Moneylife RadioSenior Portfolio Manager Andrew Braun discusses ESG investing and stocks with Chuck Jaffe in the “Market Call” segment, which begins at 36:14.


Definition:

Fossil Fuel Free: Under normal market conditions, the Pax Large Cap Fund is expected to be 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: https://impaxam.com/what-is-fff.

RISKS:

Investments involve risk, including potential loss of principal.

Equity investments are subject to market fluctuations. The fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings.

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.

As of 3/31/2022, Mohawk Industries and Medtronic plc are 0% of the Pax Large Cap Fund, while T-Mobile US, Inc. is 2.6%, Bristol-Myers Squibb Company is 2.4%, Trane Technologies plc is 2.2%, Applied Materials, Inc. and Merck & Co., Inc. are 2.0%, and Prologis is 1.6% of the Pax Large Cap Fund.

The top 10 holdings of the Pax Large Cap Fund as of 3/31/2022 are as follows: Microsoft Corp. 6.3%; Apple, Inc. 4.4%; Alphabet, Inc., Class A 3.5%; Amazon.com, Inc. 3%; Procter & Gamble Co., The 2.7%; T-Mobile US, Inc. 2.6%; Alphabet, Inc., Class C 2.5%; Bristol-Myers Squibb Co. 2.4%; CVS Health Corp. 2.4%; Lowe’s Cos., Inc. 2.2%.

Current and future holdings are subject to risk.

Lipper Ranking Methodology:

Fund ranking calculated quarterly or annually by Lipper Analytical Services of New York. Each fund is ranked within a universe of funds similar in investment objective. Lipper Analytical Services, Inc., is a nationally recognized organization that reports on mutual fund total return performance and calculates fund rankings.

Lipper Inc. rankings are based on fund total returns for the periods shown. Rankings do not take into account sales charges but include reinvestment of dividends and capital gains, if any. The number of funds in each category periodically changes. Multiple share classes of a fund have a common portfolio but impose different expense structures. Past performance is no guarantee of future results.

Lipper Large-Cap Core Funds Index invests at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of their dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index.

Comparison based on Lipper Large-Cap Core Funds index. As of 3/31/2022, the Pax Large Cap Fund – Institutional Class ranked 57 out of 610 for 1 year period, ranked 1 out of 532 for 3 year period, ranked 4 out of 496 for 5 year period, and ranked 8 out 488 Since Inception (12/16/2016).

The Morningstar Ratings™ shown are as of 3/31/2022. The Morningstar Rating for funds, or ‘star rating’, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustments for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and ten- year (if applicable) Morningstar Rating metrics. The weights are 100% three-year rating for 36-59 months of total returns, 60% five-year rating, 40% three-year rating for 60-119 months of total returns, and 50% ten-year rating, 30% five-year rating, 20% three-year rating for 120 or more months of total returns. While the ten-year overall rating formula seems to give the most weight to the ten-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. ©2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is an independent investment research firm that compiles and analyzes fund, stock and general market data.

Pax Large Cap Fund Investor Class (PAXLX) Morningstar ratings were 5 stars out of 1,232 funds overall, 5 stars out of 1,232 funds for 3-years, 5 stars out of 1,116 funds for 5-years. Pax Large Cap Fund Institutional Class (PXLIX) Morningstar ratings were 5 stars out of 1,232 funds overall, 5 stars out of 1,232 funds for 3-years, 5 stars out of 1,116 funds for 5-years.

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