Performance and Portfolio Update

  • The Pax Global Opportunities Fund modestly underperformed the MSCI ACWI Index during the fourth quarter. However, due to a strong first half of the year, the Fund outperformed the MSCI ACWI for calendar year 2019.
  • 2019 was a year of significant natural catastrophes and this negatively impacted the Fund’s Property & Casualty Insurance holdings Beazley (UK) and Hiscox (UK) during the final quarter of the year. The portfolio managers have retained exposure to these companies on anticipation of rising premium prices in the Lloyds market next year as well as the opportunities to capitalize on the rapidly developing market in cyber insurance.
  • The Fund’s overweight exposure to the Information Technology (IT) and Health Care sectors drove performance during the quarter. In addition, the Fund’s IT holdings performed well despite a lack of exposure to a number of large cap internet stocks that drove returns in the broader market. Notably, Taiwan Semiconductor Manufacturing Company’s (Semiconductors, Taiwan) strong performance was driven by the accelerating connectivity trends leading to an improved semiconductor chip outlook for 2020.
  • Prudential (Life & Health Insurance, UK) contributed positively to Fund performance as the company made steps to unlock the potential of its fast-growing Asian business following the recent de-merger. The company’s stock price was further supported by the outcome of the UK election which provided greater political clarity.
  • Some alleviation of uncertainties regarding global economic growth, international and regional politics, and the direction of interest rates, enabled equity markets to close 2019 on a high. The investment team continues to take advantage of stock price volatility by maintaining buy/sell discipline and remains sensitive to pockets of expensive valuation in high quality global equities following a year of significant re-rating. Portfolio diversification remains important; by end market, catalyst, role in the transition to a more sustainable economy, and region.


(as of 12/31/19)
Returns (%)Average Annual Returns (%)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Inception1
Pax Global Opportunities Fund - Investor Class3.508.6533.5133.51---14.40
Pax Global Opportunities Fund - Institutional Class3.528.7633.7233.72---14.52
MSCI ACWI (Net) Index3.528.9526.6026.60---10.35
Lipper Global Multi-Cap Core Funds Index3.189.3229.2029.2---9.98

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 12/31/19)
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 12/31/19)
Market Cap (weighted avg.)$127,244M$189,203M
Forward Price/Earnings24.9117.52
Number of Securities413,047

Top 10 Holdings

(as of 12/31/19)
Microsoft Corp. 4.2%, AIA Group, Ltd. 3.7%, HDFC Bank, Ltd. 3.7%, IQVIA Holdings, Inc. 3.6%, Taiwan Semiconductor Manufacturing Co., Ltd. 3.6%, Thermo Fisher Scientific, Inc. 3.4%, Hiscox, Ltd. 3.4%, Danone SA 3.1%, Visa, Inc., Class A 3.0% and Keyence Corp. 3.0%. 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.

PAX009029 (4/20)

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

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