UPDATE: A revised version of this profile was published in November 2025.

Impax Environmental Markets (ticker: IEM) was launched in 2002 making it one of the first ESG funds. Two of its three co-managers have been in charge since its IPO and it has a style bias towards global small- and mid-caps and also towards quality and growth factors. The trust prefers pure-play businesses that derive at least 50% of their revenues from environmental products or services and it typically holds around 60 stocks with low-ish portfolio turnover and minimal gearing. The popularity of ESG investing saw Impax ...