Performance(as of 9/30/17)
|1-Month||Quarter||YTD||1 Year||3 Year||5 Year||10 Year||Since Inception1|
|Balanced Fund - Individual Investor Class||0.74||2.58||9.02||8.83||5.66||7.86||4.05||8.32|
|Balanced Fund - Institutional Class||0.73||2.64||9.18||9.05||5.91||8.12||4.31||8.38|
|S&P 500 Index||2.06||4.48||14.24||18.61||10.81||14.22||7.44|
|60% S&P 500 Index / 40% Bloomberg Barclays U.S. Aggregate Bond Index||1.05||3.02||9.70||10.90||7.65||9.34||6.47|
|Lipper Mixed-Asset Target Growth Funds Index||1.51||3.62||12.30||13.30||7.05||9.45||5.65|
Figures include reinvested dividends, capital gains distributions, and changes in principal value.
1The inception date for the Pax Balanced Fund Institutional Investor Class is April 2, 2007 and the Individual Investor Class inception date is August 10, 1971. The performance information shown for Institutional Class shares includes the performance of Individual Investor Class shares for the period prior to Institutional Class inception. Expenses have not been adjusted to reflect the expenses allocable to Institutional Class shares. If such expenses were reflected, the returns would be higher than those shown.
Effective 5/1/2017, the Pax Balanced Fund Net Annual Fund Operating Expense ratio including acquired Fund Fees and net fee waivers or reimbursements for the Institutional Share Class is 0.63%, the Total Annual Fund Operating Expense ratio including acquired Fund Fees and gross fee waivers or reimbursements is 0.68%. The Pax Balanced Fund Net Annual Fund Operating Expense ratio including acquired Fund Fees and net fee waivers or reimbursements for the Individual Investor Share Class is 0.93%, the Total Annual Fund Operating Expense ratio including acquired Fund Fees and gross fee waivers or reimbursements is 0.92%.
Asset AllocationRelative Contribution (%)
Asset Allocation (%)(as of 9/30/17)
|Pax Large Cap Fund∼||39.3|
|Pax ESG Beta® Dividend Fund∼||7.2|
|Pax Mid Cap Fund||7.4|
|Pax MSCI EAFE ESG Leaders Index Fund||10.6|
|Pax Core Bond Fund∼||35.0|
|Cash & Other||0.5|
(as of 9/30/17)
Apple, Inc. 2.4%, Microsoft Corp. 2.3%, Amazon.com, Inc. 1.7%, Cisco Systems, Inc. 1.7%, Berkshire Hathaway, Inc., Class B 1.4%, Biogen Idec, Inc. 1.3%, Stanley Black & Decker, Inc. 1.3%, Ingersoll-Rand PLC 1.3%, Waste Management, Inc. 1.3% and Merck & Co., Inc. 1.2%. Holdings are subject to change.
†The MSCI EAFE (Europe, Australasia, Far East) (Net) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Performance for the MSCI EAFE Index is shown “net,” which includes dividend reinvestments after deduction of foreign withholding tax. One cannot invest directly in an index.
‡Standard & Poor’s 500 Stock Index is an unmanaged index of large capitalization common stocks.
§The Russell Midcap Index measures performance of the mid-capitalization sector of the US equity market. The index is a float-adjusted, capitalization-weighted index of the 800 smallest issuers in the Russell 1000 Index. The index is a subset of the Russell 1000 Index and serves as the underlying index for the Russell Midcap Growth and Value Index series. The Index is reconstituted annually. One cannot invest directly in any index.
∞Bloomberg Barclays U.S. Aggregate Bond Index represents securities that are U.S. domestic, taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities and asset-backed securities. One cannot invest directly in an index.
△The Chicago Board Options Exchange (CBOE) Volatility Index (VIX) is a measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. It is a widely-used measure of market risk and shows the market’s expectation of 30-day volatility. One cannot invest directly in an index.
The statements and opinions expressed are those of the author as of the date of this report. All information is historical and not indicative of future results and subject to change. This information is not a recommendation to buy or sell any security. Past performance does not guarantee future results.