AUM
$605,100,564
Holdings
60
Launch Date
Launch Date (Institutional)
Launch Date (Class A)
March 2008
March 2008
May 2013
Portfolio Manager
Nathan Moser, 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, and is fossil fuel free.

Monthly Total Returns

(As of 04/30/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax Small Cap Fund – Investor Class-1.83-5.103.20-1.2414.014.457.177.58
Impax Small Cap Fund – Class A5-1.83-5.123.21-1.2513.994.447.167.58
Impax Small Cap Fund – Institutional Class-1.86-5.083.22-1.0314.264.697.437.85
Russell 2000 Index-1.80-8.070.89-3.6511.904.157.887.87
Lipper Small-Cap Core Funds Index-2.02-7.950.73-2.1015.905.698.408.28

Quarterly Total Returns

(As of 03/31/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax Small Cap Fund – Investor Class-3.525.125.12-8.4618.534.707.487.75
Impax Small Cap Fund – Class A5-3.475.145.14-8.4918.534.707.487.75
Impax Small Cap Fund – Institutional Class-3.475.185.18-8.2718.834.967.748.03
Russell 2000 Index-4.782.742.74-11.6117.514.718.048.05
Lipper Small-Cap Core Funds Index-4.902.812.81-7.7221.666.228.578.47
5 Class A Inception date return since May 1, 2013 is 7.34 (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 04/30/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax Small Cap Fund – Class A (Load)-7.25-10.35-2.49-6.6611.853.276.567.18

Performance after Sales Charge

(As of 03/31/2023)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax Small Cap Fund – Class A (Load)-8.79-0.67-0.67-13.5216.323.526.877.35

Risk Statistics

(As of 04/30/2023)
 5 – Year
5 – Year
Standard Deviation 20.93
Alpha 0.06
Beta 0.85
R-Squared 93
Standard Deviation 20.96
Alpha 0.06
Beta 0.85
R-Squared 93
Standard Deviation 20.94
Alpha 0.08
Beta 0.85
R-Squared 93

Morningstar Ratings

(As of 04/30/2023)
 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 595 595 551 377
Based on risk adjusted returns.

Lipper Rankings

(As of 04/30/2023)
 Small-Cap Growth1yr3yrs5yrs10yrs
Impax Small Cap Fund – Investor Class Percentile Rank 41 17 83 91
  Prime Rank 286 114 522 433
  # In Peer Group 707 676 631 480
Impax Small Cap Fund – Class A Percentile Rank 41 18 84 91
  Prime Rank 287 116 524 434
  # In Peer Group 707 676 631 480
Impax Small Cap Fund – Institutional Class Percentile Rank 39 16 80 88
  Prime Rank 270 106 501 422
  # In Peer Group 707 676 631 480
Based on total returns.

Net Asset Values

(As of 05/31/2023)
 N.A.V.% Change
Impax Small Cap Fund – Investor Class $14.14 -0.84
Impax Small Cap Fund – Institutional Class $14.39 -0.76
Impax Small Cap Fund – Class A $14.10 -0.77
Past performance does not guarantee future results.

Asset Allocation

(As of 04/30/2023)

Portfolio Statistics

(As of 04/30/2023)
 Value
Value
Assets (all share classes)$605,100,564
Number of Holdings (All)60
Turnover Ratio (12/31/2022)38

Top Sectors

(As of 04/30/2023)

Top Ten Holdings

(As of 04/30/2023)

Portfolio Management Team

Nathan Moser, CFA®

Senior Portfolio Manager

Nathan has been with Impax Asset Management since 2008 and in 2015 also joined the firm’s sustainable allocation portfolio management team.

He 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

Diederik Basch, CFA®

Portfolio Manager

Diederik is a Portfolio Manager at Impax Asset Management. 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, where 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 co-manages Impax Asset Management’s 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 subsidiary 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.

Contact Us

Please visit the contact page to find your regional representative.

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