AUM
£2,960m1
Holdings
40-60
Universe market cap
US$5.4tn
Launch date
March 2008
Portfolio managers
Hubert Aarts
David Winborne
Sid Jha
Universe
c.1,500 companies

Overview

A global thematic strategy investing in companies that are developing innovative solutions to resource challenges in four key areas: new energy; water; waste and resource recovery; and sustainable food, agriculture and forestry.

Resource Efficiency

Powerful drivers – growing population, rising living standards and finite natural resources – have triggered above average growth for a diverse set of companies focused on resource efficiency.

Environmental Leaders

The fund employs a research-intensive bottom-up stock selection process to find the leading companies in increasingly important global environmental markets.

Positive Impact

Companies providing environmental solutions and net carbon reductions will help lead the transition to a sustainable global economy.

Cumulative performance (%) GBP

Discrete performance (%) GBP

 2020 YTD20192018201720162015
Strategy (gross)-9.724.0-7.817.133.54.7
Strategy (net)-9.923.1-8.616.232.44.1
FTSE EOAS-8.226.5-7.219.733.23.8
MSCI ACWI-8.621.7-3.813.228.73.3

All data as at 30 April 2020.

1Total assets in the Leaders strategy. The total assets include certain accounts that do not form part of the Leaders GIPS composite, but exclude one account with significantly different objectives and weightings when compared to the other Leaders funds. Performance source: FactSet, Bloomberg, WM Reuters. Data is in GBP. Composite figures are presented both gross and net of management fees and include the reinvestment of all income. FTSE index is total return (gross dividend reinvested), MSCI index is total net return (net dividend reinvested). Past performance is not necessarily a guide to future performance. The value of investments can fall as well as rise and you may get back less than you have invested. Impax Asset Management claims compliance with Global Investment Performance Standards (GIPS)®, download the presentation here. Further information on composite data is available on request.

About the Indexes

FTSE Environmental Opportunities Index Series (EOAS) measures the performance of global companies that have significant involvement in environmental business activities, including renewable and alternative energy, energy efficiency, water technology and waste and pollution control. The FTSE Environmental Opportunities Index Series requires companies to have at least 20% of their business derived from environmental markets and technologies. The FTSE Environmental Opportunities Index Series is published by a joint venture of Impax Asset Management, Ltd. (“Impax”) with FTSE International.

MSCI All-Country World Index (ACWI) Index is a free float-adjusted market capitalization
weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 47 country indexes comprising 23 developed and 24 emerging market country indexes. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom and United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

Investment Vehicles

Pax Global Environmental Markets Fund

Investing in resource efficiency and environmental solutions.

Portfolio Management Team

Hubert Aarts

Co-Head of Listed Equities, Executive Director

Hubert is an Executive Director and Co-Head of Listed Equities, together with Bruce Jenkyn-Jones. He is also responsible as co-portfolio manager for Impax’s Leaders and Water strategies, as well as leading Impax’s macro-economic research process.

Hubert joined Impax in 2007 from Cambrian Capital Partners LLP, where he was a partner and portfolio manager of the Curalium fund and Incremental Leveraged hedge funds.

Having started his career in the investment industry in 1990, Hubert has extensive experience investing in Pan-European equities as a portfolio manager at MeesPierson and Merrill Lynch Investment Managers/BlackRock, where he chaired the European Sector Strategy Group.

He holds a Master’s degree in Economics and Business Administration from Maastricht University.

Recent blog posts

Bruce Jenkyn-Jones

Co-Head of Listed Equities, Executive Director

Bruce is an Executive Director and Co-Head of Listed Equities along with Hubert Aarts.

Together they are responsible for the development of the investment process, research and team. Bruce has an active role in the day to day management of all Impax listed equity portfolios and is on the portfolio construction team for all strategies. Bruce joined Impax in 1999 where he worked initially on venture capital investments before developing the listed equity business. Before joining Impax, Bruce worked as a utilities analyst at Bankers Trust and as an environmental consultant for Environmental Resources Management (ERM). Bruce has an MBA from IESE (Barcelona), an MSc in Environmental Technology from Imperial College and a degree in Chemistry from Oxford.  

Recent blog posts

David Winborne

Senior Portfolio Manager, Director

David joined Impax in September 2015 as a senior portfolio manager on the listed equity team, and his responsibilities include co-management of the Leaders and Global Opportunities strategies.

He arrived from the in-house asset management team at Tesco Pension Investment, where he had joint responsibility for the successful development, launch and management of a new global equities investment platform.

Prior to this, David was a fund manager at Sarasin & Partners, where he was responsible for the firm’s Asia Pacific Equity fund and for contributing investment recommendations to Sarasin’s flagship thematic Global Equity fund.

After graduating from the University of Bath, David began his career at Insight Investment on the Global Equities graduate scheme in 2003 as a global equity analyst.

Recent blog posts

Sid Jha

Portfolio Manager, Associate Director

Sid joined Impax after graduating from London Business School’s MBA program with a major in Finance. He interned with Impax’s Listed Equity team over the summer and autumn of 2012.

He focuses on researching the investment universe for all listed equity strategies as well as providing support to the portfolio management process for the Leaders, Water and Global strategies.

Sid spent the majority of his pre-MBA career as a consultant in the renewable energy industry.

Recent blog posts

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