AUM
$1,830,896,474
Launch Date1
August 1971
Fund of Fund Holdings
9
Underlying Fund Equity Holdings
590
Underlying Fund Bond Issues
310

Overview

A risk-focused asset allocation strategy offering a diversified portfolio of sustainable investment strategies providing a wide range of impact.

Dynamic Asset Allocation

Utilizes a dynamic, risk-focused asset allocation approach based on the portfolio managers’ view of overall market risk, economic data, earnings trends and relative market valuations.

Diverse Portfolio

Invests in Impax’s broad sustainable investing platform to diversify across a variety of U.S. equity, U.S. fixed income, developed international equity, and global thematic investment strategies.

Diverse Impact

Offers impact across a range of sustainability issues – from the environment to gender equality – through full ESG integration within each underlying fund, compelling thematic strategies, direct high impact investments and engagement initiatives.

Monthly Total Returns

(As of 05/31/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax Sustainable Allocation Fund – Investor Class3.322.40-1.2810.986.966.028.108.23
Pax Sustainable Allocation Fund – Institutional Class13.352.44-1.2211.207.226.298.368.30
S&P 500 Index4.763.59-4.9712.8410.239.8613.15
60% S&P 500 Index / 40% Bloomberg Barclays U.S. Aggregate Bond Index3.043.16-0.4512.098.537.769.64
Morningstar Allocation–50% to 70% Equity3.49-0.21-5.234.864.594.497.41

Quarterly Total Returns

(As of 03/31/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax Sustainable Allocation Fund – Investor Class-7.46-10.79-10.79-0.504.164.106.248.03
Pax Sustainable Allocation Fund – Institutional Class1-7.42-10.73-10.73-0.244.424.366.518.11
S&P 500 Index-12.35-19.60-19.60-6.985.106.7310.53
60% S&P 500 Index / 40% Bloomberg Barclays U.S. Aggregate Bond Index-7.65-10.88-10.88-0.395.325.638.08
Morningstar Allocation–50% to 70% Equity-10.24-14.74-14.74-7.011.482.405.75
1 Institutional Class Inception date return since April 2, 2007 is 5.23 (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.

Risk Statistics

(As of 05/31/2020)
 3 – Year
Standard Deviation 9.77
Alpha 0.06
Beta 0.58
R-Squared 97
Standard Deviation 9.74
Alpha 0.09
Beta 0.57
R-Squared 97

Morningstar Percentile Rankings

(As of 05/31/2020)
 Allocation-50% to 70% EquityOverall3yrs5yrs10yrs
Pax Sustainable Allocation Fund – Investor Class Rating ★★★★ ★★★★ ★★★★ ★★★
Pax Sustainable Allocation Fund – Institutional Class Rating ★★★★ ★★★★ ★★★★ ★★★★
  # In Peer Group 637 637 557 408
Based on risk adjusted returns.

Morningstar Percentile Rankings

(As of 05/31/2020)
 Morningstar Allocation-50% to 70% Equity1yr3yrs5yrs10yrs
Pax Sustainable Allocation Fund – Investor Class Percentile Rank 12 20 22 34
  Prime Rank 76 121 120 133
  # In Peer Group 682 637 557 408
Pax Sustainable Allocation Fund – Institutional Class Percentile Rank 10 18 18 29
  Prime Rank 66 100 99 112
  # In Peer Group 682 637 557 408
Based on total returns.

Net Asset Values

(As of 07/07/2020)
 N.A.V.% Change
Pax Sustainable Allocation Fund – Investor Class $23.45 -0.76
Pax Sustainable Allocation Fund – Institutional Class $23.86 -0.79
Past performance does not guarantee future results.

Asset Allocation

(As of 05/31/2020)

Portfolio Statistics

(As of 05/31/2020)
 Value
Assets (all share classes)$1,830,896,474
Number of Holdings (All)9
Turnover Ratio (12/31/2019)8

Top Sectors

(As of 05/31/2020)

Manager Allocation (Equity Strategy)

(As of 05/31/2020)

Manager Allocation (Fixed Allocation Strategy)

(As of 05/31/2020)

Top Ten Holdings – Equity

(As of 05/31/2020)

Top Ten Holdings – Fixed Income

(As of 05/31/2020)
 Portfolio %
United States Treasury Note, 2.375%, 08/15/24 2.30
United States Treasury Note, 3.125%, 08/15/44 1.00
United States Treasury Note, 4.500%, 02/15/36 0.70
United States Treasury Note, 2.125%, 09/30/21 0.60
United States Treasury Note, 1.750%, 09/30/19 0.40
United States Treasury Note, 0.875%, 10/15/18 0.40
United States Treasury Note, 2.250%, 11/15/24 0.30
United States Treasury Note, 6.250%, 10/15/30 0.30
Fannie Mae, 2.000%, 11/14/22 0.30
United States Treasury Note, 4.375%, 11/15/39 0.30

Portfolio Management Team

Anthony Trzcinka, CFA®

Senior Vice President, Portfolio Manager, Pax Core Bond Fund, Pax Sustainable Allocation Fund

Anthony Trzcinka is SVP and Portfolio Manager of the Pax Core Bond Fund at Impax Asset Management LLC and a Senior Vice President at Pax World Funds. Tony is also a member of the portfolio management team of the Pax Sustainable Allocation Fund.

Tony has been responsible for multiple strategies during his tenure at Impax Asset Management LLC, formerly Pax World Management LLC. He joined the firm in 2003 from AEW Capital Management where he spent over three years as an Assistant Vice President working in a Senior Analyst role. He began his financial services career as an analyst in 1999.

He holds a Master of Business Administration degree from Northeastern University and a Bachelor of Arts degree from the University of Massachusetts. Tony is a CFA® charterholder and member of the Boston Security Analysts Society.

CFA® is a trademark owned by the CFA Institute.

Recent blog posts

Nathan Moser, CFA®

Senior Vice President, Portfolio Manager, Pax Small Cap Fund, Pax Sustainable Allocation Fund

Nathan Moser is SVP and Portfolio Manager of the Pax Small Cap Fund at Impax Asset Management LLC and a Senior Vice President at Pax World Funds. Nathan is also a member of the portfolio management team of the Pax Sustainable Allocation Fund.

Nathan has been responsible for management of the Pax Small Cap Fund since its inception in 2008 and has been a member of the portfolio management team of the Pax Sustainable Allocation Fund since 2015. He joined the firm in 2008 from Citizens Funds, where he worked for six years, first as an equity analyst and then as portfolio manager. He started his career with John Hancock Funds, where he was an equity analyst.

Nathan holds a Bachelor of Science from Babson College, is a CFA® charterholder and member of the CFA Society Boston.

CFA® is a trademark owned by the CFA Institute.

Recent blog posts

Andrew Braun, Pax World Funds

Andrew Braun

Senior Vice President, Portfolio Manager, Pax Large Cap Fund, Pax Sustainable Allocation Fund

Andrew Braun is a Portfolio Manager of the Pax Large Cap Fund at Impax Asset Management LLC and is a Senior Vice President at Pax World Funds. He is also a member of the portfolio management team of the Pax Sustainable Allocation Fund.

Prior to joining the firm in 2017, Andy was Managing Director on the Value Equity Team at Goldman Sachs Asset Management, where he led a team of 30 portfolio managers and analysts. Andy joined Goldman Sachs Asset Management as a Product Development Associate in the Product Development Group in 1993. He was promoted to Portfolio Manager in 2001 and served as Co-Chief Investment Officer from 2008 to 2014. Prior to joining Goldman Sachs Asset Management, Andy was a Financial Analyst in the Corporate Finance Division at Dillon, Read & Co. Inc.

Andy has a Bachelor of Arts in Economics from Harvard College and a Master of Business Administration in Finance and Economics from the Stern School of Business at New York University.

Recent blog posts

Peter Schwab, CFA®

Senior Vice President, Portfolio Manager, Pax High Yield Bond Fund, Pax Sustainable Allocation Fund

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

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