Performance and Portfolio Update

  • During the second quarter, the Pax Global Sustainable Infrastructure Fund Institutional share class (PXDIX)1 returned 2.49%, modestly outperforming the S&P Global Infrastructure Index which returned 2.12%. The defensive characteristics of infrastructure stocks caused both the Fund and the benchmark to lag the broader global equity market during a period of strong equity returns.
  • The Fund uses a systematic process to construct a portfolio guided by Impax’s Sustainable Infrastructure taxonomy. The portfolio has significant weight in infrastructure companies providing vital resources sustainably including those we classify as New Energy – companies providing renewable energy generation, more efficient energy distribution and promoting more efficient energy use – as well as water infrastructure. The Fund also invests in Social and Economic Infrastructure that is essential to meeting basic needs and enhancing the collection, transmission and processing of information.
  • Relative to the benchmark, the Fund has no weight in the carbon-intensive Energy sector. Conversely, the Fund has significant weights in Utilities providing water and renewable power generation; Industrials where many Energy Efficiency and water infrastructure companies reside; and Communications Services where providers of telecommunication infrastructure are classified.
  • The Fund benefited from its Resource holdings in Water Infrastructure. The water utilities sub-sector performed strongly as consolidation in the industry continued with Veolia’s purchase of Suez. The Fund benefited from holding both stocks. UK water utilities also contributed positively, partly due to government-backed cash flow.
  • Within the portion of the portfolio we classify as Social and Economic Infrastructure, positive contributors included Building and Facilities and Healthcare infrastructure companies. Common to these areas of our taxonomy was their exposure to real estate investment trusts (REITs) which continued to perform well amid a strong real estate market.
  • The main detractor from relative performance is explained by the difference in Energy exposure. Not owning oil and gas transport and storage companies was a drag on Fund performance as oil prices increased during the quarter. Portfolio holdings in New Energy that are focused on renewable power generation and distribution also detracted from performance. However, the underperformance came earlier in the quarter before New Energy stocks benefited from positive news flow about governmental infrastructure spending plans. The scale of the opportunity for companies within New Energy, and particularly in the energy generation & distribution sub-sector, remains strong in the medium- to long-term as countries formulate net zero plans, power grids evolve and as electricity consumption picks up the slack for the hard to abate industries.
  • The Fund’s portfolio generates a significant dividend yield, possesses defensive characteristics and has potential to benefit from strong long-term secular growth associated with sustainable physical infrastructure and digital infrastructure. We believe the Fund has the potential to provide dividend income and diversification that investors in listed infrastructure desire, while providing access to securities driving the future of the sector.


(as of 6/30/21)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Inception2
Pax Global Sustainable Infrastructure Fund - Investor Class-0.672.4610.4131.4314.64--13.78
Pax Global Sustainable Infrastructure Fund - Institutional Class-0.692.4910.5031.7214.92--14.07
S&P Global Infrastructure Index-1.802.124.9922.224.69--6.36
Russell 1000 Index2.518.5414.9543.0719.16---
Lipper Global Infrastructure Index-0.864.967.4018.027.83--9.17

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 6/30/21)
FundS&P Global
Infrastructure Index
Market Cap (weighted avg.)$36,467M$38,791M
Forward Price/Earnings18.8319.33
Number of Securities12075

1 The minimum investment needed for investment in PXDIX is $250,000.

Top 10 Holdings

(as of 6/30/21)
Waste Management, Inc. 2.5%, Iberdrola SA 2.5%, Enel SpA 2.4%, Schneider Electric SE 1.9%, American Water Works Co., Inc. 1.9%, ENGIE SA. 1.7%, AT&T, Inc. 1.7%, Edison International 1.7%, SSE PLC 1.7% and Verizon Communications, Inc. 1.6%. 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 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.

IMPX0527 (10/21)

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.

Recent Insights

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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