As of 12/15/23, Impax has updated its fossil fuel policy. Learn more here.
AUM
$1,450,228,742
Holdings
57
Launch Date
December 2016
Portfolio Managers
Andrew Braun
Barbara Browning, CFA®
Morningstar Low Carbon Designation™
Low Carbon logo
US Equity Large Cap Blend as of 12/31/23.
Based on 99% of AUM.

Overview

A core strategy that fully integrates analysis of ESG risks and opportunities and invests in a portfolio of companies we believe have strong prospects and attractive valuations.

Strong Prospects

Bottom-up stock selection focuses on identifying companies with favorable business trends, superior management, and potential catalysts that can drive stock price appreciation.

Valuation

Disciplined valuation process evaluates long-term upside potential and downside risk.

Sustainability

The strategy uses a proprietary sustainability lens and ESG research to better manage sustainability risks and identify opportunities.

Monthly Total Returns

(As of 01/31/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception
Impax Large Cap Fund – Investor Class1.5118.141.5112.538.1714.3413.14
Impax Large Cap Fund – Institutional Class1.5818.211.5812.768.4314.6313.42
S&P 500 Index1.6816.011.6820.8210.9914.3013.30
Lipper Large-Cap Core Funds Index0.7716.260.7716.808.2712.7012.19

Quarterly Total Returns

(As of 12/31/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception
Impax Large Cap Fund – Investor Class5.4213.1319.9019.907.8115.9013.08
Impax Large Cap Fund – Institutional Class5.3713.2320.1220.128.0716.1813.35
S&P 500 Index4.5411.6926.2926.2910.0015.6913.21
Lipper Large-Cap Core Funds Index5.6811.9124.1624.167.8714.4912.01
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 17.91
Alpha -0.22
Beta 1.01
R-Squared 95
Standard Deviation 17.89
Alpha -0.20
Beta 1.01
R-Squared 95

Morningstar Ratings

(As of 01/31/2024)
 Large BlendOverall3yrs5yrs10yrs
Impax Large Cap Fund – Investor Class Rating ★★★ ★★ ★★★★
Impax Large Cap Fund – Institutional Class Rating ★★★ ★★ ★★★★
  # In Peer Group 1302 1302 1188
Based on risk adjusted returns.

Lipper Rankings

(As of 01/31/2024)
 Large Cap Core1yr3yrs5yrs10yrs
Impax Large Cap Fund – Investor Class Percentile Rank 71 59 12
  Prime Rank 445 335 61
  # In Peer Group 633 568 527
Impax Large Cap Fund – Institutional Class Percentile Rank 70 55 9
  Prime Rank 441 312 43
  # In Peer Group 633 568 527
Based on total returns.

Net Asset Values

(As of 02/21/2024)
 N.A.V.% Change
Impax Large Cap Fund – Institutional Class $13.75 -0.22
Impax Large Cap Fund – Investor Class $13.70 -0.22
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)$1,450,228,742
Number of Holdings (All)57
Turnover Ratio (12/31/2023)44

Top Sectors

(As of 01/31/2024)

Top Ten Holdings

(As of 01/31/2024)

Portfolio Management Team

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

Barbara Browning, CFA®

Portfolio Manager

Barbara is a co-Portfolio Manager of the Impax US Large Cap strategy and focuses on the consumer discretionary and consumer staples sectors, as well as media and telecoms opportunities.

Before joining Impax in 2017, Barbara oversaw various US Equity strategies in her role as Senior Portfolio Manager at RBC Global Asset Management. She was also a Senior Portfolio Manager at National City Bank and held a variety of equity research positions at companies including Banc One Investment Advisors and STRS Ohio.

Barbara has a bachelor’s degree in economics from The Ohio State University. She is also a CFA® charterholder.

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Risk Warning

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

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