Skip to content
Impax Asset Management
Impax Asset Management
Home>Products>Thematic Equities>Specialists Strategy

Contact Us

  • Complaints
  • Modern Slavery Statement
Impax Asset Management
  • Careers
  • Sitemap
  • Accessibility
  • Terms of Use
  • Privacy & Cookies

IMPORTANT INFORMATION

Marketing communication

This is a marketing communication. This is not a contractually binding document, and its issuance is not mandated under any law or regulation of the European Union. This marketing communication does not include sufficient detail to enable the recipient to make an informed decision.

General portfolio risks

  • Capital risk – the value of your investment will vary and is not guaranteed. It will be affected by changes in the exchange rate between the base currency of the portfolio and the currency in which you subscribed, if different.
  • Policy and regulatory risks. Government policies and legislation relating to and in support of the transition to a more sustainable economy may be weakened or do not occur at the anticipated rate.
  • Technology risks. Investments can be negatively affected by technology development that is slower than expected or by competing technologies that can challenge price competitiveness.
  • Sustainability risks. Sustainability risks may have material negative effects on the value of an investment and the performance of the portfolio. Sustainability risks can be of environmental, social or governance nature, such as severe climate events, operational disruption due to labour issues or internal control failures in investee companies.
  • Equities – may decline in value due to both real and perceived general market, economic and industry conditions. Investing in foreign-denomination and/or – domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets.
  • The portfolio will include a number of relatively newly established companies and companies whose future is dependent on widespread adoption of their products and services.
  • Many of the portfolio’s investments will be denominated in currencies other than the currency of the Share class purchased by the investor and, therefore, the Net Asset Value of the portfolio may be affected by currency movements.
  • The valuations of companies in environmental markets may remain at current level or may fall.
  • Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries, putting your money at greater risk.
  • Diversification does not ensure against loss.

Global Investment Performance Standards (GIPS®) Information

Figures refer to the past and that past performance is not a reliable indicator of future results.

Firm Information

Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management (AIFM) Ltd., Impax Asset Management Ireland Ltd, Impax Asset Management LLC, and Impax Asset Management (Hong Kong) Limited (together, “Impax”). These entities are subsidiaries of Impax Asset Management Group plc (‘IAM’) which is a publicly traded investment management company registered in the United Kingdom, and is headquartered in London, UK. For GIPS purposes the firm includes discretionary and non-discretionary accounts but excludes accounts which have a mandate to invest entirely in private equity or property. Prior to January 2018, Impax Asset Management only included Impax Asset Management Limited and Impax Asset Management (AIFM). The firm was redefined to also include Impax Asset Management LLC to reflect the acquisition of Pax World Management LLC. The firm’s List of Composite, Limited Distribution Pooled Fund, and Broad Distribution Pooled Fund descriptions is available upon request.

Claiming GIPS Compliance

Impax Asset Management claims compliance with Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Impax Asset Management has been independently verified for the periods March 1, 2002 through to December 31, 2023. A firm that claims compliance with the GIPS standards must establish policies and procedure for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

The Specialists Composite has had a performance examination for the periods January 1, 2019 through to December 31, 2023. The verification and performance examination reports are available upon request.

Composite Description

The Specialists Composite contains long only accounts, which invest 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 “pure-play” small and mid-cap companies which have ≥50% of their underlying revenue generated by sales of products or services in environmental markets. The Specialists Composite was created March 31, 2015. The inception date of the composite’s performance was March 1, 2002.

Benchmark Description

The MSCI All Country World Index is a free float-adjusted market capitalisation weighted index that is designed to measure the equity market performance of developed and emerging markets. It covers 23 developed and 23 emerging market country indexes. The index is displayed in USD.

Calculation Methodology

Returns are calculated using the asset-weighted method and individual portfolios are revalued daily or monthly, depending on their structure. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Composite performance portrayed reflect the reinvestment of dividends, capital gains, and other earnings when appropriate. Gross of fees returns are calculated gross of management and custodial fees and net of transaction costs. Withholding taxes may vary according to the investor’s domicile. Net of fees returns are calculated by reducing monthly gross returns by the maximum applicable fee according to the stated fee schedule below. Past performance does not guarantee future results. This performance report should not be construed as a recommendation to purchase or sell any particular securities held in composite accounts. Market conditions can vary widely over time and can result in a loss of portfolio value.

MSCI All Country World is presented net of foreign withholding taxes on dividends, interest income and capital gains.

Fees and Expenses

Impax Asset Management uses a model fee, which is the maximum applicable fee, for the computation of composite net-of-fee returns. Actual investment advisory fees incurred by portfolios may vary.

From January 2002 to October 2018 the gross returns for the separate accounts were calculated using the fee applicable to Impax Asset Management, whilst since November 2018 the fee used to gross up the returns is the actual total expense. From January 2002 to October 2018 the highest fee used to calculate the net of fee performance returns was only applicable to Impax Asset Management, whilst since November 2018 the highest fee used for the computation is the total management fee which is expected to be paid by the relevant account.

Since June 2014, the highest annual management fee for the composite is 1.10%. Previously, the highest was 1.00% from January 2012 to May 2014, 0.9863% from January 2011 to December 2011, 1.10% from January 2009 to December 2010, 1.00% from January 2006 to December 2008, 1.05% from January 2005 to December 2005, and prior to that the highest was 1.00%.

Other Disclosures

A plus strategy adds additional fixed income sectors like high yield bonds, emerging market bonds, and convertible debt instruments that offer greater risk, but greater potential return.

There is no guarantee that the investment objective will be achieved or that return expectations will be met.

Since May 2011, the composite can be leveraged by up to 20% of the net asset value.

It is not part of the IAM investment philosophy to invest in leverage or derivatives. However, the IEM account can borrow up to 20% of its assets for investment purposes.

Effective March 28, 2024, the Impax Global Women’s Leadership strategy followed a different portfolio construction process with a different investment objective. Performance of the strategy for periods prior to March 28, 2024, may not be representative of the performance the strategy would have achieved had the strategy been following its current investment strategy.

On June 4, 2014, the Pax World Global Women’s Equality Strategy reorganized into the Impax Global Women’s Leadership Strategy.

Trading may occur in local currency, but it is converted to base currency based on Bloomberg exchange rates as of 6pm Greenwich Mean Time each day, therefore performance is affected by currency translation. Since October 2010 base currency is converted using WM Reuters exchange rates as of 4pm Greenwich Mean Time.

The USD is the currency used to express performance, results are affected by currency translation. Returns are presented gross and net of management fees and include the reinvestment of all income. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request. The GIPS Report is available in other currencies upon request.

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.

Trademarks

Impax is a trademark of Impax Asset Management Group Plc. Impax is a registered trademark in the UK, EU, US, Hong Kong, Canada, Japan and Australia. © Impax Asset Management LLC, Impax Asset Management Limited and/or Impax Asset Management (Ireland) Limited. All rights reserved.

Scroll to top
Impax Asset Management
To get started, please select your location and investor type below.

If you are invested in Impax Funds – regardless of share class (Investor, Institutional, or Class A) or account type (individual, business or other entity) please select Impax Funds Investor as your Investor Type.

Access Impax Asset Management Limited’s Form CRS here.

Important Information

I confirm that my investor role is [investor_type] and I am based in [investor_country] and I have read and understood the important information, privacy policy and terms and conditions which govern the use of this website.

Risk Warning

Capital at risk. The value of investments may go up or down and is not guaranteed.
Our use of cookies
We use essential cookies to make our website function. We also wish to use non-essential cookies to improve functionality and for analytics, advertising and other purposes, as detailed in our Cookies policy. You may reject these non-essential cookies by accessing more options below.

More options Accept all
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience. For more information on our use of cookies see our Cookies policy.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-advertisement1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
cookielawinfo-checkbox-analytics1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Analytics" category .
cookielawinfo-checkbox-necessary1 yearSet by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Necessary" category .
cookielawinfo-checkbox-others1 yearThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Others".
investor_country6 monthsThis cookie is set by Impaxam.com. The purpose of the cookie is to determine the user's selected country.
investor_label6 monthsThis cookie is set by Impaxam.com. The purpose of the cookie is to determine the user's selected Investor label type.
investor_type6 monthsThis cookie is set by Impaxam.com. The purpose of the cookie is to determine the user's selected Investor type.
share_class1 yearThis cookie is set by Impaxam.com. The purpose of the cookie is to determine the user's selected Share class type.
viewed_cookie_policy1 yearThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
CookieDurationDescription
AnalyticsSyncHistory1 monthLinkedin - Used to store information about the time a sync with the lms_analytics cookie took place for users in the Designated Countries.
cookielawinfo-checkbox-functional1 yearThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
li_gc2 yearsLinkedin - Used to store consent of guests regarding the use of cookies for non-essential purposes.
UserMatchHistory1 monthLinkedin - Used to track visitors on multiple websites, in order to present relevant advertisement based on the visitor's preferences.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
CookieDurationDescription
_mkto_trk2 yearsThis cookie is associated with an email marketing service provided by Marketo. This tracking cookie allows the website to link visitor behavior to the recipient of an email marketing campaign, to measure campaign effectiveness.
bscookie2 yearsThis cookie is a browser ID cookie set by Linked share Buttons and ad tags.
IDE1 year 24 daysUsed by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. This is used to present users with ads that are relevant to them according to the user profile.
test_cookie15 minutesThis cookie is set by doubleclick.net. The purpose of the cookie is to determine if the user's browser supports cookies.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
CookieDurationDescription
_ga2 yearsThis cookie is installed by Google Analytics. The cookie is used to calculate visitor, session, campaign data and keep track of site usage for the site's analytics report. The cookies store information anonymously and assign a randomly generated number to identify unique visitors.
_gat_UA-28097176-11 minuteThis is a pattern type cookie set by Google Analytics, where the pattern element on the name contains the unique identity number of the account or website it relates to. It appears to be a variation of the _gat cookie which is used to limit the amount of data recorded by Google on high traffic volume websites.
_gcl_au3 monthsThis cookie is used by Google Analytics to understand user interaction with the website.
_gid1 dayThis cookie is installed by Google Analytics. The cookie is used to store information of how visitors use a website and helps in creating an analytics report of how the website is doing. The data collected including the number visitors, the source where they have come from, and the pages visted in an anonymous form.
vuid2 yearsThis cookie is used by vimeo to collect tracking information. It sets a unique ID to embed videos to the website.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
CookieDurationDescription
bcookie2 yearsThis cookie is set by linkedIn. The purpose of the cookie is to enable LinkedIn functionalities on the page.
langsessionThis cookie is used to store the language preferences of a user to serve up content in that stored language the next time user visit the website.
lidc1 dayThis cookie is set by LinkedIn and used for routing.
Save & Accept