Performance and Portfolio Update

  • The Pax Global Opportunities Fund underperformed the MSCI ACWI in the first quarter of 2021.
  • Underperformance was led by stock selection in Financials due to low exposure to interest-sensitive names, and Materials, where the strategy is overweight relatively defensive industries. In addition, an overweight to Healthcare, and lack of exposure to Energy detracted from relative performance. Conversely, positive contribution came from stock selection in Consumer Discretionary and from an underweight position to the sector.
  • Market rotation away from quality and COVID-19 beneficiaries has affected the performance of a few holdings, despite continued solid fundamentals. Keyence (Electronic Equipment & Instruments, Japan) reported third quarter results which exceeded market expectations, but the stock suffered from profit taking over the quarter. Lonza (Life Sciences Tools & Services, Switzerland), which performed well last year on COVID-19 vaccine news, drifted lower despite producing a solid set of results and forecasts. TeamViewer (Application Software, Germany) share price declined as the market discounted an increase in advertising spending aimed at increasing brand awareness with both personal and enterprise users.
  • Top contributors over the quarter tended to be names which benefitted from economies reopening following COVID-19 as well as positive stock specific factors. Prudential (Life & Health Insurance, UK) announced a plan to raise capital to improve the financial flexibility of their Asian operations after they spin off their US business later this year. ASML (Semiconductor Equipment, Netherlands) benefitted from rapid growth in demand for the company’s leading-edge semiconductor manufacturing equipment from Taiwan Semiconductor Corporation and potentially Intel. IQVIA (Life Sciences Tools & Services, US) announced fiscal year 2020 results which beat market expectations and upgraded guidance for 2021 driven by strong demand in core business and continued tailwinds from COVID-19 related demand in their “Real World Evidence” business.
  • The acceleration of vaccination programs is leading to anticipation of normalized economic activity. GDP and earnings growth are expected to recover sharply during 2021 driven by pent up demand as economies open further and consumer and business confidence returns. As confidence increases, bond yields, commodities and inflation have risen, triggering a rotation in the equity market away from quality. We believe that as the recovery matures, high quality companies benefitting from the transition to a more sustainable economy will continue to present attractive long-term investment opportunities.
  • We remain focused on companies demonstrating consistent growth and operational return profiles coupled with lower debt levels. Areas of interest include beneficiaries of increased spending on drug discovery and testing, the accelerating digital transformation of enterprises, companies providing access to finance and businesses enabling the sharing economy.


(as of 3/31/21)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Inception1
Pax Global Opportunities Fund - Investor Class0.950.950.9551.49---16.34
Pax Global Opportunities Fund - Institutional Class1.021.021.0251.87---16.56
MSCI ACWI (Net) Index2.674.574.5754.60---13.28
Lipper Global Multi-Cap Growth Funds Index-1.161.681.6867.55---18.52

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.

1The inception date for the Pax Global Opportunities Fund Institutional Class and the Investor Class is June 27, 2018.

Total annual Global Opportunities Fund operating expenses, gross of any fee waivers or reimbursements, for Institutional Class and Investor Class are 1.42% and 1.68%, respectively, as of 5/1/2020 prospectus. Total annual Global Opportunities Fund operating expenses, net of any fee waivers, reimbursements and acquired fund fees and expenses, for Institutional Class and Investor Class, shares were 0.92% and 1.19%, respectively.

Performance Attribution

(12/31/20 - 3/31/21)
Sector: Average Active Weights (%)
Total Relative Contribution (%)

XOther: ETFs (for short-term cash mgmt. purposes) and Cash & Equivalents.
Past performance is no guarantee of future results. Short-term performance may not be indicative of long-term results.

Portfolio Characteristics

(as of 3/31/21)
Market Cap (weighted avg.)$171,694M$300,618M
Forward Price/Earnings26.8819.53
Number of Securities412,975

Top 10 Holdings

(as of 3/31/21)
Microsoft Corp. 4.1%, IQVIA Holdings, Inc. 3.8%, Prudential PLC 3.8%, Linde PLC 3.7%, MasterCard, Inc., Class A 3.5%, HDFC Bank, Ltd. 3.4%, Equinix, Inc. 3.3%, Taiwan Semiconductor Manufacturing Co., Ltd. 3.2%, Cadence Design Systems, Inc. 3.1% and Ecolab, Inc. 3.0%. Holdings are subject to change.


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: The amount of net income returned as a percentage of shareholders’ equity. Return on equity measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested.
An Ex-Ante Beta is used for Funds with less than two years of performance history under its new mandate. The Ex-Ante Beta is calculated using a multi-factor risk model. Beta explains common variations in stock returns due to different stock sensitivities to the market relative to its underlying benchmark for the current period, not historical. 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.

IMPX0359 (7/21)

David Winborne

Senior Portfolio Manager

David is co-manager of the Global Opportunities, Leaders and US Environmental Leaders strategies. He has global research responsibility and specialises in Energy Efficiency and Pollution Control environmental markets sub-sectors. David researches stocks globally with a focus on the Technology and Telecommunications sectors.

David joined Impax in 2015 from the in-house asset management team at Tesco Pension Investment where he had joint responsibility for the successful development, launch and management of a new global equities investment platform for Tesco’s pension fund. Prior to this David was a fund manager at Sarasin & Partners, where he was responsible for the firm’s Asia-Pacific equity fund and for contributing investment recommendations to Sarasin’s flagship thematic Global Equity fund.

After graduating from the University of Bath, David began his career at Insight Investment on the Global Equities graduate scheme in 2003 as a global equity analyst.

Recent Insights

Kirsteen Morrison

Senior Portfolio Manager

Kirsteen co-manages the Global Opportunities strategy with David Winborne. She specializes in the Energy Efficiency environmental sub-sector and researches stocks globally with a focus on Financials. Kirsteen is a member of the Portfolio Construction team for the Asian Environmental Markets Strategy.

Kirsteen joined Impax in September 2009. She began her career in the investment industry in 1987, investing in Asian equities as a portfolio manager at Royal London and Henderson Global Investors. She returned from Singapore in 2001 to head the SRI Investment team at Henderson Global Investors in London. Subsequently, Kirsteen worked within global equities, as a Financial analyst for Odey Asset Management before joining JP Morgan to run a long/short Financials portfolio for the internal hedge fund.
Kirsteen has an MA in Metallurgy and Science of Materials from Oxford.

Recent Insights

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