AUM
$2,568,472,662
Holdings
46
Launch Date1
March 2008
Portfolio Managers
Hubert Aarts
David Winborne
Siddharth Jha
Morningstar Low Carbon Designation™
Low Carbon logo
Global Equity Large Cap as of 02/29/24.
Based on 96% of AUM.

Overview

The Impax Global Environmental Markets Fund seeks to achieve sustainable, above market returns over the longer term by investing globally in companies that are developing innovative solutions to resource challenges in environmental markets. These markets address a number of long term macro-economic themes: growing populations, rising living standards, increasing urbanisation, rising consumption, and 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

(As of 03/31/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax Global Environmental Markets Fund – Investor Class3.316.856.8514.293.8410.488.017.09
Impax Global Environmental Markets Fund – Class A53.326.866.8614.373.8710.508.027.10
Impax Global Environmental Markets Fund – Institutional Class3.326.926.9214.634.1110.778.297.37
MSCI ACWI (Net) Index3.148.208.2023.226.9610.928.666.99

Quarterly Total Returns

(As of 03/31/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax Global Environmental Markets Fund – Investor Class3.316.856.8514.293.8410.488.017.09
Impax Global Environmental Markets Fund – Class A53.326.866.8614.373.8710.508.027.10
Impax Global Environmental Markets Fund – Institutional Class3.326.926.9214.634.1110.778.297.37
MSCI ACWI (Net) Index3.148.208.2023.226.9610.928.666.99
5 Class A (NAV) Inception date return since May 1, 2013 is 9.27 (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.
A 1.00% CDSC (contingent deferred sales charge) may be charged on any shares sold within 18 months of purchase over $1 million. POP (public offering price) reflects the maximum sales load for the Fund’s Class A Shares of 5.50%.

Performance after Sales Charge

(As of 03/31/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax Global Environmental Markets Fund – Class A (Load)-2.360.970.978.071.929.267.416.72

Performance after Sales Charge

(As of 03/31/2024)
Month End | Quarter End
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Impax Global Environmental Markets Fund – Class A (Load)-2.360.970.978.071.929.267.416.72

Risk Statistics

(As of 03/31/2024)
 5 – Year
5 – Year
Standard Deviation 20.95
Alpha -0.11
Beta 1.13
R-Squared 90
Standard Deviation 20.95
Alpha -0.11
Beta 1.13
R-Squared 90
Standard Deviation 20.96
Alpha -0.09
Beta 1.13
R-Squared 90

Morningstar Ratings

(As of 03/31/2024)
 Global Large-Stock BlendOverall3yrs5yrs10yrs
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 338 338 300 202
Based on risk adjusted returns.

Lipper Rankings

(As of 03/31/2024)
 Lipper Global Multi-Cap Core1yr3yrs5yrs10yrs
Impax Global Environmental Markets Fund – Investor Class Percentile Rank 81 75 48 68
  Prime Rank 96 78 45 38
  # In Peer Group 119 105 94 56
Impax Global Environmental Markets Fund – Class A Percentile Rank 79 74 47 67
  Prime Rank 93 77 44 37
  # In Peer Group 119 105 94 56
Impax Global Environmental Markets Fund – Institutional Class Percentile Rank 76 71 42 63
  Prime Rank 90 74 39 35
  # In Peer Group 119 105 94 56
Based on total returns.

Net Asset Values

(As of 04/19/2024)
 N.A.V.% Change
Impax Global Environmental Markets Fund – Class A $22.43 -0.36
Impax Global Environmental Markets Fund – Institutional Class $22.71 -0.35
Impax Global Environmental Markets Fund – Investor Class $22.47 -0.35
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)$2,568,472,662
Number of Holdings (All)46
Turnover Ratio (12/31/2023)26

Top Sectors

(As of 03/31/2024)

Country Allocation

(As of 03/31/2024)
 Portfolio %
Portfolio %
Denmark 1.30
France 11.40
Germany 4.10
Ireland 1.90
Japan 3.10
Netherlands 1.80
Switzerland 3.60
Taiwan 3.60
United Kingdom 5.60
United States 62.90

Top Ten Holdings

(As of 03/31/2024)

Portfolio Management Team

Hubert Aarts

Deputy Chief Investment Officer (CIO), Listed Equities

Hubert serves as Deputy CIO, Listed Equities and is a co-Portfolio Manager of the Impax Leaders and Water strategies. Hubert is a key figure overseeing Impax Asset Management’s investment strategies in the listed equities space and is jointly responsible for the development of our investment process, research, and team. He also researches stocks globally, specialising in industrials and consumer discretionary companies.

Prior to joining Impax in 2007, Hubert was a partner at Cambrian Capital. He also spent nearly a decade at BlackRock working as a portfolio manager in European equities. His first role was at MeesPierson in The Netherlands.

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

Recent Insights

Additional Insights

David Winborne

Senior Portfolio Manager

David is a co-Portfolio Manager of the Impax Leaders, Global Opportunities and US Environmental Leaders strategies. David has been part of the Impax Asset Management team since 2015 and has responsibility for global research, specialising in energy efficiency and pollution control in environmental markets sub-sectors.


Prior to Impax, David was part of the in-house asset management team at Tesco Pension Investment where he had joint responsibility for the global equities investment platform. David also worked at Sarasin & Partners as part of the team that worked on its flagship thematic global equity fund. David began his career as a graduate equity research analyst at Insight Investment.

David has a bachelor’s degree in Politics and Economics from the University of Bath.

Recent Insights

Additional Insights

Siddharth Jha

Portfolio Manager

Siddharth is a co-Portfolio Manager of the Impax Leaders and US Environmental Leaders strategies, focusing predominantly on North American industrials and utilities firms. He has been with Impax since 2014.

Prior to joining Impax in his current role, Siddharth completed an internship with the firm in 2012 where he worked with our listed equities team. He also has experience as a clean technology consultant, working in India.

Siddharth earned a bachelor’s cum laude in History and Political Science from Macalester College and an MBA from the London Business School.

Authored Insights

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