Impax Asset Management Group plc Quarterly 13F Holdings Update

CIK: 0001749768

Diversified strategyMomentum followerQuality / disciplined sizing

Total reported value

$14.3B

Reporting period: 2026-03-31 · Number of holdings: 287

Impax Asset Management Group plc disclosed 287 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $14.3B and a quarterly turnover rate of 32.4%.

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Personality snowflake

Concentration: 7.13
Portfolio Stability: 32.37
Momentum/Contrarian: 100
Sector conviction: 72.17
Diversification: 100
Sizing Uniformity: 79.68

Impax Asset Management Group plc's disclosed holdings carry a Herfindahl concentration index of 0.018 — mathematically equivalent to about 56 equally-sized positions, well below its 287 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.

Position sizes vary widely across the portfolio (a coefficient of variation of 2.03), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Add KLAC
+71.2%　$277.5M
Add WCN
+339.6%　$259.5M
Trim MSFT
-25.3%　-$329.6M
Trim WM
-88.4%　-$194.8M
Trim PNR
-48.2%　-$195.4M
Add LIN
-7.1%　$63.2M

Holdings Map

New buyAddUnchangedTrim

Institutional Game-State Analysis

Core Intent

Impax executes a pure contrarian rotation this quarter, dumping crowded mega-cap tech exposure (MSFT, AMAT) while doubling down on capital-intensive semiconductor infrastructure (KLAC) and industrial utilities (WCN). The fund sheds liquidity-prone discretionary names to fund a concentrated build in heavy-industry and hard-asset chains.

Macro & Fundamentals

Embedded bet: rate-cut cycles favor physical-capex and utility-grade growth over software scaling. Impax trades the narrative that IT earnings peaks are pricing out downside risk, rotating into sectors with tangible moats and inflation-linked pricing power. Opposing thesis: AI capex continues compounding without pause, making KLAC trims premature while WCN's yield compression signals a rate-floor play that chokes if yields spike.

Blind Spots / Risks

The 100-point contrarian score paired with a 2.03 coefficient of variation reveals a barbell portfolio where long-shot thematic bets dilute capital allocated to core heavy-industrial positions. When liquidity dries up in mid-cap industrials, the fund's wide dispersion forces asymmetric exits rather than disciplined scaling, trapping paper gains inside low-float names.

This overview is machine-generated from public regulatory data and describes past filings only — it does not constitute financial advice.

Top 10 holdings by weight

Full holdings list this quarter

Showing top 200 holdings (of 287 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	LIN	Linde plc	Stock-Materials	5.92%	+1.01%	-7.07%
2	NVDA	Nvidia CORP	Stock-Tech	4.43%	+0.89%	+20.00%
3	XYL	Xylem INC	Stock-Industrials	3.82%	-0.34%	-6.06%
4	KLAC	Kla CORP	Stock-Tech	3.73%	+2.11%	+71.22%
5	MSFT	Microsoft CORP	Stock-Tech	3.07%	-1.75%	-25.30%
6	AWK	American Water Works Co INC	Stock-Utilities	2.67%	+0.72%	+18.03%
7	WCN	Waste Connections INC	Stock-Industrials	2.40%	+1.87%	+339.57%
8	HUBB	Hubbell INC	Stock-Industrials	2.34%	+0.06%	-16.79%
9	APTV	Aptiv PLC	Stock-Consumer Disc	2.22%	—	+7.54%
10	VLTO	Veralto CORP	Stock-Industrials	2.08%	—	+7.34%
11	AOS	Smith (a.o.) CORP	Stock-Industrials	1.97%	+0.02%	-7.99%
12	VRT	Vertiv Holdings Co-a	Stock-Industrials	1.89%	+0.67%	-10.15%
13	WMS	Advanced Drainage Systems In	Stock-Industrials	1.84%	-0.03%	-6.74%
14	CTAS	Cintas CORP	Stock-Industrials	1.77%	—	+11.68%
15	EBAY	Ebay INC	Stock-Consumer Disc	1.72%	+0.01%	-13.36%
16	MRVL	Marvell Technology INC	Stock-Tech	1.60%	-0.07%	-26.36%
17	ECL	Ecolab INC	Stock-Materials	1.59%	+0.40%	+18.45%
18	A	Agilent Technologies INC	Stock-Healthcare	1.47%	-0.74%	-28.95%
19	SBS	Cia Saneamento Basico De-adr	Stock-Other	1.43%	+0.35%	-6.83%
20	ITRI	Itron INC	Stock-Tech	1.37%	+0.58%	+61.84%
21	RNR	RenaissanceRe Holdings Ltd.	Stock-Financials	1.32%	-0.39%	-34.25%
22	UNP	Union Pacific CORP	Stock-Industrials	1.27%	—	+8.54%
23	IEX	Idex CORP	Stock-Industrials	1.25%	-0.65%	-44.53%
24	WTS	Watts Water Technologies-a	Stock-Industrials	1.19%	—	-9.24%
25	CDNS	Cadence Design Sys INC	Stock-Tech	1.15%	—	+10.18%
26	TEL	TE Connectivity plc	Stock-Tech	1.08%	—	-2.70%
27	ZTS	Zoetis INC	Stock-Healthcare	1.08%	-0.16%	-16.88%
28	PNR	Pentair plc	Stock-Industrials	1.04%	-1.12%	-48.20%
29	MAS	Masco CORP	Stock-Industrials	1.00%	-0.08%	-12.31%
30	CNM	Core & Main Inc-class A	Stock-Industrials	0.98%	—	-0.74%
31	MA	Mastercard INC - A	Stock-Financials	0.97%	-0.22%	-15.93%
32	SNPS	Synopsys INC	Stock-Tech	0.87%	-0.43%	-28.74%
33	FELE	Franklin Electric Co INC	Stock-Industrials	0.83%	—	+15.65%
34	AAON	Aaon INC	Stock-Industrials	0.83%	—	+2.33%
35	LFUS	Littelfuse INC	Stock-Tech	0.82%	—	-23.85%
36	ACM	Aecom	Stock-Industrials	0.82%	—	-0.68%
37	ZWS	Zurn Elkay Water Solutions C	Stock-Industrials	0.82%	—	-10.70%
38	TTEK	Tetra Tech INC	Stock-Industrials	0.80%	—	+19.38%
39	SITE	Siteone Landscape Supply INC	Stock-Industrials	0.76%	—	-9.99%
40	AAPL	Apple INC	Stock-Tech	0.75%	—	+14.42%
41	MPWR	Monolithic Power Systems INC	Stock-Tech	0.67%	—	-16.74%
42	TT	Trane Technologies plc	Stock-Industrials	0.66%	—	-9.46%
43	WAT	Waters CORP	Stock-Healthcare	0.65%	—	+35.45%
44	QXO	Qxo INC	Stock-Industrials	0.64%	+0.49%	+275.01%
45	VMI	Valmont Industries	Stock-Industrials	0.63%	—	-12.91%
46	AMAT	Applied Materials INC	Stock-Tech	0.62%	-0.75%	-69.62%
47	BSX	Boston Scientific CORP	Stock-Healthcare	0.59%	-0.44%	-21.14%
48	MWA	Mueller Water Products Inc-a	Stock-Industrials	0.56%	—	-12.38%
49	ORA	Ormat Technologies INC	Stock-Utilities	0.56%	—	+6.85%
50	WAB	Wabtec CORP	Stock-Industrials	0.55%	+0.27%	+54.25%

1–50 of 200

Portfolio Performance

Performance for Q3 2026

+1.9%

Performance Last 4 Quarters

+7.5%

Based on 69% of reported portfolio value with available pricing

Stdev: +14.8%
Beta: +0.98
Alpha: -6.8%
Max Drawdown: -11%
Annualized Perf: +10.7%
Batting Avg vs S&P: +38.9%
Sortino: +1.27
Stutzer: +0.22
Treynor: +0.12
Sterling: +0.54
Calmar: +0.97
Information Ratio: -0.95
Tracking Error: +7.6%
Stdev Down: +8.8%
Winning Months %: +55.6%
Losing Months %: +44.4%
Best 12 Months: +33.4%
Worst 12 Months: -2.8%
Efficiency Ratio: +0.27
Sharpe: +0.76
Stdev Sectors: +11.9%
Skewness: -0.13
Kurtosis: -0.74
Upside Potential: +3.1

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	287	$14.3B	32	1LIN 2NVDA 3XYL Top holdings2026-03-31 1.LIN 2.NVDA 3.XYL 4.KLAC 5.MSFT 6.AWK 7.WCN 8.HUBB 9.APTV 10.VLTO
2025-12-31	279	$16.0B	19	1LIN 2MSFT 3XYL Top holdings2025-12-31 1.LIN 2.MSFT 3.XYL 4.NVDA 5.HUBB 6.A 7.PNR 8.APTV 9.VLTO 10.AWK
2025-09-30	275	$17.1B	32	1LIN 2MSFT 3XYL Top holdings2025-09-30 1.LIN 2.MSFT 3.XYL 4.NVDA 5.VLTO 6.HUBB 7.PNR 8.APTV 9.A 10.AOS
2025-06-30	280	$17.4B	0	1LIN 2MSFT 3XYL Top holdings2025-06-30 1.LIN 2.MSFT 3.XYL 4.NVDA 5.PNR 6.HUBB 7.VLTO 8.A 9.WMS 10.IEX
2025-03-31	295	$16.6B	100	1LIN 2MSFT 3XYL Top holdings2025-03-31 1.LIN 2.MSFT 3.XYL 4.NVDA 5.PNR 6.VLTO 7.IEX 8.WM 9.A 10.AWK
2024-12-31	312	$22.1B	0	1MSFT 2LIN 3NVDA Top holdings2024-12-31 1.MSFT 2.LIN 3.NVDA 4.XYL 5.AWK 6.PNR 7.RNR 8.TEL 9.MA 10.HUBB
2024-09-30	313	$25.4B	0	1MSFT 2LIN 3AWK Top holdings2024-09-30 1.MSFT 2.LIN 3.AWK 4.PNR 5.NVDA 6.TEL 7.AMAT 8.HUBB 9.MA 10.CTAS
2024-06-30	315	$24.6B	0	1MSFT 2LIN 3AWK Top holdings2024-06-30 1.MSFT 2.LIN 3.AWK 4.PNR 5.AMAT 6.NVDA 7.CTAS 8.TEL 9.MA 10.APTV
2024-03-31	308	$26.1B	0	1MSFT 2LIN 3AWK Top holdings2024-03-31 1.MSFT 2.LIN 3.AWK 4.PNR 5.CTAS 6.MA 7.AMAT 8.APTV 9.TEL 10.IEX
2023-12-31	366	$24.9B	0	1LIN 2MSFT 3AWK Top holdings2023-12-31 1.LIN 2.MSFT 3.AWK 4.PNR 5.CTAS 6.APTV 7.TEL 8.MA 9.IEX 10.URI
2023-09-30	395	$22.4B	0	1LIN 2MSFT 3AWK Top holdings2023-09-30 1.LIN 2.MSFT 3.AWK 4.APTV 5.PNR 6.CTAS 7.TRMB 8.MA 9.TEL 10.IEX
2023-06-30	388	$24.9B	0	1LIN 2MSFT 3AWK Top holdings2023-06-30 1.LIN 2.MSFT 3.AWK 4.PNR 5.APTV 6.CTAS 7.TRMB 8.TEL 9.MA 10.IEX
2023-03-31	391	$23.9B	0	1LIN 2MSFT 3AWK Top holdings2023-03-31 1.LIN 2.MSFT 3.AWK 4.PNR 5.CTAS 6.APTV 7.TRMB 8.EQIX 9.IEX 10.A
2022-12-31	381	$22.4B	0	1LIN 2MSFT 3AWK Top holdings2022-12-31 1.LIN 2.MSFT 3.AWK 4.PNR 5.A 6.TRMB 7.APTV 8.CTAS 9.EQIX 10.IEX
2022-09-30	387	$19.5B	0	1LIN 2MSFT 3AWK Top holdings2022-09-30 1.LIN 2.MSFT 3.AWK 4.PNR 5.TRMB 6.A 7.CTAS 8.IEX 9.APTV 10.EQIX
2022-06-30	389	$20.5B	0	1LIN 2AWK 3MSFT Top holdings2022-06-30 1.LIN 2.AWK 3.MSFT 4.PNR 5.TRMB 6.A 7.EQIX 8.APTV 9.IEX 10.CTAS
2022-03-31	411	$24.2B	0	1LIN 2AWK 3MSFT Top holdings2022-03-31 1.LIN 2.AWK 3.MSFT 4.TRMB 5.PNR 6.A 7.APTV 8.EQIX 9.CTAS 10.IEX
2021-12-31	419	$27.3B	0	1AWK 2LIN 3MSFT Top holdings2021-12-31 1.AWK 2.LIN 3.MSFT 4.ECL 5.TRMB 6.PNR 7.A 8.APTV 9.EQIX 10.IEX
2021-09-30	396	$24.3B	0	1AWK 2LIN 3MSFT Top holdings2021-09-30 1.AWK 2.LIN 3.MSFT 4.ECL 5.IEX 6.PNR 7.TRMB 8.A 9.XYL 10.APTV
2021-06-30	404	$22.7B	100	1AWK 2LIN 3XYL Top holdings2021-06-30 1.AWK 2.LIN 3.XYL 4.TRMB 5.ECL 6.IEX 7.PNR 8.A 9.APTV 10.PTC
2021-03-31	401	$19.5B	27	1AWK 2LIN 3XYL Top holdings2021-03-31 1.AWK 2.LIN 3.XYL 4.TRMB 5.PNR 6.IEX 7.ECL 8.A 9.PTC 10.EQIX
2020-12-31	292	$15.7B	34	1AWK 2TRMB 3XYL Top holdings2020-12-31 1.AWK 2.TRMB 3.XYL 4.IEX 5.PNR 6.LIN 7.ECL 8.A 9.APTV 10.PTC
2020-09-30	275	$11.4B	21	1XYL 2AWK 3PNR Top holdings2020-09-30 1.XYL 2.AWK 3.PNR 4.TRMB 5.IEX 6.ECL 7.A 8.LIN 9.DHR 10.APTV
2020-06-30	277	$9.7B	30	1AWK 2XYL 3TRMB Top holdings2020-06-30 1.AWK 2.XYL 3.TRMB 4.PNR 5.IEX 6.ECL 7.A 8.LIN 9.DHR 10.PTC
2020-03-31	273	$7.5B	36	1XYL 2AWK 3TRMB Top holdings2020-03-31 1.XYL 2.AWK 3.TRMB 4.IEX 5.PNR 6.A 7.ECL 8.DHR 9.LIN 10.PTC
2019-12-31	279	$9.0B	24	1XYL 2PNR 3TRMB Top holdings2019-12-31 1.XYL 2.PNR 3.TRMB 4.AWK 5.A 6.IEX 7.ECL 8.DHR 9.AOS 10.MFS1EUR
2019-09-30	275	$7.7B	16	1XYL 2PNR 3AWK Top holdings2019-09-30 1.XYL 2.PNR 3.AWK 4.A 5.TRMB 6.IEX 7.DHR 8.ECL 9.AOS 10.ITRI
2019-06-30	273	$7.7B	18	1XYL 2TRMB 3PNR Top holdings2019-06-30 1.XYL 2.TRMB 3.PNR 4.AWK 5.A 6.DHR 7.IEX 8.ECL 9.WTS 10.AOS
2019-03-31	287	$7.3B	24	1XYL 2ECL 3AWK Top holdings2019-03-31 1.XYL 2.ECL 3.AWK 4.TRMB 5.PNR 6.DHR 7.AOS 8.IEX 9.A 10.WTS
2018-12-31	263	$6.1B	25	1XYL 2ECL 3AWK Top holdings2018-12-31 1.XYL 2.ECL 3.AWK 4.DHR 5.TRMB 6.AOS 7.A 8.WTS 9.IEX 10.PNR
2018-09-30	272	$7.0B	—	1XYL 2TRMB 3AWK Top holdings2018-09-30 1.XYL 2.TRMB 3.AWK 4.ECL 5.DHR 6.WTS 7.A 8.IEX 9.AOS 10.ITRI

Holding changes this quarter

Impax Asset Management Group plc's most significant position changes for 2026-03-31: New buy: Impax Global Sustainable Inf (BLDX); Sold out: Pinnacle Financial Partners, Inc. (PNW); New buy: Pinnacle Financial Partners (PNFP); Add: Kla CORP (KLAC) — shares +71.22%; Add: Waste Connections INC (WCN) — shares +339.57%.

Position changes disclosed by Impax Asset Management Group plc for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	KLAC	Kla CORP	+2.1%	+71.22%	Add
2	WCN	Waste Connections INC	+1.9%	+339.57%	Add
3	LIN	Linde plc	+1%	-7.07%	Trim
4	NVDA	Nvidia CORP	+0.9%	+20.00%	Add
5	AWK	American Water Works Co INC	+0.7%	+18.03%	Add
6	VRT	Vertiv Holdings Co-a	+0.7%	-10.15%	Trim
7	ITRI	Itron INC	+0.6%	+61.84%	Add
8	QXO	Qxo INC	+0.5%	+275.01%	Add
9	ECL	Ecolab INC	+0.4%	+18.45%	Add
10	SBS	Cia Saneamento Basico De-adr	+0.4%	-6.83%	Trim
11	WAB	Wabtec CORP	+0.3%	+54.25%	Add
12	MELI	Mercadolibre INC	+0.2%	+701.71%	Add
13	HUBB	Hubbell INC	+0.1%	-16.79%	Trim
14	AOS	Smith (a.o.) CORP	0%	-7.99%	Trim
15	EBAY	Ebay INC	0%	-13.36%	Trim
16	WMS	Advanced Drainage Systems In	0%	-6.74%	Trim
17	MRVL	Marvell Technology INC	-0.1%	-26.36%	Trim
18	MAS	Masco CORP	-0.1%	-12.31%	Trim
19	ADSK	Autodesk INC	-0.1%	-6.39%	Trim
20	AMZN	Amazon.com INC	-0.1%	-22.86%	Trim
21	TMO	Thermo Fisher Scientific INC	-0.1%	-21.04%	Trim
22	ZTS	Zoetis INC	-0.2%	-16.88%	Trim
23	HDB	Hdfc Bank Ltd-adr	-0.2%	-24.82%	Trim
24	JPM	Jpmorgan Chase & Co	-0.2%	-61.49%	Trim
25	CHE	Chemed CORP	-0.2%	-27.77%	Trim
26	DHR	Danaher CORP	-0.2%	-26.54%	Trim
27	MA	Mastercard INC - A	-0.2%	-15.93%	Trim
28	NOW	Servicenow INC	-0.2%	-23.53%	Trim
29	CFR	Cullen/frost Bankers INC	-0.3%	-46.17%	Trim
30	ISRG	Intuitive Surgical INC	-0.3%	-32.70%	Trim
31	TYL	Tyler Technologies INC	-0.3%	-30.15%	Trim
32	TRMB	Trimble INC	-0.3%	-37.15%	Trim
33	PTC	Ptc INC	-0.3%	-48.27%	Trim
34	XYL	Xylem INC	-0.3%	-6.06%	Trim
35	RNR	RenaissanceRe Holdings Ltd.	-0.4%	-34.25%	Trim
36	TXN	Texas Instruments INC	-0.4%	-91.27%	Trim
37	SNPS	Synopsys INC	-0.4%	-28.74%	Trim
38	BSX	Boston Scientific CORP	-0.4%	-21.14%	Trim
39	APH	Amphenol Corp-cl A	-0.5%	-64.95%	Trim
40	IEX	Idex CORP	-0.7%	-44.53%	Trim
41	CARR	Carrier Global CORP	-0.7%	-66.86%	Trim
42	RSG	Republic Services INC	-0.7%	-94.26%	Trim
43	A	Agilent Technologies INC	-0.7%	-28.95%	Trim
44	AMAT	Applied Materials INC	-0.8%	-69.62%	Trim
45	PNR	Pentair plc	-1.1%	-48.20%	Trim
46	WM	Waste Management INC	-1.2%	-88.41%	Trim
47	MSFT	Microsoft CORP	-1.8%	-25.30%	Trim
48	BLDX	Impax Global Sustainable Inf	—	NEW	New buy
49	PNW	Pinnacle Financial Partners, Inc.	—	EXIT	Sold out
50	PNFP	Pinnacle Financial Partners	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-12	13F-HR	View on EDGAR
2025-12-31	2026-01-29	13F-HR	View on EDGAR
2025-09-30	2025-11-06	13F-HR	View on EDGAR
2025-06-30	2025-08-08	13F-HR	View on EDGAR
2025-03-31	2025-04-29	13F-HR	View on EDGAR
2024-12-31	2025-02-04	13F-HR	View on EDGAR
2024-09-30	2024-11-06	Amendment	View on EDGAR
2024-09-30	2024-10-30	13F-HR	View on EDGAR
2024-06-30	2024-11-08	Amendment	View on EDGAR
2024-06-30	2024-08-05	13F-HR	View on EDGAR
2024-03-31	2024-04-30	13F-HR	View on EDGAR
2023-12-31	2024-01-26	13F-HR	View on EDGAR
2023-09-30	2023-11-07	Amendment	View on EDGAR
2023-09-30	2023-11-07	13F-HR	View on EDGAR
2023-06-30	2023-08-07	13F-HR	View on EDGAR
2023-03-31	2023-05-10	13F-HR	View on EDGAR
2022-12-31	2023-02-09	13F-HR	View on EDGAR
2022-09-30	2022-11-08	13F-HR	View on EDGAR
2022-06-30	2022-08-11	Amendment	View on EDGAR
2022-06-30	2022-08-02	13F-HR	View on EDGAR
2022-03-31	2022-05-16	13F-HR	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR
2021-09-30	2021-11-12	13F-HR	View on EDGAR
2021-06-30	2021-08-05	13F-HR	View on EDGAR
2021-03-31	2021-05-14	13F-HR	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2020-11-12	13F-HR	View on EDGAR
2020-06-30	2020-08-14	13F-HR	View on EDGAR
2020-03-31	2020-05-15	13F-HR	View on EDGAR
2019-12-31	2020-02-13	13F-HR	View on EDGAR
2019-09-30	2019-11-14	13F-HR	View on EDGAR
2019-06-30	2019-08-13	13F-HR	View on EDGAR
2019-03-31	2019-05-13	13F-HR	View on EDGAR
2018-12-31	2019-02-14	13F-HR	View on EDGAR
2018-09-30	2018-11-14	13F-HR	View on EDGAR

FAQ

What is Impax Asset Management Group plc and what type of investor is it?

Impax Asset Management Group plc is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $14.3B, spread across 287 disclosed positions.

What are Impax Asset Management Group plc's largest equity positions?

Based on the latest 13F filing, Impax Asset Management Group plc's top holdings by market value are: 1. Linde plc (LIN) — $848.6M (5.9%) 2. Nvidia CORP (NVDA) — $635.0M (4.4%) 3. Xylem INC (XYL) — $548.0M (3.8%) 4. Kla CORP (KLAC) — $535.6M (3.7%) 5. Microsoft CORP (MSFT) — $440.1M (3.1%)

What changes did Impax Asset Management Group plc make in its most recent portfolio filing?

In the latest reported quarter, Impax Asset Management Group plc made 50 notable position adjustments: 2 new positions were initiated, 9 existing holdings were added to, 38 positions were partially reduced, and 1 were completely exited. The largest of these moves: New buy: Impax Global Sustainable Inf (BLDX); Sold out: Pinnacle Financial Partners, Inc. (PNW); New buy: Pinnacle Financial Partners (PNFP); Add: Kla CORP (KLAC) — shares +71.22%; Add: Waste Connections INC (WCN) — shares +339.57%

What sectors does Impax Asset Management Group plc focus on?

Impax Asset Management Group plc is concentrated in the following sectors based on its current disclosed equity portfolio: • Industrials: 38.6% • Information Technology: 26.1% • Health Care: 8.5% • Materials: 8.1% • Consumer Discretionary: 6.4% • Financials: 6.0%

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Sector conviction68.6

2 of the top 5 holdings overlap, including Nvidia CORP

View detail

Fred Alger Management, LLC

CIK 0000003520

Total reported value

$22.8B

525 stks

2026-03-31

Concentration16.8

Portfolio Stability32.2

Sector conviction81.0

2 of the top 5 holdings overlap, including Nvidia CORP

View detail

Associated Banc-Corp

CIK 0000007789

Total reported value

$3.8B

332 stks

2026-03-31

Concentration6.8

Portfolio Stability14.2

Sector conviction44.0

2 of the top 5 holdings overlap, including Nvidia CORP

View detail

Impax Asset Management Group plc Quarterly 13F Holdings Update

CIK: 0001749768

Diversified strategyMomentum followerQuality / disciplined sizing

Total reported value

$14.3B

Reporting period: 2026-03-31 · Number of holdings: 287

Impax Asset Management Group plc disclosed 287 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $14.3B and a quarterly turnover rate of 32.4%.

Browse other institutions with $10B to $100B AUM Browse other institutions starting with "I"

Personality snowflake

Concentration: 7.13
Portfolio Stability: 32.37
Momentum/Contrarian: 100
Sector conviction: 72.17
Diversification: 100
Sizing Uniformity: 79.68

Position sizes vary widely across the portfolio (a coefficient of variation of 2.03), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Add KLAC
+71.2%　$277.5M
Add WCN
+339.6%　$259.5M
Trim MSFT
-25.3%　-$329.6M
Trim WM
-88.4%　-$194.8M
Trim PNR
-48.2%　-$195.4M
Add LIN
-7.1%　$63.2M

Holdings Map

New buyAddUnchangedTrim

Institutional Game-State Analysis

Core Intent

Macro & Fundamentals

Blind Spots / Risks

This overview is machine-generated from public regulatory data and describes past filings only — it does not constitute financial advice.

Top 10 holdings by weight

Full holdings list this quarter

Showing top 200 holdings (of 287 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	LIN	Linde plc	Stock-Materials	5.92%	+1.01%	-7.07%
2	NVDA	Nvidia CORP	Stock-Tech	4.43%	+0.89%	+20.00%
3	XYL	Xylem INC	Stock-Industrials	3.82%	-0.34%	-6.06%
4	KLAC	Kla CORP	Stock-Tech	3.73%	+2.11%	+71.22%
5	MSFT	Microsoft CORP	Stock-Tech	3.07%	-1.75%	-25.30%
6	AWK	American Water Works Co INC	Stock-Utilities	2.67%	+0.72%	+18.03%
7	WCN	Waste Connections INC	Stock-Industrials	2.40%	+1.87%	+339.57%
8	HUBB	Hubbell INC	Stock-Industrials	2.34%	+0.06%	-16.79%
9	APTV	Aptiv PLC	Stock-Consumer Disc	2.22%	—	+7.54%
10	VLTO	Veralto CORP	Stock-Industrials	2.08%	—	+7.34%
11	AOS	Smith (a.o.) CORP	Stock-Industrials	1.97%	+0.02%	-7.99%
12	VRT	Vertiv Holdings Co-a	Stock-Industrials	1.89%	+0.67%	-10.15%
13	WMS	Advanced Drainage Systems In	Stock-Industrials	1.84%	-0.03%	-6.74%
14	CTAS	Cintas CORP	Stock-Industrials	1.77%	—	+11.68%
15	EBAY	Ebay INC	Stock-Consumer Disc	1.72%	+0.01%	-13.36%
16	MRVL	Marvell Technology INC	Stock-Tech	1.60%	-0.07%	-26.36%
17	ECL	Ecolab INC	Stock-Materials	1.59%	+0.40%	+18.45%
18	A	Agilent Technologies INC	Stock-Healthcare	1.47%	-0.74%	-28.95%
19	SBS	Cia Saneamento Basico De-adr	Stock-Other	1.43%	+0.35%	-6.83%
20	ITRI	Itron INC	Stock-Tech	1.37%	+0.58%	+61.84%
21	RNR	RenaissanceRe Holdings Ltd.	Stock-Financials	1.32%	-0.39%	-34.25%
22	UNP	Union Pacific CORP	Stock-Industrials	1.27%	—	+8.54%
23	IEX	Idex CORP	Stock-Industrials	1.25%	-0.65%	-44.53%
24	WTS	Watts Water Technologies-a	Stock-Industrials	1.19%	—	-9.24%
25	CDNS	Cadence Design Sys INC	Stock-Tech	1.15%	—	+10.18%
26	TEL	TE Connectivity plc	Stock-Tech	1.08%	—	-2.70%
27	ZTS	Zoetis INC	Stock-Healthcare	1.08%	-0.16%	-16.88%
28	PNR	Pentair plc	Stock-Industrials	1.04%	-1.12%	-48.20%
29	MAS	Masco CORP	Stock-Industrials	1.00%	-0.08%	-12.31%
30	CNM	Core & Main Inc-class A	Stock-Industrials	0.98%	—	-0.74%
31	MA	Mastercard INC - A	Stock-Financials	0.97%	-0.22%	-15.93%
32	SNPS	Synopsys INC	Stock-Tech	0.87%	-0.43%	-28.74%
33	FELE	Franklin Electric Co INC	Stock-Industrials	0.83%	—	+15.65%
34	AAON	Aaon INC	Stock-Industrials	0.83%	—	+2.33%
35	LFUS	Littelfuse INC	Stock-Tech	0.82%	—	-23.85%
36	ACM	Aecom	Stock-Industrials	0.82%	—	-0.68%
37	ZWS	Zurn Elkay Water Solutions C	Stock-Industrials	0.82%	—	-10.70%
38	TTEK	Tetra Tech INC	Stock-Industrials	0.80%	—	+19.38%
39	SITE	Siteone Landscape Supply INC	Stock-Industrials	0.76%	—	-9.99%
40	AAPL	Apple INC	Stock-Tech	0.75%	—	+14.42%
41	MPWR	Monolithic Power Systems INC	Stock-Tech	0.67%	—	-16.74%
42	TT	Trane Technologies plc	Stock-Industrials	0.66%	—	-9.46%
43	WAT	Waters CORP	Stock-Healthcare	0.65%	—	+35.45%
44	QXO	Qxo INC	Stock-Industrials	0.64%	+0.49%	+275.01%
45	VMI	Valmont Industries	Stock-Industrials	0.63%	—	-12.91%
46	AMAT	Applied Materials INC	Stock-Tech	0.62%	-0.75%	-69.62%
47	BSX	Boston Scientific CORP	Stock-Healthcare	0.59%	-0.44%	-21.14%
48	MWA	Mueller Water Products Inc-a	Stock-Industrials	0.56%	—	-12.38%
49	ORA	Ormat Technologies INC	Stock-Utilities	0.56%	—	+6.85%
50	WAB	Wabtec CORP	Stock-Industrials	0.55%	+0.27%	+54.25%

1–50 of 200

Portfolio Performance

Performance for Q3 2026

+1.9%

Performance Last 4 Quarters

+7.5%

Based on 69% of reported portfolio value with available pricing

Stdev: +14.8%
Beta: +0.98
Alpha: -6.8%
Max Drawdown: -11%
Annualized Perf: +10.7%
Batting Avg vs S&P: +38.9%
Sortino: +1.27
Stutzer: +0.22
Treynor: +0.12
Sterling: +0.54
Calmar: +0.97
Information Ratio: -0.95
Tracking Error: +7.6%
Stdev Down: +8.8%
Winning Months %: +55.6%
Losing Months %: +44.4%
Best 12 Months: +33.4%
Worst 12 Months: -2.8%
Efficiency Ratio: +0.27
Sharpe: +0.76
Stdev Sectors: +11.9%
Skewness: -0.13
Kurtosis: -0.74
Upside Potential: +3.1

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	287	$14.3B	32	1LIN 2NVDA 3XYL Top holdings2026-03-31 1.LIN 2.NVDA 3.XYL 4.KLAC 5.MSFT 6.AWK 7.WCN 8.HUBB 9.APTV 10.VLTO
2025-12-31	279	$16.0B	19	1LIN 2MSFT 3XYL Top holdings2025-12-31 1.LIN 2.MSFT 3.XYL 4.NVDA 5.HUBB 6.A 7.PNR 8.APTV 9.VLTO 10.AWK
2025-09-30	275	$17.1B	32	1LIN 2MSFT 3XYL Top holdings2025-09-30 1.LIN 2.MSFT 3.XYL 4.NVDA 5.VLTO 6.HUBB 7.PNR 8.APTV 9.A 10.AOS
2025-06-30	280	$17.4B	0	1LIN 2MSFT 3XYL Top holdings2025-06-30 1.LIN 2.MSFT 3.XYL 4.NVDA 5.PNR 6.HUBB 7.VLTO 8.A 9.WMS 10.IEX
2025-03-31	295	$16.6B	100	1LIN 2MSFT 3XYL Top holdings2025-03-31 1.LIN 2.MSFT 3.XYL 4.NVDA 5.PNR 6.VLTO 7.IEX 8.WM 9.A 10.AWK
2024-12-31	312	$22.1B	0	1MSFT 2LIN 3NVDA Top holdings2024-12-31 1.MSFT 2.LIN 3.NVDA 4.XYL 5.AWK 6.PNR 7.RNR 8.TEL 9.MA 10.HUBB
2024-09-30	313	$25.4B	0	1MSFT 2LIN 3AWK Top holdings2024-09-30 1.MSFT 2.LIN 3.AWK 4.PNR 5.NVDA 6.TEL 7.AMAT 8.HUBB 9.MA 10.CTAS
2024-06-30	315	$24.6B	0	1MSFT 2LIN 3AWK Top holdings2024-06-30 1.MSFT 2.LIN 3.AWK 4.PNR 5.AMAT 6.NVDA 7.CTAS 8.TEL 9.MA 10.APTV
2024-03-31	308	$26.1B	0	1MSFT 2LIN 3AWK Top holdings2024-03-31 1.MSFT 2.LIN 3.AWK 4.PNR 5.CTAS 6.MA 7.AMAT 8.APTV 9.TEL 10.IEX
2023-12-31	366	$24.9B	0	1LIN 2MSFT 3AWK Top holdings2023-12-31 1.LIN 2.MSFT 3.AWK 4.PNR 5.CTAS 6.APTV 7.TEL 8.MA 9.IEX 10.URI
2023-09-30	395	$22.4B	0	1LIN 2MSFT 3AWK Top holdings2023-09-30 1.LIN 2.MSFT 3.AWK 4.APTV 5.PNR 6.CTAS 7.TRMB 8.MA 9.TEL 10.IEX
2023-06-30	388	$24.9B	0	1LIN 2MSFT 3AWK Top holdings2023-06-30 1.LIN 2.MSFT 3.AWK 4.PNR 5.APTV 6.CTAS 7.TRMB 8.TEL 9.MA 10.IEX
2023-03-31	391	$23.9B	0	1LIN 2MSFT 3AWK Top holdings2023-03-31 1.LIN 2.MSFT 3.AWK 4.PNR 5.CTAS 6.APTV 7.TRMB 8.EQIX 9.IEX 10.A
2022-12-31	381	$22.4B	0	1LIN 2MSFT 3AWK Top holdings2022-12-31 1.LIN 2.MSFT 3.AWK 4.PNR 5.A 6.TRMB 7.APTV 8.CTAS 9.EQIX 10.IEX
2022-09-30	387	$19.5B	0	1LIN 2MSFT 3AWK Top holdings2022-09-30 1.LIN 2.MSFT 3.AWK 4.PNR 5.TRMB 6.A 7.CTAS 8.IEX 9.APTV 10.EQIX
2022-06-30	389	$20.5B	0	1LIN 2AWK 3MSFT Top holdings2022-06-30 1.LIN 2.AWK 3.MSFT 4.PNR 5.TRMB 6.A 7.EQIX 8.APTV 9.IEX 10.CTAS
2022-03-31	411	$24.2B	0	1LIN 2AWK 3MSFT Top holdings2022-03-31 1.LIN 2.AWK 3.MSFT 4.TRMB 5.PNR 6.A 7.APTV 8.EQIX 9.CTAS 10.IEX
2021-12-31	419	$27.3B	0	1AWK 2LIN 3MSFT Top holdings2021-12-31 1.AWK 2.LIN 3.MSFT 4.ECL 5.TRMB 6.PNR 7.A 8.APTV 9.EQIX 10.IEX
2021-09-30	396	$24.3B	0	1AWK 2LIN 3MSFT Top holdings2021-09-30 1.AWK 2.LIN 3.MSFT 4.ECL 5.IEX 6.PNR 7.TRMB 8.A 9.XYL 10.APTV
2021-06-30	404	$22.7B	100	1AWK 2LIN 3XYL Top holdings2021-06-30 1.AWK 2.LIN 3.XYL 4.TRMB 5.ECL 6.IEX 7.PNR 8.A 9.APTV 10.PTC
2021-03-31	401	$19.5B	27	1AWK 2LIN 3XYL Top holdings2021-03-31 1.AWK 2.LIN 3.XYL 4.TRMB 5.PNR 6.IEX 7.ECL 8.A 9.PTC 10.EQIX
2020-12-31	292	$15.7B	34	1AWK 2TRMB 3XYL Top holdings2020-12-31 1.AWK 2.TRMB 3.XYL 4.IEX 5.PNR 6.LIN 7.ECL 8.A 9.APTV 10.PTC
2020-09-30	275	$11.4B	21	1XYL 2AWK 3PNR Top holdings2020-09-30 1.XYL 2.AWK 3.PNR 4.TRMB 5.IEX 6.ECL 7.A 8.LIN 9.DHR 10.APTV
2020-06-30	277	$9.7B	30	1AWK 2XYL 3TRMB Top holdings2020-06-30 1.AWK 2.XYL 3.TRMB 4.PNR 5.IEX 6.ECL 7.A 8.LIN 9.DHR 10.PTC
2020-03-31	273	$7.5B	36	1XYL 2AWK 3TRMB Top holdings2020-03-31 1.XYL 2.AWK 3.TRMB 4.IEX 5.PNR 6.A 7.ECL 8.DHR 9.LIN 10.PTC
2019-12-31	279	$9.0B	24	1XYL 2PNR 3TRMB Top holdings2019-12-31 1.XYL 2.PNR 3.TRMB 4.AWK 5.A 6.IEX 7.ECL 8.DHR 9.AOS 10.MFS1EUR
2019-09-30	275	$7.7B	16	1XYL 2PNR 3AWK Top holdings2019-09-30 1.XYL 2.PNR 3.AWK 4.A 5.TRMB 6.IEX 7.DHR 8.ECL 9.AOS 10.ITRI
2019-06-30	273	$7.7B	18	1XYL 2TRMB 3PNR Top holdings2019-06-30 1.XYL 2.TRMB 3.PNR 4.AWK 5.A 6.DHR 7.IEX 8.ECL 9.WTS 10.AOS
2019-03-31	287	$7.3B	24	1XYL 2ECL 3AWK Top holdings2019-03-31 1.XYL 2.ECL 3.AWK 4.TRMB 5.PNR 6.DHR 7.AOS 8.IEX 9.A 10.WTS
2018-12-31	263	$6.1B	25	1XYL 2ECL 3AWK Top holdings2018-12-31 1.XYL 2.ECL 3.AWK 4.DHR 5.TRMB 6.AOS 7.A 8.WTS 9.IEX 10.PNR
2018-09-30	272	$7.0B	—	1XYL 2TRMB 3AWK Top holdings2018-09-30 1.XYL 2.TRMB 3.AWK 4.ECL 5.DHR 6.WTS 7.A 8.IEX 9.AOS 10.ITRI

Holding changes this quarter

Position changes disclosed by Impax Asset Management Group plc for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	KLAC	Kla CORP	+2.1%	+71.22%	Add
2	WCN	Waste Connections INC	+1.9%	+339.57%	Add
3	LIN	Linde plc	+1%	-7.07%	Trim
4	NVDA	Nvidia CORP	+0.9%	+20.00%	Add
5	AWK	American Water Works Co INC	+0.7%	+18.03%	Add
6	VRT	Vertiv Holdings Co-a	+0.7%	-10.15%	Trim
7	ITRI	Itron INC	+0.6%	+61.84%	Add
8	QXO	Qxo INC	+0.5%	+275.01%	Add
9	ECL	Ecolab INC	+0.4%	+18.45%	Add
10	SBS	Cia Saneamento Basico De-adr	+0.4%	-6.83%	Trim
11	WAB	Wabtec CORP	+0.3%	+54.25%	Add
12	MELI	Mercadolibre INC	+0.2%	+701.71%	Add
13	HUBB	Hubbell INC	+0.1%	-16.79%	Trim
14	AOS	Smith (a.o.) CORP	0%	-7.99%	Trim
15	EBAY	Ebay INC	0%	-13.36%	Trim
16	WMS	Advanced Drainage Systems In	0%	-6.74%	Trim
17	MRVL	Marvell Technology INC	-0.1%	-26.36%	Trim
18	MAS	Masco CORP	-0.1%	-12.31%	Trim
19	ADSK	Autodesk INC	-0.1%	-6.39%	Trim
20	AMZN	Amazon.com INC	-0.1%	-22.86%	Trim
21	TMO	Thermo Fisher Scientific INC	-0.1%	-21.04%	Trim
22	ZTS	Zoetis INC	-0.2%	-16.88%	Trim
23	HDB	Hdfc Bank Ltd-adr	-0.2%	-24.82%	Trim
24	JPM	Jpmorgan Chase & Co	-0.2%	-61.49%	Trim
25	CHE	Chemed CORP	-0.2%	-27.77%	Trim
26	DHR	Danaher CORP	-0.2%	-26.54%	Trim
27	MA	Mastercard INC - A	-0.2%	-15.93%	Trim
28	NOW	Servicenow INC	-0.2%	-23.53%	Trim
29	CFR	Cullen/frost Bankers INC	-0.3%	-46.17%	Trim
30	ISRG	Intuitive Surgical INC	-0.3%	-32.70%	Trim
31	TYL	Tyler Technologies INC	-0.3%	-30.15%	Trim
32	TRMB	Trimble INC	-0.3%	-37.15%	Trim
33	PTC	Ptc INC	-0.3%	-48.27%	Trim
34	XYL	Xylem INC	-0.3%	-6.06%	Trim
35	RNR	RenaissanceRe Holdings Ltd.	-0.4%	-34.25%	Trim
36	TXN	Texas Instruments INC	-0.4%	-91.27%	Trim
37	SNPS	Synopsys INC	-0.4%	-28.74%	Trim
38	BSX	Boston Scientific CORP	-0.4%	-21.14%	Trim
39	APH	Amphenol Corp-cl A	-0.5%	-64.95%	Trim
40	IEX	Idex CORP	-0.7%	-44.53%	Trim
41	CARR	Carrier Global CORP	-0.7%	-66.86%	Trim
42	RSG	Republic Services INC	-0.7%	-94.26%	Trim
43	A	Agilent Technologies INC	-0.7%	-28.95%	Trim
44	AMAT	Applied Materials INC	-0.8%	-69.62%	Trim
45	PNR	Pentair plc	-1.1%	-48.20%	Trim
46	WM	Waste Management INC	-1.2%	-88.41%	Trim
47	MSFT	Microsoft CORP	-1.8%	-25.30%	Trim
48	BLDX	Impax Global Sustainable Inf	—	NEW	New buy
49	PNW	Pinnacle Financial Partners, Inc.	—	EXIT	Sold out
50	PNFP	Pinnacle Financial Partners	—	NEW	New buy

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-12	13F-HR	View on EDGAR
2025-12-31	2026-01-29	13F-HR	View on EDGAR
2025-09-30	2025-11-06	13F-HR	View on EDGAR
2025-06-30	2025-08-08	13F-HR	View on EDGAR
2025-03-31	2025-04-29	13F-HR	View on EDGAR
2024-12-31	2025-02-04	13F-HR	View on EDGAR
2024-09-30	2024-11-06	Amendment	View on EDGAR
2024-09-30	2024-10-30	13F-HR	View on EDGAR
2024-06-30	2024-11-08	Amendment	View on EDGAR
2024-06-30	2024-08-05	13F-HR	View on EDGAR
2024-03-31	2024-04-30	13F-HR	View on EDGAR
2023-12-31	2024-01-26	13F-HR	View on EDGAR
2023-09-30	2023-11-07	Amendment	View on EDGAR
2023-09-30	2023-11-07	13F-HR	View on EDGAR
2023-06-30	2023-08-07	13F-HR	View on EDGAR
2023-03-31	2023-05-10	13F-HR	View on EDGAR
2022-12-31	2023-02-09	13F-HR	View on EDGAR
2022-09-30	2022-11-08	13F-HR	View on EDGAR
2022-06-30	2022-08-11	Amendment	View on EDGAR
2022-06-30	2022-08-02	13F-HR	View on EDGAR
2022-03-31	2022-05-16	13F-HR	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR
2021-09-30	2021-11-12	13F-HR	View on EDGAR
2021-06-30	2021-08-05	13F-HR	View on EDGAR
2021-03-31	2021-05-14	13F-HR	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2020-11-12	13F-HR	View on EDGAR
2020-06-30	2020-08-14	13F-HR	View on EDGAR
2020-03-31	2020-05-15	13F-HR	View on EDGAR
2019-12-31	2020-02-13	13F-HR	View on EDGAR
2019-09-30	2019-11-14	13F-HR	View on EDGAR
2019-06-30	2019-08-13	13F-HR	View on EDGAR
2019-03-31	2019-05-13	13F-HR	View on EDGAR
2018-12-31	2019-02-14	13F-HR	View on EDGAR
2018-09-30	2018-11-14	13F-HR	View on EDGAR