The Impax Core Bond Fund demonstrated robust performance in the first quarter, surpassing its benchmark net of fees, primarily due to astute security selection and strategic allocation choices.

A significant factor in the fund's outperformance was its overweight position in securitized products, which, coupled with effective security selection, substantially boosted returns. In response to the evolving market landscape, the fund strategically reduced its exposure to corporate credit, particularly in the communications and capital goods sectors. Furthermore, the Impax Core Bond Fund adopted a prudent, diversified investment strategy towards the burgeoning artificial intelligence and data center infrastructure, primarily engaging through corporate bonds with a focus on diversified hyperscaler tenants.

As we look to the future, the market environment is expected to remain dynamic and potentially turbulent over the next six months. This outlook is shaped by ongoing geopolitical complexities in the Middle East, upcoming U.S. elections, and persistent uncertainties surrounding the Federal Reserve's monetary policy decisions.

The proactive and adaptive investment strategies employed by the Impax Core Bond Fund highlight the importance of diligent management and a forward-thinking approach in navigating complex financial markets. By focusing on fundamental strength and diversification, investors can build resilience and pursue growth opportunities even amidst volatility.