Performance and Portfolio Update

  • The Pax Global Opportunities Fund significantly outperformed the MSCI ACWI in the second quarter of 2019.
  • Against a backdrop of continued market volatility, due to trade friction and global macro headlines, the Fund’s long-term secular drivers and more defensive positioning served the portfolio well. Stock selection continued to drive outperformance, with portfolio holdings across Information Technology, Health Care, Materials, Financials and Industrials sectors seeing strong price appreciation.
  • Danone (Packaged Foods & Meats, France) delivered well-received first quarter earnings and management presentations which reinforced the achievability of financial targets. The company is focusing on high growth natural foods and is a world leader in dairy and plant-based dairy substitutes, with over half of its revenues from emerging market countries.
  • HDFC Bank (Diversified Banks, India) rallied after the company presented its strategy to sustain strong earnings growth for the medium term. Improvements in productivity and initiatives in rural finance and technology are key focus areas. The company also benefited from the Indian market responding positively to the better than expected outcome for the incumbent Bharatiya Janata Party, led by prime minster Narendra Modi.
  • Underperformance was largely stock specific. Sprouts Farmers Market (Food Retail, US), a retailer with an emphasis on natural and healthy foods, underperformed during the quarter as it announced management changes. Cognizant Technology Solutions (IT Consulting & Other Services, US), a digital technology solutions company, missed results and cut 2019 guidance following project delays from key financial services and healthcare customers.
  • Geopolitical issues including Brexit and the US-China trade negotiations remain, as do concerns about the global economic outlook, with equity markets watching central banks closely. The Fund continues to adopt a more defensive stance relative to broader global equity indices. The investment team is examining opportunities within Healthcare services and the Medical Technology sectors, viewing them as relative safe havens with potential US reform packages on the horizon.


(as of 6/30/19)
Returns (%)Average Annual Returns (%)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Inception1
Pax Global Opportunities Fund - Investor Class8.087.8825.3915.45---15.11
Pax Global Opportunities Fund - Institutional Class8.147.9425.4615.52---15.17
MSCI ACWI (Net) Index6.553.6116.235.74---6.56
Lipper Global Multi-Cap Core Funds Index6.313.0214.893.85---4.56

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 1.81% and 2.06%, respectively, as of 5/1/2019 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 1.116%, respectively.ˆ  

Performance Attribution

(as of 6/30/19)
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.

Portfolio Characteristics

(as of 6/30/19)
Market Cap (weighted avg.)$112,399M$158,380M
Forward Price/Earnings22.0315.77
Number of Securities402,846

Top 10 Holdings

(as of 6/30/19)
HDFC Bank, Ltd. 4.4%, Visa, Inc., Class A 4.2%, Prudential PLC 4.0%, Microsoft Corp. 3.9%, Danone SA 3.9%, IQVIA Holdings, Inc. 3.6%, Linde PLC 3.5%, Thermo Fisher Scientific, Inc. 3.4%, Taiwan Semiconductor Manufacturing Co., Ltd. 3.3% and Xylem, Inc. 3.3%. 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.

PAX008700 (10/19)

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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