The team explained the holding was swapped for a slightly smaller position in the trust's open-ended sister strategy, Impax Environmental Markets, as it has similar underlying exposure but is not subject to the same discount to net asset value volatility.
As part of the rebalancing exercise, the sustainable MPS team also added to its positions in Baillie Gifford Responsible Global Equity Income and Federated Hermes Sustainable Global Equity.
Advice drives 12.6% rise in operating income for Evelyn Partners
The team also increased its overall exposure to fixed income, the company said, in a bid to achieve the "desired duration exposure".
It continued to add to hedged nominal US sovereign bonds, and hedged inflation-linked US sovereign bonds in lower risk portfolios, by reducing exposure to corporate credit. Evelyn added the team's position in the Liontrust SF Monthly Income Bond was sold completely to reduce overall duration within the portfolio's credit exposure and to allocate to sovereign bonds and funds.
Genevra Banszky von Ambroz, lead manager of the Evelyn Partners sustainable MPS, said: "Sovereign bonds are offering attractive yields and should provide downside protection in these more challenging market conditions. Within the alternatives exposure, the share prices of the real assets holdings have continued to struggle in the face of rising interest rates and the relative attractiveness of fixed income, despite generally robust operating performance.
"We continue to have conviction in the diversifying characteristics, sustainability credentials and exposure to inflation-linked revenue streams that our real assets allocation offers."