AUM
$237,228,789
Holdings
156
Launch Date
April 2007
Subadviser
Aperio Group~
Morningstar Low Carbon Designation™

Overview

A factor-based strategy that focuses on U.S. large cap companies’ ESG strength, profitability, earnings quality, risk and valuations — well-established factors that have demonstrated the potential to reward investors over long time periods.

Smart Beta

The strategy weights its portfolio toward companies with higher profitability, higher earnings quality, lower volatility, and lower valuations relative to the market.

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 01/31/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrs
Pax ESG Beta Quality Fund – Investor Class-0.895.18-0.8917.5613.1610.4312.61
Pax ESG Beta Quality Fund – Class A5-0.895.20-0.8917.5613.1610.4312.62
Pax ESG Beta Quality Fund – Institutional Class-0.915.25-0.9117.7913.4110.7012.88
Russell 1000 Index0.116.890.1121.3914.3312.1313.97
Lipper Multi-Cap Core Funds Index-0.815.76-0.8117.6211.8010.1612.15

Quarterly Total Returns

(As of 12/31/2019)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrs
Pax ESG Beta Quality Fund – Investor Class2.707.3727.1327.1313.979.9612.15
Pax ESG Beta Quality Fund – Class A52.717.3927.0827.0813.989.9712.16
Pax ESG Beta Quality Fund – Institutional Class2.707.4727.4227.4214.2710.2512.44
Russell 1000 Index2.899.0431.4331.4315.0511.4813.54
Lipper Multi-Cap Core Funds Index2.598.7129.0929.0912.819.7011.80
5 Class A Inception date return since May 1, 2013 is 12.11 (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.
The performance information shown for Class A represents the performance of the Individual Investor Class shares for the period prior to Class A inception.
A 1.00% CDSC (contingent deferred sales charge) may be charged on any shares sold within 18 months of purchase over $1 million. POP (public offering price) reflects the maximum sales load for the Fund’s Class A Shares of 5.50%

Performance after Sales Charge

(As of 01/31/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrs
Pax ESG Beta Quality Fund – Class A (Load)-6.33-0.58-6.3311.1211.069.1911.98

Performance after Sales Charge

(As of 12/31/2019)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrs
Pax ESG Beta Quality Fund – Class A (Load)-2.931.4720.1020.1011.858.7311.53

Risk Statistics

(As of 01/31/2020)
 3 – Year
Standard Deviation 11.18
Alpha
Beta 0.92
R-Squared 98
Standard Deviation 11.12
Alpha 0.01
Beta 0.91
R-Squared 98
Standard Deviation 11.14
Alpha 0.03
Beta 0.91
R-Squared 98

Morningstar Ratings

(As of 01/31/2020)
 Large BlendOverall3yrs5yrs10yrs
Pax ESG Beta Quality Fund – Investor Class Rating ★★★ ★★★ ★★★ ★★★
Pax ESG Beta Quality Fund – Class A Rating ★★★ ★★★ ★★★ ★★★
Pax ESG Beta Quality Fund – Institutional Class Rating ★★★ ★★★ ★★★ ★★★
  # In Peer Group 1208 1208 1056 806
Based on risk adjusted returns.

Lipper Rankings

(As of 01/31/2020)
 Multi-Cap Core1yr3yrs5yrs10yrs
Pax ESG Beta Quality Fund – Investor Class Percentile Rank 50 30 34 37
  Prime Rank 351 189 181 151
  # In Peer Group 713 630 542 411
Pax ESG Beta Quality Fund – Class A Percentile Rank 50 30 34 37
  Prime Rank 352 188 182 150
  # In Peer Group 713 630 542 411
Pax ESG Beta Quality Fund – Institutional Class Percentile Rank 47 26 30 29
  Prime Rank 334 161 158 117
  # In Peer Group 713 630 542 411
Based on total returns.

Net Asset Values

(As of 02/27/2020)
 N.A.V.% Change
Pax ESG Beta Quality Fund – Investor Class $19.70 -4.14
Pax ESG Beta Quality Fund – Institutional Class $20.31 -4.11
Pax ESG Beta Quality Fund – Class A $19.64 -4.15
Past performance does not guarantee future results.

Asset Allocation

(As of 01/31/2020)

Portfolio Statistics

(As of 01/31/2020)
 Value
Assets (all share classes)$237,228,789
Number of Holdings (All)156
Turnover Ratio (12/31/2018)49

Top Sectors

(As of 01/31/2020)

Top Ten Holdings

(As of 01/31/2020)

~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, Pax ESG Beta® Quality Fund and Pax ESG Beta® Dividend Fund

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 has extensive experience in applying quantitative techniques and information technology to complex operational problems. Prior to joining Aperio in 2006, Ran was a Manager, Operating Strategy, at the Gap, Inc.

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

Ran received his Bachelor of Science degree in Mathematics from the University of Waterloo, Canada, where he received the Hewlett Packard Award for academic excellence. He received his MBA from the University of California at Berkeley.

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

Recent blog posts

Michael Branch, CFA®

Aperio Group, Portfolio Manager, Pax ESG Beta® Quality Fund and Pax ESG Beta® Dividend Fund

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.

Prior to joining Aperio, 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 his 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.

CFA® is a trademark owned by the CFA Institute.

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

Recent blog posts

Annie Tan

Aperio Group, Portfolio Manager, Pax ESG Beta® Quality Fund and Pax ESG Beta® Dividend Fund

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.

Aperio serves as subadviser of the Pax ESG Beta Quality Fund and Pax ESG Beta Dividend Fund. At Aperio, Annie is responsible for providing analytical support in the research, portfolio management, and trading of client portfolios.

Prior to Aperio, Annie was an investment analyst at Dragon Financial Group. She received her Bachelor of Arts in Economics from the University of California at Davis and her 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

Robert Tymoczko

Aperio Group, Portfolio Manager, Pax ESG Beta® Quality Fund and Pax ESG Beta® Dividend Fund

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.

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

Robert received his Bachelor of Arts in Quantitative Economics from Stanford University and his 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

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