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 28/02/2023)
 2023 YTD20222021202020192018
Strategy (gross)8.38-21.4830.5120.0135.99-11.62
Strategy (net)8.31-21.7530.0719.5635.30-12.04
FTSE EOWR Index3.81-17.5823.1014.9532.66-10.83
MSCI ACWI4.10-18.3618.5416.2526.60-9.41

All data as at 28 February 2023.

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 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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