Performance and Portfolio Update

  • During the third quarter, the Pax Ellevate Global Women’s Leadership Fund underperformed the MSCI World Index (World Index).
  • Global equity markets, as measured by the World Index, were flat during the third quarter, as a September market decline erased most of the early summer gains. The lower volatility, higher quality profile of the Fund was generally supportive during this time, however the rotation towards Energy and higher momentum stocks negatively impacted performance.
  • Not owning a few strong stocks that fall outside the Fund’s universe, like Apple, Tesla and Alphabet detracted from relative performance. In addition, Twilio, a top performer from the second quarter, ended in the top three detractors for the third quarter performance alongside Sunrun and Pinterest. The underweight to Information Technology, along with portfolio holdings within the sector, detracted significantly from return.
  • Individual stock returns were somewhat muted due to the mid-quarter market reversal, however strong positive results continued to come from a range of sectors through names like Lululemon, American Water Works, Koninklijke DSM, and Microsoft. The Impax Gender Score1 worked particularly well in the Utilities sector this quarter.
  • Over the course of the quarter the highest-rated quartile of companies within the World Index based on our Gender Score trailed performance of the other quartiles, which ultimately provided the greatest headwind for the portfolio. However, over the long-term,2 the Fund’s overweight to the highest-rated quartile has made the greatest contribution to the Fund’s relative performance, along with the Fund’s significant underweight to the bottom two quartiles of companies with lower Gender Scores.


(as of 9/30/21)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Reorg3
Pax Ellevate Global Women's Leadership Fund - Investor Class-4.86-1.1810.9825.1211.5513.0511.989.53
Pax Ellevate Global Women's Leadership Fund - Institutional Class-4.86-1.1511.1825.4611.8213.3212.269.79
MSCI World (Net) Index-4.15-0.0113.0428.8213.1413.7412.689.92
Impax Global Women's Leadership (Net) Index-4.39-0.7812.2526.6512.6013.61-10.23
Lipper Global Multi-Cap Core Funds Index-4.44-1.8511.4628.5911.5612.2711.63 8.79

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.

3Since 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 6.43% (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 0.53% and 0.78% respectively as of the 5/1/2021 prospectus.ˆ

Performance Attribution

Gender Rank Quartiles:

(as of 9/30/21)
Average Weight (%) vs. MSCI World Index
Since Re-Org (84 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 95.05% vs. 82.86% for MSCI World. Other not rated securities and cash were excluded from both charts: Fund weight 4.54% vs. World Index weight: 0.20% and Fund’s gross relative return: -0.89%.

Portfolio Characteristics

(as of 9/30/21)
Market Cap (weighted avg.)$275,922M$385,803M
Forward Price/Earnings19.1318.93
Number of Securities4161,558

Top 10 Holdings

(as of 9/30/21)
Microsoft Corp. 4.8%,, Inc. 4.1%, Estee Lauder Cos, Inc., The, Class A 2.0%, Best Buy Co., Inc. 2.0%, Principal Financial Group, Inc. 2.0%, Lululemon Athletica, Inc. 2.0%, Ulta Beauty, Inc. 2.0%, American Water Works Co., Inc. 1.9%, DocuSign, Inc. 1.9% and L’Oreal SA 1.9%. Holdings are subject to change.

1Impax Gender Score – Companies are rated by Impax Gender Analytics based on the above criteria of gender leadership. These criteria are given different weights, with representation by women on boards and in management receiving the highest weights.

2Since the Fund re-organization on 6/4/2014.


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.

IMPX0746 (1/22)

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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