Impax Asset Management Group Plc · LSE:IPX
Impax Asset Management — FY2025 Earnings Presentation
83 slides from Impax Asset Management's earnings presentation, Dec 1, 2025
Slide 1: Results for the year ending 30 September 2025
Results for the year ending 30 September 2025 Specialist approach: positioned for growth 1 December 2025 FOR INFORMATION ONLY. THIS IS NOT A MARKETING COMMUNICATION. NOT FOR FURTHER DISTRIBUTION.
Slide 2: Agenda
Agenda 1 Highlights and business update 2 Financial update 3 Outlook and summary 4 Appendices 2
Slide 3: Business highlights
Business highlights Positive Financial strength Net outflows Reduced cost Challenging Equity strategies momentum maintained, stabilising: base without market for active offer compelling towards strategic updated dividend improving trend impacting investment fundamentals priorities: closed policy & o
Slide 4: Key Performance Indicators
Key Performance Indicators1 Revenue Adjusted operating Dividend per share4 £141.9m profit1,2 12.0p FY 2024: £170.1m £33.6m FY 2024: 27.6p FY2024: £52.7m Adjusted operating Adjusted diluted Cash reserves margin2 earnings per share3 £64.7m 23.7% 21.3p FY 2024: £90.8m FY 2024: 31:0% FY 2024: 32.2p AUM5
Slide 5: Challenging market environment
Challenging market environment • Weaker consumer & business confidence due to tariffs and geopolitical tensions • Concerns regarding inflation and government debt growing • Despite signs of broadening, equity markets still driven by AI-related & ‘momentum’ stocks • Expanding interest in low tracking
Slide 6: Listed equities: high active share vs indices & still 'out of favour'
Listed equities: high active share vs indices & still ‘out of favour’ Four largest strategies’ performance versus benchmark (GBP, annualised, %)1 Past performance does not predict future returns Water AUM £5.5bn Leaders AUM £5.4bn2 Water MSCI ACWI³ Leaders MSCI ACWI³ 31.7 19.6 24.2 19.6 7.7 10.2 19.
Slide 7: These strategies have derated: valuations generally compelling
These strategies have derated: valuations generally compelling Past performance does not predict future returns Water Specialists Price Earnings Growth (PEG) Ratio Price Earnings Growth (PEG) Ratio 1.80 1.8 1.83 Sep-20 Sep-20 1.69 1.69 1.25 1.25 Sep-25 Sep-25 1.33 1.33 Water MSCI ACWI Specialists MS
Slide 8: Fixed income: stronger relative performance in recent years
Fixed income: stronger relative performance in recent years Select strategy performance versus benchmark (GBP, annualised, %)1 Past performance does not predict future returns Short Duration High Yield2 AUM £0.9bn CoreBond Core Bond 3 3 AUM £0.6bn Short Duration High Yield ICE BofA Global High Yield
Slide 9: Breakdown of AUM movement (£bn)
Breakdown of AUM movement (£bn) 37.2 1.8 2.4 (6.2) 25.3 26.1 2.4 1.1 (5.8) (1.8) (5.1) 1 30/09/2024 SJP Other Inflows Market 31/03/2025 Outflows Inflows Acquired Market 30/09/2025 outflows outflows movement assets movement 9 As at 30 September 2025, assets under advice represent ~4% of total AUM. 1
Slide 10: Well-diversified AUM and revenue
Well-diversified AUM and revenue AUM by range AUM by region1 Revenue by product type2 64% 34% 52% Thematic North Own label Equities America funds 61% 27% 47% 24% 58% 25% Core BNPP mutual EMEA Equities funds 34% 46% 25% 9% 7% Sub-advised 13% Fixed and advisory UK Income funds 3% 23% 17% 2% 1% 10% Pri
Slide 11: Movement in net flows for the Period - by channel (£m)
Movement in net flows for the Period - by channel (£m) Funds sub-managed for St. James’s Place BNP Paribas Asset Management North America (1,044) Own label¹ (6,201) (2,105) (859) BNP 2 (68) Sub-advised & advisory (719) (3,073) (277) Segregated (481) accounts (5) Other UK/Ireland Other EMEA distribut
Slide 12: Our strategic priorities – recap
Our strategic priorities – recap Organically Build scale in Grow grow listed fixed income private equity equities Deepen client Refine our Enhance partnerships and efficient, agile distribution strengthen brand and scalable channels differentiation operating model 12
Slide 13: Organically growing listed equities
Organically growing listed equities Process enhancements • Better use of technology Environmental • Structured research team Core LE Infrastructure Product development Total AUM Social £6.2bn • 2026: First ETF product (in the U.S.) (24%) £26.1bn Thematic LE • Global Systematic Equity strategy £16.8b
Slide 14: Enhancing distribution channels & client partnerships
Enhancing distribution channels & client partnerships Growing direct distribution capabilities • Largest ever segregated mandate win (new European institutional client) • Impax staff now also covering DACH, Scandinavia, Benelux, France, Canada • Impax Sustainability Centre facilitating multi-dimensi
Slide 15: Building scale in fixed income
Building scale in fixed income £2.4bn • SKY Harbor acquisition closed Fixed (9%) income • Global institutional-quality team £1.6bn High Yield (23 team members) • Well-diversified client base £0.7bn Investment Grade Total AUM £26.1bn • Established investment products £0.1bn Emerging Mkts Corp. • New
Slide 16: Growing private equity
Growing private equity • LP investors are increasing allocations to private markets1 • ‘Renewables’ & ‘energy transition’ popular among major allocators1 • Impax’s 20 years’ experience underpins considerable credibility • Fund III: 51% exited to date; encouraging investment performance • Fund IV: 55
Slide 17: Towards an efficient, agile & scalable operating model
Towards an efficient, agile & scalable operating model • During the Period we removed ca. 45 roles (ca. 15% of total) from across the firm • No reduction in capabilities or growth potential • Ongoing efficiency drive with targeted adoption of technology 17
Slide 18: Impax Sustainability Centre
Impax Sustainability Centre • Key knowledge centre to enhance investment processes & product innovation Climate Nature • Provides an edge in establishing & growing client relationships • Team members in Impax offices in the UK, United States & Hong Kong • Accelerating use of technology to support Pe
Slide 19: Financial update
Financial update 19
Slide 20: Financial performance
Financial performance Financial highlights Adjusted 33.6 • Adjusted operating profit of £33.6m (FY24 £52.7m) operating 52.7 profit (£m)¹ 58.1 Adjusted 21.3 diluted earnings • Adjusted diluted EPS 21.3p (FY24 32.2p) per share 32.2 (pence) 35.2 141.9 • Revenue £141.9m (FY24 £170.1m) with improved fee
Slide 21: Revenue performance
Revenue performance Revenue (£m) Average fee margin (bps) Avg. 46.9 AUM £bn 37.8 29.9 45.2 178.4 44.3 170.1 (37.4) 2.5 (0.6) 141.9 7.3 *SJP: (10.1) FY 2023 FY 2024 Net flows Market Fixed income Other FY 2025 movement acquisitions 2023 2024 2025 Sept-25 Sept-25 run-rate run rate: margin: £126.1m 48.4
Slide 22: Active cost management
Active cost management Adjusted operating expenses (£m) Total staff (Period end)1 FY 2025 23 59 82 112 275 FY 2024 18 68 99 130 315 FY 2023 10 60 105 125 300 Fixed income investment Listed equity investment Client group Other staff Operating margin FY 2025 23.7% FY 2024 31.0% £m Run Rates FY 2023 32
Slide 23: Healthy cash balance, dividend reset at a sustainable level
Healthy cash balance, dividend reset at a sustainable level Cash movements (£m)1 Dividend (pence per share) 21.2 2025 4.0 8.0 12.0 87.7 90.8 2024 4.7 22.9 27.6 64.7 (35.3) 2023 4.7 22.9 27.6 (6.9) (4.4) (0.7) 27.6 2022 4.7 22.9 2021 3.6 17.0 20.6 2020 1.8 6.8 8.6 FY 2023 FY 2024 Cash Dividends Acqui
Slide 24: Strong capital position maintained with no debt
Strong capital position maintained with no debt Shareholder equity (£m) Capital update • Healthy capital surplus 134.0 131.1 115.2 • Share buyback 89%1 complete 50.6 51.5 • £16.8m seed capital supporting growth 54.5 opportunities 30.1 30.1 10.0 Capital allocation priorities 22.6 22.2 22.6 • Financia
Slide 25: Share management
Share management Buyback programme Employee Benefit Trust (EBT) IPX shares in issue (m) • Share purchases into EBT continue – 1.7m (£3.4m) shares As at the beginning of the buyback programme purchased in FY25. (22 May 2025) 132.6 • Total shares held in EBT of 5.9m as at Period End. Acquisition of ow
Slide 26: Outlook
Outlook 26
Slide 27: Specialist approach: positioned for growth
Specialist approach: positioned for growth • Investment thesis remains intact despite political headwinds • Our specialist positioning sets us apart from peers • Key strategies trading at low valuations: compelling opportunity for patient investors • Focus on multi-dimensional client partnerships to
Slide 28: Appendices
Appendices 28
Slide 29: Adjusted IFRS performance measures
Adjusted IFRS performance measures As a result of the acquisitions, certain financial IFRS PBT to adjusted PBT (£m) performance measures have been prepared on an adjusted basis. ‘Adjusted’ financial metrics Adjusted PBT 34.3 are shown after removing the effects of primarily: Foreign Exchange 0.2 • F
Slide 30: Share awards and seed investments
Share awards and seed investments Share awards outstanding1 Awards Number outstanding Vesting date End of exercise period RSS (Purchased in EBT) 2,852,060 2025–2029 RSP (New scheme – not purchased) 925,809 2028 - 2030 LTOP 3,250,911 2028–2035 Total 7,028,780 Seed investments Theme Sep 2024 (£m) Sep
Slide 31: Continued revenue diversification
Continued revenue diversification Revenue by range Revenue by strategy1 ■ Leaders 23% ■ Intl Sust Economy 3% ■ Water 14% ■ US Small Cap 3% Thematic Equities FY25:62% ■ Specialists 13% FY24: 61% ■ US Sustainable 1% FY25: 24% ■ Climate 6% Economy Core Equities FY24: 27% ■ Sustainable 2% ■ Core Bond 2%
Slide 32: Background to the Company
Background to the Company 32
Slide 33: Why Impax? Compelling investment
Why Impax? Compelling Global player with Scalable investment weakening business opportunity competition model Established client bases in the EU, Scale in listed equities Economic transition: North America & Asia mispricing of growth & risk Strong foundations in fixed income Politics deterring many
Slide 34: Our investment philosophy
Our investment philosophy We believe the economy is in transition, creating opportunities for long-term investors Disruptive Sectoral Opportunities for forces transformation active investment Resource/environmental managers constraints Impacting all sectors Regulation Varying pace and scale of Techn
Slide 35: Impax capabilities
Impax capabilities Investment platform aligned with the transition to a more sustainable economy Equities £6.2bn £16.8bn Fixed Income £2.4bn Core Thematic Investment Grade High Yield Global All Cap ENVIRONMENTAL SOCIAL Core Bond Global High Yield Bond 2016 2015 Global Opportunities Global All Cap Gl
Slide 36: Assets under management growth since inception
Assets under management growth since inception Assets under management (£m) 1998 15 1999 20 2000 39 2001 38 2002 55 2003 66 2004 69 2005 214 2006 429 2007 982 2008 1,099 2009 1,265 2010 1,823 2011 1,896 2012 1,828 2013 2,197 2014 2,755 2015 2,823 2016 4,502 2017 7,261 2018 12,515 2019 15,051 2020 20
Slide 37: Investment performance
Investment performance 37
Slide 38: Thematic equities
Thematic equities Performance versus benchmark (cumulative, %)1 Past performance does not predict future returns Water AUM £5.5bn Leaders AUM £5.4bn2 Specialists AUM £2.1bn Water MSCI ACWI³ Leaders MSCI ACWI³ 81.2 81.2 Specialists MSCI ACWI³ 81.2 66.1 54.8 54.8 53.4 54.8 36.2 39.2 36.4 16.8 16.8 16.
Slide 39: Core equities
Core equities Performance versus benchmark (cumulative, %)1 Past performance does not predict future returns Global Opportunities AUM £2.7bn US Large Cap AUM £0.8bn Global Opportunities US Large Cap MSCI ACWI² 81.2 Figures refer to the past and that past performance is not S&P 500³ 105.8 54.8 53.7 8
Slide 40: Fixed income
Fixed income Performance versus benchmark (cumulative, %)1 Past performance does not predict future returns US Short Duration High Yield AUM £0.9bn Core Bond AUM £0.6bn High Yield AUM £0.4bn US Short Duration High Yield High Yield Core Bond Bloomberg US Aggregate² 3 ICE 1-5 Year BB-B US HY Constrain
Slide 41: Asian Environmental strategy: GIPS report– US$
Asian Environmental strategy: GIPS report– US$ Composite Description The Asian Environmental Composite contains long only FTSE EO AP FTSE EO AP accounts, which invest regionally in Asia-Pacific companies Total Firm Composite Asset 3yr 3yr 3yr Assets Assets Number of Annual Gross Annual Net MSCI AC A
Slide 42: Asian Environmental cont.
Asian Environmental strategy: GIPS report– US$ cont. Firm Information Returns are calculated using the asset-weighted method and individual portfolios are revalued daily or monthly, depending on their structure. Results are based on fully discretionary accounts Impax Asset Management is defined as I
Slide 43: Core Bond strategy: GIPS report– US$
Core Bond strategy: GIPS report– US$ Composite Description The Core Bond Composite seeks to generate income consistent with the preservation of capital while offering broad fixed income diversification and positive environmental and social impact. The Bloomberg US Strategy focuses on areas of the fi
Slide 44: Core Bond cont.
Core Bond strategy: GIPS report– US$ cont. Firm Information Other Disclosures Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management The USD is the currency used to express performance, results are affected by currency (AIFM) Ltd., Impax Asset Management Ireland Ltd,
Slide 45: Climate strategy: GIPS report– US$
Climate strategy: GIPS report– US$ Composite Description Annual Benchmark 3yr The Climate Composite contains long only accounts, which Total Firm Composite Number of Annual Gross Annual Net Benchmark Asset Weighted 3yr Annualized Annualized Std invest globally in listed companies providing solutions
Slide 46: Climate cont.
Climate strategy: GIPS report– US$ cont. Firm Information Fees and Expenses Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management Impax Asset Management uses a model fee, which is the maximum applicable fee, for the (AIFM) Ltd., Impax Asset Management Ireland Ltd, I
Slide 47: Core Plus Bond strategy: GIPS report– US$
Core Plus Bond strategy: GIPS report– US$ Composite Description The Core Plus Bond Composite primarily invests in impact bonds, investment grade and high yield corporate issues, asset backed securities and government related securities including agencies, Bloomberg US municipals and supra-nationals.
Slide 48: Core Plus Bond cont.
Core Plus Bond strategy: GIPS report– US$ cont. Firm Information Fees and Expenses Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management Impax Asset Management uses a model fee, which is the maximum applicable fee, for the (AIFM) Ltd., Impax Asset Management Ireland
Slide 49: EM Corporate Bond strategy: GIPS report– US$
EM Corporate Bond strategy: GIPS report– US$ JP Morgan Composite Description JP Morgan CEMBI Broad CEMBI Broad Diversified The Emerging Markets Corporate Bond Strategy seeks to Diversified Index (USD generate long term capital growth and income through an Total Firm Annual Gross Annual Net Index (US
Slide 50: EM Corporate Bond cont.
EM Corporate Bond strategy: GIPS report– US$ cont. Firm Information Fees and Expenses Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management Impax Asset Management uses a model fee, which is the maximum applicable fee, for the (AIFM) Ltd., Impax Asset Management Irel
Slide 51: Sustainable Food strategy: GIPS report– US$
Sustainable Food strategy: GIPS report– US$ Composite Description Annual Benchmark 3yr The Sustainable Food Composite contains long only Total Firm Composite Number of Annual Gross Annual Net Benchmark Asset Weighted 3yr Annualized Annualized Std accounts, which invest in companies helping to addres
Slide 52: Sustainable Food cont.
Sustainable Food strategy: GIPS report– US$ cont. Firm Information net of foreign withholding taxes on dividends, interest income and capital gains. Starting March 2015, the benchmark performance presented was changed from gross of withholding taxes to Impax Asset Management is defined as Impax Asse
Slide 53: Global Emerging Markets Opportunities strategy: GIPS report– US$
Global Emerging Markets Opportunities strategy: GIPS report– US$ Composite Description MSCI EM 3yr The Global Emerging Markets Opportunities Strategy Total Firm Composite Number of Annual Gross Annual Net MSCI EM Asset Weighted 3yr Annualized Annualized Std invests in high quality emerging market co
Slide 54: Global Emerging Markets Opportunities cont.
Global Emerging Markets Opportunities strategy: GIPS report– US$ cont. Firm Information Fees and Expenses Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management Impax Asset Management uses a model fee, which is the maximum applicable fee, for the (AIFM) Ltd., Impax A
Slide 55: Global High Yield Bond strategy: GIPS report– US$
Global High Yield Bond strategy: GIPS report– US$ ICE BofA Global Composite Description ICE BofA Global High Yield Index Total Firm Annual Gross Annual Net High Yield Index (USD Hedged) The Global High Yield Bond Strategy seeks to generate Assets Composite Number of Return (USD Return (USD (USD Hedg
Slide 56: Global High Yield Bond cont.
Global High Yield Bond strategy: GIPS report– US$ cont. Firm Information Other Disclosures Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management The USD is the currency used to express performance, results are affected by currency (AIFM) Ltd., Impax Asset Management
Slide 57: Global Opportunities strategy: GIPS report– US$
Global Opportunities strategy: GIPS report– US$ Composite Description Annual Benchmark 3yr The Global Opportunities Composite contains long only Total Firm Composite Number of Annual Gross Annual Net Benchmark Asset Weighted 3yr Annualized Annualized Std accounts, which invest in high quality compan
Slide 58: Global Opportunities cont.
Global Opportunities strategy: GIPS report– US$ cont. Firm Information Fees and Expenses Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management Impax Asset Management uses a model fee for the computation of composite net-of-fee returns. (AIFM) Ltd., Impax Asset Manag
Slide 59: Global Social Leaders strategy: GIPS report– US$
Global Social Leaders strategy: GIPS report– US$ Composite Description MSCI AC World The Global Social Leaders Composite contains long only Total Firm Composite Number of Annual Gross Annual Net MSCI AC World Asset Weighted 3yr Annualized 3yr Annualized accounts, which invest globally in companies t
Slide 60: Global Social Leaders cont.
Global Social Leaders strategy: GIPS report– US$ cont. Firm Information Impax Asset Management uses a model fee, which is the maximum applicable fee, for the computation of composite net-of-fee returns. Since July 2023, the highest annual management Impax Asset Management is defined as Impax Asset M
Slide 61: Global Women's Leadership strategy: GIPS report– US$
Global Women's Leadership strategy: GIPS report– US$ Composite Description MSCI World 3yr The Global Women’s Leadership Strategy invests in Total Firm Composite Number of Annual Gross Annual Net MSCI World Asset Weighted 3yr Annualized Annualized Std companies around the world that advance diversity
Slide 62: Global Women's Leadership cont.
Global Women's Leadership strategy: GIPS report– US$ cont. Firm Information Fees and Expenses Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management Impax Asset Management uses a model fee, which is the maximum applicable fee, for the (AIFM) Ltd., Impax Asset Managem
Slide 63: US High Yield Bond strategy: GIPS report– US$
US High Yield Bond strategy: GIPS report– US$ Composite Description The US High Yield Bond Composite seeks to deliver high current income and competitive risk-adjusted total returns over a full ICE BofA US market cycle through a process that employs rigorous credit ICE BofA US Cash Pay High analysis
Slide 64: US High Yield Bond cont.
US High Yield Bond strategy: GIPS report– US$ cont. Firm Information Impax Asset Management uses a model fee, which is the maximum applicable fee, for the computation of composite net-of-fee returns. Since October 2015 net of fee performance was Impax Asset Management is defined as Impax Asset Manag
Slide 65: International Sustainable Economy strategy: GIPS report– US$
International Sustainable Economy strategy: GIPS report– US$ Composite Description Total Firm MSCI EAFE 3yr The International Sustainable Economy Composite follows Assets Composite Number of Annual Gross Annual Net MSCI EAFE Asset Weighted 3yr Annualized Annualized Std a sustainable investing approa
Slide 66: International Sustainable Economy cont.
International Sustainable Economy strategy: GIPS report– US$ cont. Firm Information Fees and Expenses Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management Impax Asset Management uses a model fee, which is the maximum applicable fee, for the (AIFM) Ltd., Impax Asset
Slide 67: Leaders strategy: GIPS report– US$
Leaders strategy: GIPS report– US$ Composite Description The Leaders Composite contains long only accounts, which FTSE EOAS FTSE EOAS invest globally in companies that are developing innovative Total Firm Composite Asset 3yr 3yr 3yr Assets Assets Number of Annual Gross Annual Net MSCI AC FTSE EOAS W
Slide 68: Leaders cont.
Leaders strategy: GIPS report– US$ cont. Firm Information particular securities held in composite accounts. Market conditions can vary widely over time and can result in a loss of portfolio value. MSCI All Country World performance is presented net Impax Asset Management is defined as Impax Asset Ma
Slide 69: Specialists strategy: GIPS report– US$
Specialists strategy: GIPS report– US$ Composite Description The Specialists Composite contains long only accounts, which invest globally in companies that are developing Total Firm Composite Asset 3yr FTSE ET 3yr FTSE ET 3yr Assets Assets Number of Annual Gross Annual Net MSCI AC FTSE ET Weighted A
Slide 70: Specialists cont.
Specialists strategy: GIPS report– US$ cont. Firm Information and can result in a loss of portfolio value. MSCI All Country World is presented net of foreign withholding taxes on dividends, interest income and capital gains while Custom FTSE ET Index Impax Asset Management is defined as Impax Asset
Slide 71: Sustainable Infrastructure strategy: GIPS report– US$
Sustainable Infrastructure strategy: GIPS report– US$ Composite Description The Sustainable Infrastructure Composite contains long only accounts, aiming to deliver long term capital growth Total Firm Composite Asset 3yr FTSE GIO 3yr FTSE GIO 3yr Assets Assets Number of Annual Gross Annual Net MSCI A
Slide 72: Sustainable Infrastructure cont.
Sustainable Infrastructure strategy: GIPS report– US$ cont. Firm Information Fees and Expenses Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management Impax Asset Management uses a model fee, which is the maximum applicable fee, for the (AIFM) Ltd., Impax Asset Manage
Slide 73: US Large Cap strategy: GIPS report– US$
US Large Cap strategy: GIPS report– US$ Composite Description S&P 500 3yr The US Large Cap Composite is a core equities strategy Total Firm Composite Number of Annual Gross Annual Net S&P 500 Asset Weighted 3yr Annualized Annualized Std that fully integrates analysis of sustainability risks and Year
Slide 74: US Large Cap cont.
US Large Cap strategy: GIPS report– US$ cont. Firm Information Other Disclosures Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management The USD is the currency used to express performance, results are affected by currency (AIFM) Ltd., Impax Asset Management Ireland L
Slide 75: US Environmental Leaders strategy: GIPS report– US$
US Environmental Leaders strategy: GIPS report– US$ Composite Description MSCI USA 3yr The US Environmental Leaders Composite contains long Total Firm Composite Number of Annual Gross Annual Net MSCI USA Asset Weighted 3yr Annualized Annualized Std only accounts, which invest in US listed companies
Slide 76: US Environmental Leaders cont.
US Environmental Leaders strategy: GIPS report– US$ cont. Firm Information From January 2002 to October 2018 the gross returns for the separate accounts were calculated using the fee applicable to Impax Asset Management, whilst since November 2018 Impax Asset Management is defined as Impax Asset Man
Slide 77: US Sustainable Economy strategy: GIPS report– US$
US Sustainable Economy strategy: GIPS report– US$ Composite Description Russell 1000 The US Sustainable Economy Composite follows a Total Firm Composite Number of Annual Gross Annual Net Russell 1000 Asset Weighted 3yr Annualized 3yr Annualized sustainable investing approach, utilising a quantitativ
Slide 78: US Sustainable Economy cont.
US Sustainable Economy strategy: GIPS report– US$ cont. Firm Information administrator, transfer agent and custodian fees, among others. Since April 2021, the highest annual management fee for the composite is 0.35%. Actual investment advisory fees incurred by Impax Asset Management is defined as Im
Slide 79: US Small Cap strategy: GIPS report– US$
US Small Cap strategy: GIPS report– US$ Composite Description Total Firm Russell 2000 The US Small Cap Composite a core equities strategy that Assets Composite Number of Annual Gross Annual Net Russell 2000 Asset Weighted 3yr Annualized 3yr Annualized fully integrates analysis of sustainability risk
Slide 80: US Small Cap cont.
US Small Cap strategy: GIPS report– US$ cont. Firm Information Fees and Expenses Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management Impax Asset Management uses a model fee, which is the maximum applicable fee, for the (AIFM) Ltd., Impax Asset Management Ireland L
Slide 81: Water strategy: GIPS report– US$
Water strategy: GIPS report– US$ Composite Description FTSE EO FTSE EO The Water Composite contains long only accounts, which FTSE EO Water Water invest globally in companies active in the rapidly growing Water Technology Technology water value chain. Investments are made in companies Total Firm Com
Slide 82: Water cont.
Water strategy: GIPS report– US$ cont. Firm Information particular securities held in composite accounts. Market conditions can vary widely over time and can result in a loss of portfolio value. MSCI All Country World performance is presented net Impax Asset Management is defined as Impax Asset Mana
Slide 83: Important information
Important information Not for release, publication or distribution, directly or indirectly, in or into, any jurisdiction where to do so might constitute a violation of the relevant laws or regulations of such jurisdiction The information contained in this confidential document (the “Presentation”) a
Impax Asset Management Group — FY2025 Earnings Presentation on 6ix