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Trending ETFs

Name

As of 06/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$5.96

$553 M

5.45%

$0.32

0.93%

Vitals

YTD Return

1.7%

1 yr return

8.8%

3 Yr Avg Return

-0.1%

5 Yr Avg Return

2.6%

Net Assets

$553 M

Holdings in Top 10

12.6%

52 WEEK LOW AND HIGH

$6.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.93%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$5.96

$553 M

5.45%

$0.32

0.93%

PAXHX - Profile

Distributions

  • YTD Total Return 1.7%
  • 3 Yr Annualized Total Return -0.1%
  • 5 Yr Annualized Total Return 2.6%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 3.86%
DIVIDENDS
  • Dividend Yield 5.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Impax High Yield Bond Fund
  • Fund Family Name
    PAXWORLDFF
  • Inception Date
    Oct 16, 2000
  • Shares Outstanding
    N/A
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Kent Siefers

Fund Description

The High Yield Bond Fund follows a sustainable investing approach, investing in companies and issuers that the Adviser believes are well positioned to benefit from the transition to a more sustainable global economy, integrating environmental, social and governance (ESG) analysis into portfolio construction and managing the portfolio within certain risk parameters (e.g., sector and regional exposure) relative to the Fund’s benchmark universe of ICE BofA Merrill Lynch US High Yield-Cash Pay-BB-B (Constrained 2%) Index companies.

For corporate issuers, the Fund utilizes the Impax Sustainability Lens, a proprietary tool designed to facilitate a systematic review of the economic opportunities and risks associated with the transition to a more sustainable economy. The tool highlights sub-industries with transition tailwinds and headwinds, assisting the investment team in identifying companies that the Adviser believes present attractive opportunities and lower risks.

Under normal market conditions, the High Yield Bond Fund invests at least 80% of its assets (plus any borrowings for investment purposes) in high-yield, fixed income securities (such as bonds, notes or debentures) that are rated below BBB- by Standard & Poor’s Ratings Group or below Baa3 by Moody’s Investors Service, similarly rated by another major rating service, or unrated and determined by the High Yield Bond Fund’s investment adviser to be of comparable quality. These fixed income securities are commonly referred to as “junk bonds.” The Fund may invest in securities of any maturity. The High Yield Bond Fund may, on a short-term basis pending longer term investment, invest in exchange traded funds that invest primarily in high-yield securities. The High Yield Bond Fund treats these short-term investments as high-yield, fixed income securities for purposes of its 80% policy.

In determining which securities to buy for the High Yield Bond Fund, the portfolio managers seek to establish if each security’s return is appropriate for its level of risk.

In making this determination, the portfolio managers generally perform fundamental credit analysis. The High Yield Bond Fund may invest up to 40% of its assets in securities of non-US issuers, including investments in emerging markets.

Under normal market conditions, and as a result of the Adviser’s focus on the risks and opportunities accompanying the transition to a more sustainable economy, the Fund adheres to the Impax Funds’ fossil fuel policy, under which the Fund will not invest in securities of companies that the Adviser determines derive revenues or profits from fossil fuel exploration and production, or derive significant (more than 5%) revenues or profits from fossil fuel refining, processing, storage, transportation and distribution. However, a company that derives significant revenues or profits from fossil fuel refining, processing, storage, transportation and distribution may be included in the Fund’s portfolio if the Adviser determines that such company has credible plans for climate risk mitigation aligned with the transition to net zero.

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PAXHX - Performance

Return Ranking - Trailing

Period PAXHX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.7% -6.8% 8.3% 87.36%
1 Yr 8.8% -6.9% 19.2% 84.63%
3 Yr -0.1%* -15.4% 20.1% 88.12%
5 Yr 2.6%* -11.9% 36.8% 74.39%
10 Yr 2.6%* -5.3% 19.4% 77.75%

* Annualized

Return Ranking - Calendar

Period PAXHX Return Category Return Low Category Return High Rank in Category (%)
2023 5.1% -4.7% 14.3% 55.94%
2022 -17.0% -33.4% 3.6% 74.08%
2021 -1.0% -8.4% 8.2% 81.67%
2020 2.7% -13.2% 302.7% 10.63%
2019 8.6% -4.4% 13.3% 35.27%

Total Return Ranking - Trailing

Period PAXHX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.7% -6.8% 8.3% 87.36%
1 Yr 8.8% -6.9% 19.2% 84.63%
3 Yr -0.1%* -15.4% 20.1% 88.12%
5 Yr 2.6%* -11.9% 36.8% 74.39%
10 Yr 2.6%* -5.3% 19.4% 77.75%

* Annualized

Total Return Ranking - Calendar

Period PAXHX Return Category Return Low Category Return High Rank in Category (%)
2023 11.1% -4.7% 18.7% 72.74%
2022 -12.9% -33.4% 47.8% 86.24%
2021 3.0% -8.4% 12.4% 87.67%
2020 7.8% -9.6% 325.6% 13.04%
2019 14.2% -3.8% 19.4% 43.03%

NAV & Total Return History


PAXHX - Holdings

Concentration Analysis

PAXHX Category Low Category High PAXHX % Rank
Net Assets 553 M 1.45 M 23.6 B 48.34%
Number of Holdings 230 2 2888 72.22%
Net Assets in Top 10 68.8 M -492 M 5.26 B 55.71%
Weighting of Top 10 12.63% 4.2% 164.1% 58.89%

Top 10 Holdings

  1. JPMorgan Prime Money Market Fund 3.63%
  2. CCO Holdings LLC / CCO Holdings Capital Corp. 1.32%
  3. Darling Ingredients, Inc. 1.06%
  4. Liberty Mutual Group, Inc. 1.00%
  5. Avantor Funding, Inc. 0.98%
  6. NCR Voyix Corp. 0.97%
  7. Interface, Inc. 0.96%
  8. Medline Industries, Inc., Term Loan 0.92%
  9. United Natural Foods, Inc. 0.92%
  10. Bank of America Corp., Series MM 0.90%

Asset Allocation

Weighting Return Low Return High PAXHX % Rank
Bonds
96.96% -0.88% 154.38% 28.12%
Cash
3.81% -52.00% 48.07% 45.56%
Stocks
0.29% 0.00% 99.58% 54.50%
Convertible Bonds
0.28% 0.00% 17.89% 87.14%
Preferred Stocks
0.00% 0.00% 7.88% 74.44%
Other
0.00% -63.70% 100.29% 67.30%

Stock Sector Breakdown

Weighting Return Low Return High PAXHX % Rank
Utilities
0.00% 0.00% 100.00% 73.12%
Technology
0.00% 0.00% 33.17% 71.61%
Real Estate
0.00% 0.00% 86.71% 69.25%
Industrials
0.00% 0.00% 93.12% 76.99%
Healthcare
0.00% 0.00% 22.17% 74.41%
Financial Services
0.00% 0.00% 100.00% 73.76%
Energy
0.00% 0.00% 100.00% 10.75%
Communication Services
0.00% 0.00% 99.99% 81.29%
Consumer Defense
0.00% 0.00% 100.00% 65.38%
Consumer Cyclical
0.00% 0.00% 100.00% 77.20%
Basic Materials
0.00% 0.00% 100.00% 74.41%

Stock Geographic Breakdown

Weighting Return Low Return High PAXHX % Rank
US
0.29% 0.00% 99.58% 52.86%
Non US
0.00% -0.01% 0.83% 62.86%

Bond Sector Breakdown

Weighting Return Low Return High PAXHX % Rank
Corporate
96.84% 0.00% 100.00% 31.80%
Cash & Equivalents
3.81% 0.00% 48.07% 41.75%
Derivative
0.00% -14.70% 42.26% 60.95%
Securitized
0.00% 0.00% 97.24% 77.42%
Municipal
0.00% 0.00% 1.17% 57.87%
Government
0.00% 0.00% 99.07% 69.95%

Bond Geographic Breakdown

Weighting Return Low Return High PAXHX % Rank
US
96.96% -0.88% 129.21% 18.57%
Non US
0.00% 0.00% 98.19% 73.97%

PAXHX - Expenses

Operational Fees

PAXHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.93% 0.02% 38.33% 55.31%
Management Fee 0.50% 0.00% 1.84% 34.18%
12b-1 Fee 0.25% 0.00% 1.00% 39.23%
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

PAXHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

PAXHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PAXHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 1.00% 255.00% 26.79%

PAXHX - Distributions

Dividend Yield Analysis

PAXHX Category Low Category High PAXHX % Rank
Dividend Yield 5.45% 0.00% 11.76% 71.45%

Dividend Distribution Analysis

PAXHX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

PAXHX Category Low Category High PAXHX % Rank
Net Income Ratio 3.86% -2.39% 14.30% 75.77%

Capital Gain Distribution Analysis

PAXHX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Semi-Annually Annually Annually Annually

Distributions History

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PAXHX - Fund Manager Analysis

Managers

Kent Siefers


Start Date

Tenure

Tenure Rank

Jan 23, 2015

7.36

7.4%

Kent Siefers is a Co-Portfolio Manager for the Impax High Yield Bond Strategy at Impax Asset Management LLC and a Vice President at Pax World Funds. Prior to joining the firm, Kent was an analyst at LKS Capital LLC, where he worked on an event driven hedge fund. He was previously the director of research and co-portfolio manager of a convertible arbitrage hedge fund at PRS Group International. He started his career as a research associate working for investment firms such as Thomas Weisel Partners, BankBoston Robertson Stephens and Federated Investors. Kent received his Bachelor of Science in Business Administration from the University of Vermont. He is a member of the Boston Security Analysts Society.

Peter Schwab


Start Date

Tenure

Tenure Rank

Oct 26, 2015

6.6

6.6%

Peter Schwab is SVP and Portfolio Manager of the Impax High Yield Bond Strategy at Impax Asset Management LLC and a Senior Vice President at Pax World Funds. Peter is also a member of the portfolio management team of the Impax Sustainable Allocation Strategy. Prior to joining the firm, Peter was a Managing Director on the High Yield Bond and Loan Team at Goldman Sachs Asset Management. Peter joined Goldman Sachs Asset Management as a Senior Sector Analyst in 2000 and was promoted to Director of High Yield Research in 2010.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.17 8.17