Universe market cap
Launch date
January 2009
Portfolio managers
Hubert Aarts
Bruce Jenkyn-Jones
Justin Winter
c.250 companies


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 30/09/2021)
 2021 YTD20202019201820172016
Strategy (gross)18.4020.0135.99-11.6229.8211.20
Strategy (net)18.1019.5635.30-12.0429.3210.81
FTSE EOWR Index13.0114.9532.66-10.8327.168.09
MSCI ACWI11.1216.2526.60-9.4123.977.86

All data as at 30 September 2021.

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 Management Team

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 blog posts

Bruce Jenkyn-Jones

Chief Investment Officer (CIO), Listed Equities, Executive Director

Bruce serves as Impax’s Chief Investment Officer, Listed Equities. He is responsible for supervising and overseeing investment process, policy and performance, regulatory oversight, and leads product design and development as well as the application of Impax’s investment thesis across the Listed Equities product range.

Bruce is Chairman of the Listed Equities Investment Committee, and serves as Co-Portfolio Manager of Impax’s Specialists and Climate strategies.

Bruce joined Impax in 1999 where he worked initially on venture capital investments before developing the listed equities business.  Before joining Impax, Bruce worked as a utilities analyst at Bankers Trust and as an environmental consultant for Environmental Resources Management (ERM).

Bruce has an MBA from IESE (Barcelona), an MSc in Environmental Technology from Imperial College and a degree in Chemistry from Oxford.

Recent blog posts

Justin Winter

Portfolio Manager, Director

Justin joined Impax in July 2009. His primary focus is on analysing investment opportunities for Impax’s strategies. In addition, Justin is a member of the portfolio construction team for the Specialists and Water strategies, and co-manager of a product that combines these strategies.

He has specialist research experience in both renewable energy and water, having worked at New Energy Finance and as a consulting engineer specialising in water issues and environmental impact statements. Justin worked as an investment analyst for Australian boutique manager Hunter Hall, where he covered global equities from their London and Sydney offices.

Justin has a Bachelor of Engineering from the University of Queensland and a Masters of Commerce from the University of Sydney.

Recent blog posts

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