Here are companies in the Pax Small Cap Fund that we believe are taking advantage of sustainability-related opportunities or taking appropriate steps to address key ESG issues.

Healthcare Realty Trust, Inc. (HR)

Healthcare Realty Trust, Inc. is a real estate investment trust (REIT) that integrates owning, managing, financing and developing properties associated with the delivery of clinical and outpatient healthcare services throughout the United States.

Healthcare Realty has taken numerous steps to improve the environmental profile of its portfolio of properties. The company incorporates sustainable design and building materials when it develops and re-develops medical office buildings, and some of its properties have achieved LEED certification.

The company benchmarks energy and water consumption for 85% of its total portfolio and has installed real-time electricity monitoring equipment and programming at 57 properties to track consumption trends and identify opportunities for improvement. At those properties, this monitoring has resulted in an average reduction in electricity use of 25% since 2015. The company also reports reduced greenhouse gas emissions across its monitored portfolio over the same time period.

In 2019, Healthcare Realty Trust published its inaugural Corporate Responsibility Report, offering greater transparency about its management of sustainability issues than is typical of smaller healthcare REITs.

HomeTrust Bancshares Inc (HTBI)

HomeTrust Bancshares, through its banking subsidiary, is a federally chartered mutual savings bank that provides a range of retail and commercial banking products.

The company’s products can help people save for the future, build their wealth and obtain access to capital. In 2019, retail consumer loans comprised ~43% of the company’s loan portfolio.

In response to the COVID-19 pandemic, HomeTrust announced multiple relief programs for both individual and business customers, including payment deferrals, waived late fees, suspension of foreclosures and repossessions, access to government-sponsored lending programs as well as various other tailored solutions. The retail banking team has also proactively reached out to many customers.

Vertiv Holdings Co (VRT)

Vertiv, through its subsidiaries, is a global leader in the design, manufacturing and servicing of critical digital infrastructure technology that powers, cools and manages electronics that process, store and transmit data. Vertiv provides this technology to data centers, communication networks and commercial and industrial environments worldwide.

Vertiv’s power and thermal management solutions are designed to help customers reduce their use of energy, water and space. The company estimates that its water-free cooling systems have saved billions of gallons of water per year worldwide since their introduction in 2013, with each deployment saving 6.75 million gallons of water per year compared to open-loop water-based systems. Vertiv has also pioneered the use of system-level thermal management controls that enable thermal systems across a data center to intelligently collaborate to reduce energy consumption.

In addition to helping customers meet their sustainability goals, Vertiv has implemented processes and innovations in its own facilities to conserve energy and water and to reduce greenhouse gas emissions. The company has, for example, designed and built many of its new U.S. facilities following LEED-certified standards. In the Asia Pacific region, manufacturing facilities have achieved internationally recognized certifications, including ISO 14001, ISO 50001 and OHSAS 18001.

Pax Small Cap Fund Top 10 Holdings

(As of 12/31/2020)
Holdings are subject to change.

PAX009522

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