Performance and Portfolio Update

  • The Pax Global Opportunities Fund outperformed MSCI ACWI during the third quarter. Performance for the Fund was largely driven by stock selection during the period.
  • Despite lowering revenue and capital expenditure guidance, Taiwan Semiconductor Manufacturing Company (TSMC) (US, Semiconductors) rose as the company indicated that high-end device demand is expected to increase in the second half of the year. In addition, the withdrawal of its largest competitor from the leading-edge segment of the market drove the stock higher as TSMC secured its place as the leading semiconductor foundry company.
  • Xylem (US, Industrial Machinery) saw strong price appreciation after announcing good results. The company’s growth momentum remains on track with solid demand for its water infrastructure solutions despite the potential headwinds from the trade disputes between China and the United States. Xylem has demonstrated the ability to retain or increase prices and defend margins while order volumes continue to grow globally.
  • Underperforming holdings were mostly affected by investor sentiment within their areas of focus. Two companies active in the automotive sector, Valeo (France, Auto Parts & Equipment) and Aptiv (UK, Auto Parts & Equipment) fell behind due to concerns about the impact of the trade war between the United States and its trading partners. Both companies are active in the ongoing transition to lower carbon in the transportation sector by making traditional combustion engines more energy efficient and increasing the electrical content of vehicles.
  • Near-term risks within equity markets continue due to global trade relations, US midterm elections and European uncertainty around Brexit and Italian economic policy. However, the normalization of interest rates appears to be well managed and global growth continues to be quite strong. The Fund is defensively positioned within the opportunity set and in this context the portfolio managers remain optimistic about prospects over the medium to long term.


(as of 9/30/18)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Inception1
Pax Global Opportunities Fund - Investor Class0.575.32-----5.00
Pax Global Opportunities Fund - Institutional Class0.575.32-----5.00
MSCI ACWI (Net) Index0.444.283.839.7713.408.678.195.08
Lipper Global Multi-Cap Core Funds Index0.103.862.557.5512.608.298.784.57

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 6/26/2018 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 0.98% and 1.23%, respectively.ˆ  

Performance Attribution

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 9/30/18)
Market Cap (weighted avg.)$83,795M$160,588M
Forward Price/Earnings20.9615.85
Number of Securities372791

Top Ten Holdings

(as of 9/30/18)
Visa, Inc., Class A 5.4%, Taiwan Semiconductor Manufacturing Co., Ltd. 5.2%, Xylem, Inc. 4.3%, Ecolab, Inc. 4.0%, Danone SA 4.0%, Thermo Fisher Scientific, Inc. 4.0%, Prudential PLC 3.7%, Aptiv PLC 3.4%, HDFC Bank, Ltd. 3.2% and Becton Dickinson & Co. 3.2%. 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 2 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.

PAX008242 (1/19)

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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