Impax Small Cap Fund portfolio gave up some gains from the previous quarter and trailed the Russell 2000 Index.
Stock selection was also a headwind, particularly within the Health Care and Consumer Discretionary sector.
US Equity markets finished lower over the quarter in what was a period of two distinct halves.
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Performance
The portfolio gave up some gains from the previous quarter and trailed the Russell 2000 Index. Index returns were dominated by Energy, and the portfolio's zero allocation to the sector accounted for 70% of relative underperformance. Sector
