Performance and Portfolio Update

  • The Pax Global Opportunities Fund performed in line with the MSCI ACWI Index in the fourth quarter of 2020.
  • On a relative basis against the Index, outperformance was led by Health Care, Financials, and Information Technology, while holdings in Communications Services, Consumer Discretionary and Real Estate lagged. The Fund’s lack of exposure to Energy was a detractor during the quarter. Positive stock selection offset negative sector allocation; this was particularly evident in the Health Care and Financials sectors.
  • Positive news on COVID-19 vaccines resulted in a market rally and rotation to stocks and sectors that would benefit from a return to normalized activity. The Financial sector benefited from this theme, with HDFC Bank (Diversified Banks, India) rallying on positive earnings and expectations that renewed economic activity will drive higher loan growth and better asset quality. Positive stock selection in Health Care also contributed significantly. Evotec (Life Science Tools & Services, Germany) enjoyed a robust quarter as it achieved key milestones in its partnership with Bristol Myers Squibb in the field of targeted protein degradation, a cutting-edge technology expected to be used in oncology drug development.
  • Underperformance was largely stock specific. SAP (Application Software, Germany) revised down full year forecasts when reporting third quarter results. Significantly, the CEO announced a change in strategy, accelerating the transition to the cloud and pushing out revenue and margin targets by two years. Kingspan Group (Building Products, Ireland) reported third quarter trading slightly behind expectations, while also being impacted by negative press relating to the public inquiry of the Grenfell Tower disaster.
  • Moving into 2021, the expectation of widespread vaccinations is leading to anticipation of normalized economic activity. Impax expects GDP and earnings growth to recover sharply during 2021, driven by pent-up demand as economies open up further and consumer and business confidence returns. In addition, we expect fiscal stimulus packages announced in 2020 to start to filter through into orders, benefiting many of the companies in which Impax invests. The longer-term impact and cost of COVID-19 may continue to create uncertainty and market volatility, but this may also provide opportunities to increase exposure to high-quality stocks with attractive business opportunities.
  • The investment team remains focused on companies demonstrating consistent growth and operational return profiles coupled with lower debt levels. Areas of interest include beneficiaries of increased spending on drug development programs in the new COVID-19 world, the accelerating digital transformation of enterprises, given remote working trends, companies helping businesses grow through research and development and companies providing access to finance.


(as of 12/31/20)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Inception1
Pax Global Opportunities Fund - Investor Class6.3314.5822.7622.76---17.63
Pax Global Opportunities Fund - Institutional Class6.3414.7323.1223.12---17.85
MSCI ACWI (Net) Index4.6414.6816.2516.25---12.65
Lipper Global Multi-Cap Growth Funds Index5.7116.2836.3736.37---19.71

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 1.42% and 1.68%, respectively, as of 5/1/2020 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 1.19%, respectively.

Performance Attribution

(9/30/20 - 12/31/20)
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 12/31/20)
Market Cap (weighted avg.)$164,623M$308,207M
Forward Price/Earnings29.8622.31
Number of Securities402,979

Top 10 Holdings

(as of 12/31/20)
Microsoft Corp. 4.0%, Linde PLC 3.8%, AIA Group, Ltd. 3.7%, IQVIA Holdings, Inc. 3.7%, MasterCard, Inc., Class A 3.6%, Taiwan Semiconductor Manufacturing Co., Ltd. 3.6%, HDFC Bank, Ltd. 3.5%, Evotec SE 3.5%, Cadence Design Systems, Inc. 3.3% and Equinix, 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.

IMPX0029 (4/21)

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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