Smart beta strategy focused on dividend and ESG factors.
AUM
$130,230,848
Holdings
137
Launch Date
December 2016
Portfolio Managers
Scott LaBreche Andrew Braun
Morningstar Low Carbon Designation™†
Overview
A factor-based strategy focused on U.S. large cap companies’ ESG strength, dividend yield and ability to sustain future dividend payouts — well-established factors that have demonstrated the potential to reward investors over long time periods.
Dividend Sustainability
The strategy weights its portfolio toward companies with historically higher dividend yields and those that demonstrate strength and the ability to sustain future dividend payments as measured by a combination of profitability, earnings quality and management quality factors.
ESG
The strategy weights its portfolio toward companies with stronger ESG characteristics, as identified by Impax’s proprietary ESG scoring framework.
Powered by SmartCarbon™
The strategy is fossil fuel free, utilizing a SmartCarbon1 approach that substitutes energy efficiency companies in place of fossil fuel companies to reduce climate change-related risks and participate in the low carbon energy transition.
Monthly Total Returns
(As of 01/31/2021)
Month End | Quarter End
Average Annual Returns (%)
1m
3m
YTD
1yr
3yrs
5yrs
10yrs
Since Inception
Pax ESG Beta Dividend Fund – Investor Class
-0.28
13.75
-0.28
14.64
9.48
12.46
Pax ESG Beta Dividend Fund – Institutional Class
-0.28
13.74
-0.28
14.94
9.78
12.76
Russell 1000 Index
-0.82
15.54
-0.82
19.84
12.48
15.52
Lipper Equity Income Funds Index
-1.53
13.34
-1.53
5.10
5.40
8.68
Quarterly Total Returns
(As of 12/31/2020)
Month End | Quarter End
Average Annual Returns (%)
1m
3m
YTD
1yr
3yrs
5yrs
10yrs
Since Inception
Pax ESG Beta Dividend Fund – Investor Class
3.25
11.35
14.25
14.25
11.23
12.80
Pax ESG Beta Dividend Fund – Institutional Class
3.28
11.44
14.54
14.54
11.56
13.10
Russell 1000 Index
4.23
13.69
20.96
20.96
14.82
16.08
Lipper Equity Income Funds Index
3.04
12.89
4.72
4.72
7.31
9.27
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 01/31/2021)
3 – Year
Standard Deviation
17.63
Alpha
-0.16
Beta
0.92
R-Squared
98
Standard Deviation
17.58
Alpha
-0.13
Beta
0.92
R-Squared
98
Standard Deviation measures fund’s variation around its mean performance over time. Higher figures indicate greater volatility.
Alpha is a coefficient measuring risk-adjusted performance, considering the risk due to the specific security, rather than the overall market.
Beta coefficient measures an investment’s relative volatility or impact of a per-unit change in the independent variable (market) on the dependent variable (portfolio), holding all else constant.
R-Squared is a measure of how much a portfolio’s performance can be explained by the returns from the overall market (or a benchmark index).
Morningstar Ratings
(As of 01/31/2021)
Large Blend
Overall
3yrs
5yrs
10yrs
Pax ESG Beta Dividend Fund – Investor Class
Rating
★★★
★★★
–
–
Pax ESG Beta Dividend Fund – Institutional Class
Rating
★★★
★★★
–
–
# In Peer Group
1230
1230
–
–
Based on risk adjusted returns.
The Morningstar Ratings™ shown are as of 11/30/2020. The Morningstar Rating for funds, or ‘star rating’, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and ten- year (if applicable) Morningstar Rating metrics. The weights are 100% three-year rating for 36-59 months of total returns, 60% five-year rating, 40% three-year rating for 60-119 months of total returns, and 50% ten-year rating, 30% five-year rating, 20% three-year rating for 120 or more months of total returns. While the ten-year overall rating formula seems to give the most weight to the ten-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
Lipper, Inc. – A Reuters Company, is a nationally recognized organization that ranks the performance of mutual funds within a universe of funds that have similar investment objectives. Rankings are historical and are based on total return with capital gains and dividends reinvested.
Lipper rankings are based on total returns (not including sales charges) for the periods indicated and compare total return performance with that of other funds in the category.
Net Asset Values
(As of 03/04/2021)
N.A.V.
% Change
Pax ESG Beta Dividend Fund – Investor Class
$14.26
-1.66
Pax ESG Beta Dividend Fund – Institutional Class
$14.31
-1.58
Past performance does not guarantee future results.
Asset Allocation
(As of 01/31/2021)
Portfolio Statistics
(As of 01/31/2021)
Value
Assets (all share classes)
$130,230,848
Number of Holdings (All)
137
Turnover Ratio (12/31/2019)
50
Top Sectors
(As of 01/31/2021)
Top Ten Holdings
(As of 01/31/2021)
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