Pax Small Cap FundPXSCXPXSAXPXSIX

High conviction strategy with strong emphasis on risk management 

Overview


A core strategy focused on high quality companies at reasonable prices. The manager emphasizes downside risk management and a disciplined sell process.


Performance & Risk


Monthly Total Returns
(As of 09/30/2017)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
Small Cap Fund - Individual Investor Class4.142.503.0911.327.4113.219.54
Small Cap Fund - Class A54.142.503.1011.357.4013.219.53
Small Cap Fund - Institutional Class4.172.613.3211.597.6913.499.82
Russell 2000 Index6.245.6710.9420.7412.1813.797.859.92
Lipper Small-Cap Core Funds Index6.055.279.3820.1711.3913.407.789.75
Quarterly Total Returns
(As of 09/30/2017)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
Small Cap Fund - Individual Investor Class4.142.503.0911.327.4113.219.54
Small Cap Fund - Class A54.142.503.1011.357.4013.219.53
Small Cap Fund - Institutional Class4.172.613.3211.597.6913.499.82
Russell 2000 Index6.245.6710.9420.7412.1813.797.859.92
Lipper Small-Cap Core Funds Index6.055.279.3820.1711.3913.407.789.75
5 Class A Inception date return since May 1, 2013 is 11.27 (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 09/30/2017)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
Small Cap Fund - Class A (Load)-1.58-3.11-2.575.255.3811.938.89
Performance after Sales Charge
(As of 09/30/2017)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
Small Cap Fund - Class A (Load)-1.58-3.11-2.575.255.3811.938.89


Risk Statistics
(As of 09/30/2017)
 Value
Standard Deviation 9.77
Alpha -0.04
Beta 0.65
R-Squared 90
Standard Deviation
Alpha
Beta
R-Squared 0
Standard Deviation 9.78
Alpha -0.02
Beta 0.65
R-Squared 90


Morningstar Ratings
(As of 09/30/2017)
 Overall3 Year5 Year10 Year
Small Cap Fund - Individual Investor Class ★★★ ★★ ★★★★ -
Small Cap Fund - Class A (Load) - - - -
Small Cap Fund - Class A ★★ ★★ ★★★★ -
Small Cap Fund - Institutional Class ★★★ ★★ ★★★★ -
# In Peer Group 653 653 554 -


Lipper Rankings
(As of 09/30/2017)
 Small-Cap Core1 Year3 Year5 Year10 Year
Small Cap Fund - Individual Investor Class Percentile Rank 95 87 51
  Prime Rank 965 732 375
  # In Peer Group 1016 844 747 593
Small Cap Fund - Class A Percentile Rank 95 87 51
  Prime Rank 964 733 376
  # In Peer Group 1016 844 747 593
Small Cap Fund - Institutional Class Percentile Rank 95 86 45
  Prime Rank 961 724 332
  # In Peer Group 1016 844 747 593


Net Asset Values
(As of 10/20/2017)
 N.A.V.% Change
Small Cap Fund - Individual Investor Class $15.80 0.32
Small Cap Fund - Institutional Class $15.93 0.38
Small Cap Fund - Class A $15.77 0.38

Past performance does not guarantee future results.


Portfolio


Asset Allocation
(As of 09/30/2017)


Portfolio Statistics
(As of 09/30/2017)
 Value
Assets (all share classes)$824,315,051
Number of Holdings (All)59
Turnover Ratio (12/31/2016)49


Top Sectors
(As of 09/30/2017)


Top Ten Holdings
(As of 09/30/2017)


Management


From left:

Diederik Basch, CFA® - Senior Analyst
Nathan Moser, CFA® - Senior Vice President, Portfolio Manager