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Impax Asset Management

PRI reporting framework 2019

Export Public Responses

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (B) Implementation: Thematic

(B) Implementation: Thematic

FI 07. Thematic investing - overview

07.1. Indicate what proportion of your thematic investments are:

40.3 %
0.8 %


          Community Investment Notes/CDs, Sustainable Public Financing, Impact Asset backed Securities (ABS).
58.9 %

07.2. Describe your organisation’s approach to thematic fixed income investing

Impact Bonds provide high credit quality, diversification, competitive returns and positive societal and environmental benefits. These bonds span the spectrum of traditional issuers across municipals, agencies and corporates and allocations are managed with primary consideration given to their traditional classification.

We have identified eight impact focus areas that we believe are most relevant to this asset class: Environment & Energy, Sustainable Infrastructure, Sustainable Development, Education, Affordable Housing, Agriculture, Community Development and Sustainable Products & Services.

Examples of impact investments categorized as “Other:”

-Community Investment Notes/CDs: Shorter-term instruments primarily focused on community development and issued by Community Development Financial Institutions (CDFIs) or credit unions.

-Sustainable Public Financing: Primarily municipal bonds focused on sustainable infrastructure solutions specific to municipalities, or federal government agency securities focused more broadly on issues such as housing and agriculture. Also, includes supranational issuers.

-Impact Asset Backed Securities (ABS): Includes securitizations of solar loans, payments on solar leases and power purchase agreements, electric vehicle leases, and education loans.

07.3. Additional information [OPTIONAL]

FI 08. Thematic investing - themed bond processes

08.1. Indicate whether you encourage transparency and disclosure relating to the issuance of themed bonds as per the Green Bonds Principles, Social Bond Principles, or Sustainability Bond Guidelines..

08.2. Describe the actions you take when issuers do not disburse bond proceeds as described in the offering documents.

We periodically review issuer updates regarding the themed bonds that we hold in our fixed income strategies. We have not discovered that these issuers have failed to disburse bond proceeds as described in their offering documents.

08.3. Additional information. [Optional]

FI 09. Thematic investing - assessing impact

09.1. Indicate how you assess the environmental or social impact of your thematic investments.

09.2. Additional information. [Optional]