AUM
$771,168,306
Holdings
494
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 US 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 08/31/2022)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception
Pax Core Bond Fund – Investor Class-2.81-2.06-10.71-11.57-2.300.080.77
Pax Core Bond Fund – Institutional Class-2.68-2.00-10.46-11.25-2.020.351.04
Bloomberg Barclays US Aggregate Index-2.83-2.01-10.75-11.52-2.000.521.28
Lipper Core Bond Funds Index-2.67-2.05-11.04-11.88-1.590.761.53
Morningstar Intermediate Core Bond-2.82-2.06-10.70-11.57-2.300.08

Quarterly Total Returns

(As of 06/30/2022)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception
Pax Core Bond Fund – Investor Class-1.68-4.85-10.36-10.46-1.280.410.86
Pax Core Bond Fund – Institutional Class-1.76-4.79-10.24-10.24-1.070.661.11
Bloomberg Barclays US Aggregate Index-1.57-4.69-10.35-10.29-0.930.881.40
Lipper Core Bond Funds Index-1.90-5.24-10.91-10.88-0.651.061.61
Morningstar Intermediate Core Bond-1.65-4.93-10.53-10.74-1.000.72
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 08/31/2022)
 30 Day SEC
Yield (%)
Annual Distribution
Yield (%)
30 Day Distribution
Yield (%)
Pax Core Bond Fund – Investor Class 3.16 1.92 2.31
Pax Core Bond Fund – Institutional Class 3.41 2.19 2.56
~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 08/31/2022)
 3 – Year
Standard Deviation 4.70
Alpha -0.03
Beta 0.98
R-Squared 98
Standard Deviation 4.71
Alpha
Beta 0.99
R-Squared 98

Morningstar Ratings

(As of 08/31/2022)
 Intermediate Core BondOverall3yrs5yrs10yrs
Pax Core Bond Fund – Investor Class Rating ★★ ★★ ★★
Pax Core Bond Fund – Institutional Class Rating ★★★ ★★★ ★★★
  # In Peer Group 401 401 363
Based on risk adjusted returns.

Lipper Rankings

(As of 08/31/2022)
 Core Bond1yr3yrs5yrs10yrs
Pax Core Bond Fund – Investor Class Percentile Rank 27 80 84
  Prime Rank 132 384 371
  # In Peer Group 504 482 443
Pax Core Bond Fund – Institutional Class Percentile Rank 18 60 66
  Prime Rank 87 288 289
  # In Peer Group 504 482 443
Based on total returns.

Net Asset Values

(As of 09/30/2022)
 N.A.V.% Change
Pax Core Bond Fund – Investor Class $8.61 -0.23
Pax Core Bond Fund – Institutional Class $8.61 -0.35
Past performance does not guarantee future results.

Asset Allocation

(As of 08/31/2022)

Portfolio Statistics

(As of 08/31/2022)
 Value
Assets (all share classes)$771,168,306
Number of Holdings (All)494
Turnover Ratio (12/31/2021)48

Top Sectors

(As of 08/31/2022)

Fixed Income Characteristics

(As of 08/31/2022)
 Value
Effective Yield4.17
Current Yield (Weighted Average)2.93
Average Coupon (Weighted Average)2.74
Effective Duration6.08
Years to Maturity (Weighted Average)13.46

Top 10 Holdings

(As of 08/31/2022)
 Portfolio %
United States Treasury Note, 3.25, 5/15/42 4.10
United States Treasury Note, 3.25, 6/30/27 2.80
United States Treasury Note, 2.875%, 5/15/52 2.80
United States Treasury Note, 3.00, 7/15/25 1.20
United States Treasury Note, 2.875%, 4/30/29 1.10
European Investment Bank, 3.25%, 1/29/24 1.00
International Bank For Reconstruction & Development, 1.625%, 1/15/25 1.00
United States Treasury Note, 2.875, 5/15/32 1.00
European Investment Bank, 2.5%, 3/15/23 0.70
Kfw Bankengruppe, 2.625%, 2/28/24 0.60

Credit Quality

(As of 08/31/2022)

Portfolio Management Team

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.

Recent Insights

Yvonne Tai

Vice President, Senior Fixed Income Analyst

Yvonne Tai is Vice President at Impax Asset Management, the North American division of Impax Asset Management Group and investment adviser to Pax World Funds.

She is a Senior Fixed Income Analyst for the Core Bond Strategy, which includes the Pax Core Bond Fund. Yvonne began her investment analysis career in 1997 and has extensive experience in securitized products.

Prior to joining Impax in 2017, Yvonne served as Assistant Vice President at Moody’s Investors Service, Inc. where she held a Lead Analyst role, covering residential mortgage-backed securities. Before that, she 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. She 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.

Authored Insights

Contact Us

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