Impax Global Environmental Markets Fund’s Q3 2025 Investor Letter

Impax Asset Management, an investment management company, released its “Impax Global Environmental Markets Fund” third-quarter 2025 investor letter. Global equities saw strong gains in Q3 2025, driven by solid macroeconomic conditions, rising corporate earnings, fiscal stimulus, and banking deregulation. However, the focus on hypergrowth, cyclical, and value stocks posed challenges for quality-focused investors, leading to increased market concentration. The portfolio moved higher, returning 4.55% in the quarter, but underperformed its primary benchmark, the MSCI ACWI index, which returned 7.62%. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.

A copy of Impax US Sustainable Economy Fund’s Q3 2025 investor letter can be downloaded here.