Holdings
30-50
Launch Date
December 2016
Universe size
c. 790 companies
Portfolio Managers
Harry Boyle
Christine Cappabianca
Justin Winter

Overview

The Impax Sustainable Infrastructure Fund seeks to deliver long term capital growth with income, whilst avoiding the sustainability risks which dominate the traditional infrastructure universe.

Sustainable infrastructure drivers

Decarbonisation, resource scarcity and pollution, ageing infrastructure, urbanisation, digitalisation, and an ageing population are driving the requirement for significant investment in sustainable infrastructure solutions.

Positive social and environmental impact

Capital is directed to companies that generate at least 20% of their revenues from sustainable infrastructure-related activities. The carbon intensity of these companies is expected to be significantly lower in comparison to traditional infrastructure portfolios and indices.

Proprietary sustainable infrastructure taxonomy

Aims to identify investments in infrastructure solutions that advance environmental and societal well-being.   

Monthly Total Returns

(As of 03/31/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception
Impax Global Sustainable Infrastructure Fund – Investor Class2.852.972.977.650.987.258.45
Impax Global Sustainable Infrastructure Fund – Institutional Class2.843.063.067.871.227.518.73
FTSE Global Infrastructure Opportunities2.822.402.408.523.235.956.79
MSCI ACWI (Net) Index3.148.208.2023.226.9610.92

Quarterly Total Returns

(As of 03/31/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception
Impax Global Sustainable Infrastructure Fund – Investor Class2.852.972.977.650.987.258.45
Impax Global Sustainable Infrastructure Fund – Institutional Class2.843.063.067.871.227.518.73
FTSE Global Infrastructure Opportunities2.822.402.408.523.235.956.79
MSCI ACWI (Net) Index3.148.208.2023.226.9610.92
Prior to December 15, 2023, the Impax Global Sustainable Infrastructure Fund followed a systematic investing process and the strategy of the Fund differed from its current strategy. Performance of the Fund for periods prior to December 15, 2023, may not be representative of the performance the Fund would have achieved had the Fund been following its current strategy.

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 03/31/2024)
 3 – Year
3 – Year
Standard Deviation 16.38
Alpha -0.18
Beta 1.02
R-Squared 92
Standard Deviation 16.45
Alpha -0.16
Beta 1.02
R-Squared 92

Morningstar Ratings

(As of 03/31/2024)
 InfrastructureOverall3yrs5yrs10yrs
Impax Global Sustainable Infrastructure Fund – Investor Class Rating ★★★★ ★★ ★★★★★
Impax Global Sustainable Infrastructure Fund – Institutional Class Rating ★★★★ ★★ ★★★★★
  # In Peer Group 92 92 83
Based on risk adjusted returns.

Lipper Rankings

(As of 03/31/2024)
 Global Infrastructure1yr3yrs5yrs10yrs
Impax Global Sustainable Infrastructure Fund – Investor Class Percentile Rank 16 87 7
  Prime Rank 16 78 5
  # In Peer Group 100 90 82
Impax Global Sustainable Infrastructure Fund – Institutional Class Percentile Rank 14 85 4
  Prime Rank 14 76 3
  # In Peer Group 100 90 82
Based on total returns.

Net Asset Values

(As of 04/19/2024)
 N.A.V.% Change
Impax Global Sustainable Infrastructure Fund – Institutional Class $8.94 0.11
Impax Global Sustainable Infrastructure Fund – Investor Class $8.89 0.11
Past performance does not guarantee future results.

Asset Allocation

(As of 03/31/2024)

Portfolio Statistics

(As of 03/31/2024)
 Value
Value
Assets (all share classes)$95,163,621
Number of Holdings (All)42
Turnover Ratio (12/31/2023)89

Top Sectors

(As of 03/31/2024)

Top Ten Holdings

(As of 03/31/2024)

Portfolio Management Team

Harry Boyle

Portfolio Manager

Harry is a co-Portfolio Manager of the Impax Sustainable Infrastructure strategy. He joined Impax in 2017, having previously worked for the firm as a consultant assessing portfolio carbon risk. Initially he worked as a Portfolio Specialist gaining in depth knowledge of investee companies and the investment process. In 2021, Harry began work on the creation of Impax’s Sustainable Infrastructure Taxonomy, before becoming a Portfolio Manager in 2022.

Harry began his career in 2006 as an analyst at Bloomberg New Energy Finance, where he helped investors understand the evolving dynamics in energy, carbon and power markets. He subsequently worked at Aurium Capital as an investment manager investing debt into infrastructure projects before becoming an independent consultant raising capital for early-stage energy businesses.

Harry has an MA in Modern History from the University of St Andrews and an MSc in Finance from London Business School.

Recent Insights

Christine Cappabianca

Portfolio Manager

Christine is a co-Portfolio Manager of the Impax Sustainable Infrastructure, Global Women’s Leadership, US Sustainable Economy and International Sustainable Economy strategies. She has a key role in identifying optimal sources of return from the sustainable and thematic universes.


Before joining Impax Asset Management in 2021, Christine worked at The Boston Company Asset Management as a quantitative analyst, remaining with the firm through its merger with Standish Asset Management and Mellon Capital, which created Mellon Investments. At Mellon, Christine was involved in research and portfolio management responsibilities for the firm’s Internet of Things, Blockchain Innovation, U.S. Manufacturing and Smart Cures Innovation thematic strategies. She also served as the ESG data expert on Mellon’s ESG Council, ensuring that data and sustainability metrics powered active portfolios.

Christine holds a bachelor’s degree in economics from Harvard University and a master’s degree in investment management from Boston University. She holds the SASB FSA Credential.

Recent Insights

Additional Insights

Q&A: Meet Christine Cappabianca

Christine Cappabianca joined the Impax team in June as a Portfolio Manager of the firm’s systematic strategies.

8 September 2021

Justin Winter

Senior Portfolio Manager

Justin is a co-Portfolio Manager of the Impax Water and Sustainable Infrastructure strategies. Justin analyses businesses globally with a particular focus on water, other environmental markets, and sustainable infrastructure, across the industrials, utilities, and materials sectors.

Before joining Impax in 2009, Justin worked as an investment analyst covering global equities for an Australian ethical investor, as a research analyst covering renewable energy at what is now BNEF (Bloomberg New Energy Finance). Before moving into finance, he was a consulting engineer working on major infrastructure projects including preparing Environment Impact Studies and conducting water supply analysis and flood modelling.

He holds a bachelor’s degree in Engineering from the University of Queensland and a master’s in commerce from the University of Sydney.

Recent Insights

Addressing PFAS: Solutions to the forever challenge

We believe the urgent need to detect, treat and destroy ‘forever chemicals’ in the world’s water is creating investment opportunities that are broader and more valuable than many appreciate

25 March 2024

Additional Insights

A water droplet forms concentric rings on the surface of a pond
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