net of management fees and include the reinvestment of all income. MSCI index is total net return (net dividend reinvested).  Impax Asset Management claim compliance with Global Investment Performance Standards (GIPS)®. Net-of-fee returns are computed using a model fee, which is the maximum applicable fee within the Composite. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Further information on composite data is available on request.

About the Index

MSCI All-Country World Index (ACWI) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 47 country indexes comprising 23 developed and 24 emerging market country indexes. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom and United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

Investment Vehicles

Pax Global Opportunities Fund

Investing in the transition toward a more sustainable economy.

Portfolio Management Team

Kirsteen Morrison

Senior Portfolio Manager, Managing Director

Kirsteen joined Impax in 2009 and has co-responsibility for the Global Opportunities strategy. She is also the lead analyst for Japan and India.

Kirsteen began her career in the investment industry in 1987, investing in Asian equities as a Portfolio Manager at Royal London and Henderson Global Investors. She returned from Singapore in 2001 to head the SRI Investment team at Henderson Global Investors in London.

After this, she worked within global equities as a financial analyst for Odey Asset Management, before joining JP Morgan to run a long/short Asian financials portfolio for the internal hedge fund. 

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

Recent blog posts

David Winborne

Senior Portfolio Manager, Managing Director

David joined Impax in September 2015 as a senior portfolio manager on the listed equity team, and his responsibilities include co-management of the Leaders and Global Opportunities strategies.

He arrived from the in-house asset management team at Tesco Pension Investment, where he had joint responsibility for the successful development, launch and management of a new global equities investment platform.

Prior to this, David was a fund manager at Sarasin & Partners, where he was responsible for the firm’s Asia Pacific Equity fund and for contributing investment recommendations to Sarasin’s flagship thematic Global Equity fund.

After graduating from the University of Bath, David began his career at Insight Investment on the Global Equities graduate scheme in 2003 as a global equity analyst.

Recent blog posts

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