Performance and Portfolio Update

  • During the third quarter, the Pax Ellevate Global Women’s Leadership Fund Institutional share class (PXWIX)1 underperformed the MSCI World Index (World Index).
  • During the quarter, global equity markets rapidly increased over the first two months before declining in September and produced a quarterly return of 7.93% for the World Index. Momentum, high beta and growth stocks dominated market performance, which created a headwind for the Fund relative to the World Index given its higher quality and lower risk orientation.
  • Most of the Fund’s negative relative results can be attributed to not owning Apple and NVIDIA within the Information Technology sector and Tesla and Amazon within the Consumer Discretionary sector. These companies do not rank among those in the top 400 based on our gender criteria.
  • An overweight allocation to Financials along with particular holdings in that sector detracted from relative return, led by poor results from Principal Financial Group, Hang Sang Bank, and Citigroup. Also, the Fund’s large underweight allocation to Industrials, a strong performing sector during the quarter, detracted from performance.
  • Conversely, several holdings and sectors helped performance during the quarter. Strong results from Best Buy, Koninklijke DSM, Starbucks and Kering within the Consumer Discretionary and Materials sectors, aided performance.
  • Within Utilities and Consumer Staples, American Water Works, Estee Lauder and Procter & Gamble helped performance. Also, no allocation to energy and weapon companies, and an underweight allocation to Real Estate Investment Trust (REITs) also helped performance.
  • As markets continue to navigate through the COVID-19 crisis, we expect continued volatility. Historically, the Fund has been resilient in both declining and advancing markets. This is evidenced by the Fund’s 5% lower downside capture, positive alpha and 3% higher Sharpe ratio compared to the World Index over the 5-year period ending 9/30/20.2 Over that same time period, the Fund has outperformed 87% of its global equity peers (13th percentile rank out of 101 funds) within the Lipper Global Multi-Cap Core category.3
  • The Fund has outperformed the MSCI World Index for the Since Reorganization June 4, 2014 period — when the Fund adopted a strategic beta strategy — ended September 30, 2020. A closer look at performance attribution over this time period, illustrated in the chart below, indicates that 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.


(as of 9/30/20)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Reorg4
Pax Ellevate Global Women's Leadership Fund - Investor Class-2.736.920.827.367.6110.268.637.25
Pax Ellevate Global Women's Leadership Fund - Institutional Class-2.756.960.977.627.8810.538.907.51
Impax Global Women's Leadership (Net) Index-3.446.040.577.657.9010.76-7.83
MSCI World (Net) Index-3.457.931.7010.417.7410.489.377.20
Lipper Global Multi-Cap Core Funds Index-1.898.42-

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 5.23% (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 as of the 5/1/2020 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 9/30/20)
Average Weight (%) vs. MSCI World Index
Since Re-Org (75 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 and etc. The total cumulative gross return for the fund was 65.00% vs. 52.92% for MSCI World. Other not rated securities and cash were excluded from both charts: Fund weight 4.61% vs. World Index weight: 0.33% and Fund’s gross relative return: -1.20%.

Portfolio Characteristics

(as of 9/30/20)
Market Cap (weighted avg.)$160,930M$308,261M
Forward Price/Earnings21.1922.18
Number of Securities4051,604

Top 10 Holdings

(as of 9/30/20)
Microsoft Corp. 4.7%, Accenture PLC, Class A 2.3%, Texas Instruments, Inc. 2.3%, Starbucks Corp. 2.1%, American Water Works Co., Inc. 2.0%, Estee Lauder Cos, Inc., The, Class A 2.0%, Koninklijke DSM N.V. 1.9%, Coca-Cola Co., The 1.9%, Johnson & Johnson 1.7% and Principal Financial Group, Inc. 1.7%. Holdings are subject to change.

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

2PXWIX 5 year Downside Capture is 95.35 vs. MSCI World 100.00; PXWIX 5 year Alpha 0.03 vs. MSCI World 0; PXWIX 5 year Sharpe Ratio is 0.67 vs. MSCI World of 0.65, percent difference calculation is +3%.

3Data shown represents rankings for the Pax Ellevate Global Women’s Index 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. As of 9/30/2020 the Pax Ellevate Global Women’s Index Fund – Institutional Class (PXWIX) 1-year 55th percentile rank out of 134 funds, 3-year 10th percentile rank out of 114 funds, 5-year 13th percentile rank out of 101 funds, since re-org (06/04/14) 13th percentile rank out of 86 funds and 10-year 33rd percentile rank out of 59 funds.


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.

Alpha – Alpha is a coefficient measuring risk-adjusted performance, considering the risk due to the specific security, rather than the overall market. A positive alpha reflects relative risk-adjusted performance of the Fund versus its benchmark.
Downside capture – Downside capture – measures an investment manager’s overall performance in down-markets. A downside capture ratio less than 100 indicates that the investment manager has outperformed its index during down-markets, while downside capture ratio greater than 100 indicates that the investment manager has underperformed its index during down-markets.
Sharpe Ratio –  Sharpe Ratio is a measure for calculating risk-adjusted return, and this ratio has become the industry standard for such calculations.
Beta – 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.
PEX0001001 (1/21)

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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