TRUST WATCH

Impax Environmental Markets Trust

WHAT IS IT?

Asset manager Impax specialises in environmental efforts. It invests around the world, and aims to pick fast-growing companies which focus on making basic services, like energy and water provision and waste removal, cleaner and more efficient.

WHAT DOES THE MANAGER INVEST IN?

Run by Bruce Jenkyn-Jones and Jon Forster, it is mainly invested in North America and Europe. Most assets focus on energy efficiency, but the largest holding is Australian waste tech firm Brambles. Water treatment companies and waste management outfits also appear in the top ten holdings.

WHAT DO THE EXPERTS LIKE?

Tom Stevenson, at Fidelity International, says: ‘It is focused on a significant growth market that will benefit from the world’s need to manage rapid increases in population, urbanisation and infrastructure requirements.’

ANY DOWNSIDES?

The strong performance means shares are at a premium to the underlying value of assets. Environmental focus leaves it vulnerable to Government policy change.