c.270 companies
Launch date
January 2009
Portfolio managers
Hubert Aarts
Justin Winter


The Impax Water Strategy is a long-only, all-cap global equity strategy that invests in stocks of companies operating across the water infrastructure, utilities and treatment sectors.

The challenge

The world’s water resources are under strain, with a gap between the supply and demand, as well as concerns about quality and the age of infrastructure.

Diverse opportunities

Across consumer and industrial end markets in developed and emerging markets.

Sustainable Development Goals

Aligned with UN objectives to improve infrastructure, responsible consumption and access to water and sanitation.

Cumulative performance (%) USD

Discrete performance (%) USD

(As of 31/10/2022)
 2022 YTD20212020201920182017
Strategy (gross)-25.2430.5120.0135.99-11.6229.82
Strategy (net)-25.4530.0719.5635.30-12.0429.32
FTSE EOWR Index-21.7223.1014.9532.66-10.8327.16
MSCI ACWI-21.1418.5416.2526.60-9.4123.97

All data as at 31 October 2022.

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. 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.

Portfolio Managers

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 Insights

Justin Winter

Senior Portfolio Manager, Director

Justin co-manages Impax’s Sustainable Infrastructure and Water strategies, and a bespoke fund with a broader environmental focus. Justin researches stocks globally with a particular focus on the Industrials, Utilities and Materials sectors.

Justin joined Impax in 2009 after previous experience as an analyst covering global equities and also in renewable energy research.

He has a Bachelor of Engineering from the University of Queensland and a Masters of Commerce from the University of Sydney. Before moving into finance, he worked as a consulting engineer on water projects and environmental impact studies.

Recent Insights

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