Performance (%)(as of 3/31/19)
|1-Month||Quarter||YTD||1 Year||3 Year||5 Year||10 Year||Since Inception1|
|Core Bond Fund - Investor Class||1.74||2.64||2.64||3.90||-||-||-||2.56|
|Core Bond Fund - Institutional Class||1.76||2.70||2.70||4.16||-||-||-||2.82|
|Bloomberg Barclays US Aggregate Index||1.92||2.94||2.94||4.48||-||-||-||3.34|
|Lipper Core Bond Funds Index||1.90||3.32||3.32||4.38||-||-||-||3.41|
Figures include reinvested dividends, capital gains distributions and changes in principal value.
1The inception date for the Pax Core Bond Fund Institutional Class and Investor Class is December 16, 2016.
As of 5/1/18 prospectus, total annual Core Bond Fund operating expenses, gross of any fee waivers or reimbursements (excluding Acquired Fund fees and expenses), for Investor Class and Institutional Class shares are 0.71% and 0.46%, respectively.
(as of 3/31/19)
Sector: Average Active Weights (%)
|Total Relative Contribution (%)|
Portfolio Characteristics(as of 3/31/19)
|Years to Maturity∼||13.60||12.94|
|30 Day SEC Yield∘|
(as of 3/31/19)
United States Treasury Note, 3.125%, 5/15/48 4.5%, United States Treasury Note, 2.625%, 2/28/23 4.3%, United States Treasury Note, 2.625%, 12/31/25 3.7%, United States Treasury Note, 2.750%, 9/30/20 2.5%, United States Treasury Note, 2.125%, 11/30/23 2.2%, United States Treasury Note, 4.500%, 2/15/36 1.7%, United States Treasury Note, 4.375%, 11/15/39 1.5%, United States Treasury Note, 0.375%, 7/15/27 1.5%, United States Treasury Note, 2.375%, 3/15/21 1.0% and United States Treasury Note, 0.125%, 4/15/22 0.9%. Holdings are subject to change.
†Spread duration is the sensitivity of the price of a bond to a 100 basis point change to its option-adjusted spread. As the rate of the Treasury security in the option-adjusted spread increases, the rate of the option-adjusted spread also increases. A basis point (bps) is a unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indexes and the yield of a fixed-income security.
∱Effective Duration is a measure of a security’s price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.
∼Years to Maturity (weighted average) is the number of years until the bond matures and/or expires.
∘30-Day SEC Yield: An annualized yield based on the most recent 30-day period.
The statements and opinions expressed are those of the author 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.