Impax is a market leading and multi award winning manager of both listed and private equity funds, which invest in ways that take advantage of more environmentally sustainable corporate and economic growth globally.
15 Apr 2020
Impressive AUM inflows despite market rout
Clients of Impax continued to show their confidence in the face of a collapse in equity markets, with £1.1bn of net inflows during the recent quarter and, impressively, £6m during March. This bodes well strategically.
A key attraction will be the downturn-resilience provided by Impax’s cash-flush balance sheet. On 30 Sep 2019, cash reserves stood at £26.2m, with no debt. Our estimates show Impax has remained comfortably cash-flow positive during H1, and over the FY to Sep 2020 will actually increase its cash position by over £9m.
The trend of capital moving into the sustainable investing space is now well established and is unlikely to merely be a short-term phenomenon. Indeed, we think investors are intensifying their hunt for ‘post-corona portfolios’ and more are turning to Impax. Consequently, the 11% decline in its shares this year seems strange.