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IMPORTANT INFORMATION

Marketing communication

This is a marketing communication. This is not a contractually binding document, and its issuance is not mandated under any law or regulation of the European Union. This marketing communication does not include sufficient detail to enable the recipient to make an informed decision.

General portfolio risks

  • Capital risk – the value of your investment will vary and is not guaranteed. It will be affected by changes in the exchange rate between the base currency of the portfolio and the currency in which you subscribed, if different.
  • Policy and regulatory risks. Government policies and legislation relating to and in support of the transition to a more sustainable economy may be weakened or do not occur at the anticipated rate.
  • Technology risks. Investments can be negatively affected by technology development that is slower than expected or by competing technologies that can challenge price competitiveness.
  • Sustainability risks. Sustainability risks may have material negative effects on the value of an investment and the performance of the portfolio. Sustainability risks can be of environmental, social or governance nature, such as severe climate events, operational disruption due to labour issues or internal control failures in investee companies.
  • Equities – may decline in value due to both real and perceived general market, economic and industry conditions. Investing in foreign-denomination and/or – domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets.
  • The portfolio will include a number of relatively newly established companies and companies whose future is dependent on widespread adoption of their products and services.
  • Many of the portfolio’s investments will be denominated in currencies other than the currency of the Share class purchased by the investor and, therefore, the Net Asset Value of the portfolio may be affected by currency movements.
  • The valuations of companies in environmental markets may remain at current level or may fall.
  • Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries, putting your money at greater risk.
  • Diversification does not ensure against loss.

Global Investment Performance Standards (GIPS®) Information

Figures refer to the past and that past performance is not a reliable indicator of future results.

Firm Information

Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management (AIFM) Ltd., Impax Asset Management Ireland Ltd, Impax Asset Management LLC, and Impax Asset Management (Hong Kong) Limited (together, “Impax”). These entities are subsidiaries of Impax Asset Management Group plc (‘IAM’) which is a publicly traded investment management company registered in the United Kingdom, and is headquartered in London, UK. For GIPS purposes the firm includes discretionary and non-discretionary accounts but excludes accounts which have a mandate to invest entirely in private equity or property. Prior to January 2018, Impax Asset Management only included Impax Asset Management Limited and Impax Asset Management (AIFM). The firm was redefined to also include Impax Asset Management LLC to reflect the acquisition of Pax World Management LLC. The firm’s List of Composite, Limited Distribution Pooled Fund, and Broad Distribution Pooled Fund descriptions is available upon request.

Claiming GIPS Compliance

Impax Asset Management claims compliance with Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Impax Asset Management has been independently verified for the periods March 1, 2002 through to December 31, 2023. A firm that claims compliance with the GIPS standards must establish policies and procedure for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

The US Large Cap Composite has had a performance examination for the periods January 1, 2022 through to December 31, 2023. The verification and performance examination reports are available upon request.

Composite Description

The US Large Cap Strategy is a core equities strategy that fully integrates analysis of sustainability risks and opportunities and invests in high quality companies that have strong prospects and attractive valuations in order to achieve long-term capital growth. The US Large Cap Composite was created December 9, 2016. The inception date of the composite’s performance was December 9, 2016.

Benchmark Description

S&P 500 Index is an unmanaged index of large capitalization common stocks.

Calculation Methodology

Returns are calculated using the asset-weighted method and individual portfolios are revalued daily or monthly, depending on their structure. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Composite performance portrayed reflect the reinvestment of dividends, capital gains, and other earnings when appropriate. Gross of fees returns are calculated gross of management and custodial fees and net of transaction costs. Withholding taxes may vary according to the investor’s domicile. Net of fees returns are calculated by reducing monthly gross returns by the maximum applicable fee according to the stated fee schedule below. Past performance does not guarantee future results. This performance report should not be construed as a recommendation to purchase or sell any particular securities held in composite accounts. Market conditions can vary widely over time and can result in a loss of portfolio value.

Fees and Expenses

Impax Asset Management uses a model fee, which is the maximum applicable fee, for the computation of composite net-of-fee returns. Actual investment advisory fees incurred by portfolios may vary.

Since May 2020 net of fee performance was calculated using a fee of 0.55%. Previously, the highest was 0.65% from December 2016 to April 2020. The composite return includes a performance fee of 16.2% of the excess return over the benchmark return for one of the accounts within the strategy. Performance fees crystalize each 31 March, and the performance fee calculation resets if certain criteria are met.

Other Disclosures

A plus strategy adds additional fixed income sectors like high yield bonds, emerging market bonds, and convertible debt instruments that offer greater risk, but greater potential return.

There is no guarantee that the investment objective will be achieved or that return expectations will be met.

Since May 2011, the composite can be leveraged by up to 20% of the net asset value.

It is not part of the IAM investment philosophy to invest in leverage or derivatives. However, the IEM account can borrow up to 20% of its assets for investment purposes.

Effective March 28, 2024, the Impax Global Women’s Leadership strategy followed a different portfolio construction process with a different investment objective. Performance of the strategy for periods prior to March 28, 2024, may not be representative of the performance the strategy would have achieved had the strategy been following its current investment strategy.

On June 4, 2014, the Pax World Global Women’s Equality Strategy reorganized into the Impax Global Women’s Leadership Strategy.

Trading may occur in local currency, but it is converted to base currency based on Bloomberg exchange rates as of 6pm Greenwich Mean Time each day, therefore performance is affected by currency translation. Since October 2010 base currency is converted using WM Reuters exchange rates as of 4pm Greenwich Mean Time.

The USD is the currency used to express performance, results are affected by currency translation. Returns are presented gross and net of management fees and include the reinvestment of all income. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request. The GIPS Report is available in other currencies upon request.

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.

Trademarks

Impax is a trademark of Impax Asset Management Group Plc. Impax is a registered trademark in the UK, EU, US, Hong Kong, Canada, Japan and Australia. © Impax Asset Management LLC, Impax Asset Management Limited and/or Impax Asset Management (Ireland) Limited. All rights reserved.

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Risk Warning

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