Impax Asset Management’s “Impax US Sustainable Economy Fund” published its Q4 2025 investor letter. A copy of the letter can be downloaded here. The fund reported that equity markets remained volatile during the quarter amid concerns about elevated valuations and financing for large-scale data center investments, although the portfolio modestly outperformed the benchmark Russell 1000 index thanks to tilts toward sustainability and stock-specific gains, particularly within Healthcare and Financials. On an annual basis, the Fund’s Institutional Class delivered a total return of 16.00% in 2025, compared to 17.37% for the Russell 1000, reflecting the impact of sector allocation and company-level developments, such as gains in pharmaceutical and payment processing holdings and weakness in certain consumer staples names. Management noted that performance was influenced more by the change in market leadership than by macroeconomic deterioration, while maintaining a cautiously optimistic outlook supported by falling interest rates, resilient corporate earnings and continued investment in structurally advantaged businesses positioned to benefit from the transition to a more sustainable economy. Also, check out the Fund’s top five holdings to learn your best picks in 2025.
In its Q4 2025 investor letter, Impax US Sustainable Economy Fund highlighted stocks like Eli Lilly and Company (NYSE:LLY). Eli Lilly and Company (NYSE:LLY) is a global pharmaceutical leader focused on innovative therapies in areas such as oncology, diabetes and obesity, with strong growth driven by increasing demand for its GLP-1-based diabetes and weight loss treatments. Eli Lilly and Company (NYSE:LLY)’s monthly performance was -3.94% while its shares traded between $623.78 and $1,113.95 over the past 52 weeks. On February 17, 2026, Eli Lilly and Company (NYSE:LLY) stock closed at approximately $1,036.05 per share, with a market capitalization of approximately $977.37 billion.
Impax US Sustainable Economy Fund stated the following regarding Eli Lilly and Company (NYSE:LLY) in its Q4 2025 investor letter:
“Eli Lilly and Company (NYSE: LLY) (Health Care, Pharmaceuticals) is included for its strategic positioning regarding sustainability opportunities, specifically in HealthCare Access and Innovation. Eli Lilly announced a major deal with the Trump administration aimed at improving patient access and lowering prices for select medications. A key advancement of this agreement is expanded coverage of GLP-1 weight loss drugs within the Medicare and Medicaid programs. “This announcement was well received by investors as it alleviated ongoing concerns about strict drug pricing and created a substantial new market opportunity for GLP-1.”
