Impax Asset Management Group plc
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 28 quarters, returned +2.8% per quarter — versus +3.4% per quarter from simply owning every 13F stock. It beat that baseline in only 46.4% of quarters (excess t = 0.65, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 287 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| LIN | $849M | | TRIM |
| NVDA | $635M | | ADD |
| XYL | $548M | | TRIM |
| KLAC | $536M | | ADD |
| MSFT | $440M | | TRIM |
| AWK | $383M | | ADD |
| WCN | $344M | | ADD |
| HUBB | $335M | | TRIM |
| APTV | $319M | | ADD |
| VLTO | $299M | | ADD |
| AOS | $282M | | TRIM |
| VRT | $272M | | TRIM |
| WMS | $264M | | TRIM |
| CTAS | $254M | | ADD |
| EBAY | $247M | | TRIM |
| MRVL | $229M | | TRIM |
| ECL | $229M | | ADD |
| A | $210M | | TRIM |
| SBS | $206M | | TRIM |
| ITRI | $197M | | ADD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.