A leadership change and recent team developments warrant a more cautious stance. We reinstate the People Pillar rating at Average, a downgrade from Above Average. Impax Global Equity Opportunities continues to benefit from Impax’s established and well-structured investment process, which supports much of the firm’s listed equity platform. Its rigorous fundamental research framework and disciplined blend of bottom-up stock selection with top-down insights remain intact, underpinning the Process Pillar rating of Above Average.
Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable PXGOX’s performance objective and investment process is for both security selection and portfolio construction.
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