Launch date
January 2015
Portfolio managers
Kirsteen Morrison
David Winborne


An all cap global equity strategy that invests in companies possessing sustainable competitive advantages in order to achieve long-term capital growth

Capturing Opportunities

The transition to a more sustainable economic model creates opportunities for well-positioned companies.

Avoiding Risks

The investment process includes a strong focus on risks arising from this transition.

Sustainability Lens

The proprietary “Impax Sustainability Lens” identifies durable companies best positioned to seize these opportunities and mitigate these risks.

Cumulative performance (%) GBP

Discrete performance (%) GBP

2020 YTD20192018201720162015
Strategy (gross)5.329.91.922.620.84.4
Strategy (net)4.828.91.121.719.93.7
MSCI ACWI0.521.7-3.813.228.73.3

All data as at 30 June 2020

Performance source: FactSet, Bloomberg, WM Reuters. Data is in GBP. Composite figures are presented both gross and net of management fees and include the reinvestment of all income. MSCI index is total net return (net dividend reinvested). 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. Impax Asset Management claim compliance with Global Investment Performance Standards (GIPS)®, download the presentation here. Further information on composite data is available on request.

About the Index

MSCI All-Country World Index (ACWI) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 47 country indexes comprising 23 developed and 24 emerging market country indexes. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom and United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

Investment Vehicles

Pax Global Opportunities Fund

Investing in the transition toward a more sustainable economy.

Portfolio Management Team

David Winborne

Senior Portfolio Manager, Director

David joined Impax in September 2015 as a senior portfolio manager on the listed equity team, and his responsibilities include co-management of the Leaders and Global Opportunities strategies.

He arrived from the in-house asset management team at Tesco Pension Investment, where he had joint responsibility for the successful development, launch and management of a new global equities investment platform.

Prior to this, David was a fund manager at Sarasin & Partners, where he was responsible for the firm’s Asia Pacific Equity fund and for contributing investment recommendations to Sarasin’s flagship thematic Global Equity fund.

After graduating from the University of Bath, David began his career at Insight Investment on the Global Equities graduate scheme in 2003 as a global equity analyst.

Recent blog posts

Kirsteen Morrison

Senior Portfolio Manager, Director

Kirsteen joined Impax in 2009 and has co-responsibility for the Global Opportunities strategy. She is also the lead analyst for Japan and India.

Kirsteen began her career in the investment industry in 1987, investing in Asian equities as a Portfolio Manager at Royal London and Henderson Global Investors. She returned from Singapore in 2001 to head the SRI Investment team at Henderson Global Investors in London.

After this, she worked within global equities as a financial analyst for Odey Asset Management, before joining JP Morgan to run a long/short Asian financials portfolio for the internal hedge fund. 

Kirsteen has an MA in Metallurgy and Science of Materials from Oxford.

Recent blog posts

Bruce Jenkyn-Jones

Co-Head of Listed Equities, Executive Director

Bruce is an Executive Director and Co-Head of Listed Equities along with Hubert Aarts.

Together they are responsible for the development of the investment process, research and team. Bruce has an active role in the day to day management of all Impax listed equity portfolios and is on the portfolio construction team for all strategies. Bruce joined Impax in 1999 where he worked initially on venture capital investments before developing the listed equity 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

Sid Jha

Portfolio Manager, Associate Director

Sid is co-manager of the Leaders strategy and a member of the Portfolio Construction team for the Water and Global Opportunities strategies. He has research responsibilities in the Energy Efficiency and Water environmental sub-sectors and also researches stocks with a focus on US-Healthcare.

Sid joined Impax in 2014 after graduating from business school and interning with Impax’s Listed Equity team over the summer and autumn of 2012. In his pre-MBA career, Sid worked as a clean technology consultant in India.

Sid has an MBA with a focus in Finance from London Business School and a Bachelor of Arts in History and Political Science from Macalester College, where he graduated cum laude.

Recent blog posts

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