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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Impax Global Environmental Markets Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Impax Global Environmental Markets Fund surged 21.98% in Q2 2026, outperforming on AI infrastructure tailwinds driving semiconductor and data center holdings. The team maintains high conviction in picks and shovels AI exposure while balancing with defensive waste, industrial gas, and utility positions."
The Impax Global Environmental Markets Fund delivered strong Q2 2026 performance with a 21.98% return, significantly outperforming the MSCI ACWI benchmark's 14.93% return. Information Technology was the primary driver, benefiting from AI infrastructure investment and capital expenditure by hyperscale cloud providers reaching $750 billion to $1 trillion. Semiconductor holdings across the value chain delivered robust returns on strong earnings and renewed confidence in competitive positioning. The portfolio's picks and shovels approach to AI focuses on performance efficiency, power demand management, and power supply delivery. Industrials provided positive absolute returns though relative weakness emerged in water infrastructure holdings due to higher interest rates and macroeconomic uncertainty. The team maintains exposure to operationally defensive businesses in waste, industrial gases, and utilities as portfolio ballast. Health Care detracted from performance following disappointing sustainable agriculture earnings. The portfolio holds 42 concentrated positions with a weighted average market cap of $619 billion, maintaining focus on high-quality companies with resilient business models, pricing power, and above-average earnings growth underpinned by secular environmental market drivers.
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