Impax Environmental Markets fell hard after being launched in 2002, when investors were scared of anything technology-related. However, growing interest in environmentally friendly companies has led to a turnaround in the trust's performance.
Over the past three years, its net asset value has risen by 108 per cent, compared with the 73 per cent return from the FTSE All-Share. Impax gives specialist exposure to environmental technologies, including water and waste management, as well as fossil fuel substitutes.
Impax raised £60m in a 'C' share issue last year and has issued nearly £30m more in shares this year. It is the only listed environmental fund in the FTSE All-Share and demand for the shares is such that they trade at a persistent premium.
| Ord price: 113p | Price performance: £114* |
|---|---|
| Touch: 112-114p | NAV performance: £116* |
| Market value: £142m | Premium to NAV: 4% |
| Dividend yield: nil | Gearing: 100% |
| 12-month high: 118p Low: 71p |
| Year to | Net Asset Value | Earnings per | Dividend per |
|---|---|---|---|
| 31 Dec | per share (p) | share (p) | share (p) |
| 2004 | 76.1 | 0.09 | nil |
| 2005 | 92.6 | 0.07 | nil |
| Compound % | +22 | -22 | - |
