(Alliance News) -Â Impax Environmental Markets PLC on Wednesday reported net asset value growth over 2020, though its performance versus its benchmarks were mixed.
Net asset value per share stood at 411.20 pence at the end of 2020, up from 321.83p on the same date a year before.
The net asset value total return per share for the year was 31.0%. This compares favourably to the 13% return by the MSCI AC World Index, but lagged behind the FTSE ET100 Index's 90% return.
The firm explained: "This underperformance provides a reminder that the FTSE ET100 is an extremely volatile and cyclical benchmark, which can become dominated by 'in vogue' sub-sectors, such as electric vehicles. As managers of IEM, we continue to target a more diversified portfolio, with a balance of cyclical and defensive holdings spread across a range of environmental markets and across regions, and with a considerably lower risk profile than the FTSE ET100."
Impax Environmental's total distribution for the year was 2.3p, down 23% on the 3.0p paid out for 2019, reflecting dividend cuts from a number of underlying investments.
"As last year, there will be no final dividend, though it is our intention to return to that practice as and when the company stops growing its capital base," the firm said.
The stock was up 0.8% at 452.69p in London on Wednesday.
By Lucy Heming;Â lucyheming@alliancenews.com
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Impax Asset Management (IEM)