Fund Evaluator:
Impax Small Cap A (PXSAX)
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Fund Details
Impax Small Cap A Overview
Impax Small Cap A (PXSAX) is an actively managed U.S. Equity Small Blend fund. Impax Asset Management launched the fund in 2013.
The investment seeks long-term growth of capital. The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies that, when purchased, have capitalizations within the range of the Russell 2000 Index as measured by market capitalization. The fund may invest up to 45% of its assets in securities of non-U.S. issuers. It may invest no more than 25% of its assets in securities of non-U.S. issuers other than ADRs.
About Impax Small Cap A (PXSAX)
There are 2 members of the management team with an average tenure of 11.56 years: Nathan Moser (2008), Curtis Kim (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Russell 2000 TR USD index with a weighting of 100%. Impax Small Cap A has 67 securities in its portfolio. The top 10 holdings constitute 33.5% 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 Small Cap A is part of the Equity global asset class and is within the U.S. Equity fund group. Impax Small Cap A has 1.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 94.3%. There is 1.9% 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 Small Cap A has 3.9% of the portfolio in cash.
Assets Under Management
The fund has $15 million in total assets, which is below the $683 million average for the Small 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.
PXSAX 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 Small Cap A expense ratio is high compared to funds in the Small Blend category. Impax Small Cap A has an expense ratio of 1.16%, which is 11% 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 Small Cap A has a portfolio turnover rate of 36%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 66% for the Small Blend category.
Recently, in the month of August 2026, Impax Small Cap A returned -0.3%, which earned it a grade of C, as the Small Blend category had an average return of -0.1%. 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 Small Cap A has a trailing yield of 0.00%, which is below the 0.43% 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 Small Cap A Grades
Year to date, the fund has returned 21.6%, 3.6 percentage points better than the category, which translates into a grade of A. The fund has returned 28.2% over the past year (grade of A), 17.3% over the past three years (grade of B) and 6.8% per year over the past five years (grade of C) and 9.2% per year over the past 10 years (grade of D).
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PXSAX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PXSAX Return (NAV) | -0.3% | 9.0% | 28.2% | 17.3% | 6.8% | 9.2% |
| PXSAX Grade | C | A | A | B | C | D |
| +/- Category | -0.2% | 6.2% | 7.2% | 2.5% | -0.4% | -1.0% |
| Small Blend Avg | -0.1% | 2.8% | 21.0% | 14.8% | 7.2% | 10.2% |
| PXSAX Tax Cost Ratio | na | na | 1.6% | 1.0% | 1.3% | 1.3% |
PXSAX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PXSAX Return (NAV) | 21.6% | 11.5% | 14.5% | 13.6% | -23.0% | 30.3% | 11.7% | 23.3% | -15.8% | 8.8% | 17.9% |
| PXSAX Grade | A | B | B | D | F | A | D | D | F | F | D |
| +/- Category | 3.6% | 3.5% | 3.0% | -3.0% | -6.6% | 6.9% | -2.6% | -2.2% | -4.0% | -5.1% | -2.5% |
| Small Blend Avg | 18.1% | 8.0% | 11.5% | 16.6% | -16.5% | 23.3% | 14.4% | 25.5% | -11.9% | 13.9% | 20.4% |
| Risk Measures | |
| Standard Deviation: | 17.7% |
| Total Risk Index: | 1.46 - High |
| Category Risk Index: | 0.97 - Below Average |
| Category Risk Grade: | B (33% Rank) |
| Beta: | 1.04 |
| R-Squared: | 57% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $951 Mil |
| Fund Total Assets: | $ 15 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 36% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 18.4 years | |||
| Average Tenure: 11.6 years | |||
| Managers (Year): Moser Nathan (2008), Kim Curtis (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 67 |
| % in Top 10 Holdings: | 33.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.9% |
Portfolio Allocation |
|
| Domestic Stock: | 94.3% |
| Foreign Stock: | 1.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.9% |
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 (%): | 1.16% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.04% |
| Share Class: | Impax Small Cap Institutional |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
