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...
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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 Environmental rise to a significant premium in 2020 and 2021 although it's ...
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Jonathan Davis These notes are currently presented in a diary format and are normally updated day by day. My plan now is to keep updating the entries until the weekend when you can read all the entries in one go, alongside the trust news and data posts, should you prefer. By their nature these notes are somewhat transitory in nature and occasionally delayed for technical reasons.
Tuesday April 6th Here are a couple of charts from Winterfloods that I describe in the market review video, summarising the performance of the investment trust sector in the first quarter of 2021. I repeat them her...
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