Impax Global Social Leaders Fund Q4 2025 Commentary

Impax Asset Management17 FollowersFollow5ShareSavePlay(12min)CommentsSummaryImpax Global Social Leaders Fund underperformed relative to the MSCI ACWI index as market concentration and style factors created headwinds for the portfolio.Impax Global Social Leaders Fund underperformed relative to the MSCI ACWI index as market concentration and style factors created headwinds for the portfolio.Intuitive Surgical rallied after Q3 2025 results exceeded expectations, driven by strong equipment placements and accelerating US procedure growth.Bentley Systems reported robust results, with annual recurring revenues growing at around 10% and strong free cash flow growth.Impax Global Social Leaders Fund investment team believes this creates compelling opportunities among companies with sustainable structural growth, where valuations remain attractive. Lemon_tm/iStock via Getty Images Performance The portfolio underperformed relative to the MSCI ACWI index as market concentration and style factors favouring momentum, value and cyclicals over quality created headwinds for the portfolio. This was most pronounced in Information Technology, where This article was written byImpax Asset Management17 FollowersFollowFounded in 1998, Impax is a specialist asset manager investing in the opportunities arising from the transition to a more sustainable global economy. Impax believes that capital markets will be shaped profoundly by global sustainability challenges, including climate change, pollution and essential investments in human capital, infrastructure and resource efficiency. These trends will drive growth for well-positioned companies and create risks for those unable or unwilling to adapt. Impax offers a well-rounded suite of investment solutions spanning multiple asset classes seeking strong risk-adjusted returns over the medium to long term. Impax manages funds and accounts in five areas: actively managed long-only equity, fixed income, systematic equities, multi asset, and new energy infrastructure. Impax has offices in the United Kingdom, the United States, Ireland, Denmark, Hong Kong and Japan, approximately £36.9 billion in assets under management and has one of the investment management sector’s largest investment teams dedicated to sustainable development. Note: This account is not managed or monitored by Impax, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Impax's official channels.