AUM
$41,133,025
Holdings
41
Launch Date
June 2018
Portfolio Managers
Kirsteen Morrison
David Winborne

Overview

A global equity strategy that invests in companies positioned to benefit from the transition to a more sustainable global economy.

Sustainability Lens

The strategy uses a proprietary Impax Sustainability Lens to identify companies best positioned to seize opportunities and mitigate risks arising from the transition to a more sustainable global economy. The strategy is also fossil fuel free.

Quality

Bottom-up stock selection, including ESG research integration, focuses on companies that possess durable competitive advantages, strong financial characteristics, and undervalued long-term prospects.

High Conviction

The strategy consists of a high conviction, all-cap portfolio of 35 to 45 companies that is well diversified by sector and region.

Monthly Total Returns

(As of 01/31/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception
Pax Global Opportunities Fund – Investor Class-2.573.28-2.5721.2211.74
Pax Global Opportunities Fund – Institutional Class-2.573.30-2.5721.4211.86
MSCI ACWI (Net) Index-1.104.88-1.1016.049.02
Lipper Global Multi-Cap Core Funds Index0.186.730.1818.879.44

Quarterly Total Returns

(As of 12/31/2019)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception
Pax Global Opportunities Fund – Investor Class3.508.6533.5133.5114.40
Pax Global Opportunities Fund – Institutional Class3.528.7633.7233.7214.52
MSCI ACWI (Net) Index3.528.9526.6026.6010.35
Lipper Global Multi-Cap Core Funds Index3.189.3229.2029.209.98
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 01/31/2020)
 Since Inception – 19 Months
Standard Deviation 15.40
Alpha 0.23
Beta 1.07
R-Squared 92
Standard Deviation 15.43
Alpha 0.24
Beta 1.07
R-Squared 92

Morningstar Ratings

(As of 01/31/2020)
 World Large StockOverall3yrs5yrs10yrs
Pax Global Opportunities Fund – Investor Class Rating
Pax Global Opportunities Fund – Institutional Class Rating
  # In Peer Group
The Morningstar Rating is only calculated for funds with at least a three-year history. This Fund’s ratings will be available when it meets that criteria.

Lipper Rankings

(As of 01/31/2020)
 Lipper Global Multi-Cap Core1yr3yrs5yrs10yrs
Pax Global Opportunities Fund – Investor Class Percentile Rank 31
  Prime Rank 62
  # In Peer Group 201
Pax Global Opportunities Fund – Institutional Class Percentile Rank 29
  Prime Rank 58
  # In Peer Group 201
Based on total returns.

Net Asset Values

(As of 02/27/2020)
 N.A.V.% Change
Pax Global Opportunities Fund – Investor Class $11.07 -3.40
Pax Global Opportunities Fund – Institutional Class $11.08 -3.32

Asset Allocation

(As of 01/31/2020)
Past performance does not guarantee future results.

Portfolio Statistics

(As of 01/31/2020)
 Value
Assets (all share classes)$41,133,025
Number of Holdings (All)41
Turnover Ratio (12/31/2018)29

Regions

(As of 01/31/2020)

Country Allocation

(As of 01/31/2020)
 Portfolio %
France 3.00
Germany 4.40
Hong Kong 3.60
India 5.20
Japan 8.30
Netherlands 5.80
Norway 0.90
Portugal 2.70
Spain 2.10
Taiwan 3.50
United Kingdom 12.80
United States 46.90

Top Sectors

(As of 01/31/2020)

Top Ten Holdings

(As of 01/31/2020)

Portfolio Management Team

Kirsteen Morrison

Senior Portfolio Manager, Director

Kirsteen joined Impax in 2009 and has co-responsibility for the Global Opportunities strategy. She is also the lead analyst for Japan and India.

Kirsteen began her career in the investment industry in 1987, investing in Asian equities as a Portfolio Manager at Royal London and Henderson Global Investors. She returned from Singapore in 2001 to head the SRI Investment team at Henderson Global Investors in London.

After this, she worked within global equities as a financial analyst for Odey Asset Management, before joining JP Morgan to run a long/short Asian financials portfolio for the internal hedge fund. 

Kirsteen has an MA in Metallurgy and Science of Materials from Oxford.

Recent blog posts

David Winborne

Senior Portfolio Manager, Director

David joined Impax in September 2015 as a senior portfolio manager on the listed equity team, and his responsibilities include co-management of the Leaders and Global Opportunities strategies.

He arrived 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.

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 blog posts

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