High Yield Bond Strategy

Driven by sustainability opportunities and risks.

AUM
US$713m
Holdings
324
Launch date
October 2015
Portfolio manager
Peter Schwab
Asset class
US High Yield

Overview

A high yield bond strategy leveraging proprietary sustainability tools and research to better identify opportunities and mitigate risks.

Sustainability Lens

A fossil fuel-free strategy that uses the Impax Sustainability Lens to identify higher opportunity and lower risk subsectors of the high yield universe.

ESG

Proprietary ESG research provides additional fundamental insight, which contributes to risk management.

Quality

Focuses on companies with stable profits and manageable debt loads and growing businesses with improving credit profiles.

Discrete performance (%) USD

2021 YTD202020192018201720162015
Strategy (gross)2.28.815.2-2.17.414.9–
Strategy (net)1.88.414.7-2.66.914.3–
ICE BofA Merrill Lynch US High Yield BB-B (Constrained 2%) Index2.66.315.1-2.07.014.7–

All data as at 30 November 2021

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 High Yield Bond Fund

Driven by sustainability opportunities and risks.

Morningstar LogoMorningstar Four Stars
Overall Morningstar™ Rating† Institutional Class (PXHIX) as of 12/31/2021.
Out of 634 High Yield Bond Funds based on risk-adjusted returns.

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Portfolio Management Team

Peter Schwab, CFA®

Senior Vice President, Portfolio Manager

Peter Schwab is Senior Vice President at Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Pax World Funds.

He is Portfolio Manager of the High Yield Bond Strategy, which includes the Pax High Yield Bond Fund. Peter is also a member of the Pax Sustainable Allocation Fund portfolio management team.

Prior to joining the firm in 2015, Peter was a Managing Director on the High Yield Bond and Loan Team at Goldman Sachs Asset Management. Prior to that he was an Investment Associate in the High Yield Group at Putnam Investments and a member of the High Yield Research Group at Donaldson, Lufkin and Jenrette.

Peter has a Bachelor of Arts in history and economics from Union College and an MBA in finance from Columbia Business School. He is a CFA® charterholder, a member of the New York Society of Security Analysts and holds the FINRA Series 7 and 63 registrations.

Peter Schwab is a registered representative of Foreside Financial Services, LLC.

Recent Insights

Kent Siefers

Vice President, Co-Portfolio Manager

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

He is Co-manager of the High Yield Bond Strategy, which includes the Pax High Yield Bond Fund.

Before joining Impax in 2009, Kent was an analyst at LKS Capital LLC, where he worked on an event-driven hedge fund. Prior to that he was Director of Research and Co-portfolio manager of a convertible arbitrage hedge fund at PRS Group International. He started his career as a research associate working for investment firms such as Thomas Weisel Partners, BankBoston Robertson Stephens and Federated Investors.

Kent received a Bachelor of Science in business administration from the University of Vermont. He is a member of the Boston Security Analysts Society.

Kelly Iosua

Vice President, Senior High Yield Analyst

Kelly Iosua is a Vice President at Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Pax World Funds.

As a Senior Analyst for the High Yield Bond Strategy, she is responsible for covering the consumer products, retail, food and beverage, and supermarkets sectors.

Before joining Impax in 2020, Kelly held various credit research analyst roles with Loomis Sayles & Company, L.P. over a period of 13 years, most recently as Senior Credit Research Analyst and Vice President. Her experience includes coverage of both investment-grade and high yield bond securities with a more recent focus on high yield. She joined the industry in 2005 with Wachovia Bank, NA.

Kelly was involved in spearheading various programs at Loomis including the Credit Research Training Program, the Steering Committee of the firm’s Women’s Network and participating in various firm mentorship programs. She earned her Bachelor of Science in economics from the University of New Hampshire and holds an MBA from Boston College – Carrol School of Management.

Shaun Yanosick

Fixed Income Trader

Shaun Yanosick is a Fixed Income Trader with Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Pax World Funds.

He is responsible for the execution of all high yield and investment-grade corporate credit trades. Shaun joined the firm in 2008.

He holds a Bachelor of Science in finance from the University of New Hampshire and is a member of the Boston Securities Traders Association.

Finn Johnson

High Yield Analyst

Finn Johnson is a High Yield Analyst at Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Pax World Funds, covering the leisure, building materials, and industrials/machinery sectors. He joined the firm in 2015.

Finn earned a Bachelor of Science in economics from the University of New Hampshire. He served as Chief Economist at the Atkins Investment Group while attending college.

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