Performance and Portfolio Update

  • The Pax Ellevate Global Women’s Leadership Fund outperformed the MSCI World Index (World Index) in the first quarter.
  • In first quarter, global equities rebounded from the down market in the previous quarter and posted an impressive 12.48% return, as measured by the World Index.
  • The Fund’s stock selection and overweight positioning in Consumer Discretionary, driven by strong results from Ulta Beauty, Best Buy, Lululemon, Capri Holdings and Kering, helped relative performance the most during the quarter. Selections and an overweight allocation to defensive sectors, notably Consumer Staples and Utilities, also added to relative return. Strong results from Estee Lauder, J.M. Smucker, Canadian Utilities and American Water Works drove returns in these sectors.
  • Another bright spot in the Fund’s relative performance was stock selection in the Information Technology sector, led by strong results from Intuit, Cisco and Autodesk. Notably, the Fund’s large underweight allocation to Pharmaceuticals and Healthcare Providers & Services aided performance during the quarter.
  • Conversely, stock selection in Communication Services, led by poor results from Viacom and Telia Company AB, detracted from performance. The Fund’s relative performance was also hurt in this sector by not owning strong performers including Netflix, Google and Amazon, which do not rank in the top 400 companies in the world based on our gender leadership criteria.
  • Also detracting from relative performance during the quarter was an overweight allocation and stock selection in Financials, driven by underperforming Banks and Insurance companies: Swedbank AB, CNP Assurances SA and Principal Financial Group. Also, the Fund’s large underweight allocation in Energy detracted from performance, as energy stocks rebounded during the quarter.
  • On a regional basis, the Fund’s North America and Pacific holdings contributed to relative performance, while the Fund’s European holdings detracted from relative return. In North America, U.S. holdings produced the most relative performance during the quarter, and within the Pacific region, the Fund’s significant underweight to Japan — no Japanese companies rank in the top 400 companies in the world based on our gender leadership criteria — also helped relative performance. Conversely, in Europe, stocks within Sweden and France detracted the most from relative return.
  • Investing in companies with the highest ratings for gender leadership is the Fund’s strategy for generating long-term outperformance. Since June 2014, when the Fund adopted a strategic beta strategy, the Fund’s overweight to the highest-rated quartile of companies within the World Index based on gender-diverse leadership has made the greatest contribution to the Fund’s relative outperformance, along with the Fund’s significant underweight to the bottom two quartiles of companies with less gender diverse leadership. Performance attribution by the Impax Gender Leadership Score is available below.


(as of 3/31/19)
Returns (%)Average Annual Returns (%)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Inception1
Pax Ellevate Global Women's Index Fund - Investor Class0.9412.5812.585.5110.427.2710.716.72
Pax Ellevate Global Women's Index Fund - Institutional Class0.9312.6612.665.7610.697.5410.996.86
Pax Global Women's Leadership (Net) Index1.0211.1311.136.0310.677.69--
MSCI World (Net) Index1.3112.4812.484.0110.686.7812.38
Lipper Global Multi-Cap Core Funds Index0.6311.5211.520.689.765.8111.96

Performance data quoted represent past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance for the most recent month-end, call 800.767.1729 or visit

Figures include reinvested dividends, capital gains distributions and changes in principal value.

1The inception date for the Pax Ellevate Global Women’s Leadership Fund Institutional Class is April 19, 2006, and the Investor Class inception date is October 1, 1993.

Inception of Institutional Class shares is April 19, 2006. The performance information shown for Institutional Class shares represents the performance of the Retail Class shares of the earlier acquired Women’s Equity Fund shares for the period prior to Institutional Class inception. Expenses have not been adjusted to reflect the expenses allocable to Institutional Class shares or to reflect any differences in expenses between the earlier acquired Women’s Equity Fund and the Fund. If such expense adjustments and allocable expenses were reflected, the returns would be higher than those shown. Institutional Class inception date return since April 19, 2006, is 3.93% (annualized).

Total annual Pax Ellevate Global Women’s Leadership Fund operating expenses, gross of any fee waivers or reimbursements, for Institutional Class and Investor Class shares are 0.55% and 0.80%, respectively, and 0.55% and 0.80% net of fee waivers, as of the 5/1/18 prospectus supplement. The management fee is a unified fee that includes all of the operating costs and expenses of the Fund (other than taxes, charges of governmental agencies, interest, brokerage commissions incurred in connection with portfolio transactions, distribution and/or service fees payable under a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 and extraordinary expenses), including accounting expenses, administrator, transfer agent and custodian fees, Fund legal fees and other expenses. (For this purpose, Impax Asset Management LLC does not consider acquired fund fees and expenses to be operating costs and expenses of the Fund.) The investment adviser has contractually agreed to waive its management fees in excess of 0.55% of the Fund’s net assets through March 1, 2019. This waiver may not be modified or terminated prior to that date without the approval of the Board of Trustees.

Performance Attribution

Gender Rank Quartiles:

(as of 3/31/19)
Average Weight (%) vs. MSCI World Index
Since Re-org (57-Months)
Cumulative Gross Relative Return (%) vs. MSCI World Index

A lower Pax gender rank indicates a higher ranking — 1 is highest and 100 is lowest. Attribution is based on daily gross holdings-based results, which does not include fund expenses, trading costs, etc. The total cumulative gross return for the fund was 43.98% vs. 32.34% for MSCI World. Other not-rated securities and cash were excluded from both charts: Fund weight 4.41% vs. World Index weight: 0.15% and Fund’s gross relative return: -0.37%. Past performance is no guarantee of future results.

Portfolio Characteristics

(as of 3/31/19)
Market Cap (weighted avg.)$106,8694M$159,686M
Forward Price/Earnings15.1415.76
Number of Securities4101,632


Top 10 Holdings

(as of 3/31/19)
Microsoft Corp. 4.2%, Ulta Beauty, Inc. 2.2%, Intuit, Inc. 2.2%, Estee Lauder Cos, Inc., The, Class A 2.1%, American Water Works Co., Inc. 2.0%, Principal Financial Group, Inc. 1.9%, Canadian Utilities, Ltd., Class A 1.9%, Viacom, Inc., Class B 1.9%, Johnson & Johnson 1.8% and Cisco Systems, Inc. 1.8%. Holdings are subject to change.

Source: Factset


ƒWeighted Average is an average in which each quantity to be averaged is assigned a weight. These weightings determine the relative importance of each quantity on the average.
~Forward Price-Earnings Ratio or P/E FY1 ratio is a ratio for valuing a company that measures its current share price relative to its per-share earnings over the next 12 months.
°Return on equity (ROE) is a ratio that provides investors’ insight into how efficiently a company (or, more specifically, its management team) is managing the equity that shareholders have contributed to the company.
A historical Beta is used for funds with greater than two years of performance history under the same mandate. Since re-org, Beta is used. Beta reflects the sensitivity of a fund’s return to fluctuations in its benchmark; a beta for a benchmark is 1.00: A beta greater than 1.00 indicates above-average volatility and risk.

The statements and opinions expressed are those of the author as of the date of this report. All information is historical and not indicative of future results and subject to change. This information is not a recommendation to buy or sell any security. Past performance does not guarantee future results.
PEX000753 (7/19)

Scott LaBreche

Vice President & Portfolio Manager

Scott LaBreche is Vice President and Portfolio Manager at Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Pax World Funds.

Scott is a Portfolio Manager of the Global Women’s Leadership Strategy, which includes the Pax Ellevate Global Women’s Leadership Fund. He is also a Portfolio Manager of the Pax International Sustainable Economy Fund, the Pax Global Sustainable Infrastructure Fund and the Pax U.S. Sustainable Economy Fund.

He is responsible for portfolio management of systematic strategies, portfolio analytics and risk oversight, and quantitative ESG research.

Before joining Impax in 2007, Scott was a Securities Fund Analyst at Lincoln Financial Group. He has been in the investment management industry since 1999.

Scott holds a Bachelor of Science in business administration and a Master of Business Administration with advanced certificate in finance from Southern New Hampshire University.

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Barbara Browning, Pax World Funds

Barbara Browning, CFA®

Vice President, Portfolio Manager

Barbara Browning is Vice President at Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Pax World Funds.

She is a Portfolio Manager of the Gender Lens Strategies, which include the Pax Ellevate Global Women’s Leadership Fund. Barbara is also co-portfolio manager of the U.S. Large Cap Strategy, which includes the Pax Large Cap Fund.

Prior to joining the firm in 2017, Barbara was Vice President and Senior Portfolio Manager at RBC Global Asset Management, Inc., where she co-managed Diversified Core, Concentrated Core and Diversified Large Cap Value Equity funds. Prior to that, Barbara was a Senior Portfolio Manager and Investment Officer at National City Bank, a Senior Research Analyst at Banc One Investment Advisors Corporation and held various equity research positions.

Barbara has a Bachelor of Arts in economics from The Ohio State University, where she graduated cum laude. She is also a CFA® charterholder.

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