AUM
$235,426,948
Holdings
158
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 09/30/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrs
Pax ESG Beta Quality Fund – Investor Class-3.297.842.209.7310.0311.4711.43
Pax ESG Beta Quality Fund – Class A5-3.267.862.209.7610.0411.4811.43
Pax ESG Beta Quality Fund – Institutional Class-3.287.892.349.9910.2811.7311.70
Russell 1000 Index-3.659.476.4016.0112.3814.0913.76
Lipper Multi-Cap Core Funds Index-2.958.524.7714.099.9112.1511.83

Quarterly Total Returns

(As of 09/30/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrs
Pax ESG Beta Quality Fund – Investor Class-3.297.842.209.7310.0311.4711.43
Pax ESG Beta Quality Fund – Class A5-3.267.862.209.7610.0411.4811.43
Pax ESG Beta Quality Fund – Institutional Class-3.287.892.349.9910.2811.7311.70
Russell 1000 Index-3.659.476.4016.0112.3814.0913.76
Lipper Multi-Cap Core Funds Index-2.958.524.7714.099.9112.1511.83
5 Class A Inception date return since May 1, 2013 is 11.43 (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 09/30/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrs
Pax ESG Beta Quality Fund – Class A (Load)-8.561.93-3.413.717.9910.2210.81

Performance after Sales Charge

(As of 09/30/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrs
Pax ESG Beta Quality Fund – Class A (Load)-8.561.93-3.413.717.9910.2210.81

Risk Statistics

(As of 09/30/2020)
 3 – Year
Standard Deviation 16.64
Alpha -0.11
Beta 0.92
R-Squared 99
Standard Deviation 16.60
Alpha -0.11
Beta 0.92
R-Squared 99
Standard Deviation 16.62
Alpha -0.09
Beta 0.92
R-Squared 99

Morningstar Ratings

(As of 09/30/2020)
 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 1229 1229 1066 819
Based on risk adjusted returns.

Lipper Rankings

(As of 09/30/2020)
 Multi-Cap Core1yr3yrs5yrs10yrs
Pax ESG Beta Quality Fund – Investor Class Percentile Rank 59 40 46 55
  Prime Rank 387 237 235 216
  # In Peer Group 660 594 521 395
Pax ESG Beta Quality Fund – Class A Percentile Rank 59 40 45 55
  Prime Rank 385 235 234 214
  # In Peer Group 660 594 521 395
Pax ESG Beta Quality Fund – Institutional Class Percentile Rank 58 37 43 49
  Prime Rank 377 214 223 193
  # In Peer Group 660 594 521 395
Based on total returns.

Net Asset Values

(As of 10/20/2020)
 N.A.V.% Change
Pax ESG Beta Quality Fund – Investor Class $22.27 0.27
Pax ESG Beta Quality Fund – Institutional Class $22.97 0.26
Pax ESG Beta Quality Fund – Class A $22.20 0.23
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)$235,426,948
Number of Holdings (All)158
Turnover Ratio (12/31/2019)49

Top Sectors

(As of 09/30/2020)

Top Ten Holdings

(As of 09/30/2020)

~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, 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

Michael Branch, CFA®

Aperio Group, Portfolio Manager

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 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

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, 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

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