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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In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Marcus Phayre-Mudge, manager of TR Property Investment Trust (TRY), and Jon Forster, co-portfolio manager at Impax Environmental Markets (IEM) – a discussion available in full to subscribers to the Money Makers Circle.
You can listen to this week’s podcast in full on the audio players below. Alternatively, you can subscribe and download it on most podcast channels including Soundcloud, Apple, Spotify, Stitcher and others.
If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers subscribers an opportunity to receive additional premium content, including interviews, investment trust performance data, market/portfolio reviews and regular extracts from the editor’s notebook. This week, as well as the regular features, the Circle features a profile of Fidelity European Trust (FEV), with next week’s profile being of Greencoat UK Wind (UKW). Jonathan is speaking at the Master Investor Show today (15 April), and will also be making available the slides of his presentation. Subscribers can also hear the full conversation with Jon Forster of Impax Environmental Markets. Also still to come is Jonathan’s end of quarter review, looking back over the first quarter of 2023. A subscription costs £8 a month, or a modest £2 a week.
0:00:29 – Review of the week
0:01:54 – This week’s guests
0:02:55 – Summary of the week’s results
0:05:39 – News and announcements
0:07:56 – Money Makers Circle
0:08:33 – Q&A with Marcus Phayre-Mudge
0:49:12 – Q&A with Jon Forster (extract)
1:02:12 – Close
Trusts mentioned in this week’s podcast (with tickers) include:
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Jonathan Davis, editor of the Investment Trusts Handbook, talks to Jon Forster, co-portfolio manager at Impax Environmental Markets (IEM). An extract of this full Q&A was included in the Money Makers Weekly Investment Trusts Podcast edition 154, released on 15 April 2023, but this is the full version. We discuss more details of the trust's approach and the outlook now for sustainable investing. You can also read our profile of IEM by following this link.
00:29 - The early beginnings of the trust 04:33 - A lack of similar trusts 06:03 - The trust today 09:09 - The investment environment ...
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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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