Pax High Yield Bond FundPAXHXPXHAXPXHIX

ESG high yield investing with a quality focus 

Overview


A fundamental-driven strategy focused on research-intensive credit selection and portfolio risk management.


Performance & Risk


Monthly Total Returns
(As of 09/30/2019)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
Pax High Yield Bond Fund - Investor Class0.411.9711.446.605.653.385.605.37
Pax High Yield Bond Fund - Class A50.411.9711.436.445.653.385.625.37
Pax High Yield Bond Fund - Institutional Class10.432.0411.516.715.863.605.875.55
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index0.351.6712.207.875.995.497.62
Lipper High Yield Bond Funds Index0.411.0811.205.705.744.597.23
Quarterly Total Returns
(As of 09/30/2019)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
Pax High Yield Bond Fund - Investor Class0.411.9711.446.605.653.385.605.37
Pax High Yield Bond Fund - Class A50.411.9711.436.445.653.385.625.37
Pax High Yield Bond Fund - Institutional Class10.432.0411.516.715.863.605.875.55
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index0.351.6712.207.875.995.497.62
Lipper High Yield Bond Funds Index0.411.0811.205.705.744.597.23
5 Class A Inception date return since May 1, 2013 is 3.55 (annualized).

A 1.00% CDSC (contingent deferred sales charge) may be charged on any shares sold within 18 months of purchase over $1million. POP (public offering price) reflects the maximum sales load for the Fund’s Class A Shares of 4.50%

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 09/30/2019)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
Pax High Yield Bond Fund - Class A (Load)-4.15-2.566.501.694.052.435.135.13
Performance after Sales Charge
(As of 09/30/2019)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
Pax High Yield Bond Fund - Class A (Load)-4.15-2.566.501.694.052.435.135.13


Yields4
(As of 09/30/2019)
 30 DAY SEC
YIELD (%)
ANNUAL DISTRIBUTION
YIELD (%)
30 DAY DISTRIBUTION
YIELD (%)
Pax High Yield Bond Fund - Investor Class 3.84 4.93 4.86
Pax High Yield Bond Fund - Class A 3.85 4.93 4.86
Pax High Yield Bond Fund - Institutional Class 4.08 5.18 5.10

4 30 Day Distribution Yield: Funds income distribution paid in the preceding 30 days annualized. Annual Distribution Yield: Actual annual income distribution paid including capital gains. 30 Day SEC Yield: An annualized yield based on the most recent 30 day period.


Risk Statistics
(As of 09/30/2019)
 3 - Year
Standard Deviation 3.96
Alpha -0.02
Beta 0.99
R-Squared 94
Standard Deviation 3.98
Alpha -0.02
Beta 0.99
R-Squared 95
Standard Deviation 3.98
Alpha -0.01
Beta 0.99
R-Squared 95


Morningstar Ratings
(As of 09/30/2019)
 High Yield BondOverall3 Year5 Year10 Year
Pax High Yield Bond Fund - Investor Class Rating ★★ ★★★★ ★★
Pax High Yield Bond Fund - Class A Rating ★★★ ★★★★ ★★ ★★
Pax High Yield Bond Fund - Institutional Class Rating ★★ ★★★★ ★★ ★★
  # In Peer Group 613 613 532 344

Based on risk adjusted returns.


Lipper Rankings
(As of 09/30/2019)
 High Yield Bond1 Year3 Year5 Year10 Year
Pax High Yield Bond Fund - Investor Class Percentile Rank 24 30 89 95
  Prime Rank 120 128 349 310
  # In Peer Group 506 437 394 329
Pax High Yield Bond Fund - Class A Percentile Rank 28 30 89 94
  Prime Rank 137 129 350 309
  # In Peer Group 506 437 394 329
Pax High Yield Bond Fund - Institutional Class Percentile Rank 23 18 82 92
  Prime Rank 113 78 323 300
  # In Peer Group 506 437 394 329

Based on total returns.


Net Asset Values
(As of 10/18/2019)
 N.A.V.% Change
Pax High Yield Bond Fund - Investor Class $6.72 0.15
Pax High Yield Bond Fund - Institutional Class $6.69
Pax High Yield Bond Fund - Class A $6.73

Past performance does not guarantee future results.


Portfolio


Asset Allocation
(As of 09/30/2019)


Portfolio Statistics
(As of 09/30/2019)
 Value
Assets (all share classes)$375,194,030
Number of Holdings (All)296
Turnover Ratio (12/31/2018)57


Top Sectors
(As of 09/30/2019)


Top Ten Holdings - Fixed Income
(As of 09/30/2019)
 Portfolio %
Altice France Sa, 7.375%, 5/1/26 0.90
Hat Holdings I LLC, 5.250%, 7/15/24 0.80
Fly Leasing, Ltd., 6.375%, 10/15/21 0.80
Air Canada, 7.750%, 04/15/21 0.70
Parkland Fuel Corp., 6.000%, 4/1/26 0.70
Cco Holdings LLC, 5.375%, 6/1/29 0.70
Tempur Sealy International, Inc., 5.500%, 6/15/26 0.70
Williams Scotsman International, Inc., 6.875%, 8/15/23 0.70
Kar Auction Services, Inc., 5.125%, 6/1/25 0.70
Prestige Brands, Inc., 6.375%, 3/1/24 0.70


Fixed Income Characteristics
(As of 09/30/2019)
 Value
Effective Yield4.44
Current Yield (Weighted Average)6.05
Average Coupon (Weighted Average)6.31
Effective Duration3.08
Years to Maturity (Weighted Average)6.26

Credit Quality
(As of 09/30/2019)