Investing in the transition toward a more sustainable economy.
Overall Morningstar™ Rating†Institutional Class (PXGOX) as of 04/30/2023. Out of 308 Global Large-Stock Growth Funds based on risk-adjusted returns.
AUM
$121,138,485
Holdings
40
Launch Date
June 2018
Portfolio Managers
Kirsteen Morrison David Winborne
Morningstar Low Carbon Designation™‡
Global Equity Large Cap as of 03/31/23. Based on 95% of AUM.
Overview
A global equity strategy that invests in companies positioned to benefit from the transition to a more sustainable global economy.
Sustainability Lens
The strategy uses a proprietary Impax Sustainability Lens to identify companies best positioned to seize opportunities and mitigate risks arising from the transition to a more sustainable global economy. The strategy is also fossil fuel free.
Quality
Bottom-up stock selection, including ESG research integration, focuses on companies that possess durable competitive advantages, strong financial characteristics, and undervalued long-term prospects.
High Conviction
The strategy consists of a high conviction, all-cap portfolio of 35 to 45 companies that is well diversified by sector and region.
Monthly Total Returns
(As of 04/30/2023)
Month End | Quarter End
Month End | Quarter End
Average Annual Returns (%)
1m
3m
YTD
1yr
3yrs
5yrs
10yrs
Since Inception
Impax Global Opportunities Fund – Investor Class
0.88
1.98
9.13
7.82
12.76
9.99
Impax Global Opportunities Fund – Institutional Class
0.87
1.97
9.24
7.99
13.03
10.21
MSCI ACWI (Net) Index
1.44
1.57
8.85
2.06
12.04
7.54
Lipper Global Multi-Cap Growth Funds Index
-0.66
-0.29
8.47
-0.18
8.73
6.79
Quarterly Total Returns
(As of 03/31/2023)
Month End | Quarter End
Month End | Quarter End
Average Annual Returns (%)
1m
3m
YTD
1yr
3yrs
5yrs
10yrs
Since Inception
Impax Global Opportunities Fund – Investor Class
3.21
8.18
8.18
-1.58
16.16
9.96
Impax Global Opportunities Fund – Institutional Class
3.19
8.29
8.29
-1.38
16.44
10.19
MSCI ACWI (Net) Index
3.08
7.31
7.31
-7.44
15.36
7.34
Lipper Global Multi-Cap Growth Funds Index
3.40
9.19
9.19
-10.19
13.19
7.06
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 04/30/2023)
Since Inception – 58 Months
Since Inception – 58 Months
Standard Deviation
18.71
Alpha
0.22
Beta
1.00
R-Squared
92
Standard Deviation
18.72
Alpha
0.23
Beta
1.00
R-Squared
92
Standard Deviation measures fund’s variation around its mean performance over time. Higher figures indicate greater volatility.
Alpha is a coefficient measuring risk-adjusted performance, considering the risk due to the specific security, rather than the overall market.
Beta coefficient measures an investment’s relative volatility or impact of a per-unit change in the independent variable (market) on the dependent variable (portfolio), holding all else constant.
R-Squared is a measure of how much a portfolio’s performance can be explained by the returns from the overall market (or a benchmark index).
Morningstar Ratings
(As of 04/30/2023)
Global Large-Stock Growth
Overall
3yrs
5yrs
10yrs
Impax Global Opportunities Fund – Investor Class
Rating
★★★★
★★★★
–
–
Impax Global Opportunities Fund – Institutional Class
Rating
★★★★
★★★★
–
–
# In Peer Group
308
308
–
–
The Morningstar Rating is only calculated for funds with at least a three-year history. This Fund’s ratings will be available when it meets that criteria.
The Morningstar Rating for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. The weights are 100% three-year rating for 36-59 months of total returns, 60% five-year rating, 40% three-year rating for 60-119 months of total returns, and 50% ten-year rating, 30% five-year rating, 20% three-year rating for 120 or more months of total returns. While the ten-year overall rating formula seems to give the most weight to the ten-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
Impax Global Opportunities Fund – Institutional Class
Percentile Rank
6
17
Prime Rank
9
23
# In Peer Group
175
140
Based on total returns.
Lipper, Inc. – A Reuters Company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical and are based on total return with capital gains and dividends reinvested.
Lipper rankings are based on total returns (not including sales charges) for the periods indicated and compare total return performance with that of other funds in the category.
Net Asset Values
(As of 05/31/2023)
N.A.V.
% Change
Impax Global Opportunities Fund – Investor Class
$14.59
-0.75
Impax Global Opportunities Fund – Institutional Class
$14.68
-0.68
Asset Allocation
(As of 04/30/2023)
Portfolio Statistics
(As of 04/30/2023)
Value
Value
Assets (all share classes)
$121,138,485
Number of Holdings (All)
40
Turnover Ratio (12/31/2022)
38
Regions
(As of 04/30/2023)
Country Allocation
(As of 04/30/2023)
Portfolio %
Portfolio %
Denmark
0.90
France
3.20
Germany
5.80
Hong Kong
3.10
India
3.40
Ireland
1.90
Japan
7.20
Netherlands
4.80
Portugal
2.10
Switzerland
9.30
United Kingdom
7.70
United States
49.40
Top Sectors
(As of 04/30/2023)
Top Ten Holdings
(As of 04/30/2023)
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