Summary

• The Impax Sustainable Allocation Fund underperformed its blended benchmark during the quarter, with Institutional Class shares returning -3.13% compared to -2.27% for the target index.
• Global equity markets ended the quarter modestly higher despite volatility.
• The core fixed income allocation outperformed its benchmark in Q1.
• Equity underperformance was mainly attributable to weak manager selection within the US Large Cap sleeve.

Performance

• The Fund underperformed its blended benchmark (50% S&P 500 Index /10% EAFE Index/40% Bloomberg US Aggregate Bond Index) during the quarter.

Market overview

• Global equity markets, as measured by the MSCI ACWI Index ^¹

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