In this webinar, Portfolio Specialist Tom Morris Brown and Impax's CIO Listed Investments Bruce Jenkyn-Jones discussed the Trust's recent performance, current positioning as well as their outlook for the rest of the year.

Tom and Bruce will also be joined by Sanjeev Lakhani, Senior Research Analyst, and Katy Hutchinson, Portfolio Manager, to talk about the portfolio's high conviction positions in construction and natural ingredients.

Past performance does not predict future returns

• Performance and Outlook: Most portfolio companies displayed strong performance against Q4 earnings expectations, while the macro backdrop is becoming more supportive, and valuations remain in line with IEM's ten-year average.
• US Construction: The sector defied weak expectations in 2023, with strong growth in both residential and infrastructure spending. How are the team managing their exposure after this positive run?
• Natural Ingredients: Inventory destocking was one of the portfolio's biggest headwinds last year. As signs of growth return to certain segments, where does the team see some of the biggest opportunities?

References to specific securities are for illustrative purposes only and should not be considered as a recommendation to buy or sell. Nothing presented herein is intended to constitute investment advice and no investment decision should be made solely based on this information. Nothing presented should be construed as a recommendation to purchase or sell a particular type of security or follow any investment technique or strategy. Information presented herein reflects Impax Asset Management's views at a particular time. Such views are subject to change at any point and Impax Asset Management shall not be obligated to provide any notice. Any forward-looking statements or forecasts are based on assumptions and actual results are expected to vary. While Impax Asset Management has used reasonable efforts to obtain information from reliable sources, we make no representations or warranties as to the accuracy, reliability or completeness of third-party information presented herein. No guarantee of investment performance is being provided and no inference to the contrary should be made.