Performance and Portfolio Update

  • In the first quarter the Institutional share class of the Fund slightly underperformed the MSCI World Index by 19 basis points (bps).
  • The Consumer Discretionary sector detracted the most from relative return during the quarter, impacted by the underperformance of Ulta Beauty and H&M, and by not owning Netflix and Amazon. In addition, stock selection in the Financials sector detracted from performance, led by the underperformance of Fund holdings in the insurance industry — Principal Financial and Intact Financial.
  • Positive stock selection and an underweight allocation to the Energy sector was a significant contributor to relative performance. Stock selection in the Consumer Staples sector also added to relative performance, driven by strong results from Estee Lauder.
  • On a regional basis, the Fund’s North American and Pacific holdings detracted from relative performance, while holdings in Europe were additive. In the Pacific region, the Fund’s underweight to Japan — no Japanese companies rank among the top 400 companies in the world based on our gender leadership criteria — hurt relative performance.
  • Investing in companies demonstrating gender leadership is the Fund’s strategy for generating long-term outperformance. Since adopting its factor-based investment strategy in June of 2014, the Fund’s outperformance has been driven by the highest-rated companies for advancing women’s leadership, those with more women on their boards and in senior management, according to Pax’s Gender Leadership Score. Performance attribution by the Pax Gender Leadership Score is available below.


(as of 6/30/18)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Inception1
Pax Ellevate Global Women's Index Fund - Individual Investor Class0.351.940.3511.579.2910.365.106.79
Pax Ellevate Global Women's Index Fund - Institutional Classƒ0.382.000.5011.839.5710.635.366.92
Pax Global Women's Leadership (Net) Index0.442.160.4411.109.74----
MSCI World (Net) Index-0.051.730.4311.098.489.946.26
Lipper Global Multi-Cap Core Funds Index-0.90-0.12-1.278.767.979.026.88

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 Individual 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 4.74% (annualized).

Total annual Pax Ellevate Global Women’s Leadership Fund operating expenses, gross of any fee waivers or reimbursements, for Institutional Class and Individual Investor Class shares are 0.65% and 0.90% respectively, and 0.55% and 0.80% net of fee waivers, as of the 2/26/18 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

(as of 3/31/18)
Average Active Weights (%)
Since Re-org (45-months)
Relative Contribution (%)

XOther: ETFs (for short-term cash mgmt. purposes) and Cash & Equivalents.
The above attribution analysis compares the Fund to the MSCI World Index. Past performance is no guarantee of future results.

Portfolio Characteristics

(as of 3/31/18)
Market Cap (weighted avg.)$120,269M$136,076M
Forward Price/Earnings16.0215.77
Number of Securities4051,649


Top Ten Holdings

(as of 6/30/18)
Microsoft Corp. 3.6%, Facebook, Inc., Class A 2.3%, Kellogg Co. 2.1%, American Water Works Co., Inc. 2.1%, Wolters Kluwer NV 2.0%, Target Corp. 2.0%, Michael Kors Holdings, Ltd. 2.0%, Intuit, Inc. 1.9%, Principal Financial Group, Inc.1.9% and Estee Lauder Cos, Inc., Class A 1.8%. Holdings are subject to change.


A basis point (bps) is a unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indexes and the yield of a fixed-income security.
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 2 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.

PEX000629 (10/18)

Heather Smith

Vice President, Lead Sustainability Research Analyst

Heather Smith is a Vice President, Sustainable Investing, and Lead Sustainability Research Analyst at Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Pax World Funds.

She researches and evaluates the environmental, social and governance performance of companies for potential inclusion in the firm’s portfolios. She is also a member of the Impax Gender Analytics Team. Heather helps oversee the firm’s proxy voting and coordinates its gender‑related shareholder engagements.

Before joining the firm in 2007, Heather was a Legislative Aide for the New Hampshire State Senate. She received a bachelor’s degree in political science and an MBA from the University of New Hampshire. She has also served as a member of the Sustainable Investment Research Analyst Network steering committee.

Authored Insights

Scott LaBreche

Portfolio Manager

Scott LaBreche is Portfolio Manager & VP, Portfolio Analytics, 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.

Recent Insights

Julie Gorte, Ph.D.

Senior Vice President for Sustainable Investing

Julie Gorte is Senior Vice President for Sustainable Investing at Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Pax World Funds.

She oversees environmental, social and governance-related research on prospective and current investments as well as the firm’s shareholder engagement and public policy advocacy. Julie is also a member of the Impax Gender Analytics team.

Prior to joining the firm, Julie served as Vice President and Chief Social Investment Strategist at Calvert. Her experience before she joined the investment world in 1999 includes a various number of roles. Julie spent nearly 14 years as Senior Associate and Project Director at the Congressional Office of Technology Assessment. Additionally, she has held the roles of Vice President for Economic and Environmental Research at The Wilderness Society, and Program Manager for Technology Programs in the Environmental Protection Agency’s policy office and Senior Associate at the Northeast-Midwest Institute.

Julie serves on the boards of the Endangered Species Coalition, E4theFuture, Clean Production Action and is the board chair of the Sustainable Investments Institute.

Julie received a Ph.D. and Master of Science in resource economics from Michigan State University and a Bachelor of Science in forest management at Northern Arizona University.

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