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®
Curtis Kim, CFA®
Morningstar Low Carbon Designation™‡

US Equity Small Cap as of 5/31/25.
Based on 86% of AUM.
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 (%) | |||||||
---|---|---|---|---|---|---|---|---|
1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Since Inception1 | |
Impax Small Cap Fund – Investor Class | 3.14 | 5.82 | -3.68 | 8.52 | 9.29 | 10.42 | 5.61 | 7.80 |
Impax Small Cap Fund – Class A5 | 3.15 | 5.84 | -3.70 | 8.56 | 9.27 | 10.42 | 5.61 | 7.79 |
Impax Small Cap Fund – Institutional Class | 3.13 | 5.88 | -3.61 | 8.73 | 9.52 | 10.69 | 5.87 | 8.07 |
Russell 2000 Index | 5.44 | 8.50 | -1.79 | 7.68 | 10.00 | 10.04 | 7.12 | 8.37 |
Quarterly Total Returns
(As of 03/31/2025)
Month End | Quarter End
Month End | Quarter End | Average Annual Returns (%) | |||||||
---|---|---|---|---|---|---|---|---|
1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Since Inception1 | |
Impax Small Cap Fund – Investor Class | -7.32 | -8.98 | -8.98 | -1.45 | 1.00 | 13.38 | 4.99 | 7.56 |
Impax Small Cap Fund – Class A5 | -7.35 | -9.01 | -9.01 | -1.46 | 0.98 | 13.37 | 4.99 | 7.55 |
Impax Small Cap Fund – Institutional Class | -7.34 | -8.96 | -8.96 | -1.21 | 1.22 | 13.66 | 5.25 | 7.83 |
Russell 2000 Index | -6.81 | -9.48 | -9.48 | -4.01 | 0.52 | 13.27 | 6.30 | 7.95 |
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 (%) | |||||||
---|---|---|---|---|---|---|---|---|
1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Since Inception1 | |
Impax Small Cap Fund – Class A (Load) | -2.51 | | -9.00 | 2.59 | 7.24 | 9.18 | 5.02 | 7.44 |
Performance after Sales Charge
(As of 03/31/2025)
Month End | Quarter End
Month End | Quarter End | Average Annual Returns (%) | |||||||
---|---|---|---|---|---|---|---|---|
1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Since Inception1 | |
Impax Small Cap Fund – Class A (Load) | -12.44 | -14.02 | -14.02 | -6.88 | -0.90 | 12.10 | 4.40 | 7.20 |
Risk Statistics
(As of 06/30/2025)
Small Blend | Overall | 3yrs | 5yrs | 10yrs | |
---|---|---|---|---|---|
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.
Small-Cap Growth | 1yr | 3yrs | 5yrs | 10yrs | |
---|---|---|---|---|---|
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.
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)