AUM
$653,108,235
Holdings
61
Launch Date
Launch Date (Institutional)
Launch Date (Class A)
March 2008
March 2008
May 2013
Portfolio Managers
Nathan Moser, CFA®
Curtis Kim, CFA®
Morningstar Low Carbon Designation™
Low Carbon logo
US Equity Small Cap as of 5/31/25.
Based on 86% of AUM.

Overview

The Impax Small Cap strategy seeks to achieve capital growth over 5+ years by investing in US small cap companies positioned to capture the anticipated growth and innovation within small cap markets.

The strategy employs a risk focused, bottom-up investment process which incorporates proprietary tools and research to identify high quality companies at reasonable prices that exhibit strong free cash flow, strong balance sheets, undervalued growth potential and disciplined management teams.

Quality companies

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

Proactive risk management seeks to manage volatility and market risk through a focus on valuation and quality, together with a strong sell discipline.

Sustainability

Proprietary tools and research are integrated to better manage sustainability risks and identify investment opportunities.

Monthly Total Returns

(As of 06/30/2025)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax Small Cap Fund – Investor Class3.145.82-3.688.529.2910.425.617.80
Impax Small Cap Fund – Class A53.155.84-3.708.569.2710.425.617.79
Impax Small Cap Fund – Institutional Class3.135.88-3.618.739.5210.695.878.07
Russell 2000 Index5.448.50-1.797.6810.0010.047.128.37

Quarterly Total Returns

(As of 03/31/2025)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax Small Cap Fund – Investor Class-7.32-8.98-8.98-1.451.0013.384.997.56
Impax Small Cap Fund – Class A5-7.35-9.01-9.01-1.460.9813.374.997.55
Impax Small Cap Fund – Institutional Class-7.34-8.96-8.96-1.211.2213.665.257.83
Russell 2000 Index-6.81-9.48-9.48-4.010.5213.276.307.95
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 06/30/2025)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax Small Cap Fund – Class A (Load)-2.51-9.002.597.249.185.027.44

Performance after Sales Charge

(As of 03/31/2025)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax Small Cap Fund – Class A (Load)-12.44-14.02-14.02-6.88-0.9012.104.407.20

Risk Statistics

(As of 06/30/2025)
 5 – Year
5 – Year
Standard Deviation 18.99
Alpha 0.14
Beta 0.85
R-Squared 93
Standard Deviation 19.03
Alpha 0.14
Beta 0.85
R-Squared 93
Standard Deviation 19.00
Alpha 0.16
Beta 0.85
R-Squared 93

Morningstar Ratings

(As of 06/30/2025)
 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 575 575 554 398
Based on risk adjusted returns.

Lipper Rankings

(As of 06/30/2025)
 Small-Cap Growth1yr3yrs5yrs10yrs
Impax Small Cap Fund – Investor Class Percentile Rank 28 53 72 89
  Prime Rank 278 500 656 630
  # In Peer Group 996 956 912 715
Impax Small Cap Fund – Class A Percentile Rank 28 53 72 89
  Prime Rank 272 504 654 631
  # In Peer Group 996 956 912 715
Impax Small Cap Fund – Institutional Class Percentile Rank 28 53 72 89
  Prime Rank 278 500 656 630
  # In Peer Group 996 956 912 715
Based on total returns.

Net Asset Values

(As of 07/18/2025)
 N.A.V.% Change
Impax Small Cap Fund – Class A $17.28 -0.58
Impax Small Cap Fund – Institutional Class $17.73 -0.62
Impax Small Cap Fund – Investor Class $17.34 -0.63
Past performance does not guarantee future results.

Asset Allocation

(As of 06/30/2025)

Portfolio Statistics

(As of 06/30/2025)
 Value
Value
Assets (all share classes)$653,108,235
Number of Holdings (All)61
Turnover Ratio (06/30/2025)48

Top Sectors

(As of 06/30/2025)

Top Ten Holdings

(As of 06/30/2025)

Portfolio Management Team

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Contact Us

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Risk Warning

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