Launch date
March 2015
Portfolio manager
Anthony Trzcinka
Asset class
US Investment Grade


An investment-grade bond strategy focused on the opportunities and risks arising from the transition to a more sustainable economy.


Maintains high quality portfolio with an overall interest rate risk profile and sector diversification similar to the Bloomberg Barclays US Aggregate Bond Index.


A fossil fuel free strategy that uses proprietary sustainability lens and ESG research to better manage risk and identify opportunities.


Allocates a significant portion of the portfolio to impact bonds that provide a range of positive societal and environmental benefits.

Discrete performance (%) USD

(As of 31/10/2022)
 2022 YTD20212020201920182017
Strategy (gross)-14.94-0.937.658.550.493.29
Strategy (net)-15.19-
Bloomberg Barclays US Aggregate Index-15.72-1.547.518.720.013.54

All data as at 31 October 2022

These figures refer to the past. Past performance is not a reliable indicator of future results. The value of investments can fall as well as rise and you may get back less than you have invested. All data is in USD. Composite figures are presented both gross and net of management fees and include the reinvestment of all income. Source: FactSet/WM Reuters. Impax Asset Management Limited claims compliance with the Global Investment Performance Standards (GIPS®). Further information on composite data is available on request.

Investment Vehicles

Pax Core Bond Fund

Fixed income investing with impact.

An investment-grade strategy that allocates a significant portion of the portfolio to impact bonds that promote positive environmental and social outcomes.

Portfolio Manager

Anthony Trzcinka, CFA®

Senior Portfolio Manager

Anthony (Tony) Trzcinka is a Senior Portfolio Manager at Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Pax World Funds.

He is a Senior Portfolio Manager of the Core Bond Strategy, which includes the Pax Core Bond Fund. Tony is also a member of the Pax Sustainable Allocation Fund portfolio management team. A pioneer in sustainable fixed income investing, Tony has been managing strategies investing in impact bonds for over 10 years.

Tony has been responsible for multiple strategies since joining the firm in 2003. Before Impax, Tony spent three years as an Assistant Vice President at AEW Capital Management, where he worked in a Senior Analyst role. He began his financial services career as an analyst in 1999.

Tony is a CFA® charterholder and a member of the Boston Security Analysts Society. He holds an MBA from Northeastern University and a Bachelor of Arts from the University of Massachusetts.

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