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

Investment Strategy

  • A global large cap diversified equity strategy guided by the Impax Gender Score, the Fund seeks to invest in the highest-rated companies in the world for advancing gender equality and diversity in the workplace. The Fund invests 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 higher-rated gender leadership companies and manages risk by implementing constraints at the sector, region, country and security levels relative to the World Index.

Asset Class Conditions

  • Global equity markets, as measured by the World Index, increased 7.77% during the fourth quarter. Markets rebounded in December, and erased November’s negative returns, which had been driven by COVID-19 Omicron variant concerns. The Fund’s higher quality, lower volatility profile added to performance during the quarter, however the market rotation toward higher momentum, higher beta, and higher market capitalization stocks negatively impacted performance.

Gender Score Attribution

  • During the quarter, the highest-rated quartile of companies within the World Index, based on the Gender Score, trailed performance of the second and third quartiles, creating a headwind to Fund performance. However, the Fund’s avoidance of companies ranked in the bottom quartile, the worst performing segment, helped performance. Over the long-term,1 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.

Stock Specific & Sector Attribution

  • Not owning a few high performing stocks that fall outside the Fund’s universe, like Apple2, Tesla and NVIDIA was the largest detractor to relative performance. In addition, several companies, with strong gender leadership based on the Impax Gender Score, across a few sectors, underperformed. Within Technology, DocuSign, Twilio, Avalara and PayPal detracted, along with Sunrun within Industrials and Lululemon and Best Buy within Consumer Discretionary.
  • Contributing to performance, the Fund benefited from strong results from several companies across multiple sectors. Within Health Care, exposure to vaccine manufactures and diagnostic testing companies including Pfizer and Quest Diagnostics helped performance. Within Consumer Staples, Estee Lauder, L’Oreal and Procter & Gamble outperformed and within Technology, Microsoft contributed positively to performance.


(as of 12/31/21)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Reorg3
Pax Ellevate Global Women's Leadership Fund - Investor Class3.545.6717.2717.2718.9814.1711.709.99
Pax Ellevate Global Women's Leadership Fund - Institutional Class3.565.7517.5617.5619.2814.4511.9710.26
MSCI World (Net) Index4.277.7721.8221.8221.7015.0312.7010.66
Impax Global Women's Leadership (Net) Index3.926.4219.4619.4619.7314.60-10.78
Lipper Global Multi-Cap Core Funds Index4.475.9618.1118.1119.1313.0811.519.32

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 6.71% (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 12/31/21)
Average Weight (%) vs. MSCI World Index
Since Re-Org (90 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 120.84% vs. 112.30% for MSCI World. Other not rated securities and cash were excluded from both charts: Fund weight 4.33% vs. World Index weight: 0.34% and Fund’s gross relative return: 8.54%.

Portfolio Characteristics

(as of 12/31/21)
Market Cap (weighted avg.)$413,624M$468,898M
Forward Price/Earnings19.7919.72
Number of Securities4371,546

Top 10 Holdings

(as of 12/31/21)
Apple, Inc. 4.6%, Microsoft Corp. 4.4%,, Inc. 3.0%, Diageo plc 2.2%, Estee Lauder Cos, Inc., The, Class A 2.1%, Ulta Beauty, Inc. 2.1%, Lululemon Athletica, Inc. 2.0%, Celanese Corp., Class A 2.0%, American Water Works Co., Inc. 2.0% and Omnicom Group, Inc. 2.0% . Holdings are subject to change.

1Since the Fund re-organization on 6/4/2014.

2Apple was added to the Fund’s investable universe, the Impax Global Women’s Leadership Index at its annual reconstitution on 12/15/2021. Apple is now the Fund’s largest holding and prior to its addition on 12/15/21 was a large negative relative contributor to performance.


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.

IMPX0911 (4/22)

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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