LONDON (Alliance News) - Impax Environmental Markets PLC Thursday said a 7.2% return from its net asset value per share in the third quarter beat a 1.1% rise in the MSCI All Country Worl Index, but underperformed an 8.2% sterling increase in the FTSE ET100 index of environmental stocks.
The fund invests in companies offering clean energy and water technology, pollution control, waste technology and resource management.
It said it had benefited from the rise in equity markets during the period, lift by positive economic data from China and Europe and the postponement of tapering by the Federal Reserve.
Impax said the fund manager remains positive on the outlook for equity markets into 2014, and said it is set to benefit from an improving outlook in key sectors like automotive and construction.
Impax shares were down 0.7% at 144.50 pence Thursday afternoon.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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Impax Asset Management (IEM)