Performance and Portfolio Update

  • The Pax Global Opportunities Fund underperformed the MSCI ACWI in the third quarter. Year-to-date, which includes a strong first half of the year, the Fund remains comfortably ahead of MSCI ACWI.
  • The Financials sector was the largest detractor to performance within the portfolio. The Hong Kong protests and the ongoing US-China trade war continue to dominate global news headlines and were a headwind to several holdings. Life & Health Insurance companies AIA (Life & Health Insurance, Hong Kong) and Prudential (Life & Health Insurance, UK) were two such examples, the latter of which also suffered from concerns about Brexit risks and management’s strategy for its US business. HDFC Bank (Diversified Banks, India) underperformed on risk aversion as the Indian Rupee fell, following a lower Chinese Yuan as trade tensions escalated.
  • Stocks delivering the highest contributions to return benefited from positive company announcements. Aptiv (Auto Parts & Equipment, US) reported strong earnings despite a difficult backdrop, outperforming the broader auto component sector. The company is a leader in vehicle components and well positioned for the increasing electric and connectivity content per vehicle. Beazley (Property & Casualty Insurance, UK) also announced strong earnings. Beazley is a specialist insurance company, covering the risks associated with climate change and is also a leader in the provision of cyber insurance.
  • Taiwan Semiconductor Manufacturing Company (Semiconductors, Taiwan) reported better than expected quarterly results. Company management also commented encouragingly on forecasts for semiconductor demand over the rest of the year, with expectations of recovery in end markets including renewed growth in demand for mobile phone and 5G semiconductor chips.
  • Market volatility looks likely to continue in the final quarter of the year and into 2020. Shorter-term sector and style rotations are part of equity market moves as investors digest and price in economic data and other news. The investment team continues to take advantage of stock price volatility by maintaining its buy/sell discipline. Portfolio diversification remains important; by end market, catalyst, role in the transition to a more sustainable economy, and region. The team believes the Fund’s differentiated holdings and more defensive tilt are appropriate for these market conditions and should help portfolio resiliency through an unsettled market environment ahead.


(as of 9/30/19)
Returns (%)Average Annual Returns (%)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Inception1
Pax Global Opportunities Fund - Investor Class1.81-2.0022.887.43---10.03
Pax Global Opportunities Fund - Institutional Class1.81-2.0022.957.49---10.08
MSCI ACWI (Net) Index2.10-0.0316.201.38---5.15
Lipper Global Multi-Cap Core Funds Index0.21-1.0718.191.82---4.44

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 1.16%, respectively.ˆ  

Performance Attribution

(as of 9/30/19)
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 9/30/19)
Market Cap (weighted avg.)$115,879M$163,267M
Forward Price/Earnings21.5816.13
Number of Securities422,849

Top 10 Holdings

(as of 9/30/19)
Microsoft Corp. 4.1%, Taiwan Semiconductor Manufacturing Co., Ltd. 3.8%, HDFC Bank, Ltd. 3.7%, Prudential PLC 3.6%, Visa, Inc., Class A 3.6%, Danone SA 3.6%, Thermo Fisher Scientific, Inc. 3.4%, Linde PLC 3.4%, IQVIA Holdings, Inc. 3.4% and Xylem, Inc. 3.1%. 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.

PAX008817 (1/20)

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: CCBot/2.0 (