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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 US Sustainable Economy Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Impax US Sustainable Economy Fund outperformed in Q2 2026 on strong AI infrastructure demand, with semiconductor holdings surging as hyperscale data center buildout accelerated toward US$750bn-US$1tn in annual capex. The sustainability framework delivered through Tech overweight and complete Energy exclusion."
The Impax US Sustainable Economy Fund delivered strong absolute gains and outperformed the Russell 1000 benchmark in Q2 2026, with excess returns driven by both sector allocation and stock selection. The portfolio's sustainability framework contributed positively, with the overweight to Information Technology and complete absence of Energy exposure proving particularly beneficial. Semiconductor and semiconductor equipment holdings surged on continued AI infrastructure investment, with Micron, AMD, and Applied Materials substantially outperforming as hyperscale data center buildout accelerated. The portfolio benefited from structural underweights to low sustainability opportunity industries, particularly fossil fuel businesses which fell sharply during the quarter. Health Care was the primary detractor, with several holdings declining materially despite the sector's attractive sustainability profile. The portfolio maintains approximately 58% weight in the highest Corporate Resilience quintile. Looking forward, the team sees compelling structural growth opportunities tied to energy security and efficiency, with the AI buildout driving real demand for power and grid solutions. The team continues building well-diversified portfolios differentiated from the broader market through focus on strong growth drivers, sound management, and attractive valuations.
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