Performance and Portfolio Update

  • The Pax Ellevate Global Women’s Leadership Fund outperformed the MSCI World Index (World Index) in the second quarter.
  • During the quarter, the Fund crossed the five-year milestone since adopting a strategic beta strategy in June of 2014. The Fund has outperformed the MSCI World Index for the one-, three- and five-year periods and has produced strong results relative to its peer group for the period ending June 30, 2019. Specifically over the five-year period ending June 30, 2019, the Institutional Class (PXWIX)1 has outperformed the World Index by 1.08% and has posted a top 5% ranking (out of 109 funds) based on average annual returns within the Lipper Global Multi-Cap Core classification.2
  • In the second quarter, global equities ended the quarter up 4.0%, as measured by the MSCI World Index. During the quarter, equity markets became more volatile as concerns over US and China trade negotiations and Federal reserve interest rate speculation weighed down equity market returns, before propelling forward in June.
  • Ten out of the 11 sectors produced positive relative performance for the Fund compared to the MSCI World Index in the second quarter. The Fund’s holdings and overweight positioning in Financials, driven by strong results from Principal Financial, KeyCorp. and CNP Assurance helped relative performance. Fund holdings in defensive sectors, notably Consumer Staples and Utilities, also added meaningfully to relative return. Strong results from Hershey, Estee Lauder, American Water Works, Canadian Utilities and Sempra Energy drove returns in these sectors.
  • Another bright spot in the Fund’s relative performance were holdings in the Industrials, led by strong results from Legrand and Schneider Electric. Notably, the Fund’s large underweight allocation to Energy also benefitted performance during the quarter as the sector lagged market performance considerably.
  • Conversely, the Fund’s holdings in Consumer Discretionary, the Fund’s best performing sector in the first quarter, detracted the most from relative return during the second quarter led by poor results from Capri Holdings, Minth Group, Ulta and Best Buy.
  • Each of the three regions represented in the Fund (North America, Europe and Pacific) contributed to relative performance during the quarter. In North America, US holdings produced the most relative performance during the quarter. Within Europe, France, Netherlands and Sweden helped performance the most. In 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 — helped relative performance.
  • 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 6/30/19)
Returns (%)Average Annual Returns (%)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Inception3
Pax Ellevate Global Women's Leadership Fund - Investor Class6.204.9218.128.5912.197.419.516.86
Pax Ellevate Global Women's Leadership Fund - Institutional Class6.245.0118.308.8712.497.689.787.00
Impax Global Women's Leadership (Net) Index6.425.3217.019.2812.557.96--
MSCI World (Net) Index6.594.0016.986.3311.776.6010.72
Lipper Global Multi-Cap Core Funds Index6.313.0214.893.8510.725.6210.26

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.

3The 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 5.11% (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 0.56% and 0.81% respectively as of the 5/1/2019 prospectus. 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.)

Performance Attribution

Gender Rank Quartiles:

(as of 6/30/19)
Average Weight (%) vs. MSCI World Index
Since Re-org (60-Months)
Cumulative Gross Relative Return (%) vs. MSCI World Index

A lower Impax 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 51.57% vs. 37.68% for MSCI World. Other not-rated securities and cash were excluded from both charts: Fund weight 4.53% vs. World Index weight: 0.44% and Fund’s gross relative return: -0.37%. Past performance is no guarantee of future results.

1The minimum investment needed for investment in PXWIX is $250,000.

2Data shown represents rankings for the Pax Ellevate Global Women’s Leadership Fund – Institutional Class (PXWIX) in the Lipper Global Multi-Cap Core category based on average annual returns. Lipper rankings are based on total returns (not including sales charges) for the periods indicated and compare total return performance with that of other funds in the category. The Pax Ellevate Global Women’s Leadership Fund – Institutional Class (PXWIX) 1-year 13th percentile rank out of 171 funds, 3-year 16th percentile rank out of 133 funds, 5-year 5th percentile rank out of 109 funds, 10-year 68th percentile rank out of 78 funds and 54-months: Since 06/04/14 4th percentile rank out of 108 funds.

Portfolio Characteristics

(as of 6/30/19)
Market Cap (weighted avg.)$117,382M$167,442M
Forward Price/Earnings15.8516.28
Number of Securities4101,652


Top 10 Holdings

(as of 6/30/19)
Microsoft Corp. 4.7%, Intuit, Inc. 2.1%, Estee Lauder Cos, Inc., The, Class A 2.1%, Best Buy Co., Inc. 2.1%, Principal Financial Group, Inc. 2.0%, Tapestry, Inc. 2.0%, Lululemon Athletica, Inc. 2.0%, American Water Works Co., Inc. 2.0%, Ulta Beauty, Inc. 2.0% and Viacom, Inc., Class B 1.9%. Holdings are subject to change.


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.
PEX000786 (10/19)

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.

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Barbara Browning, Pax World Funds

Barbara Browning, CFA®

Portfolio Manager

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

Barbara is a Portfolio Manager of the US 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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