Performance and Portfolio Update

  • The Pax Global Opportunities Fund outperformed MSCI ACWI during the fourth quarter. The Fund’s high-quality Financial and Industrial holdings contributed to performance during the period.
  • Most notable this past quarter was the strong performance from individual holdings in Financials, Information Technology and Industrials. Regionally, Asia produced positive returns, led by HDFC Bank (Diversified Banks, India). The company is the highest quality private sector bank in India and bounced back strongly, proving to be one of the best performers this past quarter as worries about systemic non-bank financial issues in India receded.
  • Similarly, bucking the trend of its broader market sector peers, Praxair, in the Materials sector, was a top performer as industrial gases are less cyclical but are mission-critical to many industrial and manufacturing processes, including broad applications for energy efficiency, water treatment and environmental testing. The company successfully merged with Linde and continued to show robust organic growth.
  • European and North American names sold off the most during this past quarter. Koninklijke DSM (Specialty Chemicals, Netherlands) lagged the market. The company, which had peak profits this year, suffered from concerns about its end-market exposure in China and a selloff in the European chemicals sector. Aptiv (Auto Parts & Equipment, United States) also lagged the market due to continuing concerns about its end market in the automotive sector, currently weak due to global trade uncertainties and concerns about country emissions standard changes hampering German auto production.
  • Market volatility, and investor sentiment movements, look set to continue and bring valuation opportunities. The Fund is defensively positioned, and focus areas over the next year include water equipment providers, specialty biotech firms, food ingredient companies, diagnostic companies and manufacturers of connectivity components. The portfolio managers remain optimistic about prospects over the medium to long term.

Performance (%)

(as of 12/31/18)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Inception1
Pax Global Opportunities Fund - Investor Class-6.33-12.57------8.20
Pax Global Opportunities Fund - Institutional Class-6.33-12.57------8.20
MSCI ACWI (Net) Index-7.04-12.75-9.42-9.426.604.269.46-8.32
Lipper Global Multi-Cap Core Funds Index-7.26-12.98-10.76-10.765.833.789.58-9.00

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

(as of 12/31/18)
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 12/31/18)
Market Cap (weighted avg.)$78,716M$131,587M
Forward Price/Earnings19.3613.81
Number of Securities392754

Top 10 Holdings

(as of 12/31/18)
Xylem, Inc. 4.6%, Ecolab, Inc. 4.2%, Danone SA 4.1%, Visa, Inc., Class A 4.1%, HDFC Bank, Ltd. 4.0%, Thermo Fisher Scientific, Inc. 3.8%, Becton Dickinson & Co. 3.7%, Prudential PLC 3.6%, Taiwan Semiconductor Manufacturing Co., Ltd. 3.5% and Koninklijke DSM NV 3.5%. 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.

PAX008394 (4/19)

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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