AUM
$364,864,328
Holdings
300
Portfolio Manager
Peter Schwab, CFA®
Launch Date
October 1999
Launch Date (Institutional)
June 2004
Launch Date (Class A)
May 2013

Overview

A fundamental-driven strategy focused on research-intensive credit selection and portfolio risk management.

Quality

Focused on companies with either stable profits and manageable debt loads, or growing businesses with improving credit profiles.

Risk Management

The team has a primary focus on the higher quality tiers of the high yield market and builds a diversified portfolio with strict limitations on position sizes.

ESG

First high yield bond strategy to employ a sustainable investing approach. ESG analysis provides additional fundamental insight which contributes to risk management.

Monthly Total Returns

(As of 02/29/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax High Yield Bond Fund – Investor Class-0.940.73-0.857.394.194.185.225.33
Pax High Yield Bond Fund – Class A5-0.940.73-0.847.394.194.185.235.34
Pax High Yield Bond Fund – Institutional Class1-0.920.64-0.817.514.404.445.495.52
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index-1.430.23-1.376.935.115.167.09
Lipper High Yield Bond Funds Index-1.780.22-1.865.654.364.396.56

Quarterly Total Returns

(As of 12/31/2019)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax High Yield Bond Fund – Investor Class1.592.4014.1114.115.564.775.445.42
Pax High Yield Bond Fund – Class A51.592.3914.1014.105.564.765.455.43
Pax High Yield Bond Fund – Institutional Class11.462.4614.2614.265.834.995.715.61
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index1.622.5715.0815.086.456.107.43
Lipper High Yield Bond Funds Index2.352.9314.4614.466.095.416.93
5 Class A Inception date return since May 1, 2013 is 3.56 (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 02/29/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax High Yield Bond Fund – Class A (Load)-5.40-3.85-5.302.532.633.214.755.10

Performance after Sales Charge

(As of 12/31/2019)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax High Yield Bond Fund – Class A (Load)-3.03-2.269.059.053.943.814.975.19

Yields4

(As of 02/29/2020)
 30 Day SEC
Yield (%)
Annual Distribution
Yield (%)
30 Day Distribution
Yield (%)
Pax High Yield Bond Fund – Investor Class 3.58 4.87 5.09
Pax High Yield Bond Fund – Class A 3.58 4.87 5.09
Pax High Yield Bond Fund – Institutional Class 3.83 5.12 5.36
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 02/29/2020)
 3 – Year
Standard Deviation 3.79
Alpha -0.05
Beta 0.94
R-Squared 96
Standard Deviation 3.81
Alpha -0.05
Beta 0.95
R-Squared 96
Standard Deviation 3.80
Alpha -0.03
Beta 0.95
R-Squared 97

Morningstar Ratings

(As of 02/29/2020)
 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 621 621 540 338
Based on risk adjusted returns.

Lipper Rankings

(As of 02/29/2020)
 High Yield Bond1yr3yrs5yrs10yrs
Pax High Yield Bond Fund – Investor Class Percentile Rank 9 45 50 92
  Prime Rank 43 197 199 295
  # In Peer Group 504 443 404 323
Pax High Yield Bond Fund – Class A Percentile Rank 9 45 50 92
  Prime Rank 44 195 200 294
  # In Peer Group 504 443 404 323
Pax High Yield Bond Fund – Institutional Class Percentile Rank 8 30 38 86
  Prime Rank 36 132 151 275
  # In Peer Group 504 443 404 323
Based on total returns.

Net Asset Values

(As of 03/27/2020)
 N.A.V.% Change
Pax High Yield Bond Fund – Investor Class $5.96 1.02
Pax High Yield Bond Fund – Institutional Class $5.94 1.02
Pax High Yield Bond Fund – Class A $5.97 1.02
Past performance does not guarantee future results.

Asset Allocation

(As of 02/29/2020)

Portfolio Statistics

(As of 02/29/2020)
 Value
Assets (all share classes)$364,864,328
Number of Holdings (All)300
Turnover Ratio (12/31/2018)90

Top Sectors

(As of 02/29/2020)

Top Ten Holdings – Fixed Income

(As of 02/29/2020)
 Portfolio %
Usg Corp., 4.875%, 6/1/27 1.00
Hat Holdings I LLC, 5.250%, 7/15/24 0.90
Cco Holdings LLC, 4.750%, 3/1/30 0.90
Fly Leasing, Ltd., 6.375%, 10/15/21 0.80
Verscend Escrow Corp., 9.75%, 8/15/26 0.70
Cco Holdings LLC, 5.375%, 6/1/29 0.70
Air Canada, 7.750%, 04/15/21 0.70
Csc Holdings LLC, 5.75%, 1/15/30 0.70
Williams Scotsman International, Inc., 6.875%, 8/15/23 0.70
Performance Food Group, Inc. 5.500%, 6/1/24 0.70

Fixed Income Characteristics

(As of 02/29/2020)
 Value
Effective Yield4.89
Current Yield (Weighted Average)5.90
Average Coupon (Weighted Average)6.10
Effective Duration3.38
Years to Maturity (Weighted Average)6.28

Credit Quality

(As of 02/29/2020)

Portfolio Management Team

Peter Schwab, CFA®

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

Peter Schwab is SVP and Portfolio Manager of the Pax High Yield Bond Fund at Impax Asset Management LLC and a Senior Vice President at Pax World Funds. Peter is also a member of the portfolio management team of the Pax Sustainable Allocation Fund.

Prior to joining the firm, Peter was a Managing Director on the High Yield Bond and Loan Team at Goldman Sachs Asset Management. Peter joined Goldman Sachs Asset Management as a Senior Sector Analyst in 2000 and was promoted to Director of High Yield Research in 2010. Prior to joining Goldman Sachs Asset Management, Peter 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 a Master of Business Administration in Finance from Columbia Business School. He is a CFA charter holder, a member of the New York Society of Security Analysts and holds the Series 7 and 63 registrations.

Peter Schwab is a registered representative of ALPS Distributors, Inc.

CFA® is a trademark owned by the CFA Institute.

Recent blog posts

Kent Siefers

Co-Portfolio Manager, Pax High Yield Bond Fund, Impax Asset Management LLC

Kent Siefers is an Assistant Portfolio Manager for the Pax High Yield Bond Fund and is a Vice President at Pax World Funds.

Prior to joining the firm, Kent was an analyst at LKS Capital LLC, where he worked on an event driven hedge fund. He was previously the 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 his Bachelor of Science in Business Administration from the University of Vermont. He is a member of the Boston Security Analysts Society.

Phyllis Chambers Camara, CFA®

Senior High Yield Bond Analyst, Pax High Yield Bond Fund, Impax Asset Management LLC

Phyllis Camara is a Senior High Yield Analyst with Impax Asset Management LLC, formerly Pax World Management LLC, covering the energy, banking and financial services, utilities, consumer goods, paper and packaging sectors, and is an Assistant Vice President at Pax World Funds.

Prior to joining the firm in January 2007, she spent 10 years as a high yield and fixed income analyst, first for AIM Management Group and then for Citizens Funds.

Phyllis is a member of the Boston Security Analysts Society and the CFA Institute, and has a Bachelor of Business Administration in Accounting from the University of Houston.

CFA® is a trademark owned by the CFA Institute.

Finn Johnson

High Yield Analyst, Pax High Yield Bond Fund, Impax Asset Management LLC

Finn Johnson is a High Yield Analyst at Impax Asset Management LLC, formerly Pax World Management LLC, covering the leisure, building materials, and industrials/machinery sectors.

Finn joined the firm in 2015. He earned his 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

High Yield Credit Trader

Shaun Yanosick is a Trader with Impax Asset Management LLC, formerly Pax World Management LLC. He is responsible for the execution of high yield credit trades.

Shaun joined the firm in 2008. He holds a Bachelor of Science degree in Finance from the University of New Hampshire and is a member of the Boston Securities Traders Association.

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