Impax Sustainable Leaders Fund

Global Equities

Impax Sustainable Leaders Fund

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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. The Fund’s investable universe of “Sustainable Leaders” is defined as companies with at least 20% of revenue, profits or capital employed in environmental markets, determined through Impax’s proprietary environmental markets taxonomy.

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.

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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.

Over 25 years, Impax has nurtured a deep specialism in sustainability. Impax's investment platform is focused on meeting client needs and aligned with the transition to a more sustainable economy.

Impax's large and experienced investment team is united in their belief that sustainability opportunities and risks can have a material impact on performance. Impax generates investment ideas through in-depth research and a focus on fundamentals and valuation.

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.

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Introducing the Impax Sustainable Leaders Fund

Fund Facts

About this fund

Unit prices (at 22 May 2026)

Buy $1.89 / Sell $1.89

Buy/sell spread

0.30% / 0.30%

Inception date

06 Jun 2017

Benchmark

Fund size (at 30 Apr 2026)

$205.73m

Distribution Frequency

Annually

Suggested Min Timeframe

Currency

AUD

Portfolio Managers

Fotis Chatzimichalakis

Luciano Lilloy

Sanjeev Lakhani

Fund IDs

APIR

ETL8171AU

ARSN

TICKER

Fees / Pricing

Management Costs

1.10%

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.

Insights

View all insights

The Mispriced Megatrend Hiding in Plain Sight, and Why It’s Accelerating Now

A multi-decade shift is underway, driven by energy, AI and climate risk, yet markets may still be underestimating the opportunity.

Navigating Energy Shocks and the AI Revolution

James Clark speaks with Impax founder and CEO Ian Simm about sustainable investing, the risks and opportunities emerging from the energy transition and AI, and the long-term investment case for sustainability.

Investing in an Era of Extreme Weather

A Sustainable Markets Initiative report exploring how asset owners and managers can build more resilient portfolios.

Resources

You should read the Fund's TMD and this PDS to ensure the key attributes of the Fund as described in the TMD and PDS aligns with your objectives, financial situation and needs before making a decision about whether to acquire or continue to hold the Fund.

Ways to Invest

Fund Ratings

Organisation	Rating
Lonsec	Recommended
Morningstar	Neutral
Zenith	Approved

Awards

The rating issued for Impax Sustainable Leaders Fund – April 2026 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 lonsec.com.au for ratings information and to access the full report. © 2025 Lonsec. All rights reserved.

Morningstar Analyst Rating™ for Impax Sustainable Leaders Fund is ‘Neutral’ as of February 2026. © 2025 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. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser.

The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 ratings (assigned Impax Sustainable Leaders Fund February 2026), referred to in this document are 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 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 http://www.zenithpartners.com.au/RegulatoryGuidelines