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 01/31/2019)
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 Class4.131.164.130.537.862.477.185.18
Pax High Yield Bond Fund - Class A54.121.164.120.537.862.507.195.19
Pax High Yield Bond Fund - Institutional Class14.161.234.160.768.142.757.455.37
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index4.431.894.431.868.344.639.71
Lipper High Yield Bond Funds Index4.471.001.360.568.303.839.83
Quarterly Total Returns
(As of 12/31/2018)
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-1.90-4.35-3.07-3.075.471.757.514.99
Pax High Yield Bond Fund - Class A5-1.90-4.48-3.05-3.055.471.787.524.99
Pax High Yield Bond Fund - Institutional Class1-1.89-4.30-2.70-2.705.742.027.785.17
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index-1.89-3.87-2.04-2.046.343.879.98
Lipper Pax High Yield Bond Funds Index-2.36-4.95-2.98-2.986.123.059.82
5 Class A Inception date return since May 1, 2013 is 2.74 (annualized).
1 Institutional Class Inception date return since June 1, 2004 is 5.82 (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 01/31/2019)
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)-0.49-3.44-0.49-3.996.191.556.704.94
Performance after Sales Charge
(As of 12/31/2018)
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)-6.28-8.74-7.42-7.423.890.847.034.74


Yields4
(As of 01/31/2019)
 30 DAY SEC
YIELD (%)
ANNUAL DISTRIBUTION
YIELD (%)
30 DAY DISTRIBUTION
YIELD (%)
Pax High Yield Bond Fund - Investor Class 5.71 5.11 5.25
Pax High Yield Bond Fund - Class A 5.94 5.36 5.50
Pax High Yield Bond Fund - Institutional Class 5.71 5.11 5.25

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 01/31/2019)
 3 - Year
Standard Deviation 4.61
Alpha -0.04
Beta 1.00
R-Squared 93
Standard Deviation 4.60
Alpha -0.01
Beta 1.00
R-Squared 93


Morningstar Ratings
(As of 01/31/2019)
 Overall3 Year5 Year10 Year
Pax High Yield Bond Fund - Investor Class ★★ ★★★ ★★
Pax High Yield Bond Fund - Class A (Load) - - - -
Pax High Yield Bond Fund - Class A ★★ ★★★ ★★
Pax High Yield Bond Fund - Institutional Class ★★ ★★★ ★★ ★★
# In Peer Group 607 607 513 331


Lipper Rankings
(As of 01/31/2019)
 High Yield Bond1 Year3 Year5 Year10 Year
Pax High Yield Bond Fund - Investor Class Percentile Rank 56 44 88 96
  Prime Rank 378 259 456 362
  # In Peer Group 687 602 520 378
Pax High Yield Bond Fund - Class A Percentile Rank 55 44 87 96
  Prime Rank 374 260 450 361
  # In Peer Group 687 602 520 378
Pax High Yield Bond Fund - Institutional Class Percentile Rank 46 36 80 94
  Prime Rank 313 212 413 352
  # In Peer Group 687 602 520 378


Net Asset Values
(As of 02/19/2019)
 N.A.V.% Change
Pax High Yield Bond Fund - Investor Class $6.51
Pax High Yield Bond Fund - Institutional Class $6.49
Pax High Yield Bond Fund - Class A $6.52

Past performance does not guarantee future results.


Portfolio


Asset Allocation
(As of 01/31/2019)


Portfolio Statistics
(As of 01/31/2019)
 Value
Assets (all share classes)$380,312,671
Number of Holdings (All)277
Turnover Ratio (12/31/2017)91


Top Sectors
(As of 01/31/2019)


Top Ten Holdings - Fixed Income
(As of 01/31/2019)
 Portfolio %
Manitowoc Company, Inc., 12.750%, 8/15/21 0.90
Scientific Games International, Inc., 10.000%, 12/1/22 0.90
Sprint Corp., 7.250%, 9/15/21 0.80
United Rentals North America, Inc. 5.750%, 11/15/24 0.80
Fly Leasing, Ltd., 6.375%, 10/15/21 0.80
CCO Holdings, LLC/Capital Corp., 144A, 5.375%, 5/1/25 0.80
Hca, Inc., 5.875%, 5/1/23 0.80
Air Canada, 7.750%, 04/15/21 0.70
Taylor Morrison Communities, Inc. 5.625%, 3/1/24 0.70
Standard Industries, Inc., 6.000%, 10/15/25 0.70


Fixed Income Characteristics
(As of 01/31/2019)
 Value
Effective Yield6.48
Current Yield (Weighted Average)6.55
Average Coupon (Weighted Average)6.35
Effective Duration3.78
Years to Maturity (Weighted Average)5.60

Credit Quality
(As of 01/31/2019)