Summary

• The Impax Global Environmental Markets Fund strategy demonstrated resilience by outperforming its primary benchmark, the MSCI ACWI index, despite delivering negative returns amid a volatile first quarter.
• The portfolio benefited from exposure to companies with robust earnings delivery, such as stocks within the semiconductor value chain.
• Materials also positively contributed to absolute and relative performance, driven by the Impax Global Environmental Markets Fund's more durable industrial gas holdings.
• Within Health Care, holdings with Life Sciences Tools & Services exposure sold off as a function of mixed earnings results and M&A uncertainty.
• Impax Global Environmental Markets Fund maintains exposure to high-quality, operationally defensive businesses in resilient areas like waste and recycling, industrial gases and utilities, providing a ballast for the portfolio.

Performance

• Despite delivering negative returns (in US dollar terms) amid a volatile first quarter, the strategy demonstrated resilience by outperforming its primary benchmark, the MSCI ACWI index. Relative to the index, security selection within Information Technology was a source of outperformance during the

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