Impax Global Social Leaders Fund portfolio underperformed the MSCI ACWI index (in US dollar terms) over the quarter.
Global equity markets finished the period lower despite a strong start to the year, reflecting a quarter of two distinct halves.
Despite increasing concerns around the economic growth outlook, bond yields rose as higher oil and commodity prices reinforced expectations that inflation will remain elevated for longer.
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Performance
The portfolio underperformed the MSCI ACWI index (in US dollar terms) over the quarter. Despite portfolio holdings generally delivering robust results, performance was hampered by two trends in the market. First, asset light business models experienced a broad sell-off
