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About the Fund

The Impax Sustainable Leaders Fund (the Fund) seeks to achieve sustainable, above market returns over the longer term by investing globally in companies active in Environmental Markets.

Powerful drivers – growing population, rising living standards and finite natural resources – have triggered above average growth for a diverse set of companies focused on resource efficiency.
While environmental impact is not an objective of the Fund, the Fund invests in companies providing environmental solutions and net carbon reductions which will help lead the transition to a sustainable global economy.
The Fund employs a research-intensive bottom-up stock selection process to find the leading companies in increasingly important global environmental markets.

Why this Fund

The Impax Sustainable Leaders Fund is designed for investors seeking to achieve sustainable, above market returns over the longer term by investing globally in companies active in the resource efficiency and environmental markets.

Impax is one of the most established resource efficiency managers in the world seeking opportunities in an under-researched area of the market.
Impax’s investment team has diverse backgrounds and a strong track record of delivering returns in excess of broader equity markets.
Impax has a proprietary universe of companies. The underlying exposure of each company’s resource efficiency is assessed which provides transparency to clients around the environmental impact of their investments.

Fund Facts

About this fund
Unit prices (at 07 Dec 2023)
Buy $1.60 / Sell $1.59
Buy/sell spread (at 29 Mar 2023)
0.30% / 0.30%
Inception date
06 Jun 2017
Fund size (at -)
Distribution Frequency
Suggested Min Timeframe
At least five years
Portfolio Managers
David Winborne
Hubert Aarts
Siddharth Jha
Fund IDs
615 479 662
Fees / Pricing
Management Costs
Performance Fee (if applicable)
Minimum Investment

The Impax Sustainable Leaders Fund ARSN 615 479 662 was previously named the BNP Paribas Environmental Equity Trust. Equity Trustees Limited (“Equity Trustees”) ABN 46 004 031 298 | AFSL 240975 is the Responsible Entity for the Impax Sustainable Leaders Fund (“the Fund”). Equity Trustees is a subsidiary of EQT Holdings Limited ABN 22 607 797 615, a publicly listed company on the Australian Securities Exchange (ASX: EQT). Impax Asset Management Limited (“Impax”) is the investment manager of the Fund and is exempt from the requirement to hold an Australian financial services licence pursuant to ASIC Class Order CO 03/1099: UK FCA regulated financial service providers, as modified by ASIC Corporations (Repeal and Transitional) Instrument 2016/396. Impax is authorised and regulated in the UK by the Financial Conduct Authority of the UK under UK laws, which differ from Australian laws. Fidante Partners Limited (“Fidante”) ABN 94 002 835 592 | AFSL 234668 is the distributor of the Fund in Australia and New Zealand.

Fund Performance & Distributions

Performance Table
Cumulative Performance
Distribution History

Fund Performance (Net) as at 30 Nov 2023

1M 3M 1YR 3YR (p.a) 5YR (p.a) 10YR (p.a) SI (p.a)
Fund 5.77% -3.37% 4.10% 5.27% 10.25% - 8.40%

Data powered by FE fundinfo

Past performance is not a reliable indicator of future performance. 

The inception date of the Fund is 6 June 2017.

FE fundinfo calculates performance using the Australian FSC Standard by constructing a total value index series that reflects the percentage change in investments assuming the reinvestment of all distributions. A total value index series is constructed using the Ex-Distribution exit price, which is calculated at the end of a distribution period by deducting the distribution amount by the Cum distribution exit price.

Data powered by FE fundinfo

Performance is calculated on a bid-to-bid basis with income reinvested. It is important to know that unit prices reflect the value of the underlying assets of the funds and so can go down as well as up.

Past performance is not indicative of future performance. Where a fund invests in overseas securities, the unit prices may also rise and fall purely on account of exchange rate fluctuations.

Data powered by FE fundinfo

© FE fundinfo 2023. All rights reserved. The compilation of data contained in this report is the copyright of FE fundinfo. It may be copied only incidentally to print single copies for use by those authorised to view it. Whilst reasonable care has been taken in the compilation of the data, it is not warranted to be accurate or complete, and has been drawn by FE fundinfo from sources which are also not warranted to be accurate or complete.

Performance figures are calculated on an exit – exit basis and shown in Australian Dollars.

Ways to Invest

Fund Ratings

Organisation Rating
Lonsec Recommended
Morningstar Neutral
Zenith Recommended



The rating issued 04/2023 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit for ratings information and to access the full report. © 2023 Lonsec. All rights reserved.  

 The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned November 2022) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.  

The Morningstar Analyst Rating™ for Impax Sustainable Leaders Fund is Neutral as of Jan 2023  © 2023 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. This report or data has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or New Zealand wholesale clients of Morningstar Research Ltd, subsidiaries of Morningstar, Inc. Any general advice has been provided without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide at You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Morningstar’s publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Morningstar’s full research reports are the source of any Morningstar Ratings and are available from Morningstar or your adviser. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a financial adviser.