Impax Asset Management Group plc

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 8, 2025), Impax Asset Management Group plc reported 280 stock positions worth $17.4 billion. Its top holding was Linde (LIN) at 5.1% of the portfolio, followed by Microsoft (MSFT, 4.5%) and Xylem (XYL, 4.1%). Compared with Q1 2025, it opened 35 new positions, sold out of 50, added to 97 and reduced 104. The biggest buy was Zoetis (ZTS, shares +363%) and the biggest sale American Water Works (AWK, shares −25%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001749768
Portfolio Value
$17.4B (Q2 2025)
SEC Filing
0001749768-25-000049 ↗ filed Aug 8, 2025

Holdings Value

0$10.0B$20.0B$30.0B Q1 2024: $26.1B Q1 2024 Q2 2024: $24.6B Q2 2024 Q3 2024: $25.4B Q3 2024 Q4 2024: $22.1B Q4 2024 Q1 2025: $16.6B Q1 2025 Q2 2025: $17.4B $17.4B Q2 2025 Q3 2025: $17.1B Q3 2025 Q4 2025: $16.0B Q4 2025 Q1 2026: $14.3B Q1 2026 Q2 2026: $15.4B Q2 2026

Holdings 280 stocks · $17.4B
LIN Linde PLC 5.12% 1,900,131 $890.1M Add +5.9%
MSFT Microsoft Corp. 4.52% 1,583,966 $785.9M Reduce -14.2%
XYL Xylem Inc. 4.08% 5,499,688 $709.2M Add +13.7%
NVDA Nvidia Corp. 3.46% 3,814,715 $601.0M Reduce -9.6%
PNR Pentair PLC 2.60% 4,409,532 $451.8M Reduce -11.3%
HUBB Hubbell Inc. 2.35% 1,006,783 $409.4M Add +9.5%
VLTO Veralto Corp. 2.14% 3,695,678 $372.3M Reduce -5.8%
A Agilent Technologies Inc. 2.05% 3,022,842 $356.7M Add +3.1%
WMS Advanced Drainage Systems Inc. 2.00% 3,043,909 $348.7M Add +4.8%
IEX Idex Corp. 1.99% 1,966,455 $345.3M Reduce -2.0%
SNPS Synopsys Inc. 1.81% 618,415 $315.7M Add +28.0%
KLAC KLA Corp. 1.77% 345,121 $308.3M Reduce -11.5%
AOS Smith (a.o.) Corp. 1.77% 4,692,302 $307.7M Reduce -9.6%
RNR Renaissancere Holdings Ltd. 1.70% 1,220,038 $295.5M Add +11.2%
EBAY eBay Inc. 1.63% 3,810,634 $282.8M Add +7.8%
TEL Te Connectivity PLC 1.60% 1,657,678 $278.7M Reduce -14.7%
MRVL Marvell Technology Inc. 1.51% 3,405,465 $262.4M Reduce -8.0%
WM Waste Management Inc. 1.46% 1,112,521 $254.6M Reduce -26.4%
AMAT Applied Materials Inc. 1.41% 1,339,357 $244.4M Reduce -16.1%
AWK American Water Works Co. Inc. 1.39% 1,735,199 $241.4M Reduce -24.9%
WTS Watts Water Technologies-A 1.24% 877,796 $215.1M Reduce -20.9%
ORCL Oracle Corp. 1.19% 957,577 $207.6M Reduce -3.3%
CTAS Cintas Corp. 1.16% 908,926 $201.7M Reduce -4.5%
MTD Mettler-Toledo International 1.16% 171,431 $201.4M Reduce -10.5%
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 1.15% 9,140,360 $200.1M Reduce -15.7%
APTV Aptiv PLC 1.15% 2,927,869 $199.3M Reduce -11.7%
CARR Carrier Global Corp. 1.13% 2,689,711 $196.9M Reduce -17.6%
TXN Texas Instruments Inc. 1.12% 939,777 $195.1M Reduce -16.4%
CNM Core & Main Inc. Class A 1.11% 3,208,041 $193.6M No change
ZTS Zoetis Inc. 1.05% 1,176,996 $182.7M Add +362.6%
ZWS Zurn Elkay Water Solutions C 1.04% 4,933,224 $180.4M Add +22.8%
MA Mastercard Inc. Class A 1.02% 319,247 $177.9M Add +25.3%
ECL Ecolab Inc. 1.01% 653,174 $176.0M Add +4.4%
ACM Aecom 0.98% 1,516,823 $171.2M Add +0.9%
ADSK Autodesk Inc. 0.98% 548,242 $169.7M Reduce -13.1%
MAS Masco Corp. 0.98% 2,635,143 $169.6M Add +17.4%
ORA Ormat Technologies Inc. 0.97% 2,024,970 $168.3M Reduce -8.9%
RSG Republic Services Inc. 0.96% 676,392 $166.8M Reduce -6.0%
TRMB Trimble Inc. 0.92% 2,124,296 $160.0M Reduce -6.4%
BSX Boston Scientific Corp. 0.89% 1,449,736 $154.3M Reduce -1.0%
APH Amphenol Corp. Class A 0.83% 1,459,135 $144.1M Reduce -25.2%
CDNS Cadence Design SYS Inc. 0.82% 463,933 $142.0M Reduce -8.9%
UNP Union Pacific Corp. 0.80% 606,159 $139.5M Reduce -7.5%
CHE Chemed Corp. 0.75% 267,589 $130.3M Reduce -11.3%
PTC PTC Inc. 0.74% 751,122 $128.3M Reduce -22.0%
BSY Bentley Systems Inc. Class B 0.73% 2,363,969 $126.6M Reduce -2.1%
MPWR Monolithic Power Systems Inc. 0.73% 173,844 $126.2M Reduce -16.7%
SITE Siteone Landscape Supply Inc. 0.70% 1,010,816 $122.2M No change
TT Trane Technologies PLC 0.69% 272,379 $119.1M Reduce -11.6%
WCN Waste Connections Inc. 0.67% 632,720 $116.5M Add +22.4%
GNRC Generac Holdings Inc. 0.65% 793,642 $112.7M Reduce -5.0%
FELE Franklin Electric Co. Inc. 0.64% 1,246,729 $111.9M Add +47.8%
ANSS Ansys Inc. 0.64% 318,139 $111.7M Reduce -41.4%
LFUS Littelfuse Inc. 0.63% 483,845 $108.9M Reduce -14.6%
CFR Cullen/Frost Bankers Inc. 0.60% 822,878 $104.9M Add +58.7%
MRSH Marsh & McLennan Cos 0.60% 482,408 $104.4M Add +9.4%
V Visa Inc. Class A 0.60% 295,517 $104.2M Reduce -23.1%
VMI Valmont Industries 0.59% 313,588 $102.4M Add +0.8%
DHR Danaher Corp. 0.59% 521,998 $102.3M Add +37.3%
WAT Waters Corp. 0.55% 274,368 $95.8M Reduce -35.4%
RGEN Repligen Corp. 0.54% 761,043 $93.8M Reduce -5.4%
ITRI Itron Inc. 0.53% 698,910 $92.0M New
NOW ServiceNow Inc. 0.52% 88,324 $90.3M Add +15.4%
CLH Clean Harbors Inc. 0.47% 356,255 $81.3M Reduce -26.3%
MWA Mueller Water Products Inc. Class A 0.47% 3,364,757 $80.9M Reduce -15.2%
AAPL Apple Inc. 0.46% 393,986 $80.8M Reduce -5.0%
AMZN Amazon.com Inc. 0.46% 362,874 $79.6M Add +68.9%
ADI Analog Devices Inc. 0.46% 336,542 $79.3M Reduce -17.9%
HDB HDFC Bank Ltd.-ADR 0.41% 951,971 $72.1M Reduce -8.6%
ISRG Intuitive Surgical Inc. 0.41% 133,228 $71.7M Add +4.3%
GOOGL Alphabet Inc. Class A 0.41% 403,101 $71.0M Reduce -18.2%
TMO Thermo Fisher Scientific Inc. 0.39% 170,546 $68.4M Reduce -11.6%
NVT Nvent Electric PLC 0.39% 926,168 $67.1M Reduce -7.1%
PGR Progressive Corp. 0.36% 237,624 $63.4M Add +77.7%
VRT Vertiv Holdings Co. Class A 0.35% 472,415 $60.7M Reduce -11.2%
JPM JPMorgan Chase & Co. 0.34% 204,508 $59.3M Add +13.1%
DCI Donaldson Co. Inc. 0.33% 831,185 $56.8M Reduce -5.4%
RYN Rayonier Inc. 0.31% 2,484,057 $54.7M Reduce -52.5%
TREX Trex Company Inc. 0.31% 1,002,334 $54.5M Add +10.2%
LLY Eli Lilly & Co. 0.31% 69,241 $54.0M Add +12.7%
GPK Graphic Packaging Holding Co. 0.28% 2,322,415 $48.6M Reduce -26.1%
DAR Darling Ingredients Inc. 0.26% 1,192,503 $45.2M Reduce -57.0%
AAON Aaon Inc. 0.25% 587,296 $42.7M Add +25.0%
MKC McCormick & Co.-Non VTG SHRS 0.22% 509,509 $38.6M Reduce -6.9%
VCTR Victory Capital Holding - A 0.22% 600,000 $38.2M Reduce -4.0%
AVGO Broadcom Inc. 0.22% 137,726 $38.0M Add +26.4%
URI United Rentals Inc. 0.21% 47,954 $36.1M Add +748.9%
AAMI Acadian Asset Management Inc. 0.20% 1,000,000 $35.2M Reduce -9.1%
GILD Gilead Sciences Inc. 0.19% 294,613 $32.7M Add +3.7%
CSL Carlisle Cos Inc. 0.17% 81,321 $30.4M Reduce -6.3%
LGND Ligand Pharmaceuticals 0.17% 260,208 $29.6M Reduce -7.1%
PANW Palo Alto Networks Inc. 0.17% 143,588 $29.4M Add +7.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.16% 229,628 $28.5M Reduce -42.7%
CMG Chipotle Mexican Grill Inc. 0.15% 475,171 $26.7M Add +33.1%
BALL Ball Corp. 0.15% 473,474 $26.6M Reduce -1.5%
AMT American Tower Corp. 0.14% 112,455 $24.9M Reduce -14.1%
VOYA Voya Financial Inc. 0.14% 340,010 $24.1M Reduce -73.4%
CL Colgate-Palmolive Co. 0.13% 251,640 $22.9M Add +4.9%
PLD Prologis Inc. 0.13% 214,436 $22.5M Reduce -14.0%
ROIV Roivant Sciences Ltd. 0.13% 2,000,000 $22.5M No change

Show all 280 holdings

Portfolio Sells Q1 2025 → Q2 2025
AWK American Water Works Co. Inc. Reduce -24.9% 1.39% −0.66
WM Waste Management Inc. Reduce -26.4% 1.46% −0.64
RYN Rayonier Inc. Reduce -52.5% 0.31% −0.56
CGNX Cognex Corp. Sold out 0.00% −0.43
AZEK The Azek Co. Inc. Sold out 0.00% −0.40
ANSS Ansys Inc. Reduce -41.4% 0.64% −0.39
WAT Waters Corp. Reduce -35.4% 0.55% −0.39
VOYA Voya Financial Inc. Reduce -73.4% 0.14% −0.38
CHE Chemed Corp. Reduce -11.3% 0.75% −0.37
AOS Smith (a.o.) Corp. Reduce -9.6% 1.77% −0.27
DAR Darling Ingredients Inc. Reduce -57.0% 0.26% −0.26
GPK Graphic Packaging Holding Co. Reduce -26.1% 0.28% −0.21
V Visa Inc. Class A Reduce -23.1% 0.60% −0.21
MTD Mettler-Toledo International Reduce -10.5% 1.16% −0.20
IEX Idex Corp. Reduce -2.0% 1.99% −0.20
PG The Procter & Gamble Co. Reduce -71.9% 0.06% −0.19
TMO Thermo Fisher Scientific Inc. Reduce -11.6% 0.39% −0.18
VLTO Veralto Corp. Reduce -5.8% 2.14% −0.16
CVS CVS Health Corp. Sold out 0.00% −0.15
PTC PTC Inc. Reduce -22.0% 0.74% −0.15
MRK Merck & Co. Inc. Reduce -63.2% 0.07% −0.15
MWA Mueller Water Products Inc. Class A Reduce -15.2% 0.47% −0.14
SWK Stanley Black & Decker Inc. Sold out 0.00% −0.14
UNP Union Pacific Corp. Reduce -7.5% 0.80% −0.13
WTS Watts Water Technologies-A Reduce -20.9% 1.24% −0.12
CARR Carrier Global Corp. Reduce -17.6% 1.13% −0.11
SBUX Starbucks Corp. Reduce -69.1% 0.04% −0.11
COO The Cooper Cos Inc. Sold out 0.00% −0.10
CLH Clean Harbors Inc. Reduce -26.3% 0.47% −0.10
TXN Texas Instruments Inc. Reduce -16.4% 1.12% −0.09
AAPL Apple Inc. Reduce -5.0% 0.46% −0.09
RSG Republic Services Inc. Reduce -6.0% 0.96% −0.09
IP International Paper Co. Sold out 0.00% −0.08
KEY Keycorp Sold out 0.00% −0.08
DIS The Walt Disney Co. Reduce -42.7% 0.16% −0.07
RGEN Repligen Corp. Reduce -5.4% 0.54% −0.07
NFLX Netflix Inc. Sold out 0.00% −0.07
CME Cme Group Inc. Reduce -38.9% 0.10% −0.06
HUBS HubSpot Inc. Sold out 0.00% −0.06
K Kellanova Sold out 0.00% −0.05
GOOGL Alphabet Inc. Class A Reduce -18.2% 0.41% −0.05
MKC McCormick & Co.-Non VTG SHRS Reduce -6.9% 0.22% −0.05
TEL Te Connectivity PLC Reduce -14.7% 1.60% −0.05
AVTR Avantor Inc. Reduce -21.3% 0.07% −0.04
HR Healthcare Realty Trust Inc. Sold out 0.00% −0.04
EXPE Expedia Group Inc. Sold out 0.00% −0.04
LFUS Littelfuse Inc. Reduce -14.6% 0.63% −0.04
APTV Aptiv PLC Reduce -11.7% 1.15% −0.04
PLD Prologis Inc. Reduce -14.0% 0.13% −0.04
ADI Analog Devices Inc. Reduce -17.9% 0.46% −0.04

Portfolio Buys Q1 2025 → Q2 2025
ZTS Zoetis Inc. Add +362.6% 1.05% +0.80
XYL Xylem Inc. Add +13.7% 4.08% +0.61
SNPS Synopsys Inc. Add +28.0% 1.81% +0.57
ITRI Itron Inc. New 0.53% +0.53
HUBB Hubbell Inc. Add +9.5% 2.35% +0.53
ZWS Zurn Elkay Water Solutions C Add +22.8% 1.04% +0.24
CFR Cullen/Frost Bankers Inc. Add +58.7% 0.60% +0.22
AMZN Amazon.com Inc. Add +68.9% 0.46% +0.21
MA Mastercard Inc. Class A Add +25.3% 1.02% +0.19
EBAY eBay Inc. Add +7.8% 1.63% +0.19
URI United Rentals Inc. Add +748.9% 0.21% +0.19
FELE Franklin Electric Co. Inc. Add +47.8% 0.64% +0.17
NOW ServiceNow Inc. Add +15.4% 0.52% +0.15
ACM Aecom Add +0.9% 0.98% +0.14
PGR Progressive Corp. Add +77.7% 0.36% +0.14
DHR Danaher Corp. Add +37.3% 0.59% +0.12
RNR Renaissancere Holdings Ltd. Add +11.2% 1.70% +0.12
WMS Advanced Drainage Systems Inc. Add +4.8% 2.00% +0.11
AVGO Broadcom Inc. Add +26.4% 0.22% +0.11
LIN Linde PLC Add +5.9% 5.12% +0.09
JPM JPMorgan Chase & Co. Add +13.1% 0.34% +0.07
WCN Waste Connections Inc. Add +22.4% 0.67% +0.07
ECL Ecolab Inc. Add +4.4% 1.01% +0.06
VMI Valmont Industries Add +0.8% 0.59% +0.05
STT State Street Corp. New 0.05% +0.05
HPE Hewlett Packard Enterprise Add +867.8% 0.05% +0.05
AGCO Agco Corp. Add +57.1% 0.12% +0.05
CMG Chipotle Mexican Grill Inc. Add +33.1% 0.15% +0.05
GWW WW Grainger Inc. Add +927.7% 0.05% +0.04
QCOM Qualcomm Inc. Add +389.8% 0.05% +0.04
TGT Target Corp. New 0.04% +0.04
MCD McDonald's Corp. Add +174.9% 0.07% +0.04
EL Estee Lauder Companies Class A New 0.04% +0.04
INTC Intel Corp. Add +1058.7% 0.04% +0.04
BNY Bank of New York Mellon Corp. Add +167.2% 0.06% +0.04
WRBY Warby Parker Inc. Class A New 0.04% +0.04
UBER Uber Technologies Inc. Add +16.2% 0.13% +0.04
SPGI S&P Global Inc. Add +155.6% 0.06% +0.04
ISRG Intuitive Surgical Inc. Add +4.3% 0.41% +0.04
MAS Masco Corp. Add +17.4% 0.98% +0.04
PRU Prudential Financial Inc. Add +684.7% 0.04% +0.03
CIEN Ciena Corp. Add +26.7% 0.09% +0.03
HPQ HP Inc. New 0.03% +0.03
PANW Palo Alto Networks Inc. Add +7.1% 0.17% +0.03
JNJ Johnson & Johnson Add +62.8% 0.09% +0.03
AAON Aaon Inc. Add +25.0% 0.25% +0.03
ADBE Adobe Inc. Add +458.2% 0.03% +0.02
LPLA LPL Financial Holdings Inc. New 0.02% +0.02
SEE Sealed Air Corp. Add +18.6% 0.12% +0.02
PYPL PayPal Holdings Inc. Add +320.4% 0.03% +0.02

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 284$15.4BKLAC, NVDA, LIN, XYL, MSFT
Q1 2026 287$14.3BLIN, NVDA, XYL, KLAC, MSFT
Q4 2025 279$16.0BLIN, MSFT, XYL, NVDA, HUBB
Q3 2025 275$17.1BLIN, MSFT, XYL, NVDA, VLTO
Q2 2025 280$17.4BLIN, MSFT, XYL, NVDA, PNR
Q1 2025 295$16.6BLIN, MSFT, XYL, NVDA, PNR
Q4 2024 312$22.1BMSFT, LIN, NVDA, XYL, AWK
Q3 2024Amended 313$25.4BMSFT, LIN, AWK, PNR, NVDA
Q2 2024Amended 315$24.6BMSFT, LIN, AWK, PNR, AMAT
Q1 2024 308$26.1BMSFT, LIN, AWK, PNR, CTAS