Impax Global Opportunities Fund
Name
As of 03/25/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
5.2%
1 yr return
16.4%
3 Yr Avg Return
5.0%
5 Yr Avg Return
10.9%
Net Assets
$112 M
Holdings in Top 10
39.5%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.08%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 30.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$250,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/25/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
PXGOX - Profile
Distributions
- YTD Total Return 5.2%
- 3 Yr Annualized Total Return 5.0%
- 5 Yr Annualized Total Return 10.9%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.11%
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameImpax Global Opportunities Fund
-
Fund Family NamePAXWORLDFF
-
Inception DateJun 27, 2018
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDavid Winborne
Fund Description
The Global Opportunities Fund follows a sustainable investing approach, investing in companies that the Sub-Adviser believes are well positioned to benefit from the transition to a more sustainable global economy, integrating environmental, social and governance (ESG) analysis and ratings into portfolio construction and managing the portfolio within certain risk parameters relative to the Fund’s benchmark universe of MSCI ACWI Index companies.
The Fund utilizes the Impax Sustainability Lens, a proprietary tool designed to facilitate a systematic review of the economic opportunities and risks associated with the transition to a more sustainable economy. The tool highlights sub-industries with transition tailwinds and headwinds, assisting the investment team in identifying companies that the Sub-Adviser believes present attractive opportunities and lower risks.
Under normal market conditions, the Global Opportunities Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in companies that its Adviser or Sub-Adviser believe will benefit from the transition to a more sustainable global economy – the shift away from a depletive economy to one that preserves ecological and societal balance for the benefit of future generations. The Fund seeks to invest in companies with durable business models that are well positioned to benefit from or avoid the risks associated with this transition. Under normal market conditions, the Global Opportunities Fund will invest primarily in equity securities (such as common stocks, preferred stocks and securities convertible into common or preferred stocks) of companies located around the world, including at least 40% of its net assets in securities of companies organized or located outside the United States or doing a substantial amount of business outside the United States, including those located in emerging markets. The Fund’s investments may be diversified across multiple countries or geographic regions, or may be focused on a select geographic region, although the Global Opportunities Fund will normally have investments in a minimum of three countries other than the United States. The Fund’s investments in securities of non-US issuers may be denominated in currencies other than the US dollar. The Adviser and Sub-Adviser currently expect that the Fund typically will hold between 35 and 45 securities positions.
The Global Opportunities Fund’s Sub-Adviser selects equity securities on a company-by-company basis primarily through the use of fundamental analysis, including ESG analysis. The Global Opportunities Fund is not constrained by any particular investment style, and may therefore invest in “growth” stocks, “value” stocks or a combination of both. Additionally, it may buy stocks in any sector or industry, and it is not limited to investing in securities of a specific market capitalization.
The Global Opportunities Fund seeks to invest in companies with sustainable competitive advantages, track records of consistent returns on investment, and where the Fund’s Sub-Adviser believes a company’s attractive, bottom-up financial characteristics and long-term opportunities are not reflected in its share price.
Under normal market conditions, and as a result of the Adviser’s focus on risks and opportunities accompanying the transition to a more sustainable economy, the Fund is fossil fuel-free - not invested in securities of companies that the Adviser determines derive revenues or profits from exploration, production, refining or processing of thermal coal, oil or gas, or significant (generally more than 5%) revenues or profits from storage, distribution or power generation from the same. However, a company may be included in the portfolio if the Adviser determines that it has established itself as a leader in the transition to a zero-emissions energy economy with reduction objectives that the Adviser believes are aligned with the Paris Agreement’s objective of limiting future warming to 2°C.
PXGOX - Performance
Return Ranking - Trailing
Period | PXGOX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.2% | -35.6% | 29.2% | 84.34% |
1 Yr | 16.4% | 17.3% | 252.4% | 59.43% |
3 Yr | 5.0%* | -3.5% | 34.6% | N/A |
5 Yr | 10.9%* | 0.1% | 32.7% | N/A |
10 Yr | N/A* | -6.9% | 18.3% | N/A |
* Annualized
Return Ranking - Calendar
Period | PXGOX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 15.1% | -24.3% | 957.1% | 24.00% |
2022 | -19.8% | -38.3% | 47.1% | 6.45% |
2021 | 16.7% | -54.2% | 0.6% | N/A |
2020 | 22.0% | -76.0% | 54.1% | N/A |
2019 | 31.2% | -26.1% | 47.8% | N/A |
Total Return Ranking - Trailing
Period | PXGOX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.2% | -35.6% | 29.2% | 84.79% |
1 Yr | 16.4% | 11.4% | 252.4% | 54.89% |
3 Yr | 5.0%* | -3.5% | 34.6% | N/A |
5 Yr | 10.9%* | 0.1% | 32.7% | N/A |
10 Yr | N/A* | -6.9% | 18.3% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | PXGOX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 15.5% | -24.3% | 957.1% | 24.00% |
2022 | -18.5% | -33.1% | 47.1% | 6.45% |
2021 | 19.0% | -44.4% | 1.8% | N/A |
2020 | 23.1% | -6.5% | 54.1% | N/A |
2019 | 33.7% | -14.4% | 47.8% | N/A |
NAV & Total Return History
PXGOX - Holdings
Concentration Analysis
PXGOX | Category Low | Category High | PXGOX % Rank | |
---|---|---|---|---|
Net Assets | 112 M | 199 K | 133 B | 72.59% |
Number of Holdings | 39 | 1 | 9075 | 81.83% |
Net Assets in Top 10 | 48.3 M | -18 M | 37.6 B | 75.88% |
Weighting of Top 10 | 39.53% | 9.1% | 100.0% | 33.98% |
Top 10 Holdings
- Microsoft Corp. 4.86%
- Linde plc 4.72%
- Mastercard, Inc., Class A 4.39%
- Cintas Corp. 4.16%
- Schneider Electric SE 3.82%
- Hannover Rueck SE 3.74%
- Alcon, Inc. 3.63%
- Wolters Kluwer NV 3.58%
- Thermo Fisher Scientific, Inc. 3.38%
- HDFC Bank Ltd. 3.26%
Asset Allocation
Weighting | Return Low | Return High | PXGOX % Rank | |
---|---|---|---|---|
Stocks | 97.28% | 61.84% | 125.47% | 49.67% |
Cash | 1.88% | -174.70% | 23.12% | 45.26% |
Preferred Stocks | 0.95% | -0.01% | 5.28% | 22.69% |
Other | 0.00% | -13.98% | 19.14% | 31.94% |
Convertible Bonds | 0.00% | 0.00% | 4.46% | 14.21% |
Bonds | 0.00% | -1.50% | 161.67% | 18.17% |
Stock Sector Breakdown
Weighting | Return Low | Return High | PXGOX % Rank | |
---|---|---|---|---|
Healthcare | 21.10% | 0.00% | 35.42% | 7.38% |
Technology | 20.39% | 0.00% | 49.87% | 34.80% |
Financial Services | 19.68% | 0.00% | 38.42% | 15.31% |
Industrials | 17.47% | 0.00% | 44.06% | 50.11% |
Basic Materials | 9.32% | 0.00% | 38.60% | 1.32% |
Consumer Defense | 4.09% | 0.00% | 73.28% | 45.59% |
Real Estate | 2.78% | 0.00% | 39.48% | 23.68% |
Communication Services | 2.61% | 0.00% | 57.66% | 96.15% |
Consumer Cyclical | 2.56% | 0.00% | 40.94% | 97.47% |
Utilities | 0.00% | 0.00% | 29.12% | 73.35% |
Energy | 0.00% | 0.00% | 21.15% | 69.82% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | PXGOX % Rank | |
---|---|---|---|---|
US | 56.19% | 0.13% | 103.82% | 80.51% |
Non US | 41.08% | 0.58% | 99.46% | 13.11% |
PXGOX - Expenses
Operational Fees
PXGOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.08% | 0.01% | 44.27% | 42.42% |
Management Fee | 0.80% | 0.00% | 1.82% | 69.91% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 1.77% |
Administrative Fee | N/A | 0.01% | 0.76% | N/A |
Sales Fees
PXGOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
PXGOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
PXGOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 30.00% | 0.00% | 395.00% | 12.84% |
PXGOX - Distributions
Dividend Yield Analysis
PXGOX | Category Low | Category High | PXGOX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 3.26% | 12.25% |
Dividend Distribution Analysis
PXGOX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annually | Annually | Annually |
Net Income Ratio Analysis
PXGOX | Category Low | Category High | PXGOX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.11% | -4.27% | 12.65% | 69.43% |
Capital Gain Distribution Analysis
PXGOX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Jun 23, 2023 | $0.049 | OrdinaryDividend |
Dec 23, 2022 | $0.177 | OrdinaryDividend |
Jun 23, 2022 | $0.047 | OrdinaryDividend |
Jun 23, 2021 | $0.012 | OrdinaryDividend |
Jun 21, 2019 | $0.037 | OrdinaryDividend |
PXGOX - Fund Manager Analysis
Managers
David Winborne
Start Date
Tenure
Tenure Rank
Jun 27, 2018
3.93
3.9%
David is co-manager of the Global Opportunities and Leaders strategies. He has global research responsibility and specialises in Energy Efficiency and Pollution Control. David researches stocks globally with a focus on the Technology and Telecommunications sectors. David joined Impax in 2015 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 for Tesco’s pension fund.
Kirsteen Morrison
Start Date
Tenure
Tenure Rank
Jun 27, 2018
3.93
3.9%
Kirsteen co-manages the Global Opportunities strategy with David Winborne. She specialises in Energy Efficiency and Water Infrastructure. Kirsteen researches stocks globally with a focus on the Financials sector. Kirsteen joined Impax in September 2009. She began her career in the investment industry in 1987, investing in Asian equities as a portfolio manager at Royal London Asset Management and Henderson Global Investors. She returned from Singapore in 2001 to head the SRI Investment team at Henderson Global Investors in London.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.01 | 35.82 | 6.24 | 1.25 |