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Pax Mid Cap Fund Company Examples

At Pax World Funds, we fully integrate environmental, social and governance (ESG) factors into investment analysis and portfolio construction. The result, we believe, is an increased level of scrutiny that helps us construct investment portfolios made up of better-managed companies that are leaders in their industries, meet positive standards of corporate responsibility and are more focused on the long term.

Below are a few of the companies in the Pax Mid Cap Fund that we believe are taking advantage of sustainability-related opportunities or taking appropriate steps to address key ESG issues.

We are encouraged by the progress of these companies as they make their operations more sustainable, but we recognize that more can be done. That’s why we engage with companies on sustainability issues and ask for information about policies, programs and performance data.

Biogen, Inc. (BIIB)

Biogen, Inc. is a biopharmaceutical company that engages in discovering, developing and delivering therapies for neurological and neurodegenerative diseases.

  • Biogen has been carbon neutral since 2014, investing in environmental projects that reduce and offset the carbon emissions associated with its operations.
  • Biogen has also set a goal to reduce the GHG intensity of its operations by 80 percent by 2020 (using 2006 as a baseline). As of 2017, the company had achieved a reduction of 75 percent.
  • Biogen has recognized that working towards gender parity is critical to innovation. In support of this goal, the company launched a Women in Leadership Program in partnership with Babson College that seeks to cultivate high-potential entrepreneurial women leaders. Currently, women comprise 43 percent of Biogen’s director-level-and-above positions.
Prologis Inc. (PLD)

Prologis Inc. (PLD) is an owner, operator and developer of industrial real estate, focused on global and regional markets across the Americas, Europe and Asia. The company also leases modern distribution facilities to customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.

  • Prologis has integrated sustainability design standards into its buildings for more than 10 years. Features include the use of energy and water reduction technologies, higher quality insulation, lighting upgrades and clean energy, which lower operating costs for customers.
  • The company has also developed brownfield and infill sites. As necessary, Prologis remediates environmental contamination, puts abandoned land to higher and better use and enhances or builds new infrastructure.
  • Prologis was among the first in its industry to invest in rooftop solar. In 2017, Prologis added 10 megawatts of solar capacity to its portfolio, bringing the total to 175 megawatts, enough energy to power 26,000 average U.S. homes each year.
  • The company’s 2017 Sustainability Report includes detailed information on performance and process towards its goals, which are aligned with the UN Sustainable Development Goals. For example, Prologis is in the process of setting science-based targets to address climate change and has the goal of installing 200 megawatts of solar generating capacity by 2020.
Waste Management, Inc. (WM)

Waste Management, Inc. (WM) provides waste management services including collection, transfer, recycling, resource recovery and disposal services, and operates waste-to-energy facilities.

  • Waste Management provides industry leading disclosure, and its 2016 Sustainability Report and 2017 Sustainability Report Update includes detailed information on progress toward its 2020 goals.
  • The company has set ambitious carbon intensity reduction targets and monitors its performance in reducing emissions, including potential avoided greenhouse gas (GHG) emissions from multiple sources.
  • Waste Management is transitioning its truck fleet to natural gas to reduce emissions. Innovative projects include methane emissions capture, next generation landfills with accelerated decomposition technology and re-processing and recycling of older landfills.
  • The company is implementing programs to improve energy efficiency and to expand its commitments to the use of solar energy.

Pax Mid Cap Fund Top 10 Holdings
(As of 01/31/2019)

Holdings are subject to change.
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