Fund Evaluator:
Impax Global Environmental Markets A (PXEAX)
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Best Performing in Global Large-Stock Blend Over the Last Year
| 26.2% | Victory Cornerstone Equity (UCEQX) |
| 24.5% | Destinations Real Assets Z (DRAZX) |
| 23.8% | Victory Capital Growth (USCGX) |
| 23.7% | Destinations Real Assets I (DRAFX) |
| 23.7% | Victory World Equity (USAWX) |
Fund Details
Impax Global Environmental Markets A Overview
Impax Global Environmental Markets A (PXEAX) is an actively managed International Equity Global Large-Stock Blend fund. Impax Asset Management launched the fund in 2013.
The investment seeks long term growth of capital. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in companies whose businesses and technologies focus on environmental markets, including alternative energy and energy management & efficiency; transportation solutions; water infrastructure & technologies; environmental services & resources; resource efficiency & waste management; digital infrastructure; and sustainable food & agriculture.
About Impax Global Environmental Markets A (PXEAX)
There are 3 members of the management team with an average tenure of 0.50 years: Sanjeev Lakhani (2026), Fotis Chatzimichalakis (2026), Luciano Lilloy (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI ACWI NR USD index with a weighting of 100%. Impax Global Environmental Markets A has 51 securities in its portfolio. The top 10 holdings constitute 40.2% 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 Global Environmental Markets A is part of the Equity global asset class and is within the International Equity fund group. Impax Global Environmental Markets A has 43.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 55.3%. There is 43.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Impax Global Environmental Markets A has 1.5% of the portfolio in cash.
Assets Under Management
The fund has $18 million in total assets, which is below the $1 billion average for the Global Large-Stock Blend 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.
PXEAX 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 Global Environmental Markets A expense ratio is high compared to funds in the Global Large-Stock Blend category. Impax Global Environmental Markets A has an expense ratio of 1.18%, which is 13% higher than its category average, making the fund expense ratio grade a D. 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 Global Environmental Markets A has a portfolio turnover rate of 39%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 43% for the Global Large-Stock Blend category.
Recently, in the month of July 2026, Impax Global Environmental Markets A returned -4.4%, which earned it a grade of F, as the Global Large-Stock Blend category had an average return of 0.8%. 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 Global Environmental Markets A has a trailing yield of 0.18%, which is below the 0.95% category average. The fund normally distributes its income semi-annually and its capital gains 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 Global Environmental Markets A Grades
Year to date, the fund has returned 15.6%, 5.8 percentage points better than the category, which translates into a grade of A. The fund has returned 17.1% over the past year (grade of D), 12.3% over the past three years (grade of F) and 5.4% per year over the past five years (grade of F) and 10.4% per year over the past 10 years (grade of D).
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PXEAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PXEAX Return (NAV) | -4.4% | 4.3% | 17.1% | 12.3% | 5.4% | 10.4% |
| PXEAX Grade | F | C | D | F | F | D |
| +/- Category | -5.2% | 0.7% | -1.7% | -3.0% | -3.5% | -0.3% |
| Global Large-Stock Blend Avg | 0.8% | 3.7% | 18.8% | 15.3% | 8.9% | 10.7% |
| PXEAX Tax Cost Ratio | na | na | 4.6% | 2.0% | 1.4% | 1.0% |
PXEAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PXEAX Return (NAV) | 15.6% | 13.7% | 4.8% | 16.6% | -22.6% | 21.9% | 25.7% | 27.8% | -14.3% | 26.5% | 10.6% |
| PXEAX Grade | A | F | F | D | F | A | A | B | F | A | A |
| +/- Category | 5.8% | -6.3% | -8.3% | -2.2% | -6.3% | 4.4% | 11.0% | 1.9% | -4.0% | 3.5% | 4.0% |
| Global Large-Stock Blend Avg | 9.8% | 20.1% | 13.2% | 18.8% | -16.2% | 17.5% | 14.6% | 25.9% | -10.4% | 23.0% | 6.6% |
| Risk Measures | |
| Standard Deviation: | 16.4% |
| Total Risk Index: | 1.34 - High |
| Category Risk Index: | 1.32 - High |
| Category Risk Grade: | F (98% Rank) |
| Beta: | 1.18 |
| R-Squared: | 83% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.2% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1666 Mil |
| Fund Total Assets: | $ 19 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 39% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.8 years | |||
| Average Tenure: 0.5 years | |||
| Managers (Year): Lilloy Luciano (2025), Lakhani Sanjeev (2026), Chatzimichalakis Fotis (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 51 |
| % in Top 10 Holdings: | 40.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 43.2% |
Portfolio Allocation |
|
| Domestic Stock: | 55.3% |
| Foreign Stock: | 43.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.5% |
Purchase Information
| Fund Family: | Impax Asset Management |
| Phone Number: | 800-372-7827 |
| Website: | www.impaxam.com |
| Status: | Open |
| Inception Date: | May 1, 2013 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 5.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.18% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Impax Global Environmental Markets Instl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
