Impax Environmental Markets falls to discount over H1 2022

Assets drop £300m

Impax Environmental Markets took a a tumble during the six months to 30 June, coming off a 10.2% premium to NAV down to a 2.7% discount, according to the trust’s interim results.

The share price fell by 26.7% over the first six months of this year, while the underlying NAV dropped 17%.  The trust's assets dropped £300m from £1.5bn to £1.2bn over the same period. In contrast, its MSCI All Country World Index benchmark declined only 11%. Chair John Scott said in the report: "The first part of this year has been challenging for markets in general, and IEM has not been spared. "Following three years of strong performance, IEM's share price has fallen in absolute and relative terms over the first six months of 2022. War has brought devastation to Ukraine, caused...