Impax Asset Management 13F, Q4 2025
Impax Asset Management · quarter ending 31 December 2025 · filed 29 January 2026 · SEC CIK 1749768
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q4 2025
The 25 largest of 279 positions. Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.
| Company | Ticker | Value | % of book | vs Q3 2025 |
|---|---|---|---|---|
| Linde PLC | $785.38M | 4.9% | -4% shares | |
| Microsoft Corp | MSFT | $769.70M | 4.8% | +2% shares |
| Xylem Inc/NY | XYL | $664.72M | 4.2% | -8% shares |
| NVIDIA Corp | NVDA | $565.89M | 3.5% | -5% shares |
| Hubbell Inc | HUBB | $364.39M | 2.3% | -12% shares |
| Agilent Technologies Inc | A | $353.18M | 2.2% | -12% shares |
| Pentair PLC | $344.82M | 2.2% | -8% shares | |
| Aptiv PLC | $324.87M | 2.0% | -6% shares | |
| Veralto Corp | VLTO | $313.85M | 2.0% | -18% shares |
| American Water Works Co Inc | AWK | $311.49M | 1.9% | +38% shares |
| A O Smith Corp | AOS | $310.96M | 1.9% | -4% shares |
| IDEX Corp | IEX | $304.07M | 1.9% | -13% shares |
| Advanced Drainage Systems Inc | WMS | $299.32M | 1.9% | -17% shares |
| eBay Inc | EBAY | $273.04M | 1.7% | +11% shares |
| RenaissanceRe Holdings Ltd | $272.69M | 1.7% | -21% shares | |
| Marvell Technology Inc | MRVL | $267.05M | 1.7% | -13% shares |
| KLA Corp | KLAC | $258.17M | 1.6% | -16% shares |
| Cintas Corp | CTAS | $253.19M | 1.6% | +30% shares |
| Waste Management Inc | WM | $221.71M | 1.4% | -10% shares |
| Applied Materials Inc | AMAT | $219.61M | 1.4% | -21% shares |
| Synopsys Inc | SNPS | $207.97M | 1.3% | -29% shares |
| Zoetis Inc | ZTS | $198.46M | 1.2% | -7% shares |
| Vertiv Holdings Co | VRT | $195.55M | 1.2% | +32% shares |
| Ecolab Inc | ECL | $190.44M | 1.2% | +17% shares |
| Mastercard Inc | MA | $189.79M | 1.2% | -4% shares |
What changed since Q3 2025
Against the Q3 2025 filing, Impax Asset Management opened 19 new positions, added to 63, trimmed 102, left 95 unchanged and exited 15. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
and 11 more
Exited
- CSLwas $25.55M
- TPRwas $6.76M
- SMPLwas $6.42M
- NXwas $4.80M
- AYIwas $1.84M
- Johnson Controls Internationalwas $1.43M
- CFwas $1.35M
- TFCwas $1.22M
and 7 more
Other quarters
Source: SEC Form 13F-HR, accession 0001749768-26-000001, filed by Impax Asset Management Group plc. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.