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September 11, 2023

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Publisher’s letter

Honoree with 7 to 11 years experience

Kelly Baldoni

Head of Global Women's Strategies,

Impax Asset Management

Overseeing the largest U.S. public equity fund with a specific gender lens, Kelly Baldoni "has had an outsized impact" within Impax Asset Management, in the field of gender lens investing and in sustainable investing, said Ed Farrington, who will take over as president of Impax North America in 2024.

Ms. Baldoni, head of global women's strategies, joined Impax one month before the 2014 launch of the Impax Ellevate Global Women's Leadership Fund, which now has $870 million under management. It was an uphill battle at first, but "has been a rewarding journey," said Ms. Baldoni, and one validated by subsequent launches of similar funds.

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Retiring Impax President Joseph Keefe credits Philadelphia-based Ms. Baldoni and her team with helping the institutional investment community "understand the growing importance of gender diversity" and how gender equality helps businesses and investment outcomes.

Ms. Baldoni is proud of Impax's research on the performance of gender and workplace equity factors that help make the business case. "We really wanted to show that there's a smart way to invest. Working with Joe (Keefe), it was pretty fun to sell," she said.

It was also nice that the yearlong analysis of what adds alpha over time found women in management to be one of the strongest indicators of performance, and the research will continue, Ms. Baldoni said.

While women are "not close to reaching parity," she does see an investment opportunity. "We have just scratched the surface of directing capital toward companies," she said.

Through partnership with Sallie Krawcheck of Ellevest and similar networking initiatives, Ms. Baldoni has helped to create a national community of women financial professionals focused on gender lens investing. "It's incredibly important for women to network and meet anybody you can," she said.

Her advice to her younger self is "make as many relationships as possible. … I have found that is how I have gotten ahead in my career."

— Hazel Bradford