TreeHouse Foods Inc. (THS)

TreeHouse Foods is a food manufacturer that serves the retail grocery and food service distribution channels. 

  • The company is a pure play on private label food and beverages, which are generally more affordable than branded products. In addition, the company offers “better-for-you” natural and organic products in 26 of its 29 categories, capitalizing on growing consumer preference for healthy and sustainably produced options.
  • TreeHouse Foods has significantly improved transparency around material sustainability issues, such as environmental impacts, product quality and supply chain management, with the publication of its inaugural Environmental, Social and Governance (ESG) Report in December 2020. The company now provides a notable level of disclosure given its size. Reporting includes new quantitative and qualitative, time-bound targets in key risk areas, including equality, diversity and inclusion (ED&I). Reporting is informed by TCFD and SASB reporting frameworks.
  • There is strong female representation on the board (36%), and TreeHouse Foods has a female board chair. The company has clearly made ED&I a priority, as evidenced by the inclusion of ED&I metrics for executive officers under the 2021 short-term incentive plan.

Ciena Corporation (CIEN)

Ciena Corporation develops and markets communications network platforms and software and offers professional services.

  • The company is a key player in improving datacenter bandwidth, providing optical infrastructure to meet the rising demands of video, data and voice traffic.
  • The company reports that power and physical footprint reduction are key considerations when developing products, and its expertise in multilayer switching, mesh capacity sharing, and high-line-rate transmission support the design of next-generation and modernized networks that reduce the impact on the environment.
  • The company recently launched a new dedicated function focused on diversity, inclusion and belonging initiatives. Internal networking and resource groups for employees include Women@Ciena, Black & African Heritage, and Pride@Ciena LGBT+. Women comprise 30% of Ciena’s board of directors and 20% of the company’s executive management team.

Omnicell Inc. (OMCL)

Omnicell, Inc. provides an integrated suite of clinical infrastructure and workflow automation solutions for healthcare facilities. The company offers solutions that include pharmacy and supply systems, clinical reference tools, an internet-based procurement application, and decision support.

  • There are substantial efficiency gains and potential cost reductions to be made from digitizing healthcare through technological innovation. Omnicell’s strategy is to provide improved patient safety, optimize efficiency, increase compliance adherence, and reduce costs through its autonomous pharmacy offerings.
  • Omnicell has recently formalized its sustainability strategy by creating a dedicated corporate responsibility team, establishing board oversight of ESG issues and publishing its first sustainability report. The report is comprehensive and covers material issues for the company, including data privacy and security, human capital management and environmental issues.
  • Diversity, equality and inclusion (DE&I) has been identified as a key focus of the company’s sustainability strategy. Omnicell has a significant level of female representation among its senior leadership team (41%), and it plans to set DE&I goals in 2021 to drive greater female and diverse representation within technical roles.

Pax Small Cap Fund Top 10 Holdings

(As of 09/30/2021)
Holdings are subject to change.


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