AUM
$470,790,470
Holdings
307
Portfolio Manager
Peter Schwab, CFA®
Launch Date
October 1999
Launch Date (Institutional)
June 2004
Launch Date (Class A)
May 2013
Overview
A high yield bond strategy leveraging proprietary sustainability tools and research to better identify opportunities and mitigate risks.
Sustainability Lens
Utilizes 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.
Monthly Total Returns
(As of 12/31/2020)
Month End | Quarter End | Average Annual Returns (%) | |||||||
---|---|---|---|---|---|---|---|---|
1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Since Inception1 | |
Pax High Yield Bond Fund – Investor Class | 1.46 | 4.79 | 7.85 | 7.85 | 6.04 | 7.62 | 5.19 | 5.53 |
Pax High Yield Bond Fund – Class A5 | 1.31 | 4.79 | 7.85 | 7.85 | 6.04 | 7.62 | 5.20 | 5.54 |
Pax High Yield Bond Fund – Institutional Class1 | 1.34 | 4.72 | 8.14 | 8.14 | 6.31 | 7.87 | 5.44 | 5.72 |
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index | 1.60 | 5.66 | 6.32 | 6.32 | 6.22 | 8.03 | 6.63 | |
Lipper High Yield Bond Funds Index | 1.99 | 6.44 | 4.81 | 4.81 | 5.14 | 7.44 | 5.93 | |
Quarterly Total Returns
(As of 12/31/2020)
Month End | Quarter End | Average Annual Returns (%) | |||||||
---|---|---|---|---|---|---|---|---|
1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Since Inception1 | |
Pax High Yield Bond Fund – Investor Class | 1.46 | 4.79 | 7.85 | 7.85 | 6.04 | 7.62 | 5.19 | 5.53 |
Pax High Yield Bond Fund – Class A5 | 1.31 | 4.79 | 7.85 | 7.85 | 6.04 | 7.62 | 5.20 | 5.54 |
Pax High Yield Bond Fund – Institutional Class1 | 1.34 | 4.72 | 8.14 | 8.14 | 6.31 | 7.87 | 5.44 | 5.72 |
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index | 1.60 | 5.66 | 6.32 | 6.32 | 6.22 | 8.03 | 6.63 | |
Lipper High Yield Bond Funds Index | 1.99 | 6.44 | 4.81 | 4.81 | 5.14 | 7.44 | 5.93 | |
5 Class A Inception date return since May 1, 2013 is 4.30 (annualized).
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.
Performance after Sales Charge
(As of 12/31/2020)
Month End | Quarter End | Average Annual Returns (%) | |||||||
---|---|---|---|---|---|---|---|---|
1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Since Inception1 | |
Pax High Yield Bond Fund – Class A (Load) | -3.30 | 0.04 | 3.00 | 3.00 | 4.43 | 6.65 | 4.73 | 5.31 |
Performance after Sales Charge
(As of 12/31/2020)
Month End | Quarter End | Average Annual Returns (%) | |||||||
---|---|---|---|---|---|---|---|---|
1m | 3m | YTD | 1yr | 3yrs | 5yrs | 10yrs | Since Inception1 | |
Pax High Yield Bond Fund – Class A (Load) | -3.30 | 0.04 | 3.00 | 3.00 | 4.43 | 6.65 | 4.73 | 5.31 |
Yields4
(As of 12/31/2020)
30 Day SEC Yield (%) | Annual Distribution Yield (%) | 30 Day Distribution Yield (%) | |
---|---|---|---|
Pax High Yield Bond Fund – Investor Class | 2.95 | 4.71 | 4.61 |
Pax High Yield Bond Fund – Class A | 2.95 | 4.72 | 4.61 |
Pax High Yield Bond Fund – Institutional Class | 3.20 | 4.96 | 4.86 |
430 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 12/31/2020)
High Yield Bond | Overall | 3yrs | 5yrs | 10yrs | |
---|---|---|---|---|---|
Pax High Yield Bond Fund – Investor Class | Rating | ★★★★ | ★★★★ | ★★★★ | ★★★ |
Pax High Yield Bond Fund – Class A | Rating | ★★★★ | ★★★★ | ★★★★ | ★★★ |
Pax High Yield Bond Fund – Institutional Class | Rating | ★★★★ | ★★★★★ | ★★★★ | ★★★ |
# In Peer Group | 627 | 627 | 554 | 351 |
Based on risk adjusted returns.
High Yield Bond | 1yr | 3yrs | 5yrs | 10yrs | |
---|---|---|---|---|---|
Pax High Yield Bond Fund – Investor Class | Percentile Rank | 11 | 13 | 27 | 79 |
Prime Rank | 54 | 61 | 110 | 253 | |
# In Peer Group | 509 | 474 | 418 | 324 | |
Pax High Yield Bond Fund – Class A | Percentile Rank | 11 | 14 | 27 | 78 |
Prime Rank | 55 | 62 | 112 | 252 | |
# In Peer Group | 509 | 474 | 418 | 324 | |
Pax High Yield Bond Fund – Institutional Class | Percentile Rank | 9 | 9 | 17 | 66 |
Prime Rank | 44 | 42 | 71 | 212 | |
# In Peer Group | 509 | 474 | 418 | 324 |
Based on total returns.
Past performance does not guarantee future results.
Asset Allocation
(As of 12/31/2020)
Portfolio Statistics
(As of 12/31/2020)
Value | |
---|---|
Assets (all share classes) | $470,790,470 |
Number of Holdings (All) | 307 |
Turnover Ratio (12/31/2019) | 90 |
Top Sectors
(As of 12/31/2020)
Top Ten Holdings – Fixed Income
(As of 12/31/2020)
Portfolio % | |
---|---|
Cco Holdings LLC, 4.750%, 3/1/30 | 1.20 |
Avantor Funding, Inc., 4.625%, 7/15/28 | 0.90 |
Ford Motor Co., 9.0%, 4/22/25 | 0.80 |
Usg Corp., 4.875%, 6/1/27 | 0.80 |
Ally Financial, Inc., 5.750%, 11/20/25 | 0.70 |
Centene Corp., 4.625%, 12/15/29 | 0.70 |
Cco Holdings LLC, 5.375%, 6/1/29 | 0.70 |
Kraft Heinz Foods Co., 4.375%, 6/1/46 | 0.70 |
Sprint Capital Corp., 8.75%, 3/15/32 | 0.70 |
Iqvia, Inc., 5.0%, 5/15/27 | 0.70 |
Fixed Income Characteristics
(As of 12/31/2020)
Value | |
---|---|
Effective Yield† | 3.85 |
Current Yield (Weighted Average)‡ | 5.41 |
Average Coupon (Weighted Average) | 5.87 |
Effective Duration | 3.48 |
Years to Maturity (Weighted Average) | 6.85 |