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.

c.300 companies
Launch date
January 2009
Portfolio managers
Hubert Aarts
Justin Winter


The Water Strategy seeks to achieve sustainable, above market returns over the longer term by investing globally in companies active in the rapidly growing water value chain. Investments are made in companies which have >20% of their underlying revenue coming from across the water value chain.

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

Past performance does not predict future returns.

Discrete performance (%) USD

(As of 31/08/2023)
Past performance does not predict future returns.
 2023 YTD20222021202020192018
Water Composite (gross)13.64-21.4830.5120.0135.99-11.62
Water Composite (net)13.38-21.7530.0719.5635.30-12.04
FTSE EOWR Index10.11-17.5823.1014.9532.66-10.83
MSCI ACWI14.80-18.3618.5416.2526.60-9.41

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 August 2023, unless otherwise stated. Performance is shown net of ongoing charges and portfolio costs, with net-income reinvested where applicable. Source: FactSet, Bloomberg, WM Reuters.

FTSE index is total return (gross dividend reinvested), MSCI 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

Hubert Aarts

Deputy Chief Investment Officer, Listed Equities

Hubert serves as Deputy CIO, Listed Equities. 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.

Authored Insights

Justin Winter

Senior Portfolio Manager

Justin analyses businesses globally with a particular focus on water and other environmental markets across the industrials, utilities, and materials sectors.

Before joining Impax in 2009, Justin worked as an investment analyst covering global equities for Hunter Hall, a pioneering Australian ethical investor. Hunter Hall employed a deep value, high-conviction approach with a screen against holdings in areas such as tobacco and nuclear energy. He also worked as a research analyst covering renewable energy at what is now BNEF (Bloomberg New Energy Finance) and, before moving into finance, as a consulting engineer working on major infrastructure projects including preparing Environment Impact Studies and conducting water supply analysis and flood modelling.

He holds a bachelor’s degree in Engineering from the University of Queensland and a master’s in commerce from the University of Sydney.

Authored Insights

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