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 01/31/2020)
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 Class0.092.080.099.695.034.745.345.40
Pax High Yield Bond Fund - Class A50.092.080.099.695.034.745.355.41
Pax High Yield Bond Fund - Institutional Class10.112.150.119.825.244.975.605.59
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index0.072.300.0710.286.075.937.27
Lipper High Yield Bond Funds Index-0.072.52-0.079.315.495.256.77
Quarterly Total Returns
(As of 12/31/2019)
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 Class1.592.4014.1114.115.564.775.445.42
Pax High Yield Bond Fund - Class A51.592.3914.1014.105.564.765.455.43
Pax High Yield Bond Fund - Institutional Class11.462.4614.2614.265.834.995.715.61
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index1.622.5715.0815.086.456.107.43
Lipper High Yield Bond Funds Index2.352.9314.4614.466.095.416.93
5 Class A Inception date return since May 1, 2013 is 3.74 (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 01/31/2020)
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)-4.40-2.56-4.404.693.433.784.865.17
Performance after Sales Charge
(As of 12/31/2019)
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)-3.03-2.269.059.053.943.814.975.19


Yields4
(As of 01/31/2020)
 30 DAY SEC
YIELD (%)
ANNUAL DISTRIBUTION
YIELD (%)
30 DAY DISTRIBUTION
YIELD (%)
Pax High Yield Bond Fund - Investor Class 3.41 4.81 4.57
Pax High Yield Bond Fund - Class A 3.41 4.81 4.57
Pax High Yield Bond Fund - Institutional Class 3.66 5.06 4.83

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 01/31/2020)
 3 - Year
Standard Deviation 3.77
Alpha -0.07
Beta 0.97
R-Squared 97
Standard Deviation 3.78
Alpha -0.07
Beta 0.97
R-Squared 97
Standard Deviation 3.78
Alpha -0.05
Beta 0.97
R-Squared 97


Morningstar Ratings
(As of 01/31/2020)
 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 621 621 542 339

Based on risk adjusted returns.


Lipper Rankings
(As of 01/31/2020)
 High Yield Bond1 Year3 Year5 Year10 Year
Pax High Yield Bond Fund - Investor Class Percentile Rank 26 57 63 93
  Prime Rank 127 249 249 300
  # In Peer Group 502 439 400 324
Pax High Yield Bond Fund - Class A Percentile Rank 26 57 63 93
  Prime Rank 129 248 250 299
  # In Peer Group 502 439 400 324
Pax High Yield Bond Fund - Institutional Class Percentile Rank 22 42 50 88
  Prime Rank 110 183 198 284
  # In Peer Group 502 439 400 324

Based on total returns.


Net Asset Values
(As of 02/14/2020)
 N.A.V.% Change
Pax High Yield Bond Fund - Investor Class $6.82
Pax High Yield Bond Fund - Institutional Class $6.80
Pax High Yield Bond Fund - Class A $6.83

Past performance does not guarantee future results.


Portfolio


Asset Allocation
(As of 01/31/2020)


Portfolio Statistics
(As of 01/31/2020)
 Value
Assets (all share classes)$371,304,803
Number of Holdings (All)295
Turnover Ratio (12/31/2018)90


Top Sectors
(As of 01/31/2020)


Top Ten Holdings - Fixed Income
(As of 01/31/2020)
 Portfolio %
Hat Holdings I LLC, 5.250%, 7/15/24 0.80
Cco Holdings LLC, 4.750%, 3/1/30 0.80
Fly Leasing, Ltd., 6.375%, 10/15/21 0.80
Bombardier, Inc., 8.750%, 12/1/21 0.70
Air Canada, 7.750%, 04/15/21 0.70
Williams Scotsman International, Inc., 6.875%, 8/15/23 0.70
Cco Holdings LLC, 5.375%, 6/1/29 0.70
Csc Holdings LLC, 5.75%, 1/15/30 0.70
Performance Food Group, Inc. 5.500%, 6/1/24 0.70
Meritor, Inc., 6.250%, 2/15/24 0.60


Fixed Income Characteristics
(As of 01/31/2020)
 Value
Effective Yield4.29
Current Yield (Weighted Average)5.82
Average Coupon (Weighted Average)6.13
Effective Duration3.15
Years to Maturity (Weighted Average)6.31

Credit Quality
(As of 01/31/2020)