Pax High Yield Bond Fund: Company Examples

At Pax World, we fully integrate environmental, social and governance (ESG) factors into investment analysis and portfolio construction. Here are a few Pax High Yield Bond Fund fixed-income securities that we believe are promoting positive community or environmental outcomes:

Atlantica Yield PLC
Atlantica Yield PLC owns and operates primarily renewable and conventional power assets as well as transmission lines in North and South America, Europe, the Middle East and Africa. The company sees renewable sources as the highest growth trend in the power generation sector and contracts with governments and utilities which are focused on solving energy scarcity concerns in addition to reducing carbon emissions. Approximately 70% of the company’s revenues are derived from renewable energy sources, with solar contributing the majority.

SNF Floerger
SNF Floerger is a leading manufacturer of water-soluble polymers used in many industrial applications, including the treatment of wastewater and the production of drinking water. Access to clean water is a key global sustainability challenge and SNF Floerger manufacturers products that help manage water resources and meet increased demand for improved water quality. The company states that it treats the water of more than 750 million people around the world.

Ormat Technologies
Ormat Technologies is a leading geothermal power producer and equipment maker. Ormat owns and operates geothermal plants located in Nevada, California, Hawaii, Kenya, and Guatemala. The company also sells geothermal generators and energy recovery systems to consumers and other geothermal operators. The company has innovative and proprietary technology that has reduced the amount of water used in geothermal power generation allowing geothermal energy to be harvested in more numerous regions.

Holdings are subject to change.

Pax High Yield Bond Fund Top Ten Holdings as of 03/31/2017:
HCA, Inc., 5.875%, 2/15/26 1.30; Charlotte Russe, Inc., 6.750%, 05/21/19 1.20; Sirius XM Radio, Inc., 5.375%, 4/15/25 1.00; Simmons Foods, Inc., 7.875%, 10/1/21 1.00; Ion Geophysical Corp., 9.125%, 21/15/21 0.90; Care Capital Properties LP, 5.125%, 8/15/26 0.80; Fly Leasing, Ltd., 6.375%, 10/15/21 0.80; Cst Brands, Inc., 5.000%, 5/1/23 0.80; Ope Kag Finance Sub, Inc., 7.875%, 7/31/23 0.80; Ard Finance SA, 7.125%, 9/15/23 0.80;