AUM
$342,445,649
Holdings
60
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 04/30/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax Small Cap Fund – Investor Class10.40-20.03-21.88-17.67-4.00-0.526.546.05
Pax Small Cap Fund – Class A510.43-20.07-21.87-17.65-4.00-0.526.546.05
Pax Small Cap Fund – Institutional Class10.49-19.96-21.79-17.41-3.76-0.286.816.32
Russell 2000 Index13.74-18.47-21.08-16.39-0.822.887.696.90
Lipper Small-Cap Core Funds Index13.33-21.21-23.77-19.64-2.272.127.106.46

Quarterly Total Returns

(As of 03/31/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax Small Cap Fund – Investor Class-21.30-29.24-29.24-22.51-7.34-2.775.925.22
Pax Small Cap Fund – Class A5-21.35-29.25-29.25-22.50-7.35-2.775.915.22
Pax Small Cap Fund – Institutional Class-21.31-29.22-29.22-22.35-7.13-2.536.185.49
Russell 2000 Index-21.73-30.61-30.61-23.99-4.64-0.256.905.81
Lipper Small-Cap Core Funds Index-23.16-32.73-32.73-26.12-5.96-0.796.295.41
5 Class A Inception date return since May 1, 2013 is 4.61 (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 04/30/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax Small Cap Fund – Class A (Load)4.38-24.45-26.16-22.20-5.79-1.645.935.55

Performance after Sales Charge

(As of 03/31/2020)
Month End | Quarter End Average Annual Returns (%)
1m3mYTD1yr3yrs5yrs10yrsSince
Inception1
Pax Small Cap Fund – Class A (Load)-25.70-33.14-33.14-26.74-9.09-3.865.324.73

Risk Statistics

(As of 04/30/2020)
 5 – Year
Standard Deviation 16.16
Alpha -0.25
Beta 0.78
R-Squared 92
Standard Deviation 16.16
Alpha -0.25
Beta 0.78
R-Squared 92
Standard Deviation 16.16
Alpha -0.23
Beta 0.78
R-Squared 92

Morningstar Ratings

(As of 04/30/2020)
 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 623 623 497 355
Based on risk adjusted returns.

Lipper Rankings

(As of 04/30/2020)
 Small-Cap Core1yr3yrs5yrs10yrs
Pax Small Cap Fund – Investor Class Percentile Rank 33 57 71 48
  Prime Rank 296 482 500 254
  # In Peer Group 910 849 705 538
Pax Small Cap Fund – Class A Percentile Rank 33 57 71 48
  Prime Rank 295 483 499 255
  # In Peer Group 910 849 705 538
Pax Small Cap Fund – Institutional Class Percentile Rank 31 54 68 41
  Prime Rank 282 456 474 216
  # In Peer Group 910 849 705 538
Based on total returns.

Net Asset Values

(As of 05/28/2020)
 N.A.V.% Change
Pax Small Cap Fund – Investor Class $12.20 -2.01
Pax Small Cap Fund – Institutional Class $12.34 -1.99
Pax Small Cap Fund – Class A $12.17 -2.01
Past performance does not guarantee future results.

Asset Allocation

(As of 04/30/2020)

Portfolio Statistics

(As of 04/30/2020)
 Value
Assets (all share classes)$342,445,649
Number of Holdings (All)60
Turnover Ratio (12/31/2019)78

Top Sectors

(As of 04/30/2020)

Top Ten Holdings

(As of 04/30/2020)

Portfolio Management Team

Nathan Moser, CFA®

Senior Vice President, Portfolio Manager, Pax Small Cap Fund, Pax Sustainable Allocation Fund

Nathan Moser is SVP and Portfolio Manager of the Pax Small Cap Fund at Impax Asset Management LLC and a Senior Vice President at Pax World Funds. Nathan is also a member of the portfolio management team of the Pax Sustainable Allocation Fund.

Nathan has been responsible for management of the Pax Small Cap Fund since its inception in 2008 and has been a member of the portfolio management team of the Pax Sustainable Allocation Fund since 2015. He joined the firm in 2008 from Citizens Funds, where he worked for six years, first as an equity analyst and then as portfolio manager. He started his career with John Hancock Funds, where he was an equity analyst.

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

CFA® is a trademark owned by the CFA Institute.

Recent blog posts

Diederik Basch, CFA®

Senior Analyst, Pax Small Cap Fund

Diederik Basch is a Senior Analyst for the Pax Small Cap Fund at Impax Asset Management LLC. He is also an Assistant Vice President at Pax World Funds.

Diederik began his investment analysis career in 2006 and has a diverse international background with work experience in the U.S., Europe and Asia.

Prior to joining Impax Asset Management LLC, formerly Pax World Management LLC, in 2016, Diederik served as Senior Equity Analyst at RobecoSAM AG, a subsidiary of Robeco Group, located in Zurich, Switzerland. During his tenure from 2010 to 2016 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 due to his sector coverage. Diederik also completed an assignment in Robeco’s Hong Kong office working with their Asian Equities team. Prior to his role at RobecoSAM, he was a Senior Associate Analyst at Canaccord Genuity, with a focus on small- and mid-cap companies.

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

CFA® is a trademark owned by the CFA Institute.

Curtis Kim, CFA®

Equity Analyst, Pax Small Cap Fund

Curtis Kim is an Equity Analyst for the Pax Small Cap Fund at Impax Asset Management LLC, formerly Pax World Management LLC.

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 has previous experience as a Quantitative Associate at Clearbridge Investments, a Legg Mason subsidiary. Curtis joined the investment industry in 2005 with FactSet Research Systems, where held a Product Specialist role.

Curtis holds a Bachelor of Arts degree with a concentration in Political Science from Colgate University. He received his MBA from Cornell University and is a CFA® charterholder.

CFA® is a trademark owned by the CFA Institute.

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