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Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

Information regarding key risk considerations for this Impax strategy can be viewed here.

AUM
As of 31st December 2023
US$412m
Holdings
20-40
Universe
c.540 companies
Launch date
April 2019
Portfolio managers
David Winborne
Siddharth Jha
Luciano Lilloy Fedele

Overview

The US Environmental Leaders Strategy seeks to achieve sustainable, above market returns over the longer term by investing in US listed 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 urbanization, rising consumption, and depletion of limited natural resources. Investments are made in companies which typically 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

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.

Discrete performance (%) USD

(As of 31/01/2024)
Past performance does not predict future returns.
 2024 YTD20232022202120202019
US Environmental Leaders Composite (gross)-1.1217.64-15.5326.2525.9710.64
US Environmental Leaders Composite (net)-1.1817.11-15.9225.6225.3410.23
FTSE EO USA Index-2.6428.25-20.5527.7550.4614.58
MSCI USA1.5326.49-19.8526.4520.7315.06

Figures refer to the past and that past performance is not a reliable indicator of future results. The value of investments, and the income derived from them, can fall as well as rise. Investors may get back less than invested. All data as of 31st January 2024, unless otherwise stated. Performance is shown net of ongoing charges and portfolio costs, with net-income reinvested where applicable. Source: FactSet, Bloomberg, WM Reuters.

MSCI USA index is total net return (net dividend reinvested).

Data is in USD. Composite figures are presented both gross and net of management fees and include the reinvestment of all income. Impax Asset Management claims compliance with Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Please click here for the GIPS® Disclosure for additional information on the composite.

Portfolio Managers

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

Luciano Lilloy, CFA®

Portfolio Manager

Luciano is a co-Portfolio Manager of the Impax US Environmental Leaders strategy. He has been part of the Impax Asset Management team since 2017 and specialises in Digital Infrastructure and New Energy, as well as the Information Technology and Industrials sectors.


In his pre-MSc career, Luciano worked at Naked Energy where he helped develop high-energy-density solar PVT panels.

He studied physics at Universidad de Granada in Spain and undertook research in astrophysics at Tohoku University in Japan. Luciano earned a master’s degree in Climate Change, Management and Finance from Imperial College London. Luciano is a CFA Charterholder.

Recent Insights

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