Fund managers diary

Bruce Jenkyn-Jones is the managing director at Impax Asset Management. His diary runs from December 15-21.



Wednesday Daily meeting at 8.30am with all 12 members of the listed equity investment team to discuss meetings from the previous day, new environmental legislation and technological developments.

In the afternoon I am joined by several of our research analysts and other key members of the environmental investing world at FTSE for the quarterly rebalancing of the Environmental Technology Index Series, for which my team are responsible for providing the research. The principal trends over the period are growth in the number of Asian-Pacific stocks across all sectors and the fall in the market capitalisations of European renewable energy stocks.

Thursday We hold a full day listed equity team workshop to review our investment process, which has remained consistent but continually enhanced over the past 12 years to keep pace with the rapid expansion of environmental markets. After a full day of debate, and with many valuable conclusions drawn, we all head back to the office through Winter Wonderland in Hyde Park and join the 40 or so other Impax staff for Christmas dinner. It has been another good year for Impax, and we celebrate into the early hours.

Friday Early morning start is cheered by strong positive share price moves from Chinese rail infrastructure related companies. Later on, a group of us meet a Merrill Lynch wind analyst to discuss the prospects for the sector in 2011. We feel that the wind market is bottoming out and, while tax incentive developments are positive, a recovery in American power prices is needed before we begin adding to positions. The meeting is followed by a call to our specialist policy advisers in Washington to discuss the likelihood of the proposed tax incentive extenders. (article continues below)

Saturday Breakfast reading the FT Weekend, followed by a trip to Richmond Park and friends for lunch. I stay up late watching the Ashes.

Sunday I take one son to indoor cricket and the other to rugby before all getting together in the afternoon to go to the latest Harry Potter film.

Monday Having identified metals recycling and smart grids as areas with good prospects for 2011, I join a couple of company calls set up by the team – the first with an American zinc recycler that has a leading battery recycling business and the second with a Canadian manufacturer of power networking equipment and software. Both seem to have strong market positions. The day ends with our weekly investment committee, where the full team is joined by Ian Simm, our chief executive, to discuss performance, environmental themes, and to review any new candidates for our environmental investment universe.

Tuesday After the morning meeting we have a call with SemiLEDs, a Taiwanese company that specialises in the development and manufacturing of metal alloy vertical LED [light-emitting diode] chips. We participated in SemiLED’s initial public offering when the company recently listed on the Nasdaq, and saw the stock subsequently rise by 50%.

However, we decide to sell out of our position and wait for a better entry point. After lunch I join our head of UK Sales to meet a team of private client brokers to introduce them to the new Impax Asian Environmental Markets (Ireland) fund and to update them on their investments in one of our global funds, Impax Environmental Markets. Day ends with a quick drink with our operations and compliance teams.