introducing impax asset...

Introducing Impax Asset Management

CONTENTS

A specialist asset manager, investing in the

opportunities arising from the transition

to a more sustainable global economy

Philosophy and mission 3

Why Impax? 4

Investment strategies 5

Executive Committee 6

Our team 8

Sustainable business practices 9

Awards 10

Impax in your region 11

PHILOSOPHY AND MISSION

We believe:Capital markets will be shaped profoundly by global sustainability challenges, particularly climate change, environmental pollution, natural resource constraints, demographic and human capital issues such as diversity, inclusion and gender equity.

These trends will drive growth for well-positioned companies and create risks for those unable or unwilling to adapt.

Fundamental analysis which incorporates long-term risks, including environmental, social and governance (ESG) factors, enhances investment decisions.

We invest:In companies and assets that are well positioned to benefi t from the shift to a more sustainable global economy. We seek higher quality companies with strong business models and governance that demonstrate sound management of risk.

We off er:A well-rounded suite of investment solutions spanning multiple asset classes aiming to deliver superior risk adjusted returns over the medium to long term.

Founded in 1998, Impax Asset Management has pioneered investment in the transition to a more sustainable global economy and today is one of the largest investment managers dedicated to this area.

US$20bn+of assets undermanagement1

20+ yearsof specialist

managerexperience

55+Investment team

members,(UK, US, HK)

1As of 30 June 2020. Assets under advice represent ~2.5%. Introducing Impax Asset Management | 3

An acknowledged global leader We are one of the largest and longest established investors dedicated to investing in the transition to a more sustainable economy, and we manage assets for some of the world’s largest investors.

Partnership with our clientsWe are committed to outstanding levels of client service with comprehensive and transparent reporting. We also continue to evolve our thought leadership work, stewardship and engagement and our ground-breaking impact reporting.

Commitment to our values and our stakeholdersSustainability is important to us. We ensure our investee companies meet our rigorous ESG requirements and we hold ourselves accountable to the same high standards. We measure our own environmental footprint annually and aspire to run our business in line with best practices of governance, diversity and inclusion.

We value our commitment to our philanthropic partners. Our strong fi nancial results allow us to support these partners both fi nancially and through direct participation.

WHY IMPAX?

2019 UNPRI assessment: A+ Strategy and Governance

INVESTMENT STRATEGIES

We offer a range of investment solutions, which provide opportunities to invest in the transition to a more sustainable economy. Each is underpinned by proven, proprietary investment tools.

Sustainability Lens Strategies

• Global Opportunities• US Large Cap• US Small Cap• Core Bond• High Yield Bond

The Impax Sustainability Lens translates our investment beliefs into a practical investment tool to help our teams identify the winners and avoid the losers in the transition to a more sustainable economy.

Environmental Markets Strategies

• Specialists• Leaders• Asia-Pacific• Water• Sustainable Food

Our strong conviction is that population dynamics, resource scarcity, inadequate infrastructure and environmental constraints will create high growth investment opportunities in companies offering products and services to solve these challenges.

Infrastructure Strategies

• New Energy Infrastructure

We are one of the longest established fund managers in the large and rapidly growing renewable energy sector. The firm manages three infrastructure funds that follow an industrially-focused value-add strategy, investing in renewable power generation and related assets.

Gender Lens Strategies

• Global Women’s Leadership• Global Women’s Select

We have two strategies using the Gender Leadership Index to identify a universe of companies led by women. We manage one systematic and one active strategy.

SmartCarbonTM Strategies

• ESG Beta Quality• ESG Beta Dividend• MSCI EAFE ESG Leaders Index

SmartCarbon™ is a proprietary, risk-based investment approach for managing exposure to companies with fossil fuel reserves on their balance sheets. SmartCarbon™ is applied across this range of systematic strategies.

Multi-Asset Strategies

• Sustainable Allocation

A risk-focused asset allocation strategy offering a diversified portfolio of Impax strategies invested in the transition to a more sustainable economy.

Introducing Impax Asset Management | 5

Ian SimmFounder and Chief Executive

Ian founded Impax in 1998. Prior to Impax, he was an engagement manager at McKinsey & Company advising clients on environmental strategy. Outside Impax, Ian is a member of the UK government’s Energy Innovation Board, which provides strategic oversight of public sector funding of energy innovation programmes. He is a board member of the Institutional Investors Group on Climate Change, and the European membership body for investor collaboration on addressing climate change.

Joseph KeefePresident of Impax Asset Management LLC

Joe is President of Impax Asset Management LLC. Prior to joining the firm in May 2005, Joe was President of NewCircle Communications, he has served as Senior Advisor for Strategic Social Policy at Calvert Group from 2003-2005 and as Executive Vice President and General Counsel of Citizens Advisers from 1997-2000. He is a former member of the Board of Directors (2000-2006) of US SIF. Before entering the investment management industry, Joe worked in private law practice for 16 years.

Hubert AartsExecutive Director, Co-Head of Listed Equities

Hubert is co-portfolio manager for Impax’s Leaders and Water strategies, as well as leading Impax’s macroeconomic research process. Hubert joined Impax in 2007 from Cambrian Capital Partners LLP, where he was a partner and portfolio manager of the Curalium fund and Incremental Leveraged hedge funds. Having started his career in 1990, he has extensive experience investing in Pan-European equities. As a portfolio manager at MeesPierson and Merrill Lynch Investment Managers/BlackRock, where he chaired the European Sector Strategy Group.

Charlie RidgeChief Financial Officer

Charlie began his career in 1987. Before joining Impax he was a Managing Director within the Finance Division of Deutsche Bank, most recently serving as UK Asset and Wealth Management CFO, and previously holding various financial and market risk related roles for the Global Markets Division. Before working at Deutsche, Charlie worked at SG Warburg and qualified as a chartered accountant at Ernst & Young.

Bruce Jenkyn-JonesExecutive Director, Co-Head of Listed Equities

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, he worked as a utilities analyst at Bankers Trust and as an environmental consultant for Environmental Resources Management (ERM).

Mary Alexander Executive Director, Global Head of HR

Mary is the Global Head of Human Resources and has considerable expertise in building dynamic, agile cultures and developing talent in fast-paced growth environments. Before joining Impax in September 2020, Mary worked in several senior roles across digital businesses and mature industries. She worked at PayPal as VP Human Resources for EMEA, Asia Pacific and Americas and EVP for HR for Colt Technology. Thereafter Mary moved into the private equity arena with Montagu PE. A Social Science graduate of University College Dublin, Mary has on-the-ground business experience in 50+ countries.

EXECUTIVE COMMITTEE

6 | Introducing Impax Asset Management

Daniel Von PreyssExecutive Director, Head of Private Equity Infrastructure

Daniel joined Impax in 2009 and has primary responsibility for our renewable infrastructure private equity investments. He is both involved in investments and is Head of Asset Management. Daniel has signifi cant business and senior transactional experience within the energy and utility sectors. Before joining Impax he was responsible for Babcock & Brown’s Northern European infrastructure activities where he focused on regulated utilities, gas storage and broader power generation.

David RichardsonExecutive Director, Client Service and Business Development

David leads Client Service and Consultant Relations across Impax, as well as managing the Institutional Sales team in North America. David joined Impax in August 2012 from Global Energy Investors where he was a Managing Partner. He previously co-founded and served for 22 years as Managing Director of Dwight Asset Management Company. David is a member of the Global Leadership Council and the Sustainable Investment Advisory Council of the World Resources Institute.

Meg BrownExecutive Director, Marketing and Business Development

Meg leads marketing across Impax and the London-based sales team. Meg also co-heads our impact investing work. She has extensive experience in sustainable investing and research, having begun her career in 2002. As head of Citi’s Climate and Sustainable Investment Research team she worked with clients across Europe on impact and responsible investment. Meg joined Impax in 2014 following a period as a consultant helping private sector and not-for-profi t clients design responsible investment strategies.

Zack WilsonExecutive Director, Group General Counsel

Zack serves as Group General Counsel and is also Company Secretary. Prior to joining Impax in 2011, Zack was Director & General Counsel for the investment management and corporate fi nance advisory group Development Capital Management. Previously he was Corporate Counsel for Telewest Global Inc (renamed Virgin Media Inc), where he played a leading role in managing the successful execution of high-profi le transactions including the Group’s $10bn fi nancial restructuring.

Darren JohnsonExecutive Director, Chief Operating Offi cer, Listed Equities

Darren is responsible for global operations, including portfolio services, technology, project management and client onboarding. He also serves as a Non-Executive Director of Impax Asset Management’s Irish subsidiary. Prior to Impax, Darren was Head of Operations at Talisman Global Asset Management. He has also worked for RAB Capital, AXA IM, Mercers, and Legal & General in various senior investment, operational, and accounting positions.

Lisa BeauvilainExecutive Director, Head of Sustainability and ESG

Lisa is responsible for the development and oversight of Impax’s Sustainability and Environmental, Social and Governance (ESG) analysis, including overseeing stewardship work in the Listed Equity team. She is the Chair of Impax’s ESG, Sustainability Lens and Environmental Committees and co-heads Impax’s impact investment work. Lisa started in the fi nancial industry in 1999. Previously, she was an executive director in the Investment Management Division of Goldman Sachs.


Impax has a collegial working culture. Our highly experienced team is made up of individuals with diverse backgrounds, bringing together complementary skills and experience.

Our team’s skills, experience and commitment are both our greatest assets and the cornerstones of our business. We value everyone in the Impax community as an individual and foster an environment where employees feel engaged, motivated and enjoy their work. We believe this ultimately enhances our creativity and problem-solving, the quality of our risk management, our client understanding and our decision making.

Maintaining a supportive and empowering culture as well as providing a good working environment is key to the engagement and retention of our staff. As such, we invest significantly in our people—including through continuous professional development, formal qualifications and wellness initiatives.

We firmly believe that the diversity of our people and the promotion of equal opportunities is key to enhancing our success. We actively seek to hire people from different backgrounds who bring divergent skill sets to our business. The differentiated skill sets include: highly experienced portfolio managers, financial analysts with regional and sector expertise, scientists, former business analysts, bankers, venture capitalists, as well as regional and policy specialists. Several of our staff have leadership roles within organisations that promote the transition to a more sustainable economy.

OUR TEAM

Corporate

Support

Client service & Business development

Investment

Information Technology

Human Resources

Portfolio Services

Compliance

Finance

Legal

Communications

Client Service

Marketing

Sales

Listed Equities (London, HK & US)

Fixed Income (US)

Infrastructure (UK)

Independent Non-Executive

Directors

Chief Executive

Board of Directors


SUSTAINABLE BUSINESS PRACTICES

We are committed to refl ecting our investment beliefs across our own activities to achieve the highest standards of responsible business practice. These standards are embedded and applied globally across all our offi ces and by all our employees.

We aim to support organisations that are aligned with our values and encourage our employees to make similar personal commitments. We have established multi-year charitable partnerships with Ashden, ClientEarth and CERES, with whom we have strong synergies.

In the UK, Impax promotes tax-effi cient payroll giving for its staff through the Charities Aid Foundation ‘Give as You Earn’ scheme. In 2018, we achieved Platinum status for the fi rst time, with more than 20% of our staff participating in this program. We match all UK and US staff donations up to a certain threshold. Our US division has established a donor advised fund that supports organisations that prioritise women’s empowerment, environmental conservation, and local communities. We encourage staff to give their time to community organisations, and we help make that feasible by off ering paid service days.

We regularly contribute to discussions with policy makers on the design and implementation of environmental policy from the perspective of a private market investor. As the timescale for reducing CO2 emissions and protecting natural resources shortens, it is crucial for investors to participate more closely in policy design so that it results in market-aware interventions which drive new investment.

Charitable giving and partnerships

Contributing to policies shaping the transition to a more sustainable economy

Measuring the environmental impact of business activities

We acknowledge and measure the environmental impact of our business activities and act to reduce this wherever possible. We have reported CO2 emissions to the Carbon Disclosure Project since 2009 and were one of the fi rst signatories to the Task Force on Climate-Related Financial Disclosures (TCFD).

We work on ESG engagement collaborations with clients, partners, and industry organisations to promote sustainable investing and ESG considerations across the globe. We engage with the companies in our portfolios in an eff ort to help them become more sustainable, and therefore more resilient, long-term investments. We also engage with clients and investors to raise awareness of climate change as a near-term investment risk.

We publish an annual report quantifying and disclosing the environmental benefi t derived from our portfolio companies’ activities. In this report we share data on carbon emissions avoided, renewable energy generated, water treated and materials/waste treated.

Strengthening the companies in which we invest

Measuring our own environmental impact


AWARDS

We are committed to delivering superior, risk-adjusted returns while helping our clients invest in the transition to a more sustainable economy. This has been recognised through a range of industry awards:

Environmental Finance 2019Sustainable Investment Awards:Boutique Manager of the Year

Best Environmental Fund

Professional Pensions 2019UK Pensions Awards (fi nalist)

London Stock Exchange 2019 Green Economy Mark

Portfolio Adviser Fund Awards 2019ESG Fund Management Group

Funds Europe 2019European Specialist Investment Firm of the Year

Shares Awards 2019AIM Company of the Year

World Economic Forum ‘Circulars Award’ 2019Investor Category

Fund Intelligence 2019Fund Innovation

InvestmentNews 2018 Excellence in Diversity and InclusionDiversity Champion


In the UK and the US, we have specialist teams focused on servicing our institutional and intermediary clients. In addition, throughout continental Europe, Asia and North America, we have successful long-term relationships with a number of distribution partners:

North AmericaDelaware Fund1

NEI InvestmentsPax World Funds1

Desjardins Global AMMackenzie Investments

Asia Pacifi cBNP Paribas Asset Management

IMPAX IN YOUR REGION

Europe IEM plc1

NEF Funds1

ASN BankFormueplejeSt. James’s PlaceImpax (Ireland) Funds UCITS1

BNP Paribas Asset Management

1Distributed directly by Impax.

CONTACT INFORMATIONIMPAX ASSET MANAGEMENT

T: +44 (0)20 3912 3000

E: [email protected]

@ImpaxAM

Impax Asset Management

London, GB (HQ) 30 Panton St, West End.

Hong Kong, HK. Club Lusitano 16 Ice House St.

Greenwich, US. 79 E Putnam Ave #8A.

Portland, US. 3439 N.E. Sandy Blvd. Suite 663.

Portsmouth, US. 30 Penhallow St #400. Tel: +1 (800) 767 1729

DISCLAIMER

This document has been Issued in the UK by Impax Asset Management Group plc, whose shares are quoted on AIM. Impax Asset Management Group plc is registered in England & Wales, number 03262305. Impax Asset Management Group plc is the parent company of Impax Asset Management Limited, Impax Asset Management (AIFM) Limited and Impax Asset Management LLC (“Impax”, Impax Asset Management Limited and Impax Asset Management (AIFM) Limited are authorised and regulated by the Financial Conduct Authority).

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 offi cers, 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. This document does not constitute an off er to sell, purchase, subscribe for or otherwise invest in units or shares of any fund managed by Impax. It may not be relied upon as constituting any form of investment advice and

prospective investors are advised to ensure that they obtain appropriate independent professional advice before making any investment in any such fund. Any off ering is made only pursuant to the relevant off ering document and the relevant subscription application, all of which must be read in their entirety. Prospective investors should review the off ering memorandum, including the risk factors in the off ering memorandum, before making a decision to invest. Past performance of a fund or strategy is no guarantee as to its performance in the future. This document is not an advertisement and is not intended for public use or distribution.

Investments involve risk, including potential loss of principal.

Pax World Funds are distributed by ALPS Distributors, Inc. Member FINRA. Branch Offi ce: 30 Penhallow Street, Suite 400, Portsmouth, NH 03801 +1 603-431-8022. ALPS Distributors is not affi liated with Impax Asset Management LLC. ALPS control number PAX009458.

Copyright © 2020 Impax Asset Management. All rights reserved.

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