AUM
$2,388,381,538
Holdings
49
Launch Date1
March 2008
Portfolio Managers
Hubert Aarts
David Winborne
Siddharth Jha
Morningstar Low Carbon Designation™
Global Large-Stock Blend as of 04/30/22.
Based on 97% of AUM.

Overview

A global thematic strategy investing in companies that are developing innovative solutions to resource challenges in environmental markets.

Resource Efficiency

Powerful drivers – growing population, rising living standards and finite natural resources – have triggered above average growth for a diverse set of companies focused on resource efficiency.

Environmental Leaders

The strategy employs a research-intensive bottom-up stock selection process to find the leading companies in increasingly important global environmental markets, and is also fossil fuel free.

Impact

Companies providing environmental solutions and net carbon reductions will help lead the transition to a sustainable global economy.

Monthly Total Returns

(As of 05/31/2022)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax Global Environmental Markets Fund – Investor Class-0.10-6.01-20.62-12.9411.908.0310.526.58
Pax Global Environmental Markets Fund – Class A5-0.05-5.97-20.58-12.9111.928.0410.526.58
Pax Global Environmental Markets Fund – Institutional Class-0.05-5.92-20.51-12.7112.198.3110.806.85
MSCI ACWI (Net) Index0.12-5.90-12.83-6.7811.719.0010.256.31

Quarterly Total Returns

(As of 03/31/2022)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax Global Environmental Markets Fund – Investor Class0.99-14.71-14.71-0.9213.3411.1510.187.20
Pax Global Environmental Markets Fund – Class A51.03-14.66-14.66-0.8713.3611.1510.187.21
Pax Global Environmental Markets Fund – Institutional Class1.03-14.65-14.65-0.6813.6211.4210.467.47
MSCI ACWI (Net) Index2.17-5.36-5.367.2813.7511.6410.007.02
5 Class A (NAV) Inception date return since May 1, 2013 is 8.88 (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.
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 05/31/2022)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax Global Environmental Markets Fund – Class A (Load)-5.53-11.16-24.93-17.709.826.839.906.16

Performance after Sales Charge

(As of 03/31/2022)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax Global Environmental Markets Fund – Class A (Load)-4.53-19.34-19.34-6.3411.269.909.566.78

Risk Statistics

(As of 05/31/2022)
 5 – Year
Standard Deviation 17.40
Alpha -0.09
Beta 1.05
R-Squared 88
Standard Deviation 17.40
Alpha -0.09
Beta 1.05
R-Squared 88
Standard Deviation 17.43
Alpha -0.07
Beta 1.05
R-Squared 88

Morningstar Ratings

(As of 05/31/2022)
 Global Large-Stock BlendOverall3yrs5yrs10yrs
Pax Global Environmental Markets Fund – Investor Class Rating ★★★ ★★★ ★★ ★★★
Pax Global Environmental Markets Fund – Class A Rating ★★ ★★★ ★★ ★★★
Pax Global Environmental Markets Fund – Institutional Class Rating ★★★ ★★★ ★★ ★★★
  # In Peer Group 301 301 271 160
Based on risk adjusted returns.

Lipper Rankings

(As of 05/31/2022)
 Lipper Global Multi-Cap Core1yr3yrs5yrs10yrs
Pax Global Environmental Markets Fund – Investor Class Percentile Rank 73 28 59 33
  Prime Rank 104 32 58 22
  # In Peer Group 144 117 99 67
Pax Global Environmental Markets Fund – Class A Percentile Rank 71 27 58 32
  Prime Rank 101 31 57 21
  # In Peer Group 144 117 99 67
Pax Global Environmental Markets Fund – Institutional Class Percentile Rank 70 24 50 24
  Prime Rank 100 28 49 16
  # In Peer Group 144 117 99 67
Based on total returns.

Net Asset Values

(As of 07/05/2022)
 N.A.V.% Change
Pax Global Environmental Markets Fund – Investor Class $17.76 -0.84
Pax Global Environmental Markets Fund – Institutional Class $17.89 -0.83
Pax Global Environmental Markets Fund – Class A $17.73 -0.84
Past performance does not guarantee future results.

Asset Allocation

(As of 05/31/2022)

Portfolio Statistics

(As of 05/31/2022)
 Value
Assets (all share classes)$2,388,381,538
Number of Holdings (All)49
Turnover Ratio (12/31/2021)18

Top Sectors

(As of 05/31/2022)

Country Allocation

(As of 05/31/2022)
 Portfolio %
Denmark 3.60
France 8.10
Germany 6.40
Hong Kong 0.20
Japan 5.00
Netherlands 4.30
Switzerland 1.70
Taiwan 3.90
United Kingdom 7.20
United States 58.10

Top Ten Holdings

(As of 05/31/2022)

Portfolio Management Team

Hubert Aarts

Deputy CIO, Listed Equities, Executive Director

Hubert serves as Deputy CIO, Listed Equities. He and Bruce Jenkyn-Jones, CIO Listed Equities, are responsible for the development of the investment process, research and team. Hubert researches stocks globally and specialises in Industrials and Consumer Discretionary.

Hubert is Co-Portfolio Manager of Impax’s Leaders and Water strategies. He also leads Impax’s macro-economic research process and is responsible for the top-down investment framework.

Hubert started his career in the investment industry in 1990 and joined Impax in January 2007.  He has extensive experience investing in Pan-European equities as a portfolio manager at MeesPierson and Merrill Lynch Investment Managers, where he chaired the European Sector Strategy Group. Hubert joined Impax from Cambrian Capital Partners LLP where he was a partner and portfolio manager of the Curalium Fund and Incremental Leveraged hedge funds.

Hubert has a Master’s degree in Economics and Business Administration from Maastricht University.

Recent Insights

David Winborne

Senior Portfolio Manager

David is co-manager of the Global Opportunities, Leaders and US Environmental Leaders strategies. He has global research responsibility and specialises in Energy Efficiency and Pollution Control environmental markets sub-sectors. David researches stocks globally with a focus on the Technology and Telecommunications sectors.

David joined Impax in 2015 from the in-house asset management team at Tesco Pension Investment where he had joint responsibility for the successful development, launch and management of a new global equities investment platform for Tesco’s pension fund. Prior to this David was a fund manager at Sarasin & Partners, where he was responsible for the firm’s Asia-Pacific equity fund and for contributing investment recommendations to Sarasin’s flagship thematic Global Equity fund.

After graduating from the University of Bath, David began his career at Insight Investment on the Global Equities graduate scheme in 2003 as a global equity analyst.

Recent Insights

Siddharth Jha

Portfolio Manager

Siddharth is co-portfolio manager of the Leaders and US Environmental Leaders strategies and a member of the Portfolio Construction team for the Water strategy. His research responsibilities centre on the water value chain and the Industrials, Utility and Healthcare sectors with a bias towards North American companies.

Siddharth joined Impax in 2014 after graduating from business school and interning with Impax’s Listed Equity team over the summer and autumn of 2012. In his pre-MBA career, Sid worked as a clean technology consultant in India.

Siddharth has an MBA with a focus in Finance from London Business School and a Bachelor of Arts in History and Political Science from Macalester College, where he graduated cum laude.

Recent Insights

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