Impax Global Environmental Markets Fund – Investor Class
PGRNX
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- Impax Global Environmental Markets Fund – Investor Class (PGRNX) is an open-end mutual fund that seeks sustainable, above-market returns over five or more years by investing primarily in global equities of companies providing innovative solutions to environmental and resource challenges. The fund, domiciled in the United States and available for sale to U.S. investors, allocates at least 80% of its net assets (plus borrowings for investment purposes) to companies deriving 20% or more of revenues from environmental markets, including alternative energy and energy efficiency; transportation solutions; water infrastructure and technologies; environmental services and resources; resource efficiency and waste management; digital infrastructure; and sustainable food and agriculture. It employs a research-intensive, bottom-up stock selection process targeting all-cap stocks across sectors such as industrials (36%), technology (31%), and basic materials (12%), with geographic exposure emphasizing the United States (68%), Eurozone (14%), and developed Asia (7%); top holdings include Microsoft Corp., Linde PLC, and Agilent Technologies Inc. Launched on March 27, 2008, as part of the Impax Funds Series Trust, the Investor Class shares (ticker: PGRNX) are managed by Impax Asset Management LLC, the U.S. arm of Impax Asset Management Group plc, a specialist sustainability-focused asset manager founded in 1998 and headquartered in London, United Kingdom, with additional offices in New York, Hong Kong, Ireland, Denmark, and Japan. The fund maintains total net assets of approximately $1.82 billion across share classes, with the Investor Class at $159 million, a net expense ratio of 1.14%, daily pricing, a minimum initial investment of $1,000, and no front-end or deferred loads. It targets institutional and retail investors seeking exposure to resource scarcity themes driven by population growth, urbanization, and climate change, with a portfolio of 44 holdings, 30% annual turnover, and 3% cash allocation as of late 2025. Recent portfolio adjustments as of mid-2025 reflect a strategic shift toward a more focused, high-conviction set of 54 holdings (down from prior levels), emphasizing resilient business models and structural growth opportunities amid market uncertainty for small- and mid-caps; stock turnover increased to consolidate positions in quality names while exiting those with uncertain upside. Manager Luciano Lilloy joined in October 2025, complementing David Winborne (since 2018) and Siddharth Jha (since 2020), amid ongoing performance challenges versus the MSCI ACWI benchmark. At the parent level, Impax completed acquisitions of fixed income assets from Absalon Corporate Credit in July 2024 and Sky Harbor Capital Management's European assets in September 2025, expanding capabilities to £2.6 billion in fixed income AUM and adding 20 professionals, though these do not directly impact PGRNX's equity strategy.