PORTSMOUTH, N.H. July 23, 2018 – Pax Ellevate Management LLC, a gender lens investing pioneer and investment adviser to the Pax Ellevate Global Women’s Leadership Fund (PXWEX) (the Fund), today announced that the Fund outperformed its benchmark, the MSCI World Index,* for the one year and three-year periods ending June 30, 2018. Moreover, for the four-year period since June 30, 2014 (the Fund was reorganized to pursue a strategic beta strategy on June 4, 2014†), the Fund’s institutional class shares have returned 7.37% and its investor class shares have returned 7.11%, compared with the MSCI World Index return of 6.67%.1
The Fund’s strong performance is consistent with research showing that where women are better represented on corporate boards and in executive management, companies perform better.2
“A compelling body of research shows the financial benefits of having more women in leadership, so we believe it makes perfect sense to push portfolio exposures in that direction.” said Pax Ellevate Chair Sallie Krawcheck. “This Fund provides an opportunity to invest in the best companies in the world when it comes to promoting women’s leadership, and to benefit from their vision and success.”
With over $227 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 35% of board seats and 30% of senior management positions, as compared to 24% and 17%, respectively, for companies in the MSCI World Index.3
The Fund pursues a strategic beta strategy, investing in the companies comprising the Pax Global Women’s Leadership Index (the Index), the first index of the highest-rated companies in the world for gender diverse leadership, as rated by Pax World Gender Analytics.4 The Fund overweights its portfolio toward Index companies with greater representation of women on boards and in senior management. Since inception (February 28, 2014), the Index has returned 7.75%, compared with the MSCI World Index return of 6.97% for the period ending June 30, 2018.1
Pax Ellevate Management LLC
Pax Ellevate Management LLC, investment adviser to the Pax Ellevate Global Women’s Leadership Fund, is the result of a partnership between Impax Asset Management LLC, formerly Pax World Management LLC (“Pax”), and Ellevate Asset Management LLC, whose principal is Sallie Krawcheck. Pax Ellevate was founded on the principle that gender diversity plays a critical role in business success over time and that investors can benefit from investing in companies that advance women. Pax has long been a recognized leader in investing in women and advocating for greater representation of women in business leadership. Ms. Krawcheck, who serves as Chair of Pax Ellevate and a trustee of the Fund, is one of the most powerful advocates for women in the financial services industry.
1 The annualized returns for the Pax Ellevate Global Women’s Leadership Fund – Investor class as of 06/30/2018 were, 1 year: 11.57%, 3 year: 9.29%, 5 year: 10.36%, 10 year: 5.10%. The annualized returns for the Pax Ellevate Global Women’s Leadership Fund – Institutional class as of 06/30/2018 were, 1 year: 11.83%, 3 year: 9.57%, 5: year 10.63%, 10 year: 5.36%. The returns for the MSCI World Index as of 06/30/2018 were, 1 year: 11.09%, 3 year: 8.48%, 5 year: 9.94%, 10 year: 6.26%. The returns for the Pax Global Women’s Leadership Index as of 6/30/2018 were, 1 year: 11.10% and 3 year: 9.74%.
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 Leadership Fund operating expenses, gross of any fee waivers or reimbursements, for Institutional Class and Individual Investor Class shares are 0.55% and 0.80%, respectively, as of 5/1/2018 prospectus.
3 MSCI World Index, Pax Gender Analytics, 2017.
4 The 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 Leadership 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.
You should consider a fund’s investment objectives, risks, and charges and expenses carefully before investing. For this and other information, call 800.767.1729 or visit www.paxworld.com for a fund prospectus and read it carefully before investing.
Distributed by ALPS Distributors, Inc. ALPS is not affiliated with Ellevate Asset Management or MSCI.
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