MarketWatch In this article about the semiconductor chip sector, Senior Portfolio Manager David Winborne discusses their energy efficiency benefits.

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. References to securities are not a recommendation to buy or sell.

Risks: 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 9/30/2021, Texas Instruments Incorporated (TXN) was 1.3% of the Pax US Sustainable Economy Fund, 0.6% of Pax Global Women’s Leadership Fund, 0.1% of Pax Sustainable Allocation Fund, and 2.6% of Pax Global Environmental Markets Fund. Holdings subject to change.

As of 9/30/2021, Taiwan Semiconductor Manufacturing Co., Ltd (TSM) was 0.1% of Pax Sustainable Allocation Fund, 0.3% of Pax Core Bond Fund, 0.1% of Pax Global Sustainable Infrastructure Fund, 3.1% of Pax Global Opportunities Fund. Holdings subject to change.


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