Impax Environmental Markets plc

Key facts & share price

Nav Ex Income 275.47p
Nav Cum Income 278.36p
Share Price 258.00p
Premium Discount (7.31)%
PE Ratio 19.0x
Geographic Focus Global
Characteristic Growth
Vehicle Investment Trust
Exchange London
Currency GBP
Bloomberg Ticker IEM LN
ISIN GB0031232498
Ongoing Charge 1.05%
Reuters Ric Code IMPX.L
Sedol 3123249
Number Of Stocks 60
Investment Horizon Long term
Launch Date 22 February 2002
Fund AUM £501m
Strategy AUM £1,930m

As at 30 November 2017

Historical Performance

Past performance is not necessarily a guide to future performance. The value of investments may go down as well as up and are not guaranteed. 

Cumulative Performance (%) GBP1m3mYTD1yr3yrs5yrs10yrs
NAV per Share (TR)*0.31.615.018.266.7133.6141.9
Share Price2.06.019.422.875.3171.5130.7
FTSE ET100**-2.20.619.323.250.2130.3-
MSCI ACWI0.01.011.415.045.899.0132.9
Discrete Performance (%) GBP

DEC-16

to NOV-17

DEC-15

to NOV-16

DEC-14

to NOV-15

DEC-13

to NOV-14

DEC-12

to NOV-13

NAV per Share (TR)*18.234.94.63.934.9
Share Price22.836.64.54.148.8
FTSE ET100**23.219.81.89.639.9
MSCI ACWI15.024.91.413.020.8

Source: FactSet, WM Reuters. FTSE index is total return (gross dividend reinvested), MSCI index is total net return (net dividend reinvested). *Source: Bloomberg TR. **FTSE ET is a combination of FTSE ET100 and FTSE ET50 indices. FTSE ET50 data is from since inception to December 2013 and FTSE ET100 data from January 2014 onwards. Past performance is not necessarily a guide to future performance. The value of investments may go down as well as up and are not guaranteed. Data in GBP as at 30 November 2017.

 

Investment Objective

The Company’s objective is to enable investors to benefit from growth in the markets for cleaner or more efficient delivery of basic services of energy, water and waste. Investments are made predominantly in quoted companies which provide, utilise, implement or advise upon technology-based systems, products or services in environmental markets, particularly those of alternative energy and energy efficiency, water treatment and pollution control, and waste technology and resource management (which includes sustainable food, agriculture and forestry).

 

Investment Philosophy

Our investment philosophy is based upon the premise that over the medium to long term superior total returns may be realised by focusing equity investment on companies operating in fast growing "Environmental and Resource Efficiency Markets". These are companies that generate profits by providing goods and services that exploit the following themes:

 

  • Resource scarcity exacerbated by an expanding global population
  • Replacement of aging infrastructure
  • Demand for new infrastructure driven by urbanisation in developing countries
  • Cost constraints in the developed world requiring efficiency savings
  • Environmental pollution
  • Energy security
  • Climate change adaptation & mitigation technologies

We believe that Environmental and Resource Efficiency Markets offer investors a compelling long term opportunity to tap into superior growth in a low growth environment

 

Investment Style and Approach

The portfolio managers seek out mis-priced companies that are set to benefit from the long-term themes identified above. Investment is focused on alternative energy, energy efficiency, water infrastructure and technologies, pollution control, waste management, environmental support services and sustainable food, agriculture and forestry. These markets are characterised by corporate activity, technological innovation and legislative momentum, and are complex to understand and challenging to navigate. This leads to frequent mis-pricing and opportunities for outperformance that Impax is ideally placed to exploit. Investments are made subject to completion of our rigorous investment process.

Portfolio Managers

Jon Forster -
Senior Portfolio Manager, Managing Director

Jon has worked at Impax since August 2000. He co-manages the Specialists Strategy (which includes Impax's flagship fund, Impax Environmental Markets plc) with Bruce Jenkyn-Jones.

Jon began his career working with both private and quoted companies in 1994. Following his graduation from Leeds University in Management Studies, he spent four years working on acquisitions at HSBC Investment Bank. Subsequently, he spent two years as a consultant to venture capital investor Alchemy Partners with particular focus on manufacturing and resource management companies.

Bruce Jenkyn-Jones -
Co-Head of Listed Equities, Executive Director

Bruce is an Executive Director and Co-Head of Listed Equities along with Hubert Aarts.

Together they are responsible for the development of the investment process, research and team. Bruce has an active role in the day to day management of all Impax listed equity portfolios and is on the portfolio construction team for all strategies. Bruce joined Impax in 1999 where he worked initially on venture capital investments before developing the listed equity business. Before joining Impax, Bruce worked as a utilities analyst at Bankers Trust and as an environmental consultant for Environmental Resources Management (ERM). Bruce has an MBA from IESE (Barcelona), an MSc in Environmental Technology from Imperial College and a degree in Chemistry from Oxford.  

Current factsheets & documents

Monthly Factsheet

Annual Report December 2016

Half yearly report June 2017

Prospectus

Portfolio holdings

AIFMD Disclosure Document

AIFMD Remuneration disclosure

AGM proxy results May 2015

Holdings as at 31 August 2017