ESG ClarityPortfolio Manager Peter Schwab discusses opportunities in high yield investing in this article.


The annualized returns for the Pax High Yield Bond Fund – Investor class (PAXHX) as of 3/31/2022 were, 1 year: -2.10%, 3 year: 4.10%, 5 year: 3.79% and Since Inception (10/8/1999): 5.11%. The annualized returns for Pax High Yield Bond Fund – Class A (PXHAX) as of 3/31/2022 were, 1 year: -2.09%, 3 year: 4.11%, 5 year: 3.79% and Since Inception (5/1/2013): 5.12%. The annualized returns for Pax High Yield Bond Fund – Institutional Class (PXHIX) as of 3/31/2022 were: 1 year: -1.88%, 3 year: 4.36%, 5 year: 4.05% and Since Inception (6/1/2004): 5.31%.

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. For most recent month-end performance information, visit www.impaxam.com.

Environmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights.

Investments involve risk, including potential loss of principal.

RISKS:

The Fund can invest in “junk bonds,” which are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments when due. Yield and share price will vary with changes in interest rates and market conditions. Investors should note that if interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. Mortgage related securities tend to become more sensitive to interest rate changes as interest rates rise, increasing their volatility. There is also a chance that some of the fund’s holdings may have their credit rating downgraded or may default. The Fund is actively managed. The investment techniques and decisions of the investment adviser and the Fund’s portfolio manager(s), including the investment adviser’s assessment of a company’s ESG (environmental, social and governance) profile when selecting investments for the Fund, may not produce the desired results and may adversely impact the Fund’s performance, including relative to other Funds that do not consider ESG factors or come to different conclusions regarding such factors.

Management Risk: The Fund is actively managed. The investment techniques and decisions of the investment adviser and the Fund’s portfolio manager(s), including the investment adviser’s assessment of a company’s ESG (Environmental, Social and Governance) profile when selecting investments for the Fund, may not produce the desired results and may adversely impact the Fund’s performance, including relative to other Funds that do not consider ESG factors or come to different conclusions regarding such factors.

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