Impax Asset Management LTD

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CIK 1428948

13F portfolio (2018-Q2)

$4.1B

Positions

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 →

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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

Top 5

23.5%

Top 10

40.8%

Effective N

37.4

HHI

0.027

This quarter

15 new · 0 exit →

By sector

Industrials26.7%

Information Technology26.4%

Unclassified13.9%

Utilities8.3%

Materials8.2%

Health Care7.1%

Consumer Discretionary6.4%

Consumer Staples2.0%

Other1.0%

By market cap

Large ($10–200B)53.9%

Mid ($2–10B)28.1%

Unknown16.0%

Small ($300M–2B)2.0%

Mega (>$200B)0.1%

By region

North America86.1%

Other13.9%

Asia-Pacific0.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Machinery	24.08%	13
Technology Hardware & Equipment	15.97%	8
Unclassified	13.86%	9
Utilities	8.29%	4
Chemicals	7.55%	2
Life Sciences Tools & Services	7.05%	3
Electrical Equipment & Components	3.72%	2
Software	3.64%	4
Household Durables	3.27%	1
Semiconductors & Semiconductor Equipment	3.09%	3
Distributors	2.24%	2
Commercial Services & Supplies	1.93%	3
Food Products	1.46%	2
Equity Real Estate Investment Trusts (REITs)	0.98%	1
Health Care Equipment & Supplies	0.79%	2
Paper & Forest Products	0.62%	1
Food & Staples Retailing	0.57%	1
Automobiles & Components	0.44%	1
Hotels, Restaurants & Leisure	0.41%	1
Banks	0.03%	1
Software & IT Services	0.01%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	DHR	DANAHER CORP /DE/	Information Technology	5.01%
2	ECL	ECOLAB INC.	Materials	4.86%
3	AWK	American Water Works Company, Inc.	Utilities	4.82%
4	XYL	Xylem Inc.	Industrials	4.75%
5	A	AGILENT TECHNOLOGIES, INC.	Health Care	4.07%
6	WTS	WATTS WATER TECHNOLOGIES INC	Industrials	4.05%
7	TRMB	TRIMBLE INC.	Information Technology	3.69%
8	IEX	IDEX CORP /DE/	Industrials	3.53%
9	AOS	SMITH A O CORP	Consumer Discretionary	3.27%
10	ITRI	ITRON, INC.	Information Technology	2.79%

56/65 names classified · sector 86.1% of weight · industry 86.1% · mkt cap 84.0%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 22 quarters

IndustrialsXYL, WTS, PNR, CLH, RRX · other

Information TechnologyDHR, ITRI, TRMB, ROP, FELE · other

UtilitiesAWK, CWT, SBS, ORA, MSEX

Consumer DiscretionaryAOS, BWA, LKQ, POOL, UNFI · other

Health CareA, RVTY, WAT, BDX, GILD

MaterialsECL, WMS, SON, MOS, FMC

Consumer StaplesDAR, SFM, CPB

Real Estate

FinancialsV, HDB, TROW

UnclassifiedPALL CORP, CLARCOR INC, STERICYCLE INC, RADIUS RECYCLING INC CL A, SMSMY · 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: 86.1% 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 (52 classified)Impax Asset Management LTD centroid (Mid Core)

IndustrialsInformation TechnologyMaterialsHealth CareUtilitiesConsumer DiscretionaryConsumer StaplesReal EstateFinancials

Style box summary for Impax Asset Management LTD: centroid Mid Core. Heaviest cells: Small Core 18.5%, Mid Core 18.2%, Mid Growth 11.7%.

Classified: 83.1% of book weight (52/57 names) · unclassified 16.9%: , SBS, UNFI, ICHR, HDB. 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· 65 positions (2018-Q2) · largest first · Δ vs 2018-Q1

#	Security	Shares	Value	Weight	Δ QoQ
1	DHRDANAHER CORP DEL	2,089,080	$206M	5.0%	TRIM −3%
2	ECLECOLAB INC	1,425,240	$200M	4.9%	HOLD
3	AWKAMERICAN WTR WKS CO INC NEW	2,322,179	$198M	4.8%	ADD 2%
4	XYLXYLEM INC	2,902,789	$196M	4.8%	ADD 7%
5	AAGILENT TECHNOLOGIES INC	2,709,632	$168M	4.1%	ADD 14%
6	WTSWATTS WATER TECHNOLOGIES INC	2,127,222	$167M	4.1%	TRIM −6%
7	TRMBTRIMBLE INC	4,628,971	$152M	3.7%	ADD 19%
8	IEXIDEX CORP	1,064,447	$145M	3.5%	ADD 3%
9	AOSSMITH A O CORP	2,275,087	$135M	3.3%	ADD 15%
10	ITRIITRON INC	1,912,115	$115M	2.8%	ADD 33%
11	SEALED AIR CORP NEW	2,666,755	$113M	2.7%	HOLD
12	WMSADVANCED DRAIN SYS INC DEL	3,878,781	$111M	2.7%	TRIM −10%
13	FELEFRANKLIN ELEC INC	2,318,626	$105M	2.5%	ADD 4%
14	PTCPTC INC	1,044,823	$98M	2.4%	TRIM −13%
15	REXNORD CORP	3,142,926	$91M	2.2%	ADD 4%
16	VMIVALMONT INDS INC	600,745	$91M	2.2%	ADD 10%
17	SBSCOMPANHIA DE SANEAMENTO BASI	14,206,602	$85M	2.1%	ADD 61%
18	MWAMUELLER WTR PRODS INC	7,238,486	$85M	2.1%	ADD 5%
19	WRKCO INC	1,420,306	$81M	2.0%	ADD 7%
20	AQUA AMERICA INC	2,119,113	$75M	1.8%	HOLD
21	LNNLINDSAY CORP	733,387	$71M	1.7%	ADD 16%
22	RVTYREVVITY INC	969,533	$71M	1.7%	ADD 3%
23	PRAXAIR INC	446,081	$71M	1.7%	HOLD
24	POWIPOWER INTEGRATIONS INC	905,176	$66M	1.6%	TRIM −18%
25	IRINGERSOLL-RAND PLC	732,432	$66M	1.6%	NEW
26	WELBILT INC	2,902,886	$65M	1.6%	ADD 9%
27	BMIBADGER METER INC	1,394,629	$62M	1.5%	ADD 16%
28	AYIACUITY INC	522,403	$61M	1.5%	HOLD
29	POOLPOOL CORP	392,682	$59M	1.4%	HOLD
30	WMWASTE MGMT INC DEL	708,788	$58M	1.4%	ADD 9%
31	TTCTORO CO	918,641	$55M	1.3%	ADD 25%
32	HUBBHUBBELL INC	504,118	$53M	1.3%	ADD 26%
33	WATWATERS CORP	266,868	$52M	1.3%	ADD 10%
34	ADSKAUTODESK INC	384,826	$50M	1.2%	TRIM −8%
35	GNRCGENERAC HLDGS INC	938,982	$49M	1.2%	TRIM −9%
36	ORAORMAT TECHNOLOGIES INC	882,419	$47M	1.1%	ADD 26%
37	DARDARLING INGREDIENTS INC	2,128,385	$42M	1.0%	ADD 7%
38	RYNRAYONIER INC	1,040,819	$40M	1.0%	TRIM −21%
39	SPX FLOW INC	828,797	$36M	0.9%	NEW
40	STSENSATA TECHNOLOGIES HLDG PL	760,393	$36M	0.9%	NEW
41	LIILENNOX INTL INC	174,842	$35M	0.8%	ADD 4%
42	FLSFLOWSERVE CORP	854,147	$35M	0.8%	NEW
43	UNFIUNITED NAT FOODS INC	765,242	$33M	0.8%	HOLD
44	MMM3M CO	161,491	$32M	0.8%	NEW
45	SONSONOCO PRODS CO	489,710	$26M	0.6%	HOLD
46	FTVFORTIVE CORP	317,740	$25M	0.6%	HOLD
47	SFMSPROUTS FMRS MKT INC	1,064,959	$24M	0.6%	ADD 2%
48	SUNPOWER CORP	2,967,499	$23M	0.6%	TRIM −4%
49	CLHCLEAN HARBORS INC	364,035	$20M	0.5%	HOLD
50	BWABORGWARNER INC	422,316	$18M	0.4%	ADD 3%
51	CPBTHE CAMPBELLS COMPANY	442,900	$18M	0.4%	TRIM −6%
52	JCIJOHNSON CONTROLS INTERNATION	513,096	$17M	0.4%	NEW
53	SBUXSTARBUCKS CORP	346,104	$17M	0.4%	TRIM −11%
54	BEMIS INC	382,000	$16M	0.4%	HOLD
55	DCIDONALDSON INC	328,462	$15M	0.4%	ADD 17%
56	AGCOAGCO CORP	240,000	$15M	0.4%	NEW
57	MSEXMIDDLESEX WTR CO	259,513	$11M	0.3%	HOLD
58	ICHRICHOR HOLDINGS	363,864	$8M	0.2%	NEW
59	VVISA INC	11,362	$2M	0.0%	NEW
60	HDBHDFC BANK LTD	10,574	$1M	0.0%	NEW
61	TMOTHERMO FISHER SCIENTIFIC INC	5,088	$1M	0.0%	NEW
62	BDXBECTON DICKINSON & CO	3,793	$909,000	0.0%	NEW
63	CDNSCADENCE DESIGN SYSTEM INC	15,475	$670,000	0.0%	NEW
64	CTSHCOGNIZANT TECHNOLOGY SOLUTIO	7,644	$604,000	0.0%	NEW
65	ORCLORACLE CORP	13,469	$593,000	0.0%	NEW

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