Pax Small Cap FundPXSCXPXSAXPXSIX

High conviction strategy with strong emphasis on risk management 

Overview


A core strategy focused on high quality companies at reasonable prices. The manager emphasizes downside risk management and a disciplined sell process.


Performance & Risk


Monthly Total Returns
(As of 05/31/2018)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
Small Cap Fund - Investor Class2.653.37-0.858.555.769.888.859.37
Small Cap Fund - Class A52.653.37-0.858.585.779.888.859.37
Small Cap Fund - Institutional Class2.693.47-0.738.946.0310.179.149.65
Russell 2000 Index6.078.376.9020.7610.9812.189.6410.32
Lipper Small-Cap Core Funds Index4.906.474.6417.5810.7011.449.2010.01
Quarterly Total Returns
(As of 03/31/2018)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
Small Cap Fund - Investor Class1.33-2.80-2.805.244.7610.349.379.32
Small Cap Fund - Class A51.27-2.87-2.875.194.7510.339.379.31
Small Cap Fund - Institutional Class1.32-2.78-2.785.455.0310.619.659.60
Russell 2000 Index1.29-0.08-0.0811.798.3911.479.849.76
Lipper Small-Cap Core Funds Index1.03-0.71-0.7110.768.5710.969.679.62
5 Class A Inception date return since May 1, 2013 is 10.70 (annualized).

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.

A 1.00% CDSC (contingent deferred sales charge) may be charged on any shares sold within 18 months of purchase over $1 million. POP (public offering price) reflects the maximum sales load for the Fund’s Class A Shares of 5.50%.


Performance after Sales Charge
(As of 05/31/2018)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
Small Cap Fund - Class A (Load)-2.99-2.29-6.292.573.798.648.248.76
Performance after Sales Charge
(As of 03/31/2018)
Month End | Quarter End Average Annual Returns (%)
1
Month
3
Month
Year-to-
Date
1
Year
3
Year
5
Year
10
Year
Since
Inception1
Small Cap Fund - Class A (Load)-4.27-8.19-8.19-0.622.809.098.758.70


Risk Statistics
(As of 05/31/2018)
 Value
Standard Deviation 9.52
Alpha -0.10
Beta 0.64
R-Squared 87
Standard Deviation
Alpha
Beta
R-Squared 0
Standard Deviation 9.53
Alpha -0.08
Beta 0.64
R-Squared 87


Morningstar Ratings
(As of 05/31/2018)
 Overall3 Year5 Year10 Year
Small Cap Fund - Investor Class ★★★ ★★ ★★★ ★★★
Small Cap Fund - Class A (Load) - - - -
Small Cap Fund - Class A ★★★ ★★ ★★★ ★★★
Small Cap Fund - Institutional Class ★★★ ★★ ★★★ ★★★★
# In Peer Group 631 631 538 392


Lipper Rankings
(As of 05/31/2018)
 Small-Cap Core1 Year3 Year5 Year10 Year
Small Cap Fund - Investor Class Percentile Rank 96 91 72 53
  Prime Rank 948 747 514 301
  # In Peer Group 991 822 720 577
Small Cap Fund - Class A Percentile Rank 96 91 72 52
  Prime Rank 947 745 513 300
  # In Peer Group 991 822 720 577
Small Cap Fund - Institutional Class Percentile Rank 96 90 67 43
  Prime Rank 942 736 481 245
  # In Peer Group 991 822 720 577


Net Asset Values
(As of 06/22/2018)
 N.A.V.% Change
Small Cap Fund - Investor Class $16.93 0.59
Small Cap Fund - Institutional Class $17.07 0.59
Small Cap Fund - Class A $16.89 0.54

Past performance does not guarantee future results.


Portfolio


Asset Allocation
(As of 05/31/2018)


Portfolio Statistics
(As of 05/31/2018)
 Value
Assets (all share classes)$804,118,669
Number of Holdings (All)59
Turnover Ratio (12/31/2016)56


Top Sectors
(As of 05/31/2018)


Top Ten Holdings
(As of 05/31/2018)


Portfolio Management Team


Nathan Moser, CFA® - Portfolio Manager
Diederik Basch, CFA® - Senior Analyst