AUM
$1,975,188,857
Launch Date1
August 1971
Fund of Fund Holdings
8
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 09/30/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax Sustainable Allocation Fund – Investor Class-1.645.886.7012.488.669.078.188.34
Pax Sustainable Allocation Fund – Institutional Class1-1.615.956.8812.768.949.348.458.42
S&P 500 Index-3.808.935.5715.1512.2814.1513.74
60% S&P 500 Index / 40% Bloomberg Barclays U.S. Aggregate Bond Index-2.305.646.6812.509.8410.379.85
Morningstar Allocation–50% to 70% Equity-2.144.971.306.285.717.457.53

Quarterly Total Returns

(As of 09/30/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax Sustainable Allocation Fund – Investor Class-1.645.886.7012.488.669.078.188.34
Pax Sustainable Allocation Fund – Institutional Class1-1.615.956.8812.768.949.348.458.42
S&P 500 Index-3.808.935.5715.1512.2814.1513.74
60% S&P 500 Index / 40% Bloomberg Barclays U.S. Aggregate Bond Index-2.305.646.6812.509.8410.379.85
Morningstar Allocation–50% to 70% Equity-2.144.971.306.285.717.457.53
1 Institutional Class Inception date return since April 2, 2007 is 5.71 (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 09/30/2020)
 3 – Year
Standard Deviation 10.20
Alpha 0.11
Beta 0.57
R-Squared 97
Standard Deviation 10.17
Alpha 0.13
Beta 0.57
R-Squared 97

Morningstar Percentile Rankings

(As of 09/30/2020)
 Allocation-50% to 70% EquityOverall3yrs5yrs10yrs
Pax Sustainable Allocation Fund – Investor Class Rating ★★★★ ★★★★ ★★★★ ★★★
Pax Sustainable Allocation Fund – Institutional Class Rating ★★★★ ★★★★ ★★★★ ★★★★
  # In Peer Group 638 638 581 414
Based on risk adjusted returns.

Morningstar Percentile Rankings

(As of 09/30/2020)
 Morningstar Allocation-50% to 70% Equity1yr3yrs5yrs10yrs
Pax Sustainable Allocation Fund – Investor Class Percentile Rank 12 15 20 35
  Prime Rank 77 90 108 142
  # In Peer Group 676 638 581 414
Pax Sustainable Allocation Fund – Institutional Class Percentile Rank 10 14 17 31
  Prime Rank 63 81 93 123
  # In Peer Group 676 638 581 414
Based on total returns.

Net Asset Values

(As of 10/23/2020)
 N.A.V.% Change
Pax Sustainable Allocation Fund – Investor Class $25.18 0.28
Pax Sustainable Allocation Fund – Institutional Class $25.64 0.27
Past performance does not guarantee future results.

Asset Allocation

(As of 09/30/2020)

Portfolio Statistics

(As of 09/30/2020)
 Value
Assets (all share classes)$1,975,188,857
Number of Holdings (All)8
Turnover Ratio (12/31/2019)8

Top Sectors

(As of 09/30/2020)

Manager Allocation (Equity Strategy)

(As of 09/30/2020)

Manager Allocation (Fixed Allocation Strategy)

(As of 09/30/2020)

Top Ten Holdings – Equity

(As of 09/30/2020)

Top Ten Holdings – Fixed Income

(As of 09/30/2020)
 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

Anthony (Tony) Trzcinka 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 Core Bond Strategy, which includes the Pax Core Bond Fund. Tony is also a member of the Pax Sustainable Allocation Fund portfolio management team.

Tony has been responsible for multiple strategies since joining the firm in 2003. Before Impax, Tony spent three years as an Assistant Vice President at AEW Capital Management, where he worked in a Senior Analyst role. He began his financial services career as an analyst in 1999.

Tony is a CFA® charterholder and a member of the Boston Security Analysts Society. He holds an MBA from Northeastern University and a Bachelor of Arts from the University of Massachusetts.

Recent blog posts

Nathan Moser, CFA®

Senior Vice President, Portfolio Manager

Nathan Moser 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 U.S. Small Cap Strategy, including the Pax Small Cap Fund. Nathan has been a member of the Pax Sustainable Allocation Fund portfolio management team since 2015.

Nathan has managed the Pax Small Cap Fund since its inception in 2008, which is the year he joined the firm. Prior to that, he worked at Citizens Funds, first as an Equity Analyst then as a Portfolio Manager. Nathan started his career with John Hancock Funds, where he was an Equity Analyst.

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

Recent blog posts

Andrew Braun, Pax World Funds

Andrew Braun

Senior Vice President, Portfolio Manager

Andrew Braun 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 U.S. Large Cap Strategy, which includes the Pax Large Cap Fund. He is also a member of the Pax Sustainable Allocation Fund portfolio management team.

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 1993. He was promoted to Portfolio Manager in 2001 and served as Co-Chief Investment Officer from 2008 to 2014. Before Goldman Sachs, Andy was a Financial Analyst in the corporate finance division of 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

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 ALPS Distributors, Inc.

Recent blog posts

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