*Rankings in other time periods may be lower. Comparison based on the Morningstar 50%-70% Equity peer group for the period ending 3/31/19. The Pax Balanced Fund’s Institutional Class performance for the 1-year period ranked 206 out of 758 (29th percentile), for the 3-year period ranked 305 out of 690 (45th percentile), for the 5-year period ranked 170 out of 601 (29th percentile), and for the 10-year period 287 out of 439 (67th percentile). The Pax Balanced Fund’s Investor Class performance for the 1-year period ranked 221 out of 758 (30th percentile), for the 3-year period ranked 366 out of 690 (54th percentile), for the 5-year period ranked 207 out of 601 (34th percentile), and for the 10-year period 327 out of 439 (74th percentile).
Performance (%)(as of 3/31/19)
|1-Month||Quarter||YTD||1 Year||3 Year||5 Year||10 Year||Since Inception1|
|Balanced Fund - Investor Class||1.42||8.33||8.33||4.74||7.29||5.74||9.14||8.22|
|Balanced Fund - Institutional Class||1.44||8.43||8.43||4.99||7.56||6.00||9.42||8.29|
|S&P 500 Index||1.94||13.65||13.65||9.50||13.51||10.91||15.92|
|60% S&P 500 Index / 40% Bloomberg Barclays U.S. Aggregate Bond Index||1.93||9.31||9.31||7.78||8.95||7.75||11.14|
|Morningstar Allocation--50% to 70% Equity||1.16||8.89||8.89||3.90||7.44||5.12||9.98|
Figures include reinvested dividends, capital gains distributions and changes in principal value.
1The inception date for the Pax Balanced Fund Institutional Class is April 2, 2007, and the Investor Class inception date is August 10, 1971. The performance information shown for Institutional Class shares includes the performance of Investor Class shares for the period prior to Institutional Class inception. Expenses have not been adjusted to reflect the expenses allocable to Institutional Class shares. If such expenses were reflected, the returns would be higher than those shown.
As of the 5/1/2018 prospectus, the Pax Balanced Fund All-In Gross expense ratio includes indirect expenses (Acquired Fund Fees and Expenses “AFFE”) of 0.61%. AFFE are fees and expenses charged by their investment companies in which the Fund invests a portion of its assets and are not direct costs paid by Fund shareholders. The All-In Gross expense ratio for Institutional Class and the Individual Investor Class shares are 0.66% and 0.91%, respectively. Pax Balanced Fund expense ratios, excluding indirect AFFE, are 0.05% and 0.30% for Institutional Class and Individual Investor Class shares, respectively. The management fee is a unified fee that includes all of the operating costs and expenses of the Fund (other than taxes, charges of governmental agencies, interest, brokerage commissions incurred in connection with portfolio transactions, distribution and/or service fees payable under a plan pursuant to Rule 12b-1 under the Investment Company Act of 1940 and extraordinary expenses), including accounting expenses, administrator, transfer agent and custodian fees, Fund legal fees and other expenses. (For this purpose, Impax Asset Management LLC does not consider acquired fund fees and expenses to be operating costs and expenses of the Fund.)
Asset AllocationRelative Contribution (%)
Asset Allocation (%)(as of 3/31/19)
|Pax Large Cap Fund||36.7|
|Pax ESG Beta® Dividend Fund||7.2|
|Pax Mid Cap Fund||6.3|
|Pax Global Opportunities Fund||1.3|
|Pax Global Environmental Markets Fund||1.5|
|Pax MSCI EAFE ESG Leaders Index Fund||7.7|
|Pax Core Bond Fund||38.0|
|Pax High Yield Bond Fund||1.0|
|Cash & Other||0.3|
(as of 3/31/19)
Microsoft Corp. 2.3%, Amazon.com, Inc. 2.0%, Apple, Inc. 1.8%, Merck & Co., Inc. 1.3%, Ingersoll-Rand PLC 1.3%, Waste Management, Inc. 1.2%, Alphabet, Inc., Class A 1.2%, IBM 1.1%, AT&T, Inc. 1.1% and Visa, Inc., Class A 1.1%. Holdings are subject to change.
†Standard & Poor’s 500 Stock Index is an unmanaged index of large capitalization common stocks.
‡The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Performance for the MSCI EAFE Index is shown “net,” which includes dividend reinvestments after deduction of foreign withholding tax. One cannot invest directly in an index.
©2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is an independent investment research firm that compiles and analyzes fund, stock and general market data.
The statements and opinions expressed are those of the authors as of the date of this report. All information is historical and not indicative of future results and subject to change. This information is not a recommendation to buy or sell any security. Past performance does not guarantee future results.