Fund Research

Impax Environmental Markets

Last update 26 March 2018

A highly-differentiated global equity trust that benefits from the increasing focus on resource efficiency and tighter environmental regulations applied around the world.

IEM offers diversification within a wider portfolio, with the managers aiming to be ahead of the curve for major themes such as the rise of electric vehicles (EVs) and energy efficiency, as well as (amongst others) the increasing desire around the world to recycle more plastic.

IEM has outperformed the MSCI AC World index for the past three calendar years, with much of the outperformance having come from portfolio earnings growth ahead of the wider market.

The shares have experienced a dramatic re-rating over the past six months, with investors perhaps having taken notice of the strong performance. The discount of 6.6% is narrower than the board’s 10% target, but wider than the 3.6% average for global investment trust peers.

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Fund History: Impax Environmental Markets

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