TreeHouse Foods Inc. (THS)

TreeHouse Foods is a food manufacturer, primarily serving 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 & 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.

Extreme Networks Inc. (EXTR)

Extreme Networks, Inc. offers software-driven networking solutions for information technology departments, with a focus on connections with customers, partners and employees. The company’s line of business includes wired to wireless, desktop to datacenter, on premises and through the cloud, and insourced call-in technical support to organizations.

  • The company’s products have social and productivity benefits, enable innovation and address technological challenges. For example, product use includes support for remote learning, enabling secure and scalable hospital IT infrastructure and rapid business connectivity, such as establishing temporary remote office locations.
  • There is strong female representation on the board of directors (29%) and in senior leadership (25%). Extreme Networks has also created a new employee resource group, Black@Extreme (BEX), which aims to facilitate workplace diversity by embracing cultural, ethnic and racial differences.

Pax Small Cap Fund Top 10 Holdings

(As of 06/30/2021)
Holdings are subject to change.

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