AUM
$713,677,687
Holdings
328
Launch Date
December 2016
Portfolio Manager
Anthony Trzcinka, CFA®

Overview

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

Quality

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

Sustainability

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

Impact

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

Monthly Total Returns

(As of 01/31/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception
Pax Core Bond Fund – Investor Class2.021.722.028.973.924.13
Pax Core Bond Fund – Institutional Class2.041.782.049.244.174.39
Bloomberg Barclays US Aggregate Index1.921.801.929.644.624.87
Lipper Pax Core Bond Funds Index2.001.972.0010.054.755.01

Quarterly Total Returns

(As of 12/31/2019)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception
Pax Core Bond Fund – Investor Class-0.19-0.117.787.783.313.57
Pax Core Bond Fund – Institutional Class-0.26-0.058.048.043.573.83
Bloomberg Barclays US Aggregate Index-0.070.188.728.724.034.35
Lipper Pax Core Bond Funds Index0.160.399.399.394.224.49
Performance data quoted represent past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Yield~

(As of 01/31/2020)
 30 Day SEC
Yield (%)
Annual Distribution
Yield (%)
30 Day Distribution
Yield (%)
Pax Core Bond Fund – Investor Class 1.62 2.33 1.99
Pax Core Bond Fund – Institutional Class 1.87 2.57 2.24
~30 Day Distribution Yield: Funds income distribution paid in the preceding 30 days annualized. Annual Distribution Yield: Actual annual income distribution paid including capital gains. 30 Day SEC Yield: An annualized yield based on the most recent 30 day period.

Risk Statistics

(As of 01/31/2020)
 3 – Year
Standard Deviation 2.92
Alpha -0.05
Beta 0.98
R-Squared 99
Standard Deviation 2.90
Alpha -0.02
Beta 0.97
R-Squared 99

Morningstar Ratings

(As of 01/31/2020)
 Intermediate Core BondOverall3yrs5yrs10yrs
Pax Core Bond Fund – Investor Class Rating ★★ ★★
Pax Core Bond Fund – Institutional Class Rating ★★★ ★★★
  # In Peer Group 379 379
Based on risk adjusted returns.

Lipper Rankings

(As of 01/31/2020)
 Core Bond1yr3yrs5yrs10yrs
Pax Core Bond Fund – Investor Class Percentile Rank 77 78
  Prime Rank 395 358
  # In Peer Group 516 461
Pax Core Bond Fund – Institutional Class Percentile Rank 68 68
  Prime Rank 348 309
  # In Peer Group 516 461
Based on total returns.

Net Asset Values

(As of 02/27/2020)
 N.A.V.% Change
Pax Core Bond Fund – Investor Class $10.58 0.09
Pax Core Bond Fund – Institutional Class $10.58
Past performance does not guarantee future results.

Asset Allocation

(As of 01/31/2020)

Portfolio Statistics

(As of 01/31/2020)
 Value
Assets (all share classes)$713,677,687
Number of Holdings (All)328
Turnover Ratio (12/31/2018)63

Top Sectors

(As of 01/31/2020)

Fixed Income Characteristics

(As of 01/31/2020)
 Value
Effective Yield2.01
Current Yield (Weighted Average)2.90
Average Coupon (Weighted Average)3.17
Effective Duration5.78
Years to Maturity (Weighted Average)13.50

Top 10 Holdings

(As of 01/31/2020)
 Portfolio %
United States Treasury Note, 1.500%, 10/31/24 4.10
United States Treasury Note, 2.375%, 11/15/49 4.10
United States Treasury Note, 2.750%, 9/30/20 2.40
United States Treasury Note, 2.125%, 11/30/23 2.20
United States Treasury Note, 0.375%, 7/15/27 1.50
United States Treasury Note, 4.500%, 2/15/36 1.40
United States Treasury Note, 4.375%, 11/15/39 1.20
International Bank For Reconstruction & Development, 1.625%, 1/15/25 1.10
United States Treasury Note, 3.500%, 2/15/39 1.10
United States Treasury Note, 2.250%, 3/31/26 1.00

Credit Quality

(As of 01/31/2020)

Portfolio Management Team

Anthony Trzcinka, CFA®

SVP, Portfolio Manager, Pax Core Bond Fund, Pax Sustainable Allocation Fund, Impax Asset Management LLC
Senior Vice President, Pax World Funds

Anthony Trzcinka is SVP and Portfolio Manager of the Pax Core Bond Fund at Impax Asset Management LLC and a Senior Vice President at Pax World Funds. Tony is also a member of the portfolio management team of the Pax Sustainable Allocation Fund.

Tony has been responsible for multiple strategies during his tenure at Impax Asset Management LLC, formerly Pax World Management LLC. He joined the firm in 2003 from AEW Capital Management where he spent over three years as an Assistant Vice President working in a Senior Analyst role. He began his financial services career as an analyst in 1999.

He holds a Master of Business Administration degree from Northeastern University and a Bachelor of Arts degree from the University of Massachusetts. Tony is a CFA® charterholder and member of the Boston Security Analysts Society.

CFA® is a trademark owned by the CFA Institute.

Recent blog posts

Yvonne Tai

Senior Fixed Income Analyst, Pax Core Bond Fund, Impax Asset Management LLC
Assistant Vice President, Pax World Funds

Yvonne Tai is a Senior Fixed Income Analyst for the Pax Core Bond Fund and is an Assistant Vice President at Pax World Funds. Yvonne began her investment analysis career in 1997 and has extensive experience in securitized products.

She joined Impax Asset Management LLC, formerly Pax World Management LLC, in 2017. Prior to joining the firm, Yvonne served as Assistant Vice President at Moody’s Investors Service, Inc. where she held a lead analyst role covering residential mortgage-backed securities. Prior to joining Moody’s, Yvonne was Vice President, Senior Credit Analyst at State Street Global Advisors covering securitized products. Yvonne has also structured collateralized loan obligations at Jefferies and Company, Inc. and started her career as an agency mortgage-backed securities analyst at Fischer Francis Trees & Watts.

Yvonne has a Bachelor of Arts in Mathematics and Physics from Bryn Mawr College, where she graduated magna cum laude. She also has a Master of Business Administration in Finance from Columbia Business School.

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