• The Pax Global Opportunities Fund outperformed the MSCI ACWI in the second quarter of 2022.

Market Review

  • The Fund fell over the period but modestly outperformed the MSCI ACWI. Information Technology and Industrial holdings were the largest detractors in absolute terms as these sectors were weaker on lower global economic growth expectations. No sectors contributed positively to performance in absolute terms due to the sharp falls in global equity markets.
  • The portfolio remains focused on holdings with strong margins, returns and balance sheets, while building out holdings with more inflation protection or benefiting from energy efficiency tailwinds.


  • Contributors came from several sectors and had stock specific factors but were typically supported by robust earnings.
  • AIA (Life & Health Insurance, Hong Kong) rebounded as concerns eased regarding the potential negative impact on growth from COVID-19 related restrictions. The restrictions in China are now being lifted and mobility in the region has started to recover. The company delivered solid results relative to peers, with weakness in China offset by growth in Hong Kong and Macau.
  • Vertex Pharmaceuticals (Biotechnology, US), a drug development company, continued to re-rate as the competitive threat to its core cystic fibrosis franchise receded after disappointing drug trial results from a competitor. In addition, the company produced strong financial results with an improving outlook for pipeline assets, thus allowing for upgrades to earnings estimates.
  • Unilever (Personal Products, UK) benefitted from the defensive nature of its business and responded well to a Q1 earnings beat with both volume and price ahead of expectations. This was particularly positive in light of China COVID-19 related disruptions to its business.


  • Concerns about slower growth and supply disruptions led to negative sentiment towards several stocks.
  • Schneider Electric (Electrical Components & Equipment, France) saw its shares derated as investors focused on the company’s exposure to Europe and geo-political risks, and its exposure to China, where COVID-19 related restrictions have impacted many companies in the industrial space. The portfolio managers believe Schneider remains well positioned to benefit from increased focus on energy efficiency solutions.
  • United Rentals (Trading Companies & Distributors, US) produced Q1 results which showed steady revenue and margin growth across both construction and industrial business segments but was sold off on fears of a construction slowdown and possible deterioration in supply-demand dynamics in the rental market.
  • Taiwan Semiconductor Manufacturing Company (Semiconductors, Taiwan) was impacted by negative sentiment towards the semiconductor sector, despite seeing resilient monthly revenue growth and continued positive news flow pointing to market share gains and further price hikes.


  • With inflation acting to dampen consumer sentiment and central banks maintaining hawkish commentary around interest rates, there is more uncertainty over economic momentum in the coming quarters. Against this backdrop the strategy has focused on the resilience of companies’ earnings and their ability to manage through periods of disruption. Impax believes that high quality companies with structural growth drivers benefitting from the transition to a more sustainable economy continue to present attractive investment opportunities.
  • The investment team remains focused on companies demonstrating consistent growth and operational return profiles coupled with lower debt levels. Areas of interest for the strategy 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 and circular economy.


(as of 6/30/22)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Inception1
Pax Global Opportunities Fund - Investor Class-8.47-14.46-23.52-16.355.85--8.08
Pax Global Opportunities Fund - Institutional Class-8.45-14.41-23.40-16.136.13--8.31
MSCI ACWI (Net) Index-8.43-15.66-20.18-15.756.21--6.28
Lipper Global Multi-Cap Growth Funds Index-8.04-18.93-29.66-28.355.37--5.70

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 1.07% and 1.32%, respectively, as of 5/1/2022 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 0.96% and 1.21%, respectively.ˆ

Performance Attribution

(3/31/22 - 6/30/22)
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 6/30/22)
Market Cap (weighted avg.)$164,693M$312,634M
Forward Price/Earnings19.9614.13
Number of Securities442892

Top 10 Holdings

(as of 6/30/22)
AIA Group, Ltd. 4.1%, Microsoft Corp. 4.0%, Linde PLC 3.9%, MasterCard, Inc., Class A 3.6%, Thermo Fisher Scientific, Inc. 3.5%, HDFC Bank, Ltd. 3.4%, IQVIA Holdings, Inc. 3.2%, Koninklijke DSM N.V. 3.1%, Schneider Electric SE 3.0% and Analog Devices, Inc. 2.9%. 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.

IMPX1151 (10/22)

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

Scroll to top
User Agent: Mozilla/5.0 (compatible; bingbot/2.0; +