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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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.
"Constructive on secular sustainability beneficiaries with strong corporate resilience, maintaining active overweights in Health Care, Financials, and software-enabled IT while absorbing near-term valuation volatility across semiconductor capital equipment."
In the third quarter of 2026, the fund generated a net return of 1.35% for its Institutional Class shares (1.26% net for Investor Class), trailing the Russell 1000 benchmark return of 1.80% net. On a year-to-date basis, the Institutional Class delivered 13.99% net of fees versus 12.30% for the benchmark. Relative underperformance during the quarter was primarily driven by stock selection within Information Technology and Utilities, alongside the structural zero-weight allocation to the leading Energy sector. Portfolio beta was maintained at 0.96 with a cash position of 1.04%. Macroeconomic conditions reflected ongoing US economic resilience tempered by renewed monetary tightening and commodity shocks. Persistent consumer spending and corporate earnings growth were countered by Middle East geopolitical unrest that pushed oil past $100 per barrel. The Federal Reserve executed its first interest rate hike since 2023, propelling 10-year Treasury yields above 5% and penalizing rate-sensitive sectors. Meanwhile, market leadership within the artificial intelligence theme broadened from pure-play semiconductor hardware into software applications and cloud infrastructure platforms. Active attribution was anchored by strong stock selection and an underweight position in Industrials, alongside gains in Health Care and Financials. Top individual performance contributors included Gartner, which re-rated following contract value acceleration, and NVIDIA, which benefited from initial shipments of its Vera Rubin platform and strong forward guidance. Conversely, semiconductor capital equipment holdings KLA and Applied Materials detracted significantly amid valuation compression across AI capex beneficiaries, while Meta Platforms detracted on an exclusionary benchmark-underweight basis.
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