AUM
$362,825,067
Holdings
62
Launch Date
March 2008
Launch Date (Class A)
May 2013
Portfolio Manager
Nathan Moser, CFA®

Overview

A core strategy that fully integrates analysis of ESG risks and opportunities and focuses on high quality companies at reasonable prices.

Quality

Bottom-up stock selection focuses on companies that exhibit high free cash flow, strong balance sheets, undervalued growth potential and management teams that exercise capital discipline

Risk Management

Seeks to control volatility and reduce downside risk through a focus on valuation and quality, together with a strong sell discipline

Sustainability

The strategy uses a proprietary sustainability lens and ESG research to better manage sustainability risks and identify opportunities, and is fossil fuel free.

Monthly Total Returns

(As of 09/30/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax Small Cap Fund – Investor Class-3.551.75-13.02-7.33-1.603.257.766.75
Pax Small Cap Fund – Class A5-3.641.76-13.06-7.36-1.623.237.756.75
Pax Small Cap Fund – Institutional Class-3.581.81-12.89-7.12-1.373.508.037.02
Russell 2000 Index-3.344.93-8.690.391.778.009.857.91
Lipper Small-Cap Core Funds Index-4.422.92-14.68-7.82-0.506.308.717.20

Quarterly Total Returns

(As of 09/30/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax Small Cap Fund – Investor Class-3.551.75-13.02-7.33-1.603.257.766.75
Pax Small Cap Fund – Class A5-3.641.76-13.06-7.36-1.623.237.756.75
Pax Small Cap Fund – Institutional Class-3.581.81-12.89-7.12-1.373.508.037.02
Russell 2000 Index-3.344.93-8.690.391.778.009.857.91
Lipper Small-Cap Core Funds Index-4.422.92-14.68-7.82-0.506.308.717.20
5 Class A Inception date return since May 1, 2013 is 5.86 (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.

Performance after Sales Charge

(As of 09/30/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax Small Cap Fund – Class A (Load)-8.95-3.85-17.83-12.46-3.462.077.146.27

Performance after Sales Charge

(As of 09/30/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax Small Cap Fund – Class A (Load)-8.95-3.85-17.83-12.46-3.462.077.146.27

Risk Statistics

(As of 09/30/2020)
 5 – Year
Standard Deviation 16.37
Alpha -0.26
Beta 0.79
R-Squared 92
Standard Deviation 16.38
Alpha -0.26
Beta 0.79
R-Squared 92
Standard Deviation 16.37
Alpha -0.24
Beta 0.79
R-Squared 92

Morningstar Ratings

(As of 09/30/2020)
 Small BlendOverall3yrs5yrs10yrs
Pax Small Cap Fund – Investor Class Rating ★★★ ★★★ ★★ ★★★
Pax Small Cap Fund – Class A Rating ★★ ★★★ ★★ ★★★
Pax Small Cap Fund – Institutional Class Rating ★★★ ★★★ ★★★ ★★★
  # In Peer Group 617 617 503 358
Based on risk adjusted returns.

Lipper Rankings

(As of 09/30/2020)
 Small-Cap Core1yr3yrs5yrs10yrs
Pax Small Cap Fund – Investor Class Percentile Rank 47 50 74 59
  Prime Rank 420 422 541 316
  # In Peer Group 905 855 737 544
Pax Small Cap Fund – Class A Percentile Rank 47 51 74 59
  Prime Rank 421 428 544 318
  # In Peer Group 905 855 737 544
Pax Small Cap Fund – Institutional Class Percentile Rank 46 48 70 54
  Prime Rank 410 409 509 289
  # In Peer Group 905 855 737 544
Based on total returns.

Net Asset Values

(As of 10/20/2020)
 N.A.V.% Change
Pax Small Cap Fund – Investor Class $13.57 0.22
Pax Small Cap Fund – Institutional Class $13.73 0.15
Pax Small Cap Fund – Class A $13.53 0.15
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)$362,825,067
Number of Holdings (All)62
Turnover Ratio (12/31/2019)78

Top Sectors

(As of 09/30/2020)

Top Ten Holdings

(As of 09/30/2020)

Portfolio Management Team

Nathan Moser, CFA®

Senior Vice President, Portfolio Manager

Nathan Moser is Senior Vice President at Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Pax World Funds.

He is Portfolio Manager of the U.S. Small Cap Strategy, including the Pax Small Cap Fund. Nathan has been a member of the Pax Sustainable Allocation Fund portfolio management team since 2015.

Nathan has managed the Pax Small Cap Fund since its inception in 2008, which is the year he joined the firm. Prior to that, he worked at Citizens Funds, first as an Equity Analyst then as a Portfolio Manager. Nathan started his career with John Hancock Funds, where he was an Equity Analyst.

Nathan holds a Bachelor of Science from Babson College. He is a CFA® charterholder and a member of the CFA Society Boston.

Recent blog posts

Diederik Basch, CFA®

Assistant Vice President, Senior Analyst

Diederik Basch is an Assistant Vice President at Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Pax World Funds.

He is a Senior Analyst for the U.S. Small Cap Strategy, which includes the Pax Small Cap Fund. Diederik started his investment analysis career in 2006 and has worked in the U.S., Europe and Asia.

Before joining Impax in 2016, Diederik served as Senior Equity Analyst at RobecoSAM AG, a subsidiary of Robeco Group, in Zurich, Switzerland, where he conducted fundamental research, including integration of ESG factors, on the global consumer staples and discretionary sectors. He was a key supporting analyst for the firm’s thematic Sustainable Healthy Living and Sustainable Agribusiness funds. Diederik also completed an assignment in Robeco’s Hong Kong office, working with its Asian Equities team. Prior to RobecoSAM, he was a Senior Associate Analyst at Canaccord Genuity, with a focus on small- and mid-cap companies.

Diederik is a CFA® charterholder and member of the Boston Security Analysts Society. He holds a Bachelor of Arts with a concentration in economics from Brandeis University. Diederik received his MBA from the Kelley School of Business at Indiana University, where he was also a faculty-selected member of the Investment Management Academy.

Curtis Kim, CFA®

Equity Analyst

Curtis Kim is an Equity Analyst at Impax Asset Management LLC, the North American division of Impax Asset Management Group and investment adviser to Pax World Funds.

Curtis directs a particular focus on the firm’s Small Cap Strategy, which includes the Pax Small Cap Fund.

Prior to joining the firm in 2018, Curtis served as a Generalist Analyst at SGF Capital, a long-short hedge fund focused on small cap equities. He also worked as a Quantitative Associate at Clearbridge Investments, a Legg Mason subsidiary. Curtis joined the investment industry in 2005 at FactSet Research Systems in the role of Product Specialist.

Curtis earned a Bachelor of Arts with a concentration in political science from Colgate University. He received an MBA from Cornell University and is a CFA® charterholder.

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