Sanjeev Lakhani, CFA®
Luciano Lilloy, CFA®

Morningstar Category: US Global Large-Stock Blend
Carbon Risk percentage of covered portfolio holdings: 53.76%
Overview
The Impax Global Environmental Markets Fund seeks to achieve sustainable, above market returns over 5+ years by investing in the solution providers to environmental and resource challenges.
We believe these companies are well positioned to capitalize on the many secular growth opportunities related to long-term macro-economic themes such as growing populations, rising living standards, increasing urbanisation, rising consumption, energy efficiency, and the depletion of limited natural resources.
Investments are made in companies which have ≥ 20% of their underlying revenue generated by sales of products or services in environmental markets.
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 strategy employs a research-intensive bottom-up stock selection process to find the leading companies in increasingly important global environmental markets.
Impact
Companies providing environmental solutions and net carbon reductions will help lead the transition to a sustainable global economy.
Monthly Total Returns
| Month End | Quarter End | Average Annual Returns (%) | |||||||
|---|---|---|---|---|---|---|---|---|
| 1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Since Inception1 | |
| Impax Global Environmental Markets Fund – Investor Class | -7.54 | -0.82 | -0.82 | 14.84 | 8.16 | 4.39 | 9.38 | 6.90 |
| Impax Global Environmental Markets Fund – Class A5 | -7.55 | -0.82 | -0.82 | 14.78 | 8.17 | 4.39 | 9.37 | 8.56 |
| Impax Global Environmental Markets Fund – Institutional Class | -7.55 | -0.76 | -0.76 | 15.07 | 8.43 | 4.64 | 9.65 | 7.17 |
| MSCI ACWI (Net) Index | -7.18 | -3.20 | -3.20 | 20.01 | 16.58 | 9.49 | 11.33 | |
Quarterly Total Returns
| Month End | Quarter End | Average Annual Returns (%) | |||||||
|---|---|---|---|---|---|---|---|---|
| 1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Since Inception1 | |
| Impax Global Environmental Markets Fund – Investor Class | -7.54 | -0.82 | -0.82 | 14.84 | 8.16 | 4.39 | 9.38 | 6.90 |
| Impax Global Environmental Markets Fund – Class A5 | -7.55 | -0.82 | -0.82 | 14.78 | 8.17 | 4.39 | 9.37 | 8.56 |
| Impax Global Environmental Markets Fund – Institutional Class | -7.55 | -0.76 | -0.76 | 15.07 | 8.43 | 4.64 | 9.65 | 7.17 |
| MSCI ACWI (Net) Index | -7.18 | -3.20 | -3.20 | 20.01 | 16.58 | 9.49 | 11.33 | |
Performance after Sales Charge
| Month End | Quarter End | Average Annual Returns (%) | |||||||
|---|---|---|---|---|---|---|---|---|
| 1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Since Inception1 | |
| Impax Global Environmental Markets Fund – Class A (Load) | -12.65 | -6.29 | -6.29 | 8.45 | 6.14 | 3.21 | 8.76 | 8.08 |
Performance after Sales Charge
| Month End | Quarter End | Average Annual Returns (%) | |||||||
|---|---|---|---|---|---|---|---|---|
| 1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Since Inception1 | |
| Impax Global Environmental Markets Fund – Class A (Load) | -12.65 | -6.29 | -6.29 | 8.45 | 6.14 | 3.21 | 8.76 | 8.08 |
Risk Statistics
| Global Large-Stock Blend | Overall | 3yrs | 5yrs | 10yrs | |
|---|---|---|---|---|---|
| Impax Global Environmental Markets Fund – Investor Class | Rating | ★★ | ★ | ★ | ★★ |
| Impax Global Environmental Markets Fund – Class A | Rating | ★★ | ★ | ★★ | ★★ |
| Impax Global Environmental Markets Fund – Institutional Class | Rating | ★★ | ★★ | ★★ | ★★ |
| # In Peer Group | 298 | 298 | 292 | 207 |
Asset Allocation
Portfolio Statistics
| Value | |
|---|---|
| Value | |
| Assets (all share classes) | $1,620,841,855 |
| Number of Holdings (All) | 41 |
| Turnover Ratio (12/31/2025) | 30 |
Top Sectors
Country Allocation
| Portfolio % | |
|---|---|
| Portfolio % | |
| United States | 65.10 |
| France | 10.70 |
| Taiwan | 6.50 |
| Germany | 6.10 |
| Japan | 2.80 |
| Ireland | 2.60 |
| Netherlands | 2.50 |
| United Kingdom | 1.90 |