AUM
$126,934,210
Holdings
140
Launch Date
December 2016
Subadviser
Aperio Group~
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 08/31/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception
Pax ESG Beta Dividend Fund – Investor Class5.9313.115.6816.2412.0311.66
Pax ESG Beta Dividend Fund – Institutional Class5.9213.115.7816.4712.3111.94
Russell 1000 Index7.3416.1410.4322.5014.5814.80
Lipper Equity Income Funds Index4.078.08-5.024.126.747.29

Quarterly Total Returns

(As of 06/30/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception
Pax ESG Beta Dividend Fund – Investor Class2.7220.13-4.035.308.919.24
Pax ESG Beta Dividend Fund – Institutional Class2.7520.20-3.915.539.199.53
Russell 1000 Index2.2121.82-2.817.4810.6411.47
Lipper Equity Income Funds Index-0.1614.11-12.26-4.154.295.27
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 08/31/2020)
 3 – Year
Standard Deviation 16.67
Alpha -0.12
Beta 0.93
R-Squared 98
Standard Deviation 16.65
Alpha -0.09
Beta 0.93
R-Squared 98

Morningstar Ratings

(As of 08/31/2020)
 Large BlendOverall3yrs5yrs10yrs
Pax ESG Beta Dividend Fund – Investor Class Rating ★★★ ★★★
Pax ESG Beta Dividend Fund – Institutional Class Rating ★★★ ★★★
  # In Peer Group 1223 1223
Based on risk adjusted returns.

Lipper Rankings

(As of 08/31/2020)
 Multi-Cap Core1yr3yrs5yrs10yrs
Pax ESG Beta Dividend Fund – Investor Class Percentile Rank 7 9
  Prime Rank 30 38
  # In Peer Group 487 448
Pax ESG Beta Dividend Fund – Institutional Class Percentile Rank 6 8
  Prime Rank 28 33
  # In Peer Group 487 448
Based on total returns.

Net Asset Values

(As of 09/25/2020)
 N.A.V.% Change
Pax ESG Beta Dividend Fund – Investor Class $12.73 1.52
Pax ESG Beta Dividend Fund – Institutional Class $12.77 1.59
Past performance does not guarantee future results.

Asset Allocation

(As of 08/31/2020)

Portfolio Statistics

(As of 08/31/2020)
 Value
Assets (all share classes)$126,934,210
Number of Holdings (All)140
Turnover Ratio (12/31/2019)50

Top Sectors

(As of 08/31/2020)

Top Ten Holdings

(As of 08/31/2020)

~Aperio Group

Subadvised by Aperio Group, a leading provider of custom index, SRI-ESG and factor-investing offerings.

Impax Sustainability Research Team

The team constructs the Impax Sustainability Score, a proprietary ranking of companies’ ESG performance.

Portfolio Management Team

Ran Leshem

Aperio Group, Portfolio Manager

Ran Leshem is a member of the Pax ESG Beta Quality Fund and Pax ESG Beta Dividend Fund portfolio management team. At Aperio Group LLC (Aperio), subadviser of the Pax ESG Beta Quality Fund and Pax ESG Beta Dividend Fund, Ran is Chief Investment Officer. He oversees the portfolio management and operations of Aperio’s US, foreign, and global products.

Ran Leshem is a member of the Pax ESG Beta Quality Fund and Pax ESG Beta Dividend Fund portfolio management team. At Aperio Group LLC, subadviser of these funds, Ran is Chief Investment Officer. He oversees portfolio management and operations of Aperio’s U.S., foreign and global products. Ran has extensive experience applying quantitative techniques and information technology to complex operational problems. Prior to joining Aperio in 2006, Ran was a Manager of Operating Strategy at the Gap, Inc.

With Aperio co-authors Lisa Goldberg and Patrick Geddes, in 2014 Ran received a Harry M. Markowitz Distinction Award from the Journal of Investment Management for the paper “Restoring Value to Minimum Variance.” He also co-authored “Optimizing Value” with Lisa Goldberg and Alan Cummings, which was published in The Journal of Portfolio Management in 2016. With Lisa Goldberg and Michael Branch, Ran authored “Factoring Probability,” which was published in Risk-Based and Factor Investing in 2015.

Ran earned a Bachelor of Science in mathematics from the University of Waterloo, in Canada, where he received the Hewlett-Packard Award for academic excellence. He received an MBA from the University of California at Berkeley.

ALPS Distributors, Inc. is not affiliated with Aperio Group, LLC.

Recent blog posts

Robert Tymoczko

Aperio Group, Portfolio Manager

Robert Tymoczko is a member of the Pax ESG Beta Quality Fund and Pax ESG Beta Dividend portfolio management team. At Aperio Group LLC (Aperio), subadviser of the Pax ESG Beta Quality Fund and Pax ESG Beta Dividend Fund Robert is responsible for overseeing the day-to-day portfolio management and strategy implementation of all investment products.

Robert Tymoczko is a member of the Pax ESG Beta Quality Fund and Pax ESG Beta Dividend portfolio management team. At Aperio Group LLC, subadviser of these Funds, Robert is Director of Portfolio Management. He oversees the day-to-day portfolio management and strategy implementation of all investment products.

Prior to joining Aperio, Robert was a Managing Partner at AlphaStream Capital Management, LLC, where he oversaw quantitative research and portfolio management. Before AlphaStream, Robert served as Lead Portfolio Manager and Co-Head of U.S. Quantitative Equity Products at Zurich Scudder Investments.

Robert earned a Bachelor of Arts in quantitative economics from Stanford University and an MBA with concentrations in finance and econometrics from the University of Chicago.

ALPS Distributors, Inc. is not affiliated with Aperio Group, LLC.

Recent blog posts

Michael Branch, CFA®

Aperio Group, Portfolio Manager

Michael Branch is a Portfolio Research, Trading, and Analytics Associate at Aperio Group LLC (Aperio) and is a member of the Pax ESG Beta Quality Fund and Pax ESG Beta Dividend Fund portfolio management team. Aperio serves as subadvisor of the Pax ESG Beta Quality Fund and Pax ESG Beta Dividend Fund.

Michael Branch is Senior Portfolio Manager and Manager of Portfolio Research at Aperio Group LLC, subadvisor of the Pax ESG Beta Quality Fund and Pax ESG Beta Dividend Fund. He is a member of the portfolio management teams of both of these Funds.

Before joining Aperio in 2007, Michael was a Fund Operations Specialist for California Investment Trust, a mutual fund company.

Michael co-authored “Factoring Probability” with Lisa Goldberg and Ran Leshem; it was published in Risk-Based and Factor Investing in 2015. He was the sole author of “The Case for Global Stock Portfolios,” published in the Journal of Indexes in 2011.

Michael received a Bachelor of Science in finance from the University of Arizona. He holds the Chartered Financial Analyst designation and is a member of the CFA® Society of San Francisco.

ALPS Distributors, Inc. is not affiliated with Aperio Group, LLC.

Recent blog posts

Annie Tan

Aperio Group, Portfolio Manager

Annie Tan is an Associate Portfolio Manager at Aperio Group LLC (Aperio) and a member of the Pax ESG Beta Quality Fund and Pax ESG Beta Dividend Fund portfolio management team.

Annie Tan is Manager of ESG Implementation at Aperio Group LLC, subadviser of the Pax ESG Beta Quality Fund and Pax ESG Beta Dividend Fund. She is a member of the portfolio management teams of both Funds. At Aperio, Annie oversees ESG/SRI integration into portfolio construction and strategy data updates.

Before joining Aperio, Annie was an investment analyst at Dragon Financial Group. She received a Bachelor of Arts in economics from the University of California at Davis and a Master of Science in financial analysis from the University of San Francisco.

ALPS Distributors, Inc. is not affiliated with Aperio Group, LLC.

Recent blog posts

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