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 05/31/2019)
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 Class-1.231.446.884.736.472.336.315.24
Pax High Yield Bond Fund - Class A5-1.231.446.884.736.472.336.325.24
Pax High Yield Bond Fund - Institutional Class1-1.221.356.854.996.682.586.585.42
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index-1.051.347.576.116.544.448.59
Lipper Pax High Yield Bond Funds Index-1.001.387.634.816.643.698.62
Quarterly Total Returns
(As of 03/31/2019)
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 Class1.206.636.634.417.732.547.285.27
Pax High Yield Bond Fund - Class A51.206.626.624.417.722.547.295.28
Pax High Yield Bond Fund - Institutional Class11.076.546.544.517.952.767.555.45
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index1.127.347.346.337.764.7410.07
Lipper High Yield Bond Funds Index0.807.027.024.727.793.8710.19
5 Class A Inception date return since May 1, 2013 is 3.04 (annualized).
1 Institutional Class Inception date return since June 1, 2004 is 5.86 (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 05/31/2019)
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)-5.62-3.152.150.024.841.405.845.00
Performance after Sales Charge
(As of 03/31/2019)
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)-3.381.901.90-0.256.081.606.805.03


Yields4
(As of 05/31/2019)
 30 DAY SEC
YIELD (%)
ANNUAL DISTRIBUTION
YIELD (%)
30 DAY DISTRIBUTION
YIELD (%)
Pax High Yield Bond Fund - Investor Class 4.86 5.08 4.98
Pax High Yield Bond Fund - Class A 4.87 4.87 4.87
Pax High Yield Bond Fund - Institutional Class 5.12 5.12 5.12

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 05/31/2019)
 3 - Year
Standard Deviation 4.15
Alpha -0.01
Beta 1.02
R-Squared 94
Standard Deviation 4.16
Alpha -0.02
Beta 1.02
R-Squared 95
Standard Deviation 4.16
Alpha
Beta 1.02
R-Squared 95


Morningstar Ratings
(As of 05/31/2019)
 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 608 608 525 338

Based on risk adjusted returns.


Lipper Rankings
(As of 05/31/2019)
 High Yield Bond1 Year3 Year5 Year10 Year
Pax High Yield Bond Fund - Investor Class Percentile Rank 39 31 91 97
  Prime Rank 180 123 327 295
  # In Peer Group 463 400 362 305
Pax High Yield Bond Fund - Class A Percentile Rank 39 31 90 97
  Prime Rank 179 124 325 294
  # In Peer Group 463 400 362 305
Pax High Yield Bond Fund - Institutional Class Percentile Rank 31 23 82 94
  Prime Rank 142 92 296 285
  # In Peer Group 463 400 362 305

Based on total returns.


Net Asset Values
(As of 06/18/2019)
 N.A.V.% Change
Pax High Yield Bond Fund - Investor Class $6.63 0.30
Pax High Yield Bond Fund - Institutional Class $6.60 0.15
Pax High Yield Bond Fund - Class A $6.64 0.30

Past performance does not guarantee future results.


Portfolio


Asset Allocation
(As of 05/31/2019)


Portfolio Statistics
(As of 05/31/2019)
 Value
Assets (all share classes)$349,524,345
Number of Holdings (All)276
Turnover Ratio (12/31/2018)57


Top Sectors
(As of 05/31/2019)


Top Ten Holdings - Fixed Income
(As of 05/31/2019)
 Portfolio %
Fly Leasing, Ltd., 6.375%, 10/15/21 0.90
Altice France Sa, 7.375%, 5/1/26 0.90
Air Canada, 7.750%, 04/15/21 0.80
Prestige Brands, Inc., 6.375%, 3/1/24 0.80
Standard Industries, Inc., 6.000%, 10/15/25 0.70
Performance Food Group, Inc. 5.500%, 6/1/24 0.70
Parkland Fuel Corp., 6.000%, 4/1/26 0.70
Party City Holdings Inc., 6.625%, 8/1/26 0.70
Sally Holdings LLC, 5.625%, 12/1/25 0.70
Kar Auction Services, Inc., 5.125%, 6/1/25 0.70


Fixed Income Characteristics
(As of 05/31/2019)
 Value
Effective Yield5.81
Current Yield (Weighted Average)6.30
Average Coupon (Weighted Average)6.34
Effective Duration3.54
Years to Maturity (Weighted Average)5.88

Credit Quality
(As of 05/31/2019)