Fact sheet: Impax Environmental Markets IT

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
SPECIALIST
Sector
IT Environmental
Fund type
Investment Trust
Primary aim
GROWTH
Why Money Observer Rates Impax Environmental Markets IT

Rated Fund 2013-2018. Benefits from global move to environmental protection

This trust's objective is to enable investors to benefit from growth in the markets for cleaner and more efficient energy, water and waste services. Launched in 2002, it is run by Jon Forster and Bruce Jenkyn-Jones of specialist environmental markets manager Impax, who are recognised experts in this field. When seeking investments, the managers look for companies with superior earnings growth trading at a reasonable valuation.Most of their investments are in North America (44 per cent at the end of 2017), but Europe (31 per cent) and Asia (17 per cent) are other areas of focus for their portfolio of 60 holdings. They point to rapid increases in population, an expanding middle class, increasing urbanisation and substantial infrastructure requirements all driving growth opportunities in environmental companies in emerging markets, often at attractive valuations versus developed countries. They find India a particularly interesting opportunity.With awareness of climate change and other environmental issues increasing, the managers have seen their investment universe expand ヨ to around 1,100 companies compared to 250 in 1999. At the same time, they say that investor appetite for new technologies and companies that provide solutions for environmental challenges continues to rise.Whitechurch Securities rates the management team's near 20-year tenure in running this kind of fund and added it to its higher-risk ethical portfolios in mid 2017. Rowan Dartington, another wealth manager, also uses the strategy amid what it sees as a global move to environmental protection.

Its shares can be picked up at a discount too ヨ as wide as 15 per cent over the past three years, and just below 9 per cent at the end of 2017.<\p>

3 Year Performance
Fund Performance72.1%
Average of Rated Funds Group50.4%
Sector Performance22.4%
Fund information
Fund name
Impax Environmental Markets Ord 10P
Fund manager company
Impax Asset Management Ltd
Fund type
Investment Trust
Fund managers
  • Bruce Jenkyn-Jonessince 22/02/2002
  • Jon Forstersince 22/02/2002
Accolades
Fund objective
The Company’s objective is to enable investors to benefit from growth in the markets for cleaner or more efficient delivery of basic services of energy, water and waste. Investments are made predominantly in quoted companies which provide, utilise, implement or advise upon technology-based systems, products or services in environmental markets, particularly those of alternative energy and energy efficiency, water treatment and pollution control, and waste technology and resource management (which includes sustainable food, agriculture and forestry).
Benchmark
  • MSCI All Country World Index
Investment style
No data available.
Investment method
No data available.
Quick stats
1 Year return
20.7%
1 Year rank in sector
1/3
Sector
IT Environmental
Yield
0.9%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
1.05%
Fund size
£484m
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
111
Mid price
269
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
278.24
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
-3.32
Gearing
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
104
Top in this sector
Fund name1 Year
Impax Envt Mkts O10P20.7%
Menhaden Capital Plc9.5%
Jupiter Green Investment7.8%
...more in IT Environmental

Performance snapshot

Holdings snapshot

  • USA39.3%
    China8.9%
    UK7.3%
    Netherlands5.5%
    Norway3.5%
  • Energy35.7%
    Water18.9%
    Services17%
    Fishery, Agriculture & Forestry13.8%
    Alternative & Renewable Energy10%
  • North American Equities41%
    European Equities34%
    Asia Pacific ex Japan Equities16%
    Japanese Equities4%
    Money Market4%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund8%6.1%4.9%20.7%72.1%117.7%
Sector5.1%4.7%2%11.2%22.4%24.7%
Rank within sector1 / 31 / 31 / 31 / 31 / 21 / 2
Quartile
Calendar performance
 YTD - 20182017201620152014
Fund5.9%18.7%37.4%5.8%2.5%
Sector2.3%12.4%10%-4.9%-3.3%
Rank within sector1 / 31 / 31 / 31 / 22 / 2
Quartile
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
10.56
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.41
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
1.24
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
13.11
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
7.41
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
1.72
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.74
Price movement
52 week high273
52 week low226.75
Current bid price268
Current offer price271
Current mid price269
Region
1USA39.31%
2China8.86%
3UK7.29%
4Netherlands5.52%
5Norway3.53%
6Japan3.35%
7Spain2.94%
8Australia2.82%
9Luxembourg2.31%
Industry sector
1Energy35.7%
2Water18.9%
3Services17.01%
4Fishery, Agriculture & Forestry13.81%
5Alternative & Renewable Energy10%
6Support Services2.82%
7Money Market1.76%
Asset type
1North American Equities41%
2European Equities34%
3Asia Pacific ex Japan Equities16%
4Japanese Equities4%
5Money Market4%
6International Equities1%
Individual holdings
1EDP RENOVAVEIS SA2.94%
2BRAMBLES LTD2.82%
3ZHUZHOU CRRC TIMES ELECTRIC CO LTD2.47%
4TOMRA SYSTEMS ASA2.38%
5EUROFINS SCIENTIFIC2.31%
6ADVANTECH CO2.3%
7POWER INTEGRATIONS INC2.28%
8GENERAC HLDGS2.26%
9AMERICAN WATER WORKS CO INC2.2%
Management
Fund manager group
Impax Asset Management
Fund manager company
Impax Asset Management Ltd
Fund type
Investment Trust
Fund objective
The Company’s objective is to enable investors to benefit from growth in the markets for cleaner or more efficient delivery of basic services of energy, water and waste. Investments are made predominantly in quoted companies which provide, utilise, implement or advise upon technology-based systems, products or services in environmental markets, particularly those of alternative energy and energy efficiency, water treatment and pollution control, and waste technology and resource management (which includes sustainable food, agriculture and forestry).
Benchmark
  • MSCI All Country World Index
Investment style
No data available.
Investment method
No data available.
Fund managers
NameSinceBiography
Bruce Jenkyn-Jones22/02/2002Bruce 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.
Jon Forster22/02/2002Jon has worked at Impax Asset since August 2000. He co-manages the Specialists strategy, which includes Impax's flagship fund, Impax Environmental Markets plc, alongside Bruce Jenkyn-Jones. Following graduation from Leeds University in Management Studies, Jon began his career in 1994, spending four years working on acquisitions at HSBC Investment Bank. Subsequently, he spent two years consulting venture capital investor Alchemy Partners, focusing on manufacturing and resource management companies.
Compliance
AIC Member, Reporting Fund Status
Domicile
No data available.
Fund for sale in
United Kingdom
Impax Environmental Markets Ord 10P
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price278.24
CurrencyGBX
Price updated17/05/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeNJQP
Data provided by

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