UPDATE: In April 2026, Impax Environmental Markets launched a 100% tender offer in an effort to buy out the stake held by Saba. The tender offer saw a 78% take-up, but Saba remained a major holder and, a couple of months later, Saba succeeded in ousting the trust's directors, replacing them with its own preferred appointments. The new board served notice on Impax Asset Management in July 2026, asking them to waive all or part of their 12-month notice period. The board has also initiated a Request for Proposal (RFP) process to find a new investment manager or explore strategic alternatives.
Im...
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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 ...
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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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