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Pax Small Cap Fund Q4 2018 Update [Advisor Call]

By Nathan Moser, CFA® | January 22, 2019
Categories
  • Advisors
  • Video Updates
  • Pax Small Cap Fund Quarterly Update
  • Nathan Moser
  • Fund Updates
Tags
  • small cap commentary
  • Nathan Moser
  • Diederik Basch
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In this advisor-only webcast, Nathan Moser, CFA®, Portfolio Manager of the Pax Small Cap Fund, speaks about fund performance, current portfolio positioning and small cap asset class observations.

This content is exclusive for financial professionals. Login or register to view this and more.
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For institutional communication only.

PAX008416

Nathan Moser, CFA®
Nathan Moser, CFA®
Nathan Moser is Senior Vice President and Portfolio Manager of the Pax Small Cap Fund and the Pax Mid Cap Fund. Nathan is also a member of the portfolio management team for the Pax Balanced Fund. CFA® is a trademark owned by the CFA Institute.

Funds

  • Pax Large Cap Fund
  • Pax Mid Cap Fund
  • Pax Small Cap Fund
  • Pax ESG Beta Quality Fund
  • Pax ESG Beta Dividend Fund
  • Pax Global Opportunities Fund
  • Pax Global Environmental Markets Fund
  • Pax Ellevate Global Women’s Leadership Fund
  • Pax MSCI EAFE ESG Leaders Index Fund
  • Pax Core Bond Fund
  • Pax High Yield Bond Fund
  • Pax Balanced Fund
  • Separately Managed Accounts
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Impax Asset Management LLC, formerly Pax World Management LLC, is investment adviser to Pax World Funds.

You should always consider Pax World Funds' investment objectives, risks, and charges and expenses carefully before investing. For this and other important information, please download a fund prospectus. Please read it carefully before investing.

Investments involve risk, including potential loss of principal.

Small Cap Fund Footnotes and Disclosures

Holdings are subject to change.

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. Funds that emphasize investments in smaller companies generally will experience greater price volatility.

About the Indexes

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership

The Lipper Small-Cap Core Funds Index tracks the results of the 30 largest mutual funds in the Lipper Small-Cap Core Funds Average. The Lipper Small-Cap Core Funds Average is a total return performance average of the mutual funds tracked by Lipper, Inc. that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s USDE small-cap ceiling. Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index. The Lipper Small-Cap Core Funds Index is not what is typically considered to be an “index” because it tracks the performance of other mutual funds rather than the changes in the value of a group of securities, a securities index or some other traditional economic indicator.

One cannot invest directly in an index.

Fund Changes

On February 23, 2017, the Board of Trustees of Pax World Funds Series Trust I voted to close the Class R shares of the Pax World Funds as of May 1, 2017. On May 1, 2017 all Class R shares were automatically converted into Individual Investor Class shares of the same Fund.

1About Inception Date

Inception of Class A shares is May 1, 2013. The performance information shown for Class A represents the performance of the Individual Investor Class shares for the period prior to Class A inception.

2Morningstar Sustainability Rating™ measures how well the companies in a fund's portfolio manage their environmental, social and governance (ESG) risks and opportunities relative to the fund's peers. First, a Morningstar Portfolio Sustainability Score™ ranging from 0 to 100 is derived from an asset weighted average of the underlying company ESG scores quarterly. Next, scored funds are rated monthly: The top 10% receive 5 globes (High), the next 22.5% receive 4 (Above Average), the next 35% receive 3 (Average), the next 22.5% receive 2 (Below Average), and the bottom 10% receive 1 (Low). Sustainalytics provides company-level analysis used in the calculation of Morningstar's Sustainability Score. A higher score indicates that a fund, on average, has more of its assets invested in companies that score well according to the Sustainalytics methodology. For details, visit http://morningstar.com/company/sustainability.

Sustainability Score for the Pax Small Cap Fund as of 12/31/2018 is 40.93. Percent Rank in Category is 18 and Sustainability Rating is 4 globes as of 12/31/2018. Sustainalytics provides company-level analysis used in the calculation of Morningstar's Sustainability Score.

†The Morningstar Ratings™ shown are as of 1/31/2019. The Morningstar Rating for funds, or ‘star rating’, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and ten- year (if applicable) Morningstar Rating metrics. The weights are 100% three-year rating for 36-59 months of total returns, 60% five-year rating, 40% three-year rating for 60-119 months of total returns, and 50% ten-year rating, 30% five-year rating, 20% three-year rating for 120 or more months of total returns. While the ten-year overall rating formula seems to give the most weight to the ten-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. ©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.

Pax Small Cap Fund Investor Class (PXSCX) Morningstar ratings were 3 stars out of 644 funds overall, 2 stars out of 644 funds for 3-years, 3 stars out of 541 funds for 5-years, 4 stars out of 393 funds for 10-years. Pax Small Cap Fund Institutional Class (PXSIX) Morningstar ratings were 4 stars out of 644 funds overall, 2 stars out of 644 funds for 3-years, 3 stars out of 541 funds for 5-years, 5 stars out of 393 funds for 10-years.

CFA® is a trademark owned by the CFA Institute.

© 2019 Impax Asset Management LLC. All rights reserved.
Pax World Funds are distributed by ALPS Distributors, Inc. ALPS Distributors is not affiliated with Impax Asset Management LLC.

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