IMPAX ASSET MANAGEMENT LLC

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CIK 1127990

13F portfolio (2018-Q2)

$1.7B

Positions

200

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2018-Q1. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2018-Q2)

Holdings

200

Top 5

9.8%

Top 10

17.4%

Effective N

100.5

HHI

0.010

This quarter

18 new · 0 exit →

By sector

Unclassified24.9%

Financials16.4%

Consumer Discretionary11.6%

Industrials9.2%

Information Technology8.8%

Health Care6.2%

Communication Services5.1%

Energy4.9%

Other12.8%

By market cap

Large ($10–200B)37.0%

Unknown24.9%

Mega (>$200B)18.8%

Mid ($2–10B)11.6%

Small ($300M–2B)7.1%

Micro (<$300M)0.5%

By region

North America75.1%

Other24.9%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	24.94%	44
Banks	7.35%	10
Insurance	5.40%	14
Specialty Retail	4.89%	10
Oil, Gas & Consumable Fuels	4.85%	7
Pharmaceuticals & Biotechnology	4.79%	8
Machinery	4.04%	9
Software	4.03%	6
Commercial Services & Supplies	3.66%	8
Technology Hardware & Equipment	3.54%	6
Software & IT Services	3.32%	4
Distributors	3.17%	5
Construction & Engineering	2.60%	3
Capital Markets	2.33%	4
Equity Real Estate Investment Trusts (REITs)	2.30%	3
Utilities	2.27%	9
Chemicals	2.25%	7
Food Products	2.20%	7
Hotels, Restaurants & Leisure	1.97%	8
Beverages	1.37%	2
Health Care Equipment & Supplies	1.24%	3
Metals & Mining	1.12%	3
Semiconductors & Semiconductor Equipment	1.07%	3
Automobiles & Components	0.85%	1
Entertainment	0.83%	1
Textiles, Apparel & Luxury Goods	0.75%	1
Diversified Telecommunication Services	0.68%	1
Construction Materials	0.61%	1
Real Estate Management & Development	0.58%	2
Media & Entertainment	0.49%	2
Life Sciences Tools & Services	0.17%	1
Transportation Infrastructure	0.10%	1
Road & Rail	0.09%	2
Professional Services	0.07%	1
Food & Staples Retailing	0.06%	2
Paper & Forest Products	0.03%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	MSFT	MICROSOFT CORP	Information Technology	2.68%
2	AMZN	AMAZON COM INC	Consumer Discretionary	1.97%
3	AR	ANTERO RESOURCES Corp	Energy	1.76%
4		NATUS MEDICAL INC DEL	Unclassified	1.73%
5		MRC GLOBAL INC	Unclassified	1.62%
6	HTB	HomeTrust Bancshares, Inc.	Financials	1.60%
7	AAPL	Apple Inc.	Information Technology	1.56%
8	BIIB	BIOGEN INC.	Health Care	1.52%
9	UTL	UNITIL CORP	Utilities	1.52%
10	HD	HOME DEPOT, INC.	Consumer Discretionary	1.43%

156/200 names classified · sector 75.1% of weight · industry 75.1% · mkt cap 75.1%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 21 quarters

FinancialsBLK, UNH, MS, AXP, CB · other

Information TechnologyAAPL, MSFT, DOX, CSCO, INTU · other

IndustrialsMMM, SWK, CMI, BKR, NDSN · other

Health CareBDX, MRK, ZTS, GILD, JNJ · other

Consumer DiscretionaryAMZN, BWA, F, SBUX, USFD · other

MaterialsEL, NWL, NKE, NUE, IP · other

Communication ServicesT, DIS, GOOGL, GOOG, META · other

EnergyAR, EQT, OXY, SLB, VVV · other

Real EstateAMT, CCI, RHP, PLD, AVB · other

Consumer StaplesPEP, GIS, MDLZ, CVS, MKC · other

UtilitiesUTL, OGS, OKE, ES, CNP · other

UnclassifiedTIME WARNER INC, GOOGLE INC, DU PONT E I DE NEMOURS & CO, DIRECTV, ENSCO PLC · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 75.1% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2018-Q2), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (153 classified)IMPAX ASSET MANAGEMENT LLC centroid (Mid Core)

FinancialsConsumer DiscretionaryIndustrialsInformation TechnologyHealth CareCommunication ServicesEnergyMaterialsConsumer StaplesReal EstateUtilities

Style box summary for IMPAX ASSET MANAGEMENT LLC: centroid Mid Core. Heaviest cells: Large Growth 14.0%, Large Core 8.6%, Large Value 8.1%.

Classified: 72.8% of book weight (153/160 names) · unclassified 27.2%: , HTB, IEFA, HAIN, AGG, DOX, IVV. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 200 positions (2018-Q2) · largest first · Δ vs 2018-Q1

#	Security	Shares	Value	Weight	Δ QoQ
1	MSFTMICROSOFT CORP	459,310	$45M	2.7%	HOLD
2	AMZNAMAZON COM INC	19,604	$33M	2.0%	TRIM −11%
3	ARANTERO RESOURCES CORP	1,389,656	$30M	1.8%	TRIM −5%
4	NATUS MEDICAL INC DEL	844,445	$29M	1.7%	HOLD
5	MRC GLOBAL INC	1,260,570	$27M	1.6%	TRIM −14%
6	HTBHOMETRUST BANCSHARES INC	960,606	$27M	1.6%	ADD 3%
7	AAPLAPPLE INC	142,375	$26M	1.6%	HOLD
8	BIIBBIOGEN INC	88,559	$26M	1.5%	ADD 26%
9	UTLUNITIL CORP	500,954	$26M	1.5%	HOLD
10	HDHOME DEPOT INC	123,476	$24M	1.4%	TRIM −12%
11	GOOGALPHABET INC	21,479	$24M	1.4%	HOLD
12	GOOGLALPHABET INC	21,008	$24M	1.4%	HOLD
13	BACBANK AMERICA CORP	812,421	$23M	1.4%	HOLD
14	KLX INC	311,777	$22M	1.3%	HOLD
15	CFFNCAPITOL FED FINL INC	1,691,152	$22M	1.3%	TRIM −7%
16	WTMWHITE MTNS INS GROUP LTD	23,829	$22M	1.3%	TRIM −30%
17	PEPPEPSICO INC	192,778	$21M	1.2%	HOLD
18	VVISA INC	157,381	$21M	1.2%	TRIM −5%
19	LGNDLIGAND PHARMACEUTICALS INC	96,259	$20M	1.2%	TRIM −45%
20	VVVVALVOLINE INC	890,129	$19M	1.1%	TRIM −10%
21	BEACON ROOFING SUPPLY INC	449,764	$19M	1.1%	HOLD
22	MERIDIAN BANCORP INC MD	983,086	$19M	1.1%	TRIM −8%
23	BDXBECTON DICKINSON & CO	78,466	$19M	1.1%	HOLD
24	WCCWESCO INTL INC	325,753	$19M	1.1%	HOLD
25	PLDPROLOGIS INC.	282,400	$19M	1.1%	ADD 26%
26	WMWASTE MGMT INC DEL	225,727	$18M	1.1%	HOLD
27	JPMJPMORGAN CHASE & CO	175,818	$18M	1.1%	ADD 10%
28	WENWENDYS CO	1,050,944	$18M	1.1%	ADD 123%
29	MTZMASTEC INC	352,889	$18M	1.1%	ADD 20%
30	CATALENT INC	417,676	$17M	1.0%	TRIM −4%
31	CFGCITIZENS FINL GROUP INC	448,558	$17M	1.0%	HOLD
32	IRINGERSOLL-RAND PLC	193,403	$17M	1.0%	ADD 11%
33	COPCONOCOPHILLIPS	241,107	$17M	1.0%	HOLD
34	TELTE CONNECTIVITY LTD	183,000	$16M	1.0%	ADD 6%
35	VERINT SYS INC	370,000	$16M	1.0%	HOLD
36	RHPRYMAN HOSPITALITY PPTYS INC	197,012	$16M	1.0%	HOLD
37	Sinclair Broadcast Group Inc	509,022	$16M	1.0%	HOLD
38	HUMHUMANA INC	54,300	$16M	1.0%	HOLD
39	KFYKORN FERRY INTL	254,141	$16M	0.9%	TRIM −24%
40	CATCHMARK TIMBER TR INC	1,235,976	$16M	0.9%	ADD 10%
41	LEGACY TEXAS FINANCIAL GROUP	400,366	$16M	0.9%	ADD 43%
42	PIONEER NAT RES CO	82,214	$16M	0.9%	ADD 15%
43	LLYELI LILLY & CO	179,713	$15M	0.9%	ADD 1594%
44	PFGCPERFORMANCE FOOD GROUP CO	409,521	$15M	0.9%	HOLD
45	IBMINTERNATIONAL BUSINESS MACHS	107,402	$15M	0.9%	ADD 1031%
46	DOWDUPONT INC	227,600	$15M	0.9%	HOLD
47	VCTRVICTORY CAP HLDGS INC	1,415,710	$15M	0.9%	ADD 44%
48	INVESTORS BANCORP INC NEW	1,169,175	$15M	0.9%	TRIM −49%
49	WEB.COM GROUP INC	576,544	$15M	0.9%	ADD 46%
50	FIXCOMFORT SYS USA INC	315,946	$14M	0.9%	ADD 16%
51	APTVAPTIV PLC	157,200	$14M	0.9%	ADD 13%
52	SLBSCHLUMBERGER LTD	213,277	$14M	0.8%	ADD 11%
53	SWKSTANLEY BLACK & DECKER INC	107,344	$14M	0.8%	ADD 10%
54	PARSLEY ENERGY INC	466,814	$14M	0.8%	TRIM −6%
55	ZTSZOETIS INC	164,854	$14M	0.8%	TRIM −40%
56	DISDISNEY WALT CO	133,025	$14M	0.8%	TRIM −29%
57	THGHANOVER INS GROUP INC	114,061	$14M	0.8%	NEW
58	TMOTHERMO FISHER SCIENTIFIC INC	64,927	$13M	0.8%	HOLD
59	CRMSALESFORCE INC	98,562	$13M	0.8%	ADD 17%
60	DISCOVERY INC	483,790	$13M	0.8%	ADD 26%
61	MICHAELS COS INC	680,665	$13M	0.8%	HOLD
62	CRICARTERS INC	116,475	$13M	0.7%	TRIM −9%
63	RGLDROYAL GOLD INC	135,000	$13M	0.7%	NEW
64	POWIPOWER INTEGRATIONS INC	170,377	$12M	0.7%	TRIM −8%
65	ENVESTNET INC	225,476	$12M	0.7%	ADD 50%
66	APPTIO INC	335,937	$12M	0.7%	TRIM −3%
67	KALUKAISER ALUMINUM CORP	116,174	$12M	0.7%	HOLD
68	MKCMCCORMICK & CO INC	104,019	$12M	0.7%	HOLD
69	PRUPRUDENTIAL FINL INC	123,700	$12M	0.7%	TRIM −32%
70	EMEEMCOR GROUP INC	151,400	$12M	0.7%	HOLD
71	BLKBLACKROCK INC	23,100	$12M	0.7%	HOLD
72	CLCOLGATE PALMOLIVE CO	176,871	$11M	0.7%	ADD 1872%
73	TMUST-MOBILE US INC	191,500	$11M	0.7%	HOLD
74	MDLZMONDELEZ INTL INC	278,748	$11M	0.7%	HOLD
75	IMPERVA INC	227,912	$11M	0.7%	ADD 33%
76	KEYKEYCORP	554,495	$11M	0.6%	ADD 169%
77	FCB Financial Holdings Inc Cla	181,945	$11M	0.6%	NEW
78	RNRRENAISSANCERE HLDGS LTD	86,438	$10M	0.6%	TRIM −2%
79	VMCVULCAN MATLS CO	79,800	$10M	0.6%	TRIM −16%
80	VOYAVOYA FINANCIAL INC	217,481	$10M	0.6%	HOLD
81	XYLXYLEM INC	150,700	$10M	0.6%	ADD 5%
82	AXA EQUITABLE HLDGS INC	450,000	$9M	0.5%	NEW
83	CMICUMMINS INC	68,718	$9M	0.5%	HOLD
84	IEFAISHARES TR	138,249	$9M	0.5%	TRIM −23%
85	ORBCOMM INC	866,213	$9M	0.5%	HOLD
86	TRNOTERRENO RLTY CORP	232,170	$9M	0.5%	HOLD
87	WSMWILLIAMS SONOMA INC	141,900	$9M	0.5%	NEW
88	HAINHAIN CELESTIAL GROUP INC	290,263	$9M	0.5%	HOLD
89	ELLAUDER ESTEE COS INC	59,483	$8M	0.5%	TRIM −56%
90	AMCXAMC NETWORKS INC	128,416	$8M	0.5%	NEW
91	LRCXLAM RESEARCH	42,655	$7M	0.4%	HOLD
92	VERSUM MATLS INC	197,138	$7M	0.4%	HOLD
93	BJRIBJS RESTAURANTS INC	98,081	$6M	0.3%	ADD 31%
94	NEMNEWMONT CORP	147,333	$6M	0.3%	TRIM −7%
95	WTSWATTS WATER TECHNOLOGIES INC	70,351	$6M	0.3%	HOLD
96	METAMETA PLATFORMS INC	28,156	$5M	0.3%	ADD 11%
97	THERMON GROUP HLDGS INC	232,230	$5M	0.3%	HOLD
98	ENTGENTEGRIS INC	156,100	$5M	0.3%	HOLD
99	OGSONE GAS INC	69,044	$5M	0.3%	HOLD
100	KELLANOVA	71,637	$5M	0.3%	ADD 10%
101	AWKAMERICAN WTR WKS CO INC NEW	57,657	$5M	0.3%	ADD 9%
102	TGTTARGET CORP	62,258	$5M	0.3%	HOLD
103	MICHAEL KORS HLDGS LTD	70,899	$5M	0.3%	ADD 56%
104	MMACYS INC	124,971	$5M	0.3%	HOLD
105	CECELANESE CORP DEL	42,000	$5M	0.3%	ADD 14%
106	INTUINTUIT	22,574	$5M	0.3%	TRIM −8%
107	PFGPRINCIPAL FINANCIAL GROUP IN	85,559	$5M	0.3%	ADD 22%
108	CSCOCISCO SYS INC	97,138	$4M	0.2%	HOLD
109	PGPROCTER AND GAMBLE CO	52,351	$4M	0.2%	HOLD
110	TXNTEXAS INSTRS INC	36,930	$4M	0.2%	TRIM −72%
111	AGGISHARES TR	37,750	$4M	0.2%	TRIM −87%
112	WYWEYERHAEUSER CO	107,413	$4M	0.2%	HOLD
113	JNJJOHNSON & JOHNSON	31,751	$4M	0.2%	TRIM −81%
114	THESTREET INC	1,752,775	$4M	0.2%	ADD 19%
115	NWLNEWELL BRANDS INC	143,403	$4M	0.2%	HOLD
116	ULTAULTA BEAUTY INC	15,297	$4M	0.2%	ADD 3%
117	CITRIX SYS INC	31,393	$3M	0.2%	TRIM −32%
118	ZIONZIONS BANCORPORATION N A	60,000	$3M	0.2%	NEW
119	YUMYUM BRANDS INC	40,044	$3M	0.2%	TRIM −16%
120	USFDUS FOODS HLDG CORP	79,399	$3M	0.2%	HOLD
121	IQVIQVIA HLDGS INC	29,469	$3M	0.2%	TRIM −26%
122	CONCHO RES INC	20,459	$3M	0.2%	TRIM −25%
123	DOXAMDOCS LTD	42,500	$3M	0.2%	HOLD
124	SSNCSS&C TECHNOLOGIES HLDGS INC	52,915	$3M	0.2%	HOLD
125	LABORATORY CORP AMER HLDGS	15,263	$3M	0.2%	NEW
126	LWLAMB WESTON HLDGS INC	38,333	$3M	0.2%	HOLD
127	RHIROBERT HALF INC.	38,579	$3M	0.1%	HOLD
128	MARMARRIOTT INTL INC NEW	17,384	$2M	0.1%	HOLD
129	MAMASTERCARD INCORPORATED	11,109	$2M	0.1%	ADD 10%
130	ROSTROSS STORES INC	25,000	$2M	0.1%	NEW
131	KOCOCA COLA CO	47,771	$2M	0.1%	ADD 11%
132	ARMKARAMARK	50,000	$2M	0.1%	TRIM −33%
133	PNRPENTAIR PLC	43,172	$2M	0.1%	HOLD
134	EXPDEXPEDITORS INTL WASH INC	23,575	$2M	0.1%	HOLD
135	ORCLORACLE CORP	37,086	$2M	0.1%	TRIM −89%
136	SWKSSKYWORKS SOLUTIONS INC	16,500	$2M	0.1%	HOLD
137	MASMASCO CORP	40,597	$2M	0.1%	HOLD
138	IVVISHARES TR	5,462	$1M	0.1%	TRIM −3%
139	VIACOM INC NEW	47,768	$1M	0.1%	HOLD
140	ALLEGHANY CORP DEL	2,500	$1M	0.1%	HOLD
141	MDTMEDTRONIC PLC	16,040	$1M	0.1%	ADD 10%
142	ABTABBOTT LABS	20,627	$1M	0.1%	ADD 11%
143	GGENPACT LIMITED	42,110	$1M	0.1%	HOLD
144	ACNACCENTURE PLC IRELAND	7,352	$1M	0.1%	ADD 11%
145	LEGG MASON INC	33,993	$1M	0.1%	TRIM −93%
146	AAAlcoa Upstream Corp.	24,999	$1M	0.1%	HOLD
147	WHWYNDHAM HOTELS & RESORTS INC	18,770	$1M	0.1%	NEW
148	NVTNVENT ELECTRIC PLC	43,172	$1M	0.1%	NEW
149	GISGENERAL MILLS INC	23,867	$1M	0.1%	HOLD
150	RLJ LODGING TR	38,500	$1M	0.1%	HOLD
151	JLLJONES LANG LASALLE INC	6,042	$1M	0.1%	TRIM −49%
152	INGRINGREDION INC	8,871	$982,000	0.1%	HOLD
153	USBUS BANCORP	19,594	$980,000	0.1%	ADD 10%
154	SRESEMPRA	7,764	$901,000	0.1%	HOLD
155	UPSUNITED PARCEL SERVICE INC	8,140	$865,000	0.1%	ADD 11%
156	SBUXSTARBUCKS CORP	16,844	$823,000	0.0%	ADD 9%
157	CVSCVS HEALTH CORP	11,999	$772,000	0.0%	ADD 10%
158	PNCPNC FINL SVCS GROUP INC	5,650	$763,000	0.0%	ADD 10%
159	CORNERSTONE ONDEMAND INC	16,050	$761,000	0.0%	NEW
160	OXYOCCIDENTAL PETE CORP	9,095	$761,000	0.0%	ADD 11%
161	AETNA INC NEW	3,951	$725,000	0.0%	ADD 12%
162	TJXTJX COS INC NEW	7,516	$715,000	0.0%	ADD 10%
163	SYKSTRYKER CORPORATION	4,079	$689,000	0.0%	ADD 11%
164	HIGHARTFORD INSURANCE GROUP INC	12,875	$658,000	0.0%	HOLD
165	CSXCSX CORP	10,055	$641,000	0.0%	ADD 3%
166	SPGIS&P GLOBAL INC	3,034	$619,000	0.0%	ADD 7%
167	WALGREENS BOOTS ALLIANCE INC	9,957	$598,000	0.0%	HOLD
168	PSXPHILLIPS 66	5,204	$584,000	0.0%	ADD 11%
169	VLOVALERO ENERGY CORP	5,227	$579,000	0.0%	ADD 11%
170	DDOMINION ENERGY INC	7,687	$524,000	0.0%	ADD 12%
171	VRTXVERTEX PHARMACEUTICALS INC	2,998	$510,000	0.0%	ADD 11%
172	METMETLIFE INC	10,620	$463,000	0.0%	ADD 9%
173	HPQHP INC	19,801	$449,000	0.0%	ADD 10%
174	KMBKIMBERLY-CLARK CORP	4,169	$439,000	0.0%	ADD 11%
175	AEPAMERICAN ELEC PWR CO INC	5,907	$409,000	0.0%	ADD 11%
176	PGRPROGRESSIVE CORP	6,902	$408,000	0.0%	ADD 11%
177	AONAON PLC	2,976	$408,000	0.0%	ADD 3%
178	TRVTRAVELERS COMPANIES INC	3,241	$397,000	0.0%	ADD 7%
179	ALLALLSTATE CORP	4,332	$395,000	0.0%	ADD 10%
180	MCOMOODYS CORP	2,107	$359,000	0.0%	ADD 11%
181	MCKMCKESSON CORP	2,474	$330,000	0.0%	ADD 9%
182	TWITTER INC	7,541	$329,000	0.0%	NEW
183	DGDOLLAR GEN CORP	3,241	$320,000	0.0%	ADD 10%
184	ADSKAUTODESK INC	2,414	$316,000	0.0%	ADD 9%
185	SYFSYNCHRONY FINANCIAL	9,309	$311,000	0.0%	ADD 9%
186	DISCOVER FINL SVCS	4,311	$304,000	0.0%	ADD 7%
187	BBYBest Buy Company, Inc.	4,017	$300,000	0.0%	HOLD
188	KRKROGER CO	10,415	$296,000	0.0%	ADD 8%
189	EDCONSOLIDATED EDISON INC	3,662	$286,000	0.0%	ADD 9%
190	HPEHEWLETT PACKARD ENTERPRISE C	18,835	$275,000	0.0%	ADD 9%
191	HLTHILTON WORLDWIDE HLDGS INC	3,429	$271,000	0.0%	NEW
192	AMPAMERIPRISE FINL INC	1,780	$249,000	0.0%	ADD 6%
193	EIXEDISON INTL	3,909	$247,000	0.0%	ADD 11%
194	TSNTYSON FOODS INC	3,555	$245,000	0.0%	ADD 13%
195	WECWEC ENERGY GROUP INC	3,766	$243,000	0.0%	ADD 12%
196	WTWWILLIS TOWERS WATSON PLC LTD	1,502	$228,000	0.0%	ADD 7%
197	IDXXIDEXX LABS INC	1,030	$224,000	0.0%	NEW
198	CLXCLOROX CO DEL	1,622	$219,000	0.0%	NEW
199	OMCOMNICOM GROUP INC	2,778	$212,000	0.0%	NEW
200	TIFFANY & CO NEW	1,562	$206,000	0.0%	NEW

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