• The Pax Global Opportunities Fund outperformed the MSCI ACWI in the fourth quarter of 2021.

Market Review

  • Improving global economic data has broadly been supportive for equity markets, although COVID-19 remains a major factor for the global economy, and thus equity markets. Gross Domestic Product (GDP) and earnings growth recovered sharply during 2021, driven by pent up demand as vaccination programs and the lifting of restrictions resulted in an acceleration in economic activity and improving consumer and business confidence. However, rising demand, coupled with supply chain disruptions and localized labor constraints have seen inflation increase. While rising inflation has brought forward the timing of the next US rate hike, there are also uncertainties around COVID-19 which have acted to dampen growth expectations.


  • On a relative basis against the MSCI ACWI, positive attribution came from stock selection in Materials, where the portfolio is exposed to specialty chemical names providing energy efficiency solutions and biobased products aiding the transition away from fossil fuels, and from selection in Health Care, where holdings enable more efficient drug discovery.
  • The Fund also benefitted from an underweight position in Communication Services, which performed poorly over the quarter.
  • Strong earnings and good secular growth were a feature of the top contributors, with names across a variety of sectors experiencing positive performance. Cadence Design Systems (Application Software, US), benefitted from general market rotation back into the Information Technology sector, combined with optimism surrounding the company’s strategic partnership with Taiwan Semiconductor Manufacturing (TSMC) and Microsoft aimed at accelerating the semiconductor chip design process. IQVIA (Life Sciences Tools & Services, US) performed well after announcing good quarterly results which included a guidance raise for the full year, followed by a Capital Markets Day where the company indicated stronger than expected mid-term growth prospects. The company has seen an acceleration to top line growth, driven by strong demand in its core Clinical Research Organization (CRO) business and Technology & Analytics Solutions division, and is expected to benefit from future mergers & acquisitions (M&A). Linde (Industrial Gases, US) produced a strong set of quarterly results demonstrating robust revenue growth driven by improving industrial gas volumes and a strong pricing environment globally, with continued margin improvement and further cost synergies to be realized following the recent merger between Linde and Praxair.


  • Overall, the contributors offset negative stock selection in Financials, where sentiment towards holdings was negatively impacted by the emergence of the Omicron variant of COVID-19, and negative selection in Information Technology.
  • Prudential (Life & Health Insurance, UK) and AIA Group (Life & Health Insurance, Hong Kong) have underperformed due to concerns related to delays to the re-opening of the Hong Kong / China border, which in turn negatively impacts the sales of high margin Hong Kong Health Protection products to mainland Chinese visitors. In the case of HFDC Bank (Diversified Banks, India), earlier in the quarter the bank reported profits which beat expectations, driven by good cost controls, but sentiment has been impacted by concern centered around the effect that the latest surge in COVID-19 could have on credit costs.


  • Against the backdrop of rising inflation and firm, but moderate growth in economic activity and earnings, Impax believes that high quality companies with structural growth drivers benefitting from the transition to a more sustainable economy continue to present attractive investment 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 discovery and testing, the accelerating digital transformation of enterprises, companies providing access to finance and businesses enabling the sharing and circular economy.


(as of 12/31/21)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Inception1
Pax Global Opportunities Fund - Investor Class4.197.0818.6918.6924.81--17.93
Pax Global Opportunities Fund - Institutional Class4.197.1318.9618.9625.09--18.16
MSCI ACWI (Net) Index4.006.6818.5418.5420.38--14.30
Lipper Global Multi-Cap Growth Funds Index1.763.3812.9312.9325.71--17.74

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 1.31% and 1.56%, respectively, as of 5/1/2021 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

(9/30/21 - 12/31/21)
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 12/31/21)
Market Cap (weighted avg.)$219,140M$431,564M
Forward Price/Earnings29.1318.48
Number of Securities422,966

Top 10 Holdings

(as of 12/31/21)
Microsoft Corp. 4.1%, Linde PLC 3.8%, IQVIA Holdings, Inc. 3.8%, MasterCard, Inc., Class A 3.5%, Thermo Fisher Scientific, Inc. 3.2%, HDFC Bank, Ltd. 3.1%, Lonza Group AG 3.0%, Analog Devices, Inc. 3.0%, Taiwan Semiconductor Manufacturing Co., Ltd. 3.0% and Ecolab, Inc. 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.

IMPX0912 (4/22)

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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