Impax Global Equity Opportunities Fund
SRI Style:
Sustainable Style
SDR Labelling:
Not eligible to use label
Product:
SICAV/Offshore
Fund Region:
Global
Fund Asset Type:
Equity
Launch Date:
31/12/2014
Last Amended:
Oct 2024
Dialshifter (
):
Fund Size:
£1023.00m
(as at: 31/03/2024)
Total Screened Themed SRI Assets:
£39620.00m
Total Assets Under Management:
£39620.00m
ISIN:
IE00BSXNJK40, IE00BLRPMQ42, IE00BJKWZC52, IE00BJKWZD69, IE00BJKWZF83, IE00BJKWZG90, IE00BJKWZJ22, IE00BJKWZT20, IE00BJKWZH08, IE00BJKWZV42, IE00BJKWZM50, IE00BJKWZK37, IE00BJKWZL44, IE00BJKWZN67, IE00BJKWZP81
Contact Us:
Objectives:
The Impax Global Equity Opportunities Fund seeks to achieve long term capital growth by investing in companies that possess sustainable competitive advantages, across listed equity markets and sectors. We aim to invest in companies with track records of generating consistent returns, which demonstrate above average free cash flow predictability, and where we believe a company’s long-term opportunities are not necessarily reflected in today’s share price. The investment process includes a strong focus on risks arising from the transition to a more sustainable global economy, as well as seeking to harness the opportunities.
Sustainable, Responsible
&/or ESG Overview:
Impax Asset Management is solely focused on investing in the transition to a more sustainable global economy. Impax's listed equity strategies seek out mispriced companies that are set to benefit from the long-term trends of rising global populations and wealth, changing demographics, urbanisation, increasing consumption, and the resultant increases in resource demand.
Impax aspires to best practices across all aspects of the management of its listed and private equity investments. Environmental, Social and Governance (“ESG”) considerations are embedded within our rigorous ten step investment process for listed equities. Failure by a company to reach the required ESG score will prevent our investment.
Primary fund last amended:
Oct 2024
Information directly from fund manager.
Fund Filters
Ethical Values Led Exclusions
Companies are excluded if they make more than 5% of their revenue from the manufacture, sale or distribution of tobacco products including cigarettes, vaping, e-cigarettes, chewing tobacco and cigars.
Gilts & Sovereigns
Find funds that do not invest in / exclude 'sovereigns' - debt issued by governments. See eg https://www.investopedia.com/terms/s/sovereign-debt.asp
Impact Methodologies
This fund has an explanation of the way in which the manager believes things need to change in order to deliver a more sustainable future, which they are working to help achieve.
Unscreened Assets & Cash
Fund that only invest in cash to aid the practical management (buying and selling) of assets. These funds do not use additional financial instruments.
Intended Clients & Product Options
Finds funds designed to meet the needs of individual investors with an interest in sustainability issues.
Labels & Accreditations
Finds funds classified under Article 8 of the EU’s SFDR (Sustainable Finance Disclosure Requirements). Article 8 of the SFDR is a set of requirements that apply to financial products that 'promote' environmental or social characteristics with high governance also. These rules do not currently apply to UK funds so many managers may leave this field blank.
Fund Management Company Information
About The Business
Find fund managers that consider responsible ownership and ESG to be a key differentiator for their business.
Engagement Approach
working with the assets they hold to help stamp out modern slavery - where direct or indirect company employees are exploited for business benefits.
Sustainable, Responsible &/or ESG Policy:
Impax Global Equity Opportunities Fund aims to generate long term capital growth by investing globally in a portfolio of shares of public quoted companies.
With a significant ESG integration approach, the Fund also aims to invest in companies that are well-positioned in the transition to a more sustainable global economy, as well as seeking to harness
the opportunities. The Fund’s investment universe is assessed through the “Impax Sustainability Lens” which aims to enable the prioritisation of investment in activities that have high opportuni-
ties (for example addressing climate change, providing access to finance and solving healthcare challenges) and low risks (for example health & safety vulnerability, bribery and corruption, climate
change, biodiversity loss and pollution & waste).
The Fund invests mainly in the shares of publicly quoted companies in developed markets.
The Fund has been classified as an Article 8 financial product for the purposes of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (“SFDR”).
The Fund may also invest in emerging markets, regions of the world that are typically still developing their economies.
(Source: Impax website & KIID, February 2023)
Resources, Affiliations & Corporate Strategies:
Impax approach and research
Impax views integration of sustainability expertise and methodology as continuously evolving and assesses how these add value in the investment process. This aspect of the investment process takes into consideration emerging issues and risks that are material for investee companies. This is achieved using a combination of company analysis, sustainability analysis, examining the types of issues that Non-Government Organisations (NGOs) and think tanks are focused on, and analysis of planned and forthcoming legislation and policy.
This approach has enabled Impax to focus on various externalities before they emerge as fully-fledged risks and opportunities – through the Firm’s unique combination of top-down proprietary tools used in idea generation and bottom-up security level analysis. Seeking to stay ahead of events is a challenge, but one that Impax has been successfully achieving for over 25 years through a profound understanding of the transition to a sustainable economy.
Impax believes the most differentiated aspect of its use of ESG information is that the investment team conducts its own proprietary analysis for active strategies, rather than relying on third party scores, putting significant emphasis on direct due diligence and engagement with companies. Impax believes that ESG analysis cannot be purely based on companies’ disclosures and, to understand the character and quality of companies, deep due diligence is required on the management of material risks. This is especially important in areas where data is scarce, such as human capital, employee satisfaction and productivity.
Impax’s proprietary fundamental ESG analysis is fully embedded within Impax’s investment processes and Sustainability and Stewardship professionals are embedded within the investment teams. Impax’s methodology and approach is dynamic and potential additions to the analysis are continuously considered. For example, in recent years, Impax has developed a proprietary model for analysing physical climate risk exposures (across eight extreme climate hazards, both acute and chronic) for companies’ assets and facilities (currently looking forward 10 and 30 years), based on open-source climate models. This risk analysis is combined with extensive engagement with investee companies where these risks are deemed to be the most material.
Impax Sustainability Centre
In October 2023, Impax’s growing Sustainability & Stewardship and Policy & Advocacy teams combined to form the Impax Sustainability Centre. The Sustainability Centre acts as Impax’s centre of excellence providing services, tools and knowledge on investing in the Transition to a Sustainable Economy (TSE). The Sustainability Centre allows Impax to meet the growing expectations of clients, regulators and other stakeholders. It also enables Impax to maintain a competitive edge in dealing with the rapidly expanding range and depth of sustainability issues that require the Firm’s attention. The Sustainability Centre is led by Co-Heads Lisa Beauvilain (Global Head of Sustainability & Stewardship) and Chris Dodwell (Global Head of Policy & Advocacy) who share management responsibilities and report directly into Impax’s CEO.
Sustainability Centre team
The Sustainability Centre is a centre of excellence, providing services, knowledge, tools and expertise on investing in the transition to a more sustainable economy across the four pillars as outlined below:
- Pillar 1 - Investment sustainability & stewardship
Through this pillar, the SC provides leadership, advice and oversight of investment-related sustainability research, thematic and sustainable universe development, impact measurement, development of proprietary tools and methodologies, management of the fundamental and systematic ESG analysis and processes, and stewardship work including proxy voting and company-specific and thematic engagement, as well as policy insights for the investment process. The SC provides advice, coordination and peer review of ESG-analysis and company-specific engagement which are fully integrated in Impax’s investment process and owned by the lead analysts of the companies.
- Pillar 2 – Advocacy & outreach
The focus of this pillar is to support policy makers who are working to create enabling environments that will accelerate the transition to a sustainable economy. Impax is active across a range of channels, from traditional reactive approaches such as working through industry associations, responding to consultations, and participating in issue-specific initiatives and sign-on letters - to more innovative pro-active interventions such as publishing Impax’s perspectives and commentaries, funding research, piloting new approaches, partnering with clients, and bilateral discussions with policy makers. Impax’s efforts around “systematic stewardship” fall under this pillar. Systemic stewardship combines company thematic engagement and policy advocacy as levers for accelerated change.
- Pillar 3 – Thought leadership
Through this pillar, the SC deliver thought-leadership content that supports the investment process, as well as content produced for external audiences. The SC’s thought leadership output provides Impax’s house view on important and evolving topics, supports research partnerships with academia and clients, and provides Impax’s firm-wide sustainability training and development.
- Pillar 4 – Client advisory and reporting
Under the fourth pillar, the SC advise on sustainability in Impax’s product development, sustainable finance regulatory responses and reporting including the metrics and methodologies used by the client advisory and reporting working group. The SC develops Impax’s firm-wide sustainability policies and is responsible for providing sustainability expertise and insights to Impax’s clients.
Sustainability Centre leadership
The leadership within the Sustainability Centre team has specific responsibilities as described below.
- Lisa Beauvilain, Global Head of Sustainability & Stewardship, Co-Head of the Sustainability Centre – responsible for pillars one and four
- Chris Dodwell, Global Head of Policy and Advocacy, Co-Head of the Sustainability Centre - responsible for pillars two and three
- Charlie Donovan, Senior Economic Advisor - responsible for leading Impax’s thought leadership work and firm-wide sustainability training and development
- David Loehwing, Head of Sustainability & Stewardship, North America – responsible for oversight and development of Impax’s sustainability methodologies, frameworks, and analytics
- Heather Smith, Head of Stewardship – responsible for implementing Impax’s company engagement and voting strategy, including development of themes, metrics, and reporting
- Julie Gorte, Ph.D., Senior Vice President, Sustainable Investing – responsible for Impax’s systematic engagement efforts and actively participates in policy advocacy in the US and in working groups with many of Impax’s membership organisations
- Miriam Benarey, Sustainability & Stewardship – responsible for managing sustainable investment processes, including development of sustainability metrics, and reporting, as co-head of the Beyond Financial Returns (BFR) working group
- Nana Li, Head of Sustainability & Stewardship, Asia-Pacific – responsible for sustainability research, thought leadership, and engagement in the Asia-Pacific region
- Paolo Macri, Sustainable Investment Research – responsible for oversight and development of thematic universes, related data and impact measurement and reporting
- Shahbano Soomro, Deputy Head of Policy and Advocacy - responsible for providing policy insights into the investment process
Integration of roles and responsibilities
The investment teams include many analysts with strong backgrounds in, and deep understanding of ESG topics. The lead investment analysts are responsible for both financial and ESG analysis, and related engagements with the investee companies under their coverage, for Impax’s active listed investments.
The Sustainability Centre is responsible for the oversight, peer-review and scoring of the ESG analysis, coordination of focus areas of engagement and continuous further development of the ESG, sustainability and stewardship approaches and methodologies.
Additional oversight comes from the Compliance team, which conducts monitoring on the investment process, as well as from Investment Control and the Product Committee, which is responsible for the governance and transparency of the product manufacturing and distribution processes.
The Compliance team has trading flags and blocks in place for companies whose ESG reviews might be due for an update, for companies whose ESG scores do not meet the minimum threshold, or for companies that are in breach of normative exclusions such as UN Global Compact (human rights, labour rights etc.). Companies that do not have a timely, scored and peer reviewed ESG analysis in place, or that are in breach due to exclusionary activities, cannot be purchased for portfolios.
The Head of Sustainability & Stewardship, in conjunction with Investment Control, monitors and reports on any companies whose ESG reviews are overdue or whose position sizes are near portfolio limits. There is an on-going flow of ESG-related information to the investment team on new sustainability or stewardship developments. There are standing agenda items for ESG, engagement and policy developments at investment team meetings and the Investment Committee meetings. Material events, changes to company ESG scores, and progress on ESG and sustainability engagements are presented and discussed under the standing agenda item “Sustainability & Stewardship”.
All portfolio managers and analysts are involved in engagement activities and Impax’s Investment Committee has a standing “Sustainability & Stewardship” agenda item to continuously inform and discuss engagement issues across the investment teams.
Governance
The Board of Directors sets the overall business strategy and risk appetite and has overall responsibility for reviewing the Firm’s ESG investment standards and monitoring compliance. One Board Director is specifically assigned “Climate” responsibility at the board-level and another Equity, Diversity & Inclusion (E,D&I). These Directors attend the Impax Environment and E,D&I Forums as observers.
The Management Committee (MCo) assists the Chief Executive, providing input and advice, in designing, facilitating and overseeing the actions necessary to deliver Impax’s business plan. Meeting monthly, MCo consider group wide issues, including the prioritisation of resources to our business divisions and subsidiaries, to provide the support required to set and achieve their objectives as well as meet their legal and regulatory obligations.
The Senior Leadership Team (SLT) is responsible for providing advice and support to MCo, and communicating and executing decisions made by the MCo throughout the business. The SLT acts as a consultative body for MCo, providing analysis and recommendations on current issues and ensuring that decisions are cascaded effectively through the business.
The Investment Committees oversee investment activities, performance, and risk. ESG and stewardship is a key an agenda item, including updates on engagement projects and outcomes. Regular updates from all Investment Committee meetings are provided to the Executive Committee and the Board.
The Sustainability Policy Committee (“SPC”) oversees, reviews, and approves Impax’s ESG, sustainability and stewardship-related policies and positions. It convenes as required and reports significant policy developments to the Investment Committees.
The Sustainability and Stewardship Expert Group (“SSEG”) facilitates the coordination of Sustainability & Stewardship work at Impax and acts as a conduit for information sharing and thought leadership among Impax’s S&S experts and main stakeholders. The role of the SSEG is to coordinate work and raise awareness among Impax S&S experts on Sustainability and Stewardship matters within, such as client reporting & advisory related matters, Impax Lens Committee, product development etc. The SSEG is led by Lisa Beauvilain and David Loehwing. Each meeting has a rotating moderator. Members of the Impax Sustainability Centre as well as other Impax experts and stakeholders participate as per the specific agenda items.
Key collective responsible Investment (RI) initiatives of which Impax is a signatory/member:
- Compliance with the UN Global Compact principles (including human rights, labour rights, environment, and anti-corruption) is a normative investment requirement for Impax. The Impax investible universe is screened for adherence to the UN Global Compact principles. An external research provider is used to support this screening activity. The underlying research provides assessments covering the UN’s Global Compact Principles, International Labour Organization’s (ILO) Conventions, OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGPs).
- Net Zero Asset Managers Initiative (NZAM). Impax joined the Net Zero Asset Managers Initiative in October 2021 and made its Initial Target Disclosure in November 2022.
- UK Stewardship Code. Impax has been a signatory of the Financial Reporting Council’s UK Stewardship Code since 2011. The code aims to enhance the quality of engagement between institutional investors and companies to help improve long-term returns to shareholders and the efficient exercise of governance responsibilities.
- Principles for Responsible Investment (PRI). Impax has been a signatory of the PRI since 2008. The PRI aims to help investors integrate ESG considerations into investment decision making and supports sharing best practice in active ownership.
- Task Force on Climate-related Financial Disclosures (TCFD). Impax has been a signatory of the TCFD recommendations since 2017. The TCFD develops voluntary, consistent climate-related financial risk disclosures for companies providing information to investors, lenders, insurers and other stakeholders.
- Task Force on Nature-related Financial Disclosures (TNFD). Impax has been actively involved in the preparatory work for the TNFD as a member of the informal working group and is now continuing its support through the TNFD Forum, focusing on the development of decision-useful metrics for assessing nature-related risks and opportunities. Impax will continue to participate in discussions around management and disclosure standards on nature-related risks.
Other key collective RI investment groups of which Impax is a signatory/member:
- CDP
- Institutional Investors Group on Climate Change
- Regional Climate Change e.g., IIGCC, AIGCC, or Ceres
- Investor Network on Climate Risk
- Regional Responsible Investment or Sustainable Finance e.g., RIAA, UKSIF, USSIF
- Climate Action 100+
- Corporate Governance Networks
- 30% club or 40:40 Vision or ILPA D&I Initiative
- The Global Impact Investing Network (GIIN)
- FAIRR Initiative
Other:
United Nations Environment Programme Initiative; World Resources Institute, Asian Corporate Governance Association (ACGA), Powering Past Coal Alliance; The Glasgow declaration on zero emissions cars and vans, PRI’s Deforestation Letter, Share Action Investor Decarbonization Initiative, Women’s Empowerment Principles, PRI Sustainable Stock Exchanges.
Please see a more detailed list of Impax memberships here: Memberships - Impax Asset Management (impaxam.com)
SDR Labelling:
Not eligible to use label
Key Performance Indicators:
At Impax, every strategy is designed to intentionally allocate clients’ capital towards those companies which are expected to benefit as the global economy transitions to a more sustainable model. Our annual Beyond Financial Returns reporting provides post-investment evidence of this intentionality.
This reporting includes the following topics and metrics:
- Stewardship: metrics include companies engaged by theme, engagement dialogue by investee company and proxy voting summary
- Carbon Profile: metrics include GHG emissions (Scopes 1, 2, 3), avoided GHG emissions, Weighted Average Carbon Intensity (WACI)
- Environmental benefits (water provided/saved/treated, Renewable energy generated (MWh), Material recovered/waste treated.
- UN Sustainable Development Goals alignment
- Methodology section including definitions and KPI availability/coverage information
Disclaimer
This document has been issued by Impax Asset Management (“Impax”) which means one of the following entities depending on the location of the recipient:
- For recipients based inside the EEA: Impax Asset Management Ireland Limited, which is authorised and regulated by the Central Bank of Ireland.
- For recipients based outside the European Economic Area (the “EEA”): Impax Asset Management Limited (FRN 197008) and/or Impax Asset Management (AIFM) Limited (FRN 613534) which are authorised and regulated by the Financial Conduct Authority.
- For investors in the UK: Investors are advised that all, or most of, the protections offered by the UK regulatory system are not available and that compensation will not be available to them under the UK Financial Services Compensation Scheme.
This material, including any statements, information, data and content contained within it and any materials, information, images, links, graphics or recording provided in conjunction with this material are being furnished by Impax for general informational and/or marketing purposes only. The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from Impax. The material does not constitute a distribution, an offer, an invitation, recommendation or solicitation to sell or buy any securities in any jurisdiction. Please contact an investment adviser for information and advice on the legal, regulatory and tax consequences of an investment in the strategy. If you invest through a third-party provider, you should consult them directly, as charges, performance and terms and conditions may differ materially.
Where this document is being made available in the EEA: The Document is only being made available to and is only directed at persons in member states of the EEA who are professionals, defined as Eligible Counterparties, or Professional Clients, as defined by the applicable jurisdiction. Under no circumstances should any information contained in this document be regarded as an offer or solicitation to deal in investments in any jurisdiction.
Where this document is being made available in the UK: The Document is only being made available to and is only directed at persons in the United Kingdom who are professionals, defined as Eligible Counterparties, or Professional Clients, within the meaning of the rules of the Financial Conduct Authority. Under no circumstances should any information contained in this Document be regarded as an offer or solicitation to deal in investments in any jurisdiction. In the United Kingdom, this material is a financial promotion and has been approved by Impax Asset Management Limited OR Impax Asset Management (AIFM) Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority.
Important information
This is a marketing communication. Full details of the objectives, investment policies and risks are available in the prospectus and the key investor information document (KIIDs) and/or key information document (KID), which should be consulted before making any investment decision.
This document has been issued by Impax Asset Management Ireland Limited which is authorised and regulated by the Central Bank of Ireland and which is the management company (the “Management Company”) of Impax Funds (Ireland) Plc (the “Fund(s)”). The Fund is an umbrella type investment company with variable capital and is incorporated with limited liability under the laws of Ireland with registered number 393658. The Fund is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended.
The information is not for use within any country or with respect to any person(s) where such use could constitute a violation of the applicable law. This document is solely for the use of professionals, defined as Eligible Counterparties or Professional Clients, under Directive 2014/65/EU (“MiFID II”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents (KIID) and/or key information document (KID) in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund documents which are available free of charge from the local representative, local information/ paying agent or from authorised distributors. They can also be found along with a summary of investor rights in English at www.impaxam.com. The Management Company reserves the right to terminate marketing arrangements.
Additional information for: Investors in the UK: Investors are advised that all, or most of, the protections offered by the UK regulatory system are not available and that compensation will not be available to them under the UK Financial Services Compensation Scheme.
- Ex-EEA – For recipients based outside the European Economic Area (the “EEA”): Impax Asset Management Limited (FRN 197008) and/or Impax Asset Management (AIFM) Limited (FRN 613534) which are authorised and regulated by the Financial Conduct Authority.
- EEA - For recipients based inside the EEA: Impax Asset Management Ireland Limited which is authorised and regulated by the Central Bank of Ireland.
Impax Environmental Markets (Ireland) Fund (“IEMI”), Impax Asian Environmental Markets (Ireland) Fund (“IAEMI”), Impax Environmental Leaders (Ireland) Fund (“IELF”), Impax Global Equity Opportunities Fund (“IGEO”), and Impax Listed Infrastructure Fund (“ILI”), Impax US Environmental Leaders Fund (“IUEL”) and Impax Global Social Leaders Fund (“IGSL”) are sub-funds of Impax Funds (Ireland) Plc (the “Fund”).
This communication is for informational purposes only for the sole use of the intended recipient and does not constitute an offer or invitation to invest in any fund, security, financial instrument or product for which Impax provides investment advisory and/or investment management or any other services. Any data services and information available from public sources used in the creation of this communication are believed to be reliable. Unless stated otherwise the source of all information is Impax as of the date indicated.
The content does not represent and is not intended to constitute advice of any nature nor an investment recommendation or opinion regarding the appropriateness or suitability of any investment or strategy and does not consider the particular circumstances specific to any individual recipient to whom this material has been sent. Any offering is made only pursuant to the relevant offering document and the relevant subscription application, of all which must be read in their entirety. Prospective investors should review the offering memorandum, including the risk factors in the offering memorandum, before making a decision to invest.
Performance – This document may contain information on the past performance of the sub-funds and / or the Fund. Past performance does not predict future returns. Information on past performance refers to the past and past performance is not a reliable indication of future performance. This also applies to historical market data. The performance data does not take into account the commissions and costs incurred on the issue and redemption of units. If the currency in which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate fluctuations the performance shown may increase or decrease if converted into your local currency. Investments in funds are subject to risk. The money invested in a fund can increase and decrease in value and there is no guarantee that you will get back the full amount invested.
Benchmark – Impax uses the MSCI ACWI and the FTSE ET indices as indicative benchmarks for its strategies. The MSCI ACWI captures all sources of equity returns in 23 developed and 26 emerging markets, and it assumes any net cash distributions, including dividends, are reinvested. The FTSE ET represents the performance globally of companies with a core business (at least 50%) in the development and operation of environmental technologies, and it assumes any gross cash distributions, including dividends, are reinvested. Both indices have investment orientations which are comparable to the sub-funds’ strategies.
The information and any opinions contained in this document have been compiled in good faith, but no representation or warranty express or implied, is made to their accuracy, completeness or correctness. Impax, its officers, employees, representatives and agents expressly advise that they shall not be liable in any respect whatsoever for any loss or damage, whether direct, indirect, consequential or otherwise however arising (whether in negligence or otherwise) out of or in connection with the contents of or any omissions from this document.
Distribution of this communication and the availability of the Fund and/or any sub-funds may be restricted, and the minimum subscription amount may be higher in certain jurisdictions. The product(s) mentioned within this communication (i) may not be registered for distribution in your jurisdiction, and (ii) may only be available to professional or otherwise qualified investors or entities. It is important that potential investors are able to ensure compliance with local regulations prior to making a subscription. Please refer to the offering documentation for additional information. Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents (KIID) and/or key information document (KID) in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge. They can also be found along with a summary of investor rights in English at www.impaxam.com. The prospectus is available in English, while the KIIDs are available in English, Danish, Dutch, German, Icelandic, Italian, Norwegian and Swedish, additionally the KIIDs for IGEO are available in French. Shares in the sub-funds are offered only on the basis of information contained in the prospectus, the KIIDs, and the latest annual audited accounts. Before any subscription, it is recommended that you read carefully the most recent prospectus and review the latest financial reports published by the Fund.
Potential investors should consult with their professional advisers in relation to the tax treatment of their holdings. Please note that the dividends/interest which the fund may receive may be subject to withholding taxes. The tax treatment depends on the individual circumstances of each investor.
Nothing in this document should be regarded as legal, tax, securities, or investment advice. The information contained in this website should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional. Impax has not considered the suitability and appropriateness of any investment or service you may make with us against your personal circumstances. If you are unsure about the meaning of any information provided please consult your financial or other professional adviser. Persons should consult their professional advisers as to whether they require any governmental or other consents in order to invest in the products described on this website. References in this website to specific securities should not be taken as a recommendation to buy or sell those securities but are included for the purposes of illustration and/or information only. This document has not been reviewed or approved by any regulatory authority. Impax does not provide legal or tax advice.
| Fund Name | SRI Style | SDR Labelling | Product | Region | Asset Type | Launch Date | Last Amended |
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|---|---|---|---|---|---|---|---|---|
Impax Global Equity Opportunities Fund |
Sustainable Style | Not eligible to use label | SICAV/Offshore | Global | Equity | 31/12/2014 | Oct 2024 | |
ObjectivesThe Impax Global Equity Opportunities Fund seeks to achieve long term capital growth by investing in companies that possess sustainable competitive advantages, across listed equity markets and sectors. We aim to invest in companies with track records of generating consistent returns, which demonstrate above average free cash flow predictability, and where we believe a company’s long-term opportunities are not necessarily reflected in today’s share price. The investment process includes a strong focus on risks arising from the transition to a more sustainable global economy, as well as seeking to harness the opportunities. |
Fund Size: £1023.00m (as at: 31/03/2024) Total Screened Themed SRI Assets: £39620.00m (as at: 31/03/2024) Total Assets Under Management: £39620.00m (as at: 31/03/2024) ISIN: IE00BSXNJK40, IE00BLRPMQ42, IE00BJKWZC52, IE00BJKWZD69, IE00BJKWZF83, IE00BJKWZG90, IE00BJKWZJ22, IE00BJKWZT20, IE00BJKWZH08, IE00BJKWZV42, IE00BJKWZM50, IE00BJKWZK37, IE00BJKWZL44, IE00BJKWZN67, IE00BJKWZP81 Contact Us: clientservices@impaxam.com |
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Sustainable, Responsible &/or ESG OverviewImpax Asset Management is solely focused on investing in the transition to a more sustainable global economy. Impax's listed equity strategies seek out mispriced companies that are set to benefit from the long-term trends of rising global populations and wealth, changing demographics, urbanisation, increasing consumption, and the resultant increases in resource demand. Impax aspires to best practices across all aspects of the management of its listed and private equity investments. Environmental, Social and Governance (“ESG”) considerations are embedded within our rigorous ten step investment process for listed equities. Failure by a company to reach the required ESG score will prevent our investment. |
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Primary fund last amended: Oct 2024 |
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Information received directly from Fund Manager |
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Fund FiltersEthical Values Led Exclusions
Tobacco and related products - avoid where revenue > 5%
Companies are excluded if they make more than 5% of their revenue from the manufacture, sale or distribution of tobacco products including cigarettes, vaping, e-cigarettes, chewing tobacco and cigars. Gilts & Sovereigns
Does not invest in sovereigns
Find funds that do not invest in / exclude 'sovereigns' - debt issued by governments. See eg https://www.investopedia.com/terms/s/sovereign-debt.asp Impact Methodologies
Publish ‘theory of change’ explanation
This fund has an explanation of the way in which the manager believes things need to change in order to deliver a more sustainable future, which they are working to help achieve. Unscreened Assets & Cash
No ‘diversifiers’ used other than cash
Fund that only invest in cash to aid the practical management (buying and selling) of assets. These funds do not use additional financial instruments. Intended Clients & Product Options
Intended for investors interested in sustainability
Finds funds designed to meet the needs of individual investors with an interest in sustainability issues. Labels & Accreditations
SFDR Article 8 fund / product (EU)
Finds funds classified under Article 8 of the EU’s SFDR (Sustainable Finance Disclosure Requirements). Article 8 of the SFDR is a set of requirements that apply to financial products that 'promote' environmental or social characteristics with high governance also. These rules do not currently apply to UK funds so many managers may leave this field blank. Fund Management Company InformationAbout The Business
Responsible ownership / ESG a key differentiator (AFM company wide)
Find fund managers that consider responsible ownership and ESG to be a key differentiator for their business. Engagement Approach
Engaging to stop modern slavery
working with the assets they hold to help stamp out modern slavery - where direct or indirect company employees are exploited for business benefits. Sustainable, Responsible &/or ESG Policy:Impax Global Equity Opportunities Fund aims to generate long term capital growth by investing globally in a portfolio of shares of public quoted companies. With a significant ESG integration approach, the Fund also aims to invest in companies that are well-positioned in the transition to a more sustainable global economy, as well as seeking to harness The Fund invests mainly in the shares of publicly quoted companies in developed markets. The Fund has been classified as an Article 8 financial product for the purposes of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (“SFDR”). The Fund may also invest in emerging markets, regions of the world that are typically still developing their economies.
(Source: Impax website & KIID, February 2023) Resources, Affiliations & Corporate Strategies:Impax approach and research Impax views integration of sustainability expertise and methodology as continuously evolving and assesses how these add value in the investment process. This aspect of the investment process takes into consideration emerging issues and risks that are material for investee companies. This is achieved using a combination of company analysis, sustainability analysis, examining the types of issues that Non-Government Organisations (NGOs) and think tanks are focused on, and analysis of planned and forthcoming legislation and policy. This approach has enabled Impax to focus on various externalities before they emerge as fully-fledged risks and opportunities – through the Firm’s unique combination of top-down proprietary tools used in idea generation and bottom-up security level analysis. Seeking to stay ahead of events is a challenge, but one that Impax has been successfully achieving for over 25 years through a profound understanding of the transition to a sustainable economy. Impax believes the most differentiated aspect of its use of ESG information is that the investment team conducts its own proprietary analysis for active strategies, rather than relying on third party scores, putting significant emphasis on direct due diligence and engagement with companies. Impax believes that ESG analysis cannot be purely based on companies’ disclosures and, to understand the character and quality of companies, deep due diligence is required on the management of material risks. This is especially important in areas where data is scarce, such as human capital, employee satisfaction and productivity. Impax’s proprietary fundamental ESG analysis is fully embedded within Impax’s investment processes and Sustainability and Stewardship professionals are embedded within the investment teams. Impax’s methodology and approach is dynamic and potential additions to the analysis are continuously considered. For example, in recent years, Impax has developed a proprietary model for analysing physical climate risk exposures (across eight extreme climate hazards, both acute and chronic) for companies’ assets and facilities (currently looking forward 10 and 30 years), based on open-source climate models. This risk analysis is combined with extensive engagement with investee companies where these risks are deemed to be the most material.
Impax Sustainability Centre In October 2023, Impax’s growing Sustainability & Stewardship and Policy & Advocacy teams combined to form the Impax Sustainability Centre. The Sustainability Centre acts as Impax’s centre of excellence providing services, tools and knowledge on investing in the Transition to a Sustainable Economy (TSE). The Sustainability Centre allows Impax to meet the growing expectations of clients, regulators and other stakeholders. It also enables Impax to maintain a competitive edge in dealing with the rapidly expanding range and depth of sustainability issues that require the Firm’s attention. The Sustainability Centre is led by Co-Heads Lisa Beauvilain (Global Head of Sustainability & Stewardship) and Chris Dodwell (Global Head of Policy & Advocacy) who share management responsibilities and report directly into Impax’s CEO.
Sustainability Centre team The Sustainability Centre is a centre of excellence, providing services, knowledge, tools and expertise on investing in the transition to a more sustainable economy across the four pillars as outlined below:
Through this pillar, the SC provides leadership, advice and oversight of investment-related sustainability research, thematic and sustainable universe development, impact measurement, development of proprietary tools and methodologies, management of the fundamental and systematic ESG analysis and processes, and stewardship work including proxy voting and company-specific and thematic engagement, as well as policy insights for the investment process. The SC provides advice, coordination and peer review of ESG-analysis and company-specific engagement which are fully integrated in Impax’s investment process and owned by the lead analysts of the companies.
The focus of this pillar is to support policy makers who are working to create enabling environments that will accelerate the transition to a sustainable economy. Impax is active across a range of channels, from traditional reactive approaches such as working through industry associations, responding to consultations, and participating in issue-specific initiatives and sign-on letters - to more innovative pro-active interventions such as publishing Impax’s perspectives and commentaries, funding research, piloting new approaches, partnering with clients, and bilateral discussions with policy makers. Impax’s efforts around “systematic stewardship” fall under this pillar. Systemic stewardship combines company thematic engagement and policy advocacy as levers for accelerated change.
Through this pillar, the SC deliver thought-leadership content that supports the investment process, as well as content produced for external audiences. The SC’s thought leadership output provides Impax’s house view on important and evolving topics, supports research partnerships with academia and clients, and provides Impax’s firm-wide sustainability training and development.
Under the fourth pillar, the SC advise on sustainability in Impax’s product development, sustainable finance regulatory responses and reporting including the metrics and methodologies used by the client advisory and reporting working group. The SC develops Impax’s firm-wide sustainability policies and is responsible for providing sustainability expertise and insights to Impax’s clients.
Sustainability Centre leadership The leadership within the Sustainability Centre team has specific responsibilities as described below.
Integration of roles and responsibilities The investment teams include many analysts with strong backgrounds in, and deep understanding of ESG topics. The lead investment analysts are responsible for both financial and ESG analysis, and related engagements with the investee companies under their coverage, for Impax’s active listed investments. The Sustainability Centre is responsible for the oversight, peer-review and scoring of the ESG analysis, coordination of focus areas of engagement and continuous further development of the ESG, sustainability and stewardship approaches and methodologies. Additional oversight comes from the Compliance team, which conducts monitoring on the investment process, as well as from Investment Control and the Product Committee, which is responsible for the governance and transparency of the product manufacturing and distribution processes. The Compliance team has trading flags and blocks in place for companies whose ESG reviews might be due for an update, for companies whose ESG scores do not meet the minimum threshold, or for companies that are in breach of normative exclusions such as UN Global Compact (human rights, labour rights etc.). Companies that do not have a timely, scored and peer reviewed ESG analysis in place, or that are in breach due to exclusionary activities, cannot be purchased for portfolios. The Head of Sustainability & Stewardship, in conjunction with Investment Control, monitors and reports on any companies whose ESG reviews are overdue or whose position sizes are near portfolio limits. There is an on-going flow of ESG-related information to the investment team on new sustainability or stewardship developments. There are standing agenda items for ESG, engagement and policy developments at investment team meetings and the Investment Committee meetings. Material events, changes to company ESG scores, and progress on ESG and sustainability engagements are presented and discussed under the standing agenda item “Sustainability & Stewardship”. All portfolio managers and analysts are involved in engagement activities and Impax’s Investment Committee has a standing “Sustainability & Stewardship” agenda item to continuously inform and discuss engagement issues across the investment teams.
Governance The Board of Directors sets the overall business strategy and risk appetite and has overall responsibility for reviewing the Firm’s ESG investment standards and monitoring compliance. One Board Director is specifically assigned “Climate” responsibility at the board-level and another Equity, Diversity & Inclusion (E,D&I). These Directors attend the Impax Environment and E,D&I Forums as observers. The Management Committee (MCo) assists the Chief Executive, providing input and advice, in designing, facilitating and overseeing the actions necessary to deliver Impax’s business plan. Meeting monthly, MCo consider group wide issues, including the prioritisation of resources to our business divisions and subsidiaries, to provide the support required to set and achieve their objectives as well as meet their legal and regulatory obligations. The Senior Leadership Team (SLT) is responsible for providing advice and support to MCo, and communicating and executing decisions made by the MCo throughout the business. The SLT acts as a consultative body for MCo, providing analysis and recommendations on current issues and ensuring that decisions are cascaded effectively through the business. The Investment Committees oversee investment activities, performance, and risk. ESG and stewardship is a key an agenda item, including updates on engagement projects and outcomes. Regular updates from all Investment Committee meetings are provided to the Executive Committee and the Board. The Sustainability Policy Committee (“SPC”) oversees, reviews, and approves Impax’s ESG, sustainability and stewardship-related policies and positions. It convenes as required and reports significant policy developments to the Investment Committees. The Sustainability and Stewardship Expert Group (“SSEG”) facilitates the coordination of Sustainability & Stewardship work at Impax and acts as a conduit for information sharing and thought leadership among Impax’s S&S experts and main stakeholders. The role of the SSEG is to coordinate work and raise awareness among Impax S&S experts on Sustainability and Stewardship matters within, such as client reporting & advisory related matters, Impax Lens Committee, product development etc. The SSEG is led by Lisa Beauvilain and David Loehwing. Each meeting has a rotating moderator. Members of the Impax Sustainability Centre as well as other Impax experts and stakeholders participate as per the specific agenda items. Key collective responsible Investment (RI) initiatives of which Impax is a signatory/member:
Other key collective RI investment groups of which Impax is a signatory/member:
Other: United Nations Environment Programme Initiative; World Resources Institute, Asian Corporate Governance Association (ACGA), Powering Past Coal Alliance; The Glasgow declaration on zero emissions cars and vans, PRI’s Deforestation Letter, Share Action Investor Decarbonization Initiative, Women’s Empowerment Principles, PRI Sustainable Stock Exchanges. Please see a more detailed list of Impax memberships here: Memberships - Impax Asset Management (impaxam.com) SDR Labelling:Not eligible to use label Key Performance Indicators:
At Impax, every strategy is designed to intentionally allocate clients’ capital towards those companies which are expected to benefit as the global economy transitions to a more sustainable model. Our annual Beyond Financial Returns reporting provides post-investment evidence of this intentionality. This reporting includes the following topics and metrics:
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