Universe market cap
Launch date
March 2008
Portfolio managers
Hubert Aarts
David Winborne
Siddharth Jha
c.1,500 companies


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 (%) USD

Discrete performance (%) USD

(As of 30/09/2021)
 2021 YTD20202019201820172016
Strategy (gross)13.1326.5028.96-13.2628.1311.89
Strategy (net)12.4625.4827.95-13.9627.1311.03
FTSE EOAS Index8.0639.8631.53-12.5931.0211.68
MSCI ACWI11.1216.2526.60-9.4123.977.86

All data as at 30 September 2021.

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. 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 USD. 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). Impax Asset Management claims compliance with Global Investment Performance Standards (GIPS)®. Net-of-fee returns are computed using a model fee, which is the maximum applicable fee within the Composite. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. 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.

Morningstar LogoMorningstar Five Stars
Overall Morningstar™ Rating Institutional Class (PGINX) as of 09/30/2021.
Out of 287 World Large-Stock Blend Funds based on risk-adjusted returns.

Portfolio Management Team

Hubert Aarts

Deputy CIO, Listed Equities, Executive Director

Hubert serves as Deputy CIO, Listed Equities. He and Bruce Jenkyn-Jones, CIO Listed Equities, are responsible for the development of the investment process, research and team. Hubert researches stocks globally and specialises in Industrials and Consumer Discretionary.

Hubert is Co-Portfolio Manager of Impax’s Leaders and Water strategies. He also leads Impax’s macro-economic research process and is responsible for the top-down investment framework.

Hubert started his career in the investment industry in 1990 and joined Impax in January 2007.  He has extensive experience investing in Pan-European equities as a portfolio manager at MeesPierson and Merrill Lynch Investment Managers, where he chaired the European Sector Strategy Group. Hubert joined Impax from Cambrian Capital Partners LLP where he was a partner and portfolio manager of the Curalium Fund and Incremental Leveraged hedge funds.

Hubert has a Master’s degree in Economics and Business Administration from Maastricht University.

Recent blog posts

David Winborne

Senior Portfolio Manager, Managing 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

Siddharth Jha

Portfolio Manager, Associate Director

Siddharth is co-manager of the Leaders strategy and a member of the Portfolio Construction team for the Water and Global Opportunities strategies. He has research responsibilities in the Energy Efficiency and Water environmental sub-sectors and also researches stocks with a focus on US-Healthcare.

Siddharth joined Impax in 2014 after graduating from business school and interning with Impax’s Listed Equity team over the summer and autumn of 2012. In his pre-MBA career, Sid worked as a clean technology consultant in India.

Siddharth has an MBA with a focus in Finance from London Business School and a Bachelor of Arts in History and Political Science from Macalester College, where he graduated cum laude.

Recent blog posts

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