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AUM
$669,638,382
Holdings
63
Launch Date
Launch Date (Institutional)
Launch Date (Class A)
March 2008
March 2008
May 2013
Portfolio Managers
Nathan Moser, CFA®
Diederik Basch, CFA®
Curtis Kim, CFA®

Overview

A core strategy that fully integrates analysis of ESG risks and opportunities and focuses on high quality companies at reasonable prices.

Quality

Bottom-up stock selection focuses on companies that exhibit high free cash flow, strong balance sheets, undervalued growth potential and management teams that exercise capital discipline

Risk Management

Seeks to control volatility and reduce downside risk through a focus on valuation and quality, together with a strong sell discipline

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
Inception1
Impax Small Cap Fund – Investor Class-0.6318.89-0.633.732.387.585.767.81
Impax Small Cap Fund – Class A5-0.6918.89-0.693.672.377.565.757.80
Impax Small Cap Fund – Institutional Class-0.6818.92-0.683.932.627.836.018.08
Russell 2000 Index-3.8917.62-3.892.40-0.766.807.038.22
Lipper Small-Cap Core Funds Index-2.8217.00-2.823.155.228.427.858.64

Quarterly Total Returns

(As of 12/31/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax Small Cap Fund – Investor Class9.6210.4513.5113.514.429.435.727.90
Impax Small Cap Fund – Class A59.6510.4913.5613.564.449.435.717.90
Impax Small Cap Fund – Institutional Class9.6410.5413.7913.794.689.695.988.17
Russell 2000 Index12.2214.0316.9316.932.229.977.168.54
Lipper Small-Cap Core Funds Index10.9213.5016.1516.157.3311.307.768.89
5 Class A Inception date return since May 1, 2013 is 7.68 (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.

Performance after Sales Charge

(As of 01/31/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax Small Cap Fund – Class A (Load)-6.1812.38-6.18-2.050.476.365.157.42

Performance after Sales Charge

(As of 12/31/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax Small Cap Fund – Class A (Load)3.654.407.287.282.478.195.127.51

Risk Statistics

(As of 01/31/2024)
 5 – Year
5 – Year
Standard Deviation 21.12
Alpha 0.12
Beta 0.86
R-Squared 94
Standard Deviation 21.15
Alpha 0.12
Beta 0.87
R-Squared 94
Standard Deviation 21.14
Alpha 0.14
Beta 0.86
R-Squared 94

Morningstar Ratings

(As of 01/31/2024)
 Small BlendOverall3yrs5yrs10yrs
Impax Small Cap Fund – Investor Class Rating ★★ ★★ ★★★ ★★
Impax Small Cap Fund – Class A Rating ★★ ★★ ★★★ ★★
Impax Small Cap Fund – Institutional Class Rating ★★★ ★★★ ★★★ ★★★
  # In Peer Group 593 593 558 391
Based on risk adjusted returns.

Lipper Rankings

(As of 01/31/2024)
 Small-Cap Growth1yr3yrs5yrs10yrs
Impax Small Cap Fund – Investor Class Percentile Rank 41 79 62 86
  Prime Rank 407 761 557 596
  # In Peer Group 1000 964 902 700
Impax Small Cap Fund – Class A Percentile Rank 42 80 63 86
  Prime Rank 417 762 560 598
  # In Peer Group 1000 964 902 700
Impax Small Cap Fund – Institutional Class Percentile Rank 39 78 57 82
  Prime Rank 383 746 513 569
  # In Peer Group 1000 964 902 700
Based on total returns.

Net Asset Values

(As of 03/01/2024)
 N.A.V.% Change
Impax Small Cap Fund – Class A $16.40 0.55
Impax Small Cap Fund – Institutional Class $16.77 0.54
Impax Small Cap Fund – Investor Class $16.46 0.55
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)$669,638,382
Number of Holdings (All)63
Turnover Ratio (12/31/2023)43

Top Sectors

(As of 01/31/2024)

Top Ten Holdings

(As of 01/31/2024)

Portfolio Management Team

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

Diederik Basch, CFA®

Portfolio Manager

Diederik is a co-Portfolio Manager of the Impax US Small Cap strategy. He started his investment analyst career in 2006 and has worked in the US, Europe and Asia.

Previous to joining Impax in 2016, Diederik served as a Senior Equity Analyst at RobecoSAM AG, a subsidiary of Robeco Group, in Zurich, Switzerland. Here he conducted fundamental research, including integration of ESG factors, on the global consumer staples and discretionary sectors. He was a key supporting analyst for the firm’s thematic Sustainable Healthy Living and Sustainable Agribusiness funds. Diederik also completed an assignment in Robeco’s Hong kong office, working with its Asian equities team. Prior to RobecoSAM, he was a Senior Associate Analyst at canaccord Genuity, with a focus on small and mid-cap companies in the health, wellness and lifestyle sector.

A CFA® charterholder and member of the CFA Society Boston, Diederik holds a bachelor’s degree with a concentration in economics from Brandeis University and an MBA from the Kelley School of Business at Indiana University where he was also a faculty-selected member of the Investment Management Academy.

Curtis Kim, CFA®

Portfolio Manager

Curtis is a co-Portfolio Manager of the Impax US Small Cap Strategy, bringing his expertise to the firm’s coverage of innovative and compelling businesses further down the market cap spectrum.

He joined the investment industry in a fixed income research role at FactSet Research Systems in 2005, before moving to Legg Mason a subsidiary of Clearbridge Investments in 2008 to become a research analyst. In 2015, he joined SGF Capital Management, a long-short hedge fund focused on US small and mid-cap equities.

In addition to holding a bachelor’s degree in political science from Colgate University, Curtis has a master’s degree in business administration from Cornell University. He is a CFA® charterholder.

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