PORTSMOUTH, N.H. September 6, 2016 – Pax Ellevate Management LLC, investment adviser to the Pax Ellevate Global Women’s Index Fund (PXWEX) (“the Fund”), today announced that the Fund has gathered over $100 million in assets under management. The Fund — a broadly diversified global mutual fund that invests in the highest-rated companies in the world for advancing women’s leadership — crossed this asset mark as it achieved another recent milestone, outperforming the MSCI World Index* for the two-year period ending June 30, 2016.1
“An overwhelming body of research suggests that companies with gender diverse leadership teams simply outperform their less diverse peers,” said Joe Keefe, President and CEO of Pax Ellevate. “The Fund is gaining traction as investors seek out strategies that offer long-term value and make a positive impact. This Fund offers investors the opportunity to invest in companies that are leaders in promoting gender diversity, to benefit from their vision and success, and help close the gender gap in the process.”
“We believe that it is simply smart business to invest in women and that this investment case will continue to be borne out over time by the performance of this Fund,” said Sallie Krawcheck, Chair of Pax Ellevate.
The Fund seeks investment returns that closely correspond to or exceed the price and yield performance, before fees and expenses, of the Pax Global Women’s Leadership Index (“the Global Women’s Leadership Index”).+ The Global Women’s Leadership Index, the first index of its kind, consists of equity securities of companies around the world that demonstrate a commitment to advancing women through gender diversity on their board, in executive management and through other policies and programs, as rated by Pax World Gender Analytics.
For more information about the Fund, visit www.paxellevate.com and sign up for the Why Investing in Women Matters newsletter www.paxellevate.com/resources/investing-in-women-newsletter.
Pax Ellevate Management LLC, investment adviser to the Pax Ellevate Global Women’s Index Fund, was founded on the belief that gender equality is critical to business success. The Pax Ellevate Global Women’s Index Fund is the first mutual fund that invests in the highest-rated companies in the world when it comes to advancing women’s leadership. Pax Ellevate is the result of a partnership between Pax World Management and Ellevate Asset Management, whose principal is Sallie Krawcheck, one of the most powerful advocates for women in the financial services industry.
Pax World Management LLC, investment adviser to Pax World Funds and creator of the Pax Global Women’s Leadership Index, is a pioneer in the field of sustainable investing. Pax World integrates environmental, social and governance (ESG) research into its investment process to better manage risk and deliver competitive long-term investment performance. Across all of its funds, Pax World withholds support from all-male corporate board slates, and working with other institutional investors, actively engages with companies to embrace gender diversity on their boards and advance women in the workplace. For over 45 years, Pax World has made it possible for investors to align their investments with their values and have a positive social and environmental impact. Today, its platform of sustainable investing solutions includes a family of mutual funds, as well as separately managed accounts.
On 6/4/2014, the Pax World Global Women’s Equality Fund merged into the Pax Ellevate Global Women’s Index Fund (the Fund), pursuant to an Agreement and Plan of Reorganization dated March 4, 2014 (the “Reorganization”). Because the Fund had no investment operations prior to the closing of the Reorganization, Pax World Global Women’s Equality Fund (the “Predecessor Fund”) is treated as the survivor of the Reorganization for accounting and performance reporting purposes. Accordingly, all performance and other information shown for the Fund for periods prior to 6/4/2014 is that of the Predecessor Fund.
1The annualized returns for the Pax Ellevate Global Women’s Index Fund – Individual Investor class as of 06/30/2016 were, 1 year: 0.48%, 2 year: 0.65%, 5 year: 5.92%, 10 year: 3.23%. The annualized returns for the Pax Ellevate Global Women’s Index Fund – Institutional class as of 06/30/2016 were, 1 year: 0.69%, 2 year: 0.87%, 5: year 6.17%, 10 year: 3.50%. The returns for the MSCI World Index as of 06/30/2016 were, 1 year: -2.78%, 2 year: -0.70%, 5 year: 6.63%, 10 year: 4.43%. The returns for the Pax Global Women’s Leadership Index as of 6/30/2016 were, 1 year: 1.30% and 2 year: 1.42%. 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. For most recent month-end performance information, visit visit the fund’s performance page. A fund’s performance for short time periods may not be indicative of future performance.
*The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. One cannot invest directly in an index. Returns are shown net which includes dividend reinvestments after deduction of foreign withholding tax.
+A custom index calculated by MSCI.
RISKS: Equity investments are subject to market fluctuations, the Fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings. The Fund does not take defensive positions in declining markets. The Fund’s performance would likely be adversely affected by a decline in the Index. Investments in emerging markets and non-U.S. securities are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation, intervention and political developments. There is no guarantee that the objective will be met and diversification does not eliminate risk.