Impax Environmental Markets NAV jumps 26% in first half
By Benjamin Chiou
Date: Wednesday 30 Sep 2026
(Sharecast News) - Impax Environmental Markets reported a sharp rise in net asset value for the first half of 2026, comfortably outperforming global equities, despite a widening discount to NAV.
The investment trust said NAV total return was 26.1% in the six months to 30 June, compared with a 12.7% return from the MSCI All Country World Index. Its share price total return was 17.4%.
NAV per share rose to 534.0p from 427.1p at the end of December, while the share price increased to 462.0p from 396.5p. However, IEM's share price discount to its NAV widened to 13.5% from 7.2%.
Performance was helped by holdings exposed to AI-related infrastructure, electrification and grid investment, including Marvell Technology, KLA, Siemens Energy and Prysmian. Software holdings were weaker as investors rotated towards hardware names seen as more direct beneficiaries of AI spending.
The period also saw significant structural change. An exit tender offer completed in May resulted in 148.2m shares being repurchased and cancelled, sharply reducing the size of the company, while all outstanding borrowings were subsequently repaid.
Since the half-year end, the new board has served notice on Impax Asset Management to terminate its investment management agreement, which will expire in July 2027, and has launched a process to appoint a replacement manager or identify another strategic option.
The board declared a first interim dividend of 2.0p per share, up from 1.9p a year earlier.
IEM shares were up 0.4% at 443.73p by 1212 BST.
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