Specialist investor Impax Asset Management posted net inflows of £2.5mn in the six months to March 31.
The AIM-listed group, which focuses on investing that aligns with the transition to net zero, said in a statement to the stock exchange today (June 1) that the flows were well diversified by channel and geography, despite a negative impact on its environmental strategies.
Investors plugged £2.3bn into the company’s listed equity strategies in the period, which saw a loss of £1.6bn due to market movement and performance.
Fixed income saw £48mn in flows, and private markets saw £168mn invested overall.
Chief executive of Impax, Ian Simm, said on an absolute and relative basis, Impax strategies largely performed positively during the first three months of the period.
“However, during the second half of the period our environmental markets strategies in particular - which use a quality growth at a reasonable price investment style - were negatively impacted, as market sentiment switched in favour of value-oriented stocks,” he said.
“This has led to strong performance, for example, in the fossil fuel energy sector, to which Impax strategies typically have no exposure.”
This meant Impax’s thematic environmental markets strategies underperformed their benchmarks, with water lagging the MSCI All Country World Index by 5.5 per cent; sustainable food by 5.7 per cent; leaders by 7.9 per cent; specialists by 9.2 per cent; and the climate strategy by 9.4 per cent.
The Asian environmental strategy also trailed its benchmark, the MSCI AC AP Composite, by 3.5 per cent.
Simm said: “We continue to be pleased with the long-term performance of our investment strategies.
“Eight out of our 10 largest strategies have continued to outperform their benchmarks over three years and seven out of nine strategies with five-year track records also outperformed.”
Assets under management rose £8bn to £38bn in the period, and revenue rose 46 per cent to £88.6mn.
Pre-tax profit rose to £32.7mn.
sally.hickey@ft.com
