• In the third quarter, the Impax Global Women’s Leadership Fund underperformed the MSCI World Index (World Index).

Investment Strategy

  • A global large cap diversified equity portfolio guided by the Impax Gender Score1, the portfolio seeks to invest in the highest-rated companies in the world for advancing gender equality and diversity in the workplace. The portfolio 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 portfolio’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

  • Despite a relief rally at the start of the quarter, equity and bond markets were weaker over the period as central banks moved to contain inflation by further raising interest rates. While rate hikes were not unexpected, the magnitude and the associated commentary took the market by surprise. The US Federal Reserve indicated it would continue raising rates into next year, dampening hopes that a peak was in sight. Further volatility came from the United Kingdom, where the announcement of tax cuts, unsupported by full budget disclosure, led to sterling weakness and a sharp selloff in bonds. Currency moves were once again significant over the quarter, with the dollar continuing to gain against multiple currencies.
  • The MSCI World Index fell as investors factored in higher interest rates and potentially slower economic growth. Consumer Discretionary (+0.3%) was the only sector to post positive returns, and Energy (-1.4%), although posting negative returns for the quarter, continued its strong performance relative to other sectors for year. Financials, long duration and interest rate sensitive sectors underperformed, with Communications Services (-12.7%) posting the worst returns, followed by Real Estate (-11.7) and Utilities (-8.4%).

GICS2 Sector Attribution

  • Sector positioning is an outcome of the portfolio construction process rather than a deliberate exposure. The portfolio’s sector positioning was marginally negative for the third quarter; the portfolio’s lack of exposure to Energy, due to its fossil fuel free approach, was somewhat offset by the overweight in Consumer Discretionary and an underweight in Communication services, sectors that outperformed and underperformed respectively, for the quarter.

Gender Score Attribution

  • The 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. The Impax Global Women’s Leadership Fund tilts towards companies with the most favorable gender leadership characteristics. As such, the Impax Gender Score will drive the under and overweights at the sector and regional level compared to the MSCI World Index.
  • During the reporting period, gender leaders underperformed the benchmark and accounted for most of the Fund’s underperformance this period. Companies that are gender leaders tend to have lower risk exposure as measured by Beta, higher quality, and lower momentum, factors which were a drag on performance in the period.


(as of 9/30/22)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Reorg3
Pax Ellevate Global Women's Leadership Fund - Investor Class-8.93-7.28-27.65-23.550.893.587.224.90
Pax Ellevate Global Women's Leadership Fund - Institutional Class-8.91-7.21-27.52-23.361.153.847.485.16
MSCI World (Net) Index-9.30-6.19-25.42-19.634.565.308.115.86
Impax Global Women's Leadership (Net) Index-8.92-6.08-26.89-22.191.984.36-5.71
Lipper Global Multi-Cap Core Funds Index-9.17-6.86-25.71-

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 4.33% (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 9/30/22)
Market Cap (weighted avg.)$287,899M$333,062M
Forward Price/Earnings14.8014.06
Number of Securities4291,510

Top 10 Holdings

(as of 9/30/22)
Apple, Inc. 4.1%, Microsoft Corp. 3.7%,, Inc. 3.6%, Accenture PLC, Class A 1.9%, Procter & Gamble Co., The 1.9%, Bristol-Myers Squibb Co. 1.8%, Coca-Cola Co., The 1.8%, Elevance Health, Inc. 1.8%, Johnson & Johnson 1.7 and Diageo plc 1.7%. 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.

2The 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.

IMPX1267 (1/23)

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 co-manages Impax’s Systematic strategies and the actively managed Sustainable Infrastructure strategy.

Christine’s research brings a focus on identifying and emphasizing the optimal sources of return within sustainable/thematic universes and removing any unintentional portfolio biases.

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, U.S. Manufacturing and Smart Cures Innovation thematic strategies. She also served as the ESG data expert on Mellon’s ESG Council. In these roles she focused on informing active portfolios with the power of data and sustainability metrics.

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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