AUM
$683,104,085
Holdings
324
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

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.

Monthly Total Returns

(As of 09/30/2021)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax High Yield Bond Fund – Investor Class-0.120.652.587.446.455.955.625.46
Pax High Yield Bond Fund – Class A50.020.652.737.596.455.985.645.47
Pax High Yield Bond Fund – Institutional Class10.040.712.927.726.726.225.905.66
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index-0.040.943.829.706.896.167.08
Lipper High Yield Bond Funds Index0.120.885.2011.976.206.026.77

Quarterly Total Returns

(As of 09/30/2021)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax High Yield Bond Fund – Investor Class-0.120.652.587.446.455.955.625.46
Pax High Yield Bond Fund – Class A50.020.652.737.596.455.985.645.47
Pax High Yield Bond Fund – Institutional Class10.040.712.927.726.726.225.905.66
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index-0.040.943.829.706.896.167.08
Lipper High Yield Bond Funds Index0.120.885.2011.976.206.026.77
5 Class A Inception date return since May 1, 2013 is 4.24 (annualized).
1 Institutional Class Inception date return since June 1, 2004 is 6.11 (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 09/30/2021)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax High Yield Bond Fund – Class A (Load)-4.49-3.89-1.912.714.855.025.165.25

Performance after Sales Charge

(As of 09/30/2021)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax High Yield Bond Fund – Class A (Load)-4.49-3.89-1.912.714.855.025.165.25

Yields4

(As of 09/30/2021)
 30 Day SEC
Yield (%)
Annual Distribution
Yield (%)
30 Day Distribution
Yield (%)
Pax High Yield Bond Fund – Investor Class 2.86 4.09 3.78
Pax High Yield Bond Fund – Class A 2.86 4.09 3.79
Pax High Yield Bond Fund – Institutional Class 3.10 4.34 4.04
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 09/30/2021)
 3 – Year
Standard Deviation 7.55
Alpha 0.04
Beta 0.86
R-Squared 99
Standard Deviation 7.54
Alpha 0.04
Beta 0.86
R-Squared 99
Standard Deviation 7.48
Alpha 0.07
Beta 0.85
R-Squared 99

Morningstar Ratings

(As of 09/30/2021)
 High Yield BondOverall3yrs5yrs10yrs
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 630 630 552 358
Based on risk adjusted returns.

Lipper Rankings

(As of 09/30/2021)
 High Yield Bond1yr3yrs5yrs10yrs
Pax High Yield Bond Fund – Investor Class Percentile Rank 92 30 34 86
  Prime Rank 465 142 143 276
  # In Peer Group 510 482 422 322
Pax High Yield Bond Fund – Class A Percentile Rank 91 30 33 85
  Prime Rank 463 144 138 273
  # In Peer Group 510 482 422 322
Pax High Yield Bond Fund – Institutional Class Percentile Rank 91 22 24 78
  Prime Rank 462 104 99 248
  # In Peer Group 510 482 422 322
Based on total returns.

Net Asset Values

(As of 10/15/2021)
 N.A.V.% Change
Pax High Yield Bond Fund – Investor Class $6.91
Pax High Yield Bond Fund – Institutional Class $6.88
Pax High Yield Bond Fund – Class A $6.93 0.14
Past performance does not guarantee future results.

Asset Allocation

(As of 09/30/2021)

Portfolio Statistics

(As of 09/30/2021)
 Value
Assets (all share classes)$683,104,085
Number of Holdings (All)324
Turnover Ratio (12/31/2020)97

Top Sectors

(As of 09/30/2021)

Top Ten Holdings – Fixed Income

(As of 09/30/2021)
 Portfolio %
Cco Holdings LLC, 4.750%, 3/1/30 1.10
Sunnova Energy Corp, 5.875%, 9/1/2026 1.00
Avantor Funding, Inc., 4.625%, 7/15/28 1.00
Kraft Heinz Foods Co., 4.375%, 6/1/46 0.90
Centene Corp., 4.625%, 12/15/29 0.80
Standard Industries, Inc., 5.0%, 2/15/27 0.80
Prime Security Services Borrower LLC, 6.25%, 1/15/28 0.70
Univar Solutions, Inc., 5.125%, 12/1/27 0.60
Nmg Holding Co., Inc., 7.125%, 4/1/26 0.60
Iqvia, Inc., 5.0%, 5/15/27 0.60

Fixed Income Characteristics

(As of 09/30/2021)
 Value
Effective Yield4.21
Current Yield (Weighted Average)5.29
Average Coupon (Weighted Average)5.58
Effective Duration3.92
Years to Maturity (Weighted Average)6.76

Credit Quality

(As of 09/30/2021)

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 blog posts

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.

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.

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.

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