PORTSMOUTH, N.H. April 12, 2019 – The Pax Ellevate Global Women’s Leadership Fund received the 2019 Fund Intelligence “Fund Innovation” award during a ceremony at Cipriani in New York. The award recognizes novel achievements in such areas as product development, investment strategy and distribution. Fund Intelligence has been recognizing excellence, achievements and contributions to the mutual fund industry with its Mutual Fund Industry Awards for the last 26 years.
“We launched the Pax Ellevate Global Women’s Leadership Fund because we knew that a company’s performance in the marketplace is tied to the status of women in the organization,” said Pax Ellevate CEO Joe Keefe. “Companies with more women in decision-making roles tend to be better at solving critical business challenges. A lot of research now bears that out,1 and the results of this Fund certainly bear that out as well.”2
First offered by Pax in 2007 as the Global Women’s Equality Fund, it was the first mutual fund in the United States to invest exclusively in companies that are global leaders in advancing women. In 2014, the Fund merged into the Pax Ellevate Global Women’s Leadership Fund, which today invests in the highest-rated companies in the world for promoting women onto boards and into executive management.
Since its inception in June 2014, the Pax Ellevate Global Women’s Leadership Fund has outperformed the MSCI World Index.3
Pax Ellevate also actively engages with companies to improve efforts to advance gender equality. For example, in 2018 three companies committed to becoming more transparent about pay equity at the firm’s request.
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 Impax Asset Management. “Gender Research.” www.paxworld.com/category/research/gender/. Accessed 25 March 2019.
2 Scott LaBreche. “Gender Leaders Outperform Gender Laggards.” Impax Asset Management. Feb. 7, 2019.
3 The annualized returns for the Pax Ellevate Global Women’s Leadership Fund – Investor class – as of 03/31/2019 were, 1 year: 5.51%, 3 year: 10.42%, 5 year: 7.27%, 10 year: 10.71%. The annualized returns for the Pax Ellevate Global Women’s Leadership Fund – Institutional class – as of 03/31/2019 were, 1 year: 5.76%, 3 year: 10.69%, 5: year 7.54%, 10 year: 10.99%. The returns for the MSCI World Index as of 03/31/2019 were, 1 year: 4.01%, 3 year: 10.68%, 5 year: 6.78%, 10 year: 12.38%. The returns for the Imax Global Women’s Leadership Index as of 03/31/2019 were, 1 year: 6.03%, 3 year: 10.67%, 5 year: 7.69%. Inception of Institutional Class shares is April 19, 2006. Pax Women’s Equity Fund, a series of Pax Funds Series Trust I, acquired the Women’s Equity Fund on October 29, 2007. Performance information shown for periods prior to the acquisition represents the performance of the acquired Women’s Equity Fund. The performance information shown for Institutional Class shares represents the performance of the Retail Class shares of the acquired Women’s Equity Fund shares for the period prior to Institutional Class inception. Expenses have not been adjusted to reflect the expenses allocable to Institutional Class shares or to reflect any differences in expenses between the acquired Women’s Equity Fund and the Pax Women’s Equity Fund. If such expense adjustments and allocable expenses were reflected, the returns would be higher than those shown. Institutional Class Inception date return since April 19, 2006 is 6.86 (annualized).
The top 10 holdings of the Pax Ellevate Global Women’s Leadership Fund as of 03/29/2019 are as follows: Microsoft Corp. 4.2%; Ulta Beauty, Inc. 2.2%; Intuit, Inc. 2.2%; Estee Lauder Cos, Inc., Class A 2.1%; American Water Works Co., Inc. 2.0%; Principal Financial Group, Inc. 1.9%; Canadian Utilities, Ltd. Class A 1.9%; Viacom, Inc. Class B 1.9%; Johnson & Johnson 1.8%; Cisco Systems, Inc. 1.8%. Holdings are subject to change and are not a recommendation to buy or sell any security.
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 https://paxworld.com/funds/pax-ellevate-global-womens-leadership-fund/#performance.
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.
†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.
Distributed by ALPS Distributors, Inc. ALPS is not affiliated with Ellevate Asset Management or MSCI.