Performance and Portfolio Update

  • During the third quarter, the Pax Global Sustainable Infrastructure Fund underperformed the S&P Global Infrastructure Index.
  • Investment strategy: The Fund uses a systematic process to construct a portfolio comprised of companies providing goods and services that Impax classifies as Sustainable Infrastructure. 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: During the third quarter, the Fund outperformed in July and August before equity markets shifted negatively in September, wiping out the Fund’s early quarter gains. In September, equity markets transitioned away from quality and towards traditional infrastructure segments of the market that are less sustainable, which was a headwind to performance. Carbon-Intensive Transport, Airports, Roads, and Rail outperformed, while Sustainable Mass Transit, Communications & Data and Real Estate Investment Trusts (REITs), underperformed.
  • Sustainable infrastructure sector attribution: The Fund’s underperformance relative to the S&P Global Infrastructure Index is attributable to aspects of the Fund’s sustainable approach. An overweight to New Energy hurt relative performance and more than offset positive security selection in that sector. The Fund has diversifying allocation to Social and Economic infrastructure, while the benchmark index has exposure to carbon-intensive transportation infrastructure. The Fund’s diversifying allocation to Sustainable Mass Transit, Communications & Data, and REITs within Buildings & Facilities and Health Care underperformed. Not owning traditional transportation infrastructure was the Fund’s largest relative detractor.
  • Conversely, the Fund had positive relative contributions from Waste & Resource Efficiency, driven by strong results from Waste Management and Clean Harbor. Within Water Infrastructure, companies, Watts Water, Xylem and Pentair also outperformed.
  • GICS1 Sector attribution: Like traditional infrastructure portfolios, the Fund has almost a third of its weight in Utilities. However, the Fund is considerably different, since it invests in renewable electricity companies, water utilities, and lower carbon utility companies that meet Impax’s fossil fuel free criteria.2 During the quarter, renewable utility companies underperformed traditional utilities, generating a negative impact to performance.
  • Additionally, the Fund’s avoidance of Oil & Gas Storage & Transportation, which is outside of the Fund’s sustainable infrastructure universe, helped performance.


(as of 9/30/21)
1-MonthQuarterYTD1 Year3 Year5 Year10 YearSince Inception3
Pax Global Sustainable Infrastructure Fund - Investor Class-5.43-1.818.4120.7111.11--12.58
Pax Global Sustainable Infrastructure Fund - Institutional Class-5.47-1.758.5720.9811.38--12.87
S&P Global Infrastructure Index-1.351.296.3422.135.78--6.30
Russell 1000 Index-4.590.2115.1930.9616.43---
Lipper Global Infrastructure Index-3.67-0.436.9516.447.83--8.58

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.

3The 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 9/30/21)
FundS&P Global
Infrastructure Index
Market Cap (weighted avg.)$36,002M$39,133M
Forward Price/Earnings17.7919.94
Dividend Yield3.593.05
Number of Securities12074
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.

2 Fossil fuel-free (FFF), not invested in securities of companies that derive revenues or profits from exploration, production, refining or processing of thermal coal, oil or gas, or significant (more than 5%) of revenues or profits derived from storage, distribution or power generation from the same. Additional details are available here:

Top 10 Holdings

(as of 9/30/21)
Enel SpA 2.5%, Waste Management, Inc. 2.4%, Iberdrola SA 2.4%, Schneider Electric SE 2.0%, AT&T, Inc. 1.7%, American Water Works Co., Inc. 1.7%, Verizon Communications, Inc. 1.6%, SSE PLC 1.5%, ENGIE SA. 1.5% and Orsted 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 9/30/2021, 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.

IMPX0766 (1/22)

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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