• During the second quarter, the Pax Ellevate Global Women’s Leadership Fund (the Fund) outperformed the MSCI World Index (World Index).

Investment Strategy

  • A global large cap diversified equity strategy guided by the Impax Gender Score1, the Fund seeks to invest in the highest-rated companies in the world for advancing gender equality and diversity in the workplace. The Fund utilizes the Impax Gender Score to systematically identify and invest in companies that value gender-diverse leadership teams and promote gender diversity on their boards and in executive management. The Fund’s systematic investment process overweights the highest-rated gender leadership companies, as determined by the Impax Gender Score, regardless of their market capitalization, and manages risk by implementing constraints at the sector, region, country and individual security levels relative to the World Index.

Market Review

  • Volatility has remained high, and both the overall equity and bond markets posted weak returns over the quarter. Persistent high inflation across most western economies has resulted in many central banks raising interest rates and tightening liquidity. Oil prices have continued to rise, as have many soft commodities2, partly due to the ongoing crisis in Ukraine. Global supply chain disruptions have also contributed to inflation as Covid-related restrictions in China have resulted in some shortages of parts and components. Economic activity has largely remained positive, with manufacturing PMIs in most regions remaining in expansionary territory. However, the rising cost of living resulting from higher energy and food prices, coupled with the prospect of higher borrowing costs, has led to a deterioration in consumer sentiment and increased concerns over a mild recession into next year.
  • The World Index had one of its worst quarters in the last 30 years, with all sectors posting negative returns. Although all sectors ended the quarter in negative territory, Energy continued to be the best performing sector year-to-date, followed by traditional defensive sectors, like Consumer Staples, Health Care and Utilities.
  • Within these conditions, the Fund’s lower volatility and higher quality profile related to its gender leadership focus added significantly during the quarter, as high beta stocks underperformed, and higher quality companies outperformed in the second quarter.

GICS3 Sector Attribution

  • The Health Care sector produced strong relative performance during the quarter, driven by Johnson & Johnson, Merck, Eli Lilly and Bristol-Myers Squibb within Pharmaceuticals. Elevance Health and Quest Diagnostic were additional standout performers within Health Care Providers & Services.
  • In Tech, the Fund’s underweight allocation to Semiconductors, which underperformed during the quarter, helped performance, as several higher market cap companies, like Nvidea, ASML and Advanced Micro Devices that fall outside of the Fund’s universe within this sector, underperformed.
  • Conversely, the largest relative detractor during the quarter was the Fund’s avoidance of traditional Energy, which outperformed all sectors in the second quarter. In addition, Omnicom and Netflix within Communications Services underperformed, and offset the positive impact from not owning Meta and Alphabet, which are not part of the Fund’s universe.
  • The Consumer Discretionary sector also detracted during the quarter, primarily driven by the Fund’s overweight allocation to this higher-rated gender leadership sector, although positive security selection within this sector helped to offset any losses.

Gender Score Attribution

  • This quarter, gender leaders contributed positively to Fund performance as companies with the highest Impax Gender Scores in aggregate outperformed during the quarter.
  • Specifically, several highly-rated gender leadership companies in Consumer Staples outperformed, led by Coco-Cola, Estee Lauder and Proctor and Gamble.


(as of 6/30/22)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Reorg4
Pax Ellevate Global Women's Leadership Fund - Investor Class-8.27-15.48-21.97-18.523.636.168.566.04
Pax Ellevate Global Women's Leadership Fund - Institutional Class-8.28-15.45-21.89-18.353.886.428.846.30
MSCI World (Net) Index-8.66-16.19-20.51-14.347.007.679.516.90
Impax Global Women's Leadership (Net) Index-7.87-16.67-22.16-17.804.526.75-6.72
Lipper Global Multi-Cap Core Funds Index-8.32-14.19-20.24-17.045.485.808.495.72

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.

4Since Reorganization date is 6/4/2014.

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 4.88% (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 0.51% and 0.76% respectively as of the 5/1/2022 prospectus.ˆ

Portfolio Characteristics

(as of 6/30/22)
Market Cap (weighted avg.)$288,148M$339,800M
Forward Price/Earnings15.4014.73
Number of Securities4311,510

Top 10 Holdings

(as of 6/30/22)
Apple, Inc. 3.9%, Microsoft Corp. 3.5%,, Inc. 3.1%, Procter & Gamble Co., The 2.0%, Coca-Cola Co., The 1.9%, Johnson & Johnson 1.7%, Diageo PLC 1.7%, Schneider Electric SE 1.6%, American Water Works Co., Inc. 1.6% and Wolters Kluwer NV 1.6%. Holdings are subject to change.

1The Impax Gender Score broadly seeks to measure a company’s performance on issues related to gender diversity and equality. The Impax Gender Analytics team conducts in-house gender research and assigns the Impax Gender Score, a rating for each company in the MSCI World Index universe, that is based on the following gender leadership criteria: representation of women on boards of directors and in executive management, the hiring, promotion and retention of women, gender pay equity, a company’s ability to proactively issue and/or meet gender goals, or be a signatory to the Women’s Empowerment Principles (a joint initiative of the UN Global Compact and UN Women), as well as a company’s transparency about gender diversity data. These criteria are given different weights, with representation by women on boards and in management receiving the highest weightings. The final gender ranking is calculated by blending the scores over time to capture consistency of gender leadership. Companies are scored from 1-100, and a lower score indicates a higher ranking, with 1 being the highest score and 100 being the lowest score. The Pax Ellevate Global Women’s Leadership Fund and the Impax Global Women’s Leadership Strategy are both overweighted toward companies with the most favorable gender leadership characteristics. As such, the Impax Gender Score will drive the under and overweight sectoral and regional positions compared to the MSCI World Index. Sectors and regions comprised of constituents with the highest-ranking companies (or ones with the lowest gender scores) with the strongest gender profiles will be overweight and conversely, the lowest-ranking companies (or ones with the highest gender scores) with the weakest gender profiles, will be underweight relative to the MSCI World Index.

2Soft commodities referred to here, are commodities that are grown, rather than commodities that are extracted or mined.

3The Global Industry Classification Standard (GICS) is a widely recognized industry standard for assigning a public company to the economic sector and industry group that best defines its business. It was developed jointly by MSCI and Standard & Poor’s and is used by the MSCI indexes.


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. 5 Year, 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.

IMPX1158 (10/22)

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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Christine Cappabianca

Portfolio Manager

Christine Cappabianca is Vice President, Portfolio Manager 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 firm’s systematic strategies, including the Pax Ellevate Global Women’s Leadership Fund, the Pax Global Sustainable Infrastructure Fund, the Pax US Sustainable Economy Fund and the Pax International Sustainable Economy Fund.

Before joining Impax in 2021, Christine spent 14 years with Mellon, where she held several positions, most recently as senior quantitative research analyst and portfolio manager for the firm’s Internet of Things, Blockchain Innovation, US Manufacturing and Smart Cures Innovation thematic strategies. She also served as the ESG data expert on Mellon’s ESG Council.

Christine earned a Bachelor of Arts in economics at Harvard University and a Master of Science in investment management at Boston University. She holds the SASB FSA Credential.

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