• During the first quarter, the Pax Global Sustainable Infrastructure Fund (the Fund) underperformed traditional Infrastructure, as measured by the S&P Global Infrastructure Index (the Index).

Investment Strategy

  • The Fund uses a systematic process to construct a portfolio of companies that Impax believes is providing the infrastructure driving the transition to a more sustainable economy. The portfolio has significant weight in companies providing vital resources in a sustainable fashion, including those we classify as New Energy (renewable energy generation, more efficient energy use and distribution) as well as water infrastructure. The Fund also invests in Social and Economic Infrastructure that is essential to meeting basic needs (e.g., education, health care) and enhancing the collection, transmission and processing of information.

Asset Class Conditions

  • Traditional infrastructure, as represented by the S&P Global Infrastructure Index, increased by 7.27%, with returns primarily driven by the Index’s allocations to energy and carbon-intensive transport, which had outperformed during the quarter.
  • Market weakness started in early January as concerns over slower economic growth, Federal Reserve (Fed) interest rate hikes and Russia-Ukraine tensions evolved. February and March saw these fears materialize and rising inflation, supply chain issues and new COVID-19 variant concerns in China continued to push investor sentiment negative. The Energy sector produced oversized returns relative to all other GICS sectors1 during the quarter, as the rise in oil prices was exacerbated by Russia’s invasion of Ukraine. Within this environment, the Fund’s focus on sustainable infrastructure, which lagged the performance of traditional infrastructure this quarter, created the largest headwind to performance, as traditional infrastructure companies fall outside of the Fund’s investment universe.

Sustainable Infrastructure Sector Attribution

  • We believe the Impax Sustainable Infrastructure universe will help to provide secular tailwinds relative to traditional infrastructure over the long-term but acknowledge that it was a challenging quarter for our sustainable approach as traditional infrastructure companies outperformed. Over half the Fund’s relative underperformance was attributed to traditional energy companies, which outperformed our allocation to sustainable holdings in New Energy.
  • The Fund’s avoidance of oil and gas pipeline and storage companies in the GICS Energy sector, driven by its fossil fuel free approach, created the largest headwind, and the Fund’s overweight allocation to New Energy detracted significantly. However, security selection in New Energy added modestly to performance and was driven by positive results from several Renewable Energy companies, like Engie Brazil, Brookfield Renewables, Encavis and Boralex. In addition, the Fund’s overweight allocation to Water Utilities, a positive contributor last quarter, detracted from performance in the first quarter as traditional utilities outperformed water utilities.

GICS Sector Attribution

  • The Fund has exposure to traditionally defensive sectors, like Communication Services, via its Telecom holdings and real estate investment trusts (REITS). Both sectors produced modestly positive results during the quarter; Communication Services returned 0.92% and REITs returned 2.50%. Despite both sectors’ positive returns, their allocations relative to the Index were a drag on performance as energy and carbon-intensive transport companies produced outsized returns over the first quarter.


(as of 3/31/22)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Inception2
Pax Global Sustainable Infrastructure Fund - Investor Class2.71-2.48-2.483.0512.3711.65-11.84
Pax Global Sustainable Infrastructure Fund - Institutional Class2.80-2.36-2.363.3812.6811.97-12.14
S&P Global Infrastructure Index5.837.277.2715.867.166.76-7.98
Russell 1000 Index3.37-5.13-5.1313.2718.7115.82-16.00
Lipper Global Infrastructure Index5.622.162.1614.458.497.98-9.60

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.

2The inception date for the Pax Global Sustainable Infrastructure Fund Institutional Class and the Investor Class is December 16, 2016.

Total annual Pax Global Sustainable Infrastructure Fund operating expenses, gross of any fee waivers or reimbursements, for Institutional Class and Investor Class shares are 0.65% and 90%, respectively, as of 5/1/2021 prospectus. Total annual Pax Global Sustainable Infrastructure Fund operating expenses, net of any fee waivers or reimbursements, for Institutional Class and Investor Class are 0.55% and 0.80%, respectively.ˆ

Portfolio Characteristics

(as of 3/31/22)
FundS&P Global
Infrastructure Index
Market Cap (weighted avg.)$45,154M$42,794M
Forward Price/Earnings17.0819.95
Dividend Yield3.502.94
Number of Securities13477
30-Day SEC Yield (%)*30-Day SEC yield (%)Unsubsidized

1 The Global Industry Classification Standard (GICS) is a widely recognized industry standard for assigning a public company to the economic sector and industry group that best defines its business. It was developed jointly by MSCI and Standard & Poor’s and is used by the MSCI indexes.

Top 10 Holdings

(as of 3/31/22)
Iberdrola SA 2.4%, Waste Management, Inc. 2.4%, Enel SpA 2.2%, Schneider Electric SE 2.0%, Verizon Communications, Inc. 1.8%, AT&T, Inc. 1.7%, Union Pacific Corp. 1.7%, Taiwan Semiconductor Manufacturing Co., Ltd. 1.6%, American Water Works Co., Inc. 1.6% and Edison International 1.5%. Holdings are subject to change.


*The 30-Day Yield represents net investment income earned by the Fund over the 30-Day period ended 3/31/2022, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.
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.
Dividend Yield, expressed as a percentage, is a financial ratio (dividend/price) that shows how much a company pays out in dividends each year relative to its stock price.
Return on Equity: The amount of net income returned as a percentage of shareholders’ equity. Return on equity measures a corporations’ profitability by revealing how much profit a company generates with the money shareholders have invested.
A historical Beta is used for Funds with greater than 3 years of performance history under the same mandate. Three-year Beta is used. Beta reflects the sensitivity of a Fund’s return to fluctuations in its benchmark; a beta for a benchmark is 1.00; a beta greater than 1.00 indicates above-average volatility and risk.

IMPX1057 (7/22)

Scott LaBreche

Portfolio Manager

Scott LaBreche is Portfolio Manager & VP, Portfolio Analytics, at Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Pax World Funds.

Scott is a Portfolio Manager of the Global Women’s Leadership Strategy, which includes the Pax Ellevate Global Women’s Leadership Fund. He is also a Portfolio Manager of the Pax International Sustainable Economy Fund, the Pax Global Sustainable Infrastructure Fund and the Pax U.S. Sustainable Economy Fund.

He is responsible for portfolio management of systematic strategies, portfolio analytics and risk oversight, and quantitative ESG research.

Before joining Impax in 2007, Scott was a Securities Fund Analyst at Lincoln Financial Group. He has been in the investment management industry since 1999.

Scott holds a Bachelor of Science in business administration and a Master of Business Administration with advanced certificate in finance from Southern New Hampshire University.

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Christine Cappabianca

Portfolio Manager

Christine Cappabianca is Vice President, Portfolio Manager at Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Pax World Funds.

She is a Portfolio Manager of the firm’s systematic strategies, including the Pax Ellevate Global Women’s Leadership Fund, the Pax Global Sustainable Infrastructure Fund, the Pax US Sustainable Economy Fund and the Pax International Sustainable Economy Fund.

Before joining Impax in 2021, Christine spent 14 years with Mellon, where she held several positions, most recently as senior quantitative research analyst and portfolio manager for the firm’s Internet of Things, Blockchain Innovation, US Manufacturing and Smart Cures Innovation thematic strategies. She also served as the ESG data expert on Mellon’s ESG Council.

Christine earned a Bachelor of Arts in economics at Harvard University and a Master of Science in investment management at Boston University. She holds the SASB FSA Credential.

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