Inclusive Investor Relations, Equity Development

Equity Development

Inclusive Investor Relations

We help companies communicate with all investors. We help all investors better understand those businesses.

Equity Bottom-Up

Impax Asset Management / Equity Bottom-Up

<ul><li>FY25 was disappointing as AUM fell 30% to £26.1bn, heavily impacted by the loss of £6.2bn of St James’s Place mandates.</li><li>Yet, Impax’s current share price seems to price in further decline.</li><li>The PER is just 10.9, nearly the lowest in the sector, despite net cash of £68m (31% of market cap), no debt, and the group generating £20m PAT in a rare bad year.</li></ul>

FY25 was disappointing as AUM fell 30% to £26.1bn, heavily impacted by the loss of £6.2bn of St James’s Place mandates.Yet, Impax’s current share price seems to price in further decline.The PER is just 10.9, nearly the lowest in the sector, despite net cash of £68m (31% of market cap), no debt, and the group generating £20m PAT in a rare bad year.

Impax AM - stabilising after tough FY25, with huge opportunities

<ul><li>AUM closed FY25 (1 Oct 24 - 30 Sep 25) on £26.1bn, above our previous forecast of £25.0bn.</li><li>In Q4 (Jul – Sep), investment performance contributed +£1.4bn (+5.3%), offset by net outflows of -£1.4bn, in a quarter of heavy outflows for equity funds more generally (page 3).</li><li> Impax’s outflows were slightly up on the previous quarter (-£1.3bn), but were a marked improvement over H1, which saw £10.2bn of net outflows, dominated by the loss of £6.2bn of St James’s Place mandates.</li></ul>

AUM closed FY25 (1 Oct 24 - 30 Sep 25) on £26.1bn, above our previous forecast of £25.0bn.In Q4 (Jul – Sep), investment performance contributed +£1.4bn (+5.3%), offset by net outflows of -£1.4bn, in a quarter of heavy outflows for equity funds more generally (page 3). Impax’s outflows were slightly up on the previous quarter (-£1.3bn), but were a marked improvement over H1, which saw £10.2bn of net outflows, dominated by the loss of £6.2bn of St James’s Place mandates.

Impax Asset Management Group plc - AUM flat in Q4, ‘solid evidence flows are stabilising’

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
Contrarian Cashflows is built around the principles of respect, honesty, open-mindedness and a touch of humour. Please consider these principles in any engagement interaction with me, other readers and the content on this blog. Misbehaviour is not tolerated.
If you want to reach out to me directly, the best way is via LinkedIn, Twitter or email. You can find the details at my homepage contrariancashflows.com

Thematic (Sector/Industry)

<ul><li>Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.</li><li>Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.</li><li>If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!</li></ul>

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!

Alpha-Centric ESG Research

Kyle Rudden

Two days ago the U.K. Financial Reporting Council announced 125 successful signatories (aka "not greenwashers") to the revised U.K. Stewardship Code. Signatories are integrating stewardship and ESG (Environmental, Social, Governance) factors into investment decisions, to high standards.Whilst this is ostensibly limited to U.K. pension assets, ramifications are more far-reaching than it might at first appear (one indication is the number of North American and Asia Pacific signatories, in addition to the expected European names). More specifically, the broad relevance is because it:<ul>
<li>Affects firms doing business with U.K. asset managers/owners not just the managers/owners.</li>
<li>Is a quasi-blueprint for similar anti-greenwashing initiatives taking root in the U.S. and Asia.</li>
<li>Greenwashing is having an increasing impact on stocks prices (e.g., DWS Group last month).</li>
</ul>This is one battle in an emerging global war on greenwashing. The U.S. SEC has its own agenda to fight greenwashing and Asia isn't far behind (e.g., regulators in Japan stepping up scrutiny). There is more to come, and a lot to learn from this including who is (and is not) on the signatory list.

Two days ago the U.K. Financial Reporting Council announced 125 successful signatories (aka "not greenwashers") to the revised U.K. Stewardship Code. Signatories are integrating stewardship and ESG (Environmental, Social, Governance) factors into investment decisions, to high standards.Whilst this is ostensibly limited to U.K. pension assets, ramifications are more far-reaching than it might at first appear (one indication is the number of North American and Asia Pacific signatories, in addition to the expected European names). More specifically, the broad relevance is because it:
Affects firms doing business with U.K. asset managers/owners not just the managers/owners.
Is a quasi-blueprint for similar anti-greenwashing initiatives taking root in the U.S. and Asia.
Greenwashing is having an increasing impact on stocks prices (e.g., DWS Group last month).
This is one battle in an emerging global war on greenwashing. The U.S. SEC has its own agenda to fight greenwashing and Asia isn't far behind (e.g., regulators in Japan stepping up scrutiny). There is more to come, and a lot to learn from this including who is (and is not) on the signatory list.

The War on Greenwashing: UK Stewardship Code "Successful Signatories" Has Broader Implications

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

We are beginning to see rotations back into risk-on areas of the market, a bullish sign for global equities. This only adds to our constructive outlook; we are bullish and we expect higher prices in the weeks and months ahead.

We are beginning to see rotations back into risk-on areas of the market, a bullish sign for global equities. This only adds to our constructive outlook; we are bullish and we expect higher prices in the weeks and months ahead. 

Global Equity Strategy: Buy Energy & Financials; EM Improving

United Kingdom

Impax Asset Management Group plc, through its subsidiaries, provides investment services to funds specializing in the environmental markets sector, with a focus on alternative energy, water, and waste sectors, primarily in the United Kingdom. It manages a range of funds and segregated accounts on behalf of institutional and private investors. The company was formerly known as Impax Group plc and changed its name to Impax Asset Management Group plc in October 2009. Impax Asset Management Group plc was founded in 1998 and is based in London, the United Kingdom.

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Impax Asset Management (IPX LN)

Impax AM - stabilising after tough FY25, with huge opportunities

FY25 was disappointing as AUM fell 30% to £26.1bn, heavily impacted by the loss of £6.2bn of St James’s Place mandates. Yet, Impax’s current share...

Equity Development

Impax Asset Management Group plc - AUM flat in Q4, ‘solid evidence flows are stabilising’

AUM closed FY25 (1 Oct 24 - 30 Sep 25) on £26.1bn, above our previous forecast of £25.0bn. In Q4 (Jul – Sep), investment performance contributed...

Equity Development

Monday Delight: 29/09/25

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help...

Contrarian Cashflows

The War on Greenwashing: UK Stewardship Code "Successful Signatories" Has Broader Implications

Telegraph from European front in global war on greenwashing. U.K. names stewardship victors ("not greenwashers"). Many notable casualties. Anti...

Kyle Rudden

Global Equity Strategy: Buy Energy & Financials; EM Improving

We are seeing rotations back into risk-on areas of the market (Energy & Financials), a bullish sign for global equities. We are bullish and we...

Vermilion Research

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