Impax Asset Management, an investment management company, released its “Impax Global Environmental Markets Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Global equities saw strong gains in Q3 2025, driven by solid macroeconomic conditions, rising corporate earnings, fiscal stimulus, and banking deregulation. However, the focus on hypergrowth, cyclical, and value stocks posed challenges for quality-focused investors, leading to increased market concentration. The port ...