Money Makers

Impax Environmental Markets (ticker: IEM) was launched in 2002 and grew rapidly after a succession of share issues in the mid-2000s. It invests globally and focuses on fast-growing mid- and small-cap companies that "enable the cleaner and more efficient delivery of basic needs or mitigate environmental risks like pollution and climate change". Up until this year, it has been managed by Bruce Jenkyn-Jones and Jon Forster, but it is now led by the team of Fotis Chatzimichalakis and Sanjeev Lakhani. Annual returns since inception have been 7.3%, roughly a percentage point a year behind both globa...