Fund Evaluator:

Impax Sustainable Allocation Instl Overview

Impax Sustainable Allocation Instl (PAXIX) is an actively managed Allocation Moderate Allocation fund. Impax Asset Management launched the fund in 2007.

The investment seeks income and conservation of principal; as a secondary investment objective, the fund seeks long-term growth of capital. The adviser normally expects to invest approximately 50-75% of its assets in equity securities and 25-50% of its assets in debt securities (including but not limited to debt securities convertible into equity securities). The fund’s multi-asset ESG strategy is designed to achieve lower volatility by combining complementary investment approaches.

About Impax Sustainable Allocation Instl (PAXIX)

There are 4 members of the management team with an average tenure of 11.27 years: Nathan Moser (2015), Anthony Trzcinka (2005), Peter Schwab (2017), Kirsteen Morrison (2022). Management tenure is more important for actively managed funds than passive index funds.

The fund has 3 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100%, Bloomberg US Agg Bond TR USD index with a weighting of 40% and S&P 500 (TR) (1970) index with a weighting of 60%. Impax Sustainable Allocation Instl has 13 securities in its portfolio. The top 10 holdings constitute 100.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is considered to have an ESG focus with its investment selection and management.

Impax Sustainable Allocation Instl is part of the Allocation global asset class and is within the Allocation fund group. Impax Sustainable Allocation Instl has 16.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 45.7%. There is 12.9% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 36.6% (33.0% domestic bond, 3.6% foreign bond and 0.0% convertible bond). Impax Sustainable Allocation Instl has 4.7% of the portfolio in cash.

Assets Under Management

The fund has $1 billion in total assets, which is below the $2 billion average for the Moderate Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

PAXIX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Impax Sustainable Allocation Instl expense ratio is above average compared to funds in the Moderate Allocation category. Impax Sustainable Allocation Instl has an expense ratio of 0.69%, which is 31% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Impax Sustainable Allocation Instl has a portfolio turnover rate of 13%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 52% for the Moderate Allocation category.

Recently, in the month of August 2026, Impax Sustainable Allocation Instl returned 1.4%, which earned it a grade of C, as the Moderate Allocation category had an average return of 1.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Impax Sustainable Allocation Instl has a trailing yield of 1.89%, which is below the 1.95% category average. The fund normally distributes its income semi-annually and its capital gains semi-annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Impax Sustainable Allocation Instl Grades

Year to date, the fund has returned 6.3%, 1.7 percentage points worse than the category, which translates into a grade of D. The fund has returned 9.2% over the past year (grade of F), 10.4% over the past three years (grade of F) and 4.2% per year over the past five years (grade of F) and 8.0% per year over the past 10 years (grade of D).

For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.

Otherwise, for more information about Impax Sustainable Allocation Instl, including its riskiness, submit your email to unlock the rest of the article.