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 11/30/2019)
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 Class0.391.2112.3310.195.873.875.445.36
Pax High Yield Bond Fund - Class A50.391.2112.3210.195.873.875.455.37
Pax High Yield Bond Fund - Institutional Class10.561.4312.6110.496.144.135.735.56
ICE BofAML US Cash Pay High Yield Constrained (BB-B) Index0.611.2813.2511.106.465.527.47
Lipper High Yield Bond Funds Index0.390.9811.839.195.914.606.99
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 3.58 (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 11/30/2019)
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)-4.17-3.397.345.264.262.934.975.13
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 11/30/2019)
 30 DAY SEC
YIELD (%)
ANNUAL DISTRIBUTION
YIELD (%)
30 DAY DISTRIBUTION
YIELD (%)
Pax High Yield Bond Fund - Investor Class 3.81 4.90 4.95
Pax High Yield Bond Fund - Class A 3.81 4.90 4.95
Pax High Yield Bond Fund - Institutional Class 4.06 5.14 5.21

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 11/30/2019)
 3 - Year
Standard Deviation 3.94
Alpha -0.05
Beta 1.00
R-Squared 95
Standard Deviation 3.96
Alpha -0.05
Beta 1.00
R-Squared 95
Standard Deviation 3.96
Alpha -0.03
Beta 1.00
R-Squared 95


Morningstar Ratings
(As of 11/30/2019)
 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 615 615 539 340

Based on risk adjusted returns.


Lipper Rankings
(As of 11/30/2019)
 High Yield Bond1 Year3 Year5 Year10 Year
Pax High Yield Bond Fund - Investor Class Percentile Rank 24 33 75 95
  Prime Rank 117 140 295 307
  # In Peer Group 501 437 395 326
Pax High Yield Bond Fund - Class A Percentile Rank 24 33 75 94
  Prime Rank 118 141 296 306
  # In Peer Group 501 437 395 326
Pax High Yield Bond Fund - Institutional Class Percentile Rank 18 19 62 91
  Prime Rank 89 81 244 296
  # In Peer Group 501 437 395 326

Based on total returns.


Net Asset Values
(As of 12/13/2019)
 N.A.V.% Change
Pax High Yield Bond Fund - Investor Class $6.77 0.30
Pax High Yield Bond Fund - Institutional Class $6.74 0.15
Pax High Yield Bond Fund - Class A $6.78 0.15

Past performance does not guarantee future results.


Portfolio


Asset Allocation
(As of 11/30/2019)


Portfolio Statistics
(As of 11/30/2019)
 Value
Assets (all share classes)$368,887,843
Number of Holdings (All)287
Turnover Ratio (12/31/2018)57


Top Sectors
(As of 11/30/2019)


Top Ten Holdings - Fixed Income
(As of 11/30/2019)
 Portfolio %
Hat Holdings I LLC, 5.250%, 7/15/24 0.90
Fly Leasing, Ltd., 6.375%, 10/15/21 0.80
Bombardier, Inc., 8.750%, 12/1/21 0.80
Cco Holdings LLC, 5.375%, 6/1/29 0.70
Air Canada, 7.750%, 04/15/21 0.70
Csc Holdings LLC, 5.75%, 1/15/30 0.70
Williams Scotsman International, Inc., 6.875%, 8/15/23 0.70
Sirius Xm Radio, Inc., 5.375%, 7/15/26 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 11/30/2019)
 Value
Effective Yield4.37
Current Yield (Weighted Average)5.92
Average Coupon (Weighted Average)6.20
Effective Duration3.16
Years to Maturity (Weighted Average)6.36

Credit Quality
(As of 11/30/2019)