Verdicts genuinely change. Free email alert the moment IGSIX's does — no target price to set, unlike "Alert" above.
Whether this fund clears the published standards, and the filings behind that answer. The screen runs first and nothing on the trading side can override it.
Structure, momentum, positioning and levels. Separate from the Sharia verdict above, which this side never overrides.
Impax Global Social Leaders Fund · IMPAX FUNDS SERIES TRUST I
42 holdings
This fund holds short positions, so exposure is counted gross — long and short both count as exposure rather than netting off, and the weights below therefore sum to 101% of net assets rather than 100%. Shares of the portfolio are shown as shares of that gross exposure.
NON-COMPLIANT 31.79% of portfolio weight is in non-compliant holdings, over the 5% threshold.
0.98% of that is conventional interest-bearing debt, identified from the fund's own filing rather than by screening an issuer. Sukuk are deliberately excluded from this test and are never counted here.
42 holdings, 37 matched (97% of weight). Portfolio as of 2026-03-31, filed 2026-05-20. Source: SEC Form N-PORT.
3.31% of this portfolio’s income is non-permissible — weighted across holdings, computed over 84% of portfolio weight (30 of 42 holdings). The common approach purifies that proportion of income received — dividends — not of the position’s value. We report the ratio; what to do with it is a question for your own scholar.
64.5% compliant 1.3% questionable 31.6% non-compliant 2.5% unscreened
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| NVDA NVIDIA Corp. | COMPLIANT | 8.00% | AAOIFI1.1% Usmani12.1% Dow Jones Islamic0.9% S&P Shariah1.1% MSCI Islamic12.1% MSCI Islamic M-Series1.1% FTSE Shariah10.4% |
| HLMA.L Halma plc | COMPLIANT | 5.69% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| EBAY eBay, Inc. | COMPLIANT | 4.85% | AAOIFI13.9% Usmani35.6% Dow Jones Islamic16.9% S&P Shariah19.4% MSCI Islamic35.6% MSCI Islamic M-Series19.4% FTSE Shariah33.4% |
| MA Mastercard, Inc. | COMPLIANT | 4.68% | AAOIFI4.9% Usmani42.7% Dow Jones Islamic37.5% S&P Shariah40.1% MSCI Islamic42.7% MSCI Islamic M-Series40.1% FTSE Shariah42.7% |
| BN.PA Danone SA | NON_COMPLIANT | 3.60% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| BBVA.MC Banco Bilbao Vizcaya Argentaria SA | NON_COMPLIANT | 3.10% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| AWK American Water Works Co., Inc. | NON_COMPLIANT | 3.06% | AAOIFI58.8% Usmani42.8% Dow Jones Islamic60.7% S&P Shariah62.1% MSCI Islamic42.8% MSCI Islamic M-Series62.1% FTSE Shariah42.6% |
| EXPN.L Experian plc | COMPLIANT | 2.95% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahfail |
| VOYA Voya Financial, Inc. | NON_COMPLIANT | 2.90% | AAOIFI23.3% Usmani1.1% Dow Jones Islamic30.0% S&P Shariah30.4% MSCI Islamic1.1% MSCI Islamic M-Series30.4% FTSE Shariah1.1% |
| PNFP Pinnacle Financial Partners, Inc. | NON_COMPLIANT | 2.90% | AAOIFI16.1% Usmani1.9% Dow Jones Islamic27.2% S&P Shariah30.6% MSCI Islamic1.9% MSCI Islamic M-Series30.6% FTSE Shariah1.9% |
| VTR Ventas, Inc. | COMPLIANT | 2.70% | AAOIFI28.0% Usmani42.8% Dow Jones Islamic38.5% S&P Shariah45.5% MSCI Islamic42.8% MSCI Islamic M-Series45.5% FTSE Shariah42.8% |
| 1299.HK AIA Group Ltd. | NON_COMPLIANT | 2.67% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| MELI MercadoLibre, Inc. | COMPLIANT | 2.66% | AAOIFI20.1% Usmani38.5% Dow Jones Islamic19.0% S&P Shariah20.6% MSCI Islamic38.3% MSCI Islamic M-Series20.6% FTSE Shariah33.3% |
| HLN Haleon plc | COMPLIANT | 2.65% | AAOIFI27.2% Usmani26.4% Dow Jones Islamic13.2% S&P Shariah13.9% MSCI Islamic26.4% MSCI Islamic M-Series13.9% FTSE Shariah26.4% |
| ALV Autoliv, Inc. | COMPLIANT | 2.59% | AAOIFI23.9% Usmani25.8% Dow Jones Islamic26.7% S&P Shariah26.6% MSCI Islamic25.8% MSCI Islamic M-Series26.6% FTSE Shariah24.0% |
| A Agilent Technologies, Inc. | COMPLIANT | 2.57% | AAOIFI9.3% Usmani28.3% Dow Jones Islamic10.8% S&P Shariah10.7% MSCI Islamic28.3% MSCI Islamic M-Series10.7% FTSE Shariah28.3% |
| Bright Horizons Family Solutions, Inc. | UNSCREENED | 2.56% | no in-house ratios for this holding |
| PGR Progressive Corp. (The) | NON_COMPLIANT | 2.43% | AAOIFI6.5% Usmani6.7% Dow Jones Islamic6.3% S&P Shariah6.9% MSCI Islamic6.7% MSCI Islamic M-Series6.9% FTSE Shariah6.7% |
| VOD.JO Vodacom Group Ltd. | NON_COMPLIANT | 2.37% | AAOIFI30.9% Usmani42.1% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic34.1% MSCI Islamic M-Seriesfail FTSE Shariah34.1% |
| GILD Gilead Sciences, Inc. | COMPLIANT | 2.27% | AAOIFI14.4% Usmani53.2% Dow Jones Islamic18.6% S&P Shariah21.4% MSCI Islamic53.2% MSCI Islamic M-Series21.4% FTSE Shariah53.2% |
| CL Colgate-Palmolive Co. | COMPLIANT | 2.26% | AAOIFI10.5% Usmani46.6% Dow Jones Islamic11.2% S&P Shariah11.2% MSCI Islamic46.6% MSCI Islamic M-Series11.2% FTSE Shariah46.6% |
| TYL Tyler Technologies, Inc. | COMPLIANT | 2.23% | AAOIFI9.8% Usmani25.0% Dow Jones Islamic7.0% S&P Shariah7.2% MSCI Islamic25.0% MSCI Islamic M-Series7.2% FTSE Shariah24.2% |
| INTU Intuit, Inc. | COMPLIANT | 2.19% | AAOIFI9.9% Usmani22.9% Dow Jones Islamic5.4% S&P Shariah5.3% MSCI Islamic22.9% MSCI Islamic M-Series5.3% FTSE Shariah20.8% |
| ISRG Intuitive Surgical, Inc. | COMPLIANT | 2.13% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| WAT Waters Corp. | COMPLIANT | 2.09% | AAOIFI14.1% Usmani21.2% Dow Jones Islamic21.2% S&P Shariah23.3% MSCI Islamic21.2% MSCI Islamic M-Series23.3% FTSE Shariah19.7% |
| PRU.L Prudential plc | NON_COMPLIANT | 2.09% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| ONON On Holding AG | COMPLIANT | 2.07% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| ALC Alcon AG | COMPLIANT | 2.00% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| ADYEN.AS Adyen NV | NON_COMPLIANT | 1.95% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| AMT American Tower Corp. | NON_COMPLIANT | 1.88% | AAOIFI52.7% Usmani71.1% Dow Jones Islamic52.4% S&P Shariah52.4% MSCI Islamic71.1% MSCI Islamic M-Series52.4% FTSE Shariah58.8% |
| HDFCBANK.NS HDFC Bank Ltd. | NON_COMPLIANT | 1.87% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| BSY Bentley Systems, Inc. | COMPLIANT | 1.78% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| 6098.T Recruit Holdings Co. Ltd. | COMPLIANT | 1.78% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahfail |
| BSX Boston Scientific Corp. | COMPLIANT | 1.74% | AAOIFI19.4% Usmani27.9% Dow Jones Islamic10.0% S&P Shariah10.9% MSCI Islamic27.9% MSCI Islamic M-Series10.9% FTSE Shariah27.9% |
| UBER Uber Technologies, Inc. | COMPLIANT | 1.62% | AAOIFI9.5% Usmani22.4% Dow Jones Islamic8.9% S&P Shariah9.6% MSCI Islamic22.4% MSCI Islamic M-Series9.6% FTSE Shariah19.3% |
| NFLX Netflix, Inc. | QUESTIONABLE | 1.34% | AAOIFI5.2% Usmani28.5% Dow Jones Islamic4.1% S&P Shariah4.7% MSCI Islamic28.5% MSCI Islamic M-Series4.7% FTSE Shariah24.5% |
| ADSK Autodesk, Inc. | COMPLIANT | 1.31% | AAOIFI8.4% Usmani28.7% Dow Jones Islamic6.4% S&P Shariah6.7% MSCI Islamic28.7% MSCI Islamic M-Series6.7% FTSE Shariah26.9% |
| JPMorgan U.S. Treasury Plus Money Market Fund | NON_COMPLIANT | 0.98% | no in-house ratios for this holding |
| Pound Sterling | UNSCREENED | 0.00% | no in-house ratios for this holding |
| EURO | UNSCREENED | 0.00% | no in-house ratios for this holding |
| Danish Krone | UNSCREENED | 0.00% | no in-house ratios for this holding |
| Rand | UNSCREENED | 0.00% | no in-house ratios for this holding |
The published standards disagree about this fund by 25 points of portfolio weight — 61.4% of it passes AAOIFI, 36.6% passes Usmani. Which number is yours depends on which standard you follow.
These bars are the financial-ratio result under each standard — debt, receivables and interest income. They do not screen what the business does, so a holding can pass every ratio here and still be questionable or non-compliant on activity. The blended verdict above accounts for both.
ratios pass on 61.4% ratios fail on 28.4% 10.7% not rated under AAOIFI
ratios pass on 36.6% ratios fail on 48.1% 15.8% not rated under Usmani
ratios pass on 51.5% ratios fail on 35.8% 13.3% not rated under Dow Jones Islamic
ratios pass on 51.5% ratios fail on 35.8% 13.3% not rated under S&P Shariah
ratios pass on 38.3% ratios fail on 47.6% 14.6% not rated under MSCI Islamic
ratios pass on 51.5% ratios fail on 35.8% 13.3% not rated under MSCI Islamic M-Series
ratios pass on 38.3% ratios fail on 46.3% 16.0% not rated under FTSE Shariah
36 of 42 listed holdings carry our own per-methodology verdicts (97% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 25 (68% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| BN.PA Danone SA | 3.60% |
| BBVA.MC Banco Bilbao Vizcaya Argentaria SA | 3.10% |
| AWK American Water Works Co., Inc. | 3.06% |
| VOYA Voya Financial, Inc. | 2.90% |
| PNFP Pinnacle Financial Partners, Inc. | 2.90% |
| 1299.HK AIA Group Ltd. | 2.67% |
| PGR Progressive Corp. (The) | 2.43% |
| VOD.JO Vodacom Group Ltd. | 2.37% |
| PRU.L Prudential plc | 2.09% |
| ADYEN.AS Adyen NV | 1.95% |
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
Impax Global Social Leaders Fund (IGSIX) is currently considered not halal (non-compliant), per our own look-through to its filed holdings. See its filed holdings and the weight breakdown below for the reasoning.
HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A holding it cannot cover far enough is reported as unrated rather than counted as a pass.
| Holding | Weight | Verdict |
|---|---|---|
| NVDANVIDIA Corp. | 8.00% | Compliant |
| HLMA.LHalma plc | 5.69% | Compliant |
| EBAYeBay, Inc. | 4.85% | Compliant |
| MAMastercard, Inc. | 4.68% | Compliant |
| BN.PADanone SA | 3.60% | Non-compliant |
| BBVA.MCBanco Bilbao Vizcaya Argentaria SA | 3.10% | Non-compliant |
| AWKAmerican Water Works Co., Inc. | 3.06% | Non-compliant |
| EXPN.LExperian plc | 2.95% | Compliant |
| VOYAVoya Financial, Inc. | 2.90% | Non-compliant |
| PNFPPinnacle Financial Partners, Inc. | 2.90% | Non-compliant |
Top 10 of 42 holdings, 41.7% of the fund by weight. Every holding is screened, not only these.
The positions keeping this fund short of 100% compliant by weight.
Verdict history for IGSIX. A verdict that never moved is recorded too, so a quiet history reads as measured rather than missing.
Tracked since 2026-09-07.
Market structure by timeframe, read from real bars. A bias per timeframe rather than a forecast — timeframes disagreeing is information, not noise.
The questions worth asking about any verdict on this page, answered plainly.
No. HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A fund marketed as Islamic still gets the same look-through as any other.
It is the share of the fund whose holdings HTR cannot cover far enough to rate. It is reported as unrated rather than counted as compliant, because a holding nobody screened should not look like one that passed.
It matters, and it is noted, but it does not replace the look-through. The board's judgement and the holdings screen are shown separately so you can see when they agree and when they do not.
When the fund files new holdings, and on a rolling basis besides. The date on the verdict above is the last time this fund was actually recomputed.
Open research, not a fatwa. HTR applies published screening standards to filings and publishes what they say, including when they disagree. Nothing here is financial advice or a recommendation to buy or sell. Verdicts can change when new filings land.
Same screen, different answers. Comparison is where the standards disagreeing becomes useful rather than confusing.
Peer screening computing — it will appear here on its own.
Plain-language summary of the evidence already on this page — the Sharia screen, structure, momentum, and order flow above. It explains the read; it doesn't make the call. Generated on demand (a live AI call), never run automatically.