PORTSMOUTH, N.H. July 17, 2017 – Pax Ellevate Management LLC, a gender lens investing pioneer and investment adviser to the Pax Ellevate Global Women’s Index Fund (PXWEX) (the Fund), today announced that the Fund outperformed its benchmark, the MSCI World Index,* for the three-year period ending June 30, 2017. Since June 30, 2014,† the Fund’s institutional class shares have returned 5.93% and its individual class shares have returned 5.66%, compared with the MSCI World Index return of 5.24%.1
The Fund’s strong three-year performance is consistent with research showing that where women are better represented on corporate boards and in executive management, companies perform better.2
“Simply put, investing in women delivers results,” said Pax Ellevate Chair Sallie Krawcheck. “This Fund offers the opportunity to invest in the best companies in the world for advancing women, to benefit from their vision and success, and to help close the gender gap in the process.”
With more than $145 million in assets under management, it is the first broadly diversified global mutual fund to invest in the highest-rated companies in the world for advancing women’s leadership. Among the companies in the Fund, women hold 33% of board seats and 27% of executive management positions, compared to global averages of 16% and 16%, respectively.3
The Fund employs an index-based approach intended to closely correspond to the Pax Global Women’s Leadership Index (the Index), the first index of the top-rated companies in the world for advancing women onto their boards and into executive management, as rated by Pax World Gender Analytics.4 For the three-year period ending June 30, 2017, the Index has returned 6.50%, compared with the MSCI World Index return of 5.24%.1
Pax Ellevate Management LLC, investment adviser to the Pax Ellevate Global Women’s Index Fund, was founded on the belief that gender equality is critical to business success. The Pax Ellevate Global Women’s Index Fund is the first mutual fund that invests in the highest-rated companies in the world when it comes to advancing women’s leadership. Pax Ellevate is the result of a partnership between Pax World Management and Ellevate Asset Management, whose principal is Sallie Krawcheck, one of the most powerful advocates for women in the financial services industry.
Pax World Management LLC, investment adviser to Pax World Funds and creator of the Pax Global Women’s Leadership Index, is a pioneer in the field of sustainable investing. Pax World integrates environmental, social and governance (ESG) research into its investment process to better manage risk and deliver competitive long-term investment performance. Across all of its funds, Pax World withholds support from all-male corporate board slates, and working with other institutional investors, actively engages with companies to embrace gender diversity on their boards and advance women in the workplace. For over 45 years, Pax World has made it possible for investors to align their investments with their values and have a positive social and environmental impact. Today, its platform of sustainable investing solutions includes a family of mutual funds, as well as separately managed accounts.
1The annualized returns for the Pax Ellevate Global Women’s Index Fund – Individual Investor class as of 06/30/2017 were, 1 year: 16.46%, 3 year: 5.66%, 5 year: 11.02%, 10 year: 3.42%. The annualized returns for the Pax Ellevate Global Women’s Index Fund – Institutional class as of 06/30/2017 were, 1 year: 16.83%, 3 year: 5.93%, 5: year 11.31%, 10 year: 3.68%. The returns for the MSCI World Index as of 06/30/2017 were, 1 year: 18.20%, 3 year: 5.24%, 5 year: 11.38%, 10 year: 3.97%. The returns for the Pax Global Women’s Leadership Index as of 6/30/2017 were, 1 year: 17.42% and 3 year: 6.50%. 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. For most recent month-end performance information, visit www.paxworld.com. Total annual Pax Ellevate Global Women’s Index Fund operating expenses, gross of any fee waivers or reimbursements, for Institutional Class and Individual Investor Class shares are 0.65% and 0.90%, respectively, as of 5/1/2017 prospectus.
3“The Tipping Point: Women on Boards and Financial Performance,” MSCI ESG Research, Inc. December 2016. MSCI World Index, Pax Gender Analytics, 2016.
4The Pax Global Women’s Leadership Index is a custom index calculated by MSCI. One cannot invest directly in an index.
†On 6/4/2014, the Pax World Global Women’s Equality Fund merged into the Pax Ellevate Global Women’s Index Fund (the Fund), pursuant to an Agreement and Plan of Reorganization dated March 4, 2014 (the “Reorganization”). Because the Fund had no investment operations prior to the closing of the Reorganization, Pax World Global Women’s Equality Fund (the “Predecessor Fund”) is treated as the survivor of the Reorganization for accounting and performance reporting purposes. Accordingly, all performance and other information shown for the Fund for periods prior to 6/4/2014 is that of the Predecessor Fund.
*The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. One cannot invest directly in an index. Returns are shown net which includes dividend reinvestments after deduction of foreign withholding tax.
RISKS: Equity investments are subject to market fluctuations, the Fund’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings. The Fund does not take defensive positions in declining markets. The Fund’s performance would likely be adversely affected by a decline in the Index. Investments in emerging markets and non-U.S. securities are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation, intervention and political developments. There is no guarantee that the objective will be met and diversification does not eliminate risk.