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Trending ETFs

Name

As of 06/12/2024

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

$26.79

$2.33 B

1.87%

$0.50

0.67%

Vitals

YTD Return

5.2%

1 yr return

12.1%

3 Yr Avg Return

1.7%

5 Yr Avg Return

8.0%

Net Assets

$2.33 B

Holdings in Top 10

99.5%

52 WEEK LOW AND HIGH

$26.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.67%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$250,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/12/2024

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

$26.79

$2.33 B

1.87%

$0.50

0.67%

PAXIX - Profile

Distributions

  • YTD Total Return 5.2%
  • 3 Yr Annualized Total Return 1.7%
  • 5 Yr Annualized Total Return 8.0%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 1.10%
DIVIDENDS
  • Dividend Yield 1.9%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Impax Sustainable Allocation Fund
  • Fund Family Name
    Pax World
  • Inception Date
    Apr 05, 2007
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Anthony Trzcinka

Fund Description

The Sustainable Allocation Fund follows a sustainable investing approach, using a multi-asset allocation process to invest in underlying Impax funds which in turn invest in companies that the Adviser believes are well positioned to benefit from the transition to a more sustainable global economy, integrate environmental, social and governance (ESG) analysis into portfolio construction and manage portfolios within certain risk parameters (e.g., sector and regional exposure) relative to the underlying funds’ benchmark indices.

The Sustainable Allocation Fund uses a team approach to allocate among multiple funds managed by the Adviser (“Underlying Funds”) in order to seek to achieve its investment objectives. The Adviser will allocate the Fund’s assets among Underlying Funds in its sole discretion. Under normal market conditions, the Sustainable Allocation Fund expects to invest (indirectly through the use of Underlying Funds) approximately 50–75% of its assets in equity securities (such as common stocks, preferred stocks and securities convertible into common or preferred stocks) and 25–50% of its assets in debt securities (including but not limited to debt securities convertible into equity securities).

The Sustainable Allocation Fund’s multi-asset ESG strategy is designed to achieve lower volatility by combining complementary investment approaches. Allocation of assets among Underlying Funds is based on such factors as prudent diversification principles, the Adviser’s general market outlooks (both domestic and global), historical performance, valuations and other economic factors. The Adviser may periodically adjust asset allocations to favor those Underlying Funds that it believes will provide the most favorable outlook for achieving the Fund’s investment objective. The Adviser may periodically adjust the Fund’s asset allocations at any time without notice to shareholders and without shareholder approval.

With respect to the fixed income portion of the portfolio, the Sustainable Allocation Fund may, through Underlying Funds, be indirectly invested in (i) securities issued by the US government, its agencies and instrumentalities, (ii) corporate bonds and asset-backed securities of all types (including mortgage-backed securities), and (iii) securities of foreign issuers. The Fund may indirectly hold fixed income securities of any rating, including junk bonds (e.g., securities rated lower than BBB- by Standard & Poor’s Ratings Group or Baa3 by Moody’s Investors Service or unrated securities of comparable quality as determined by the Adviser), though it is not currently anticipated that the Fund will indirectly hold more than 20% of its assets in junk bonds. The Fund may invest in securities of any maturity. The Underlying Funds to be utilized for the fixed income portion of the Fund may include, but are not limited to, Impax Core Bond Fund and Impax High Yield Bond Fund.

With respect to the equity portion of its investment portfolio, the Fund may, through Underlying Funds, be indirectly invested in securities of companies with any market capitalization. The Underlying Funds to be utilized for the equity portion of the Fund may include, but are not limited to, Impax Large Cap Fund, Impax Small Cap Fund, Impax Global Sustainable Infrastructure Fund, Impax Global Opportunities Fund, Impax Global Environmental Markets Fund, Impax Ellevate Global Women’s Leadership Fund and Impax International Sustainable Economy Fund.

The Sustainable Allocation Fund’s portfolio managers use both qualitative analysis and quantitative techniques when allocating the Sustainable Allocation Fund’s assets between equity securities and debt securities.

The Sustainable Allocation Fund may, through Underlying Funds, indirectly invest up to 45% of its assets in securities of non-US issuers, including emerging market investments and American Depositary Receipts (“ADRs”), but may indirectly invest no more than 25% of its assets in securities of non-US issuers other than ADRs.

The Sustainable Allocation Fund may also, for cash management purposes, invest in unaffiliated exchange-traded funds (“ETFs”) pending reinvestment of such assets in Underlying Funds.

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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PAXIX - Performance

Return Ranking - Trailing

Period PAXIX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.2% 0.4% 35.6% 75.64%
1 Yr 12.1% -1.0% 63.5% 70.40%
3 Yr 1.7%* -7.0% 11.4% 64.87%
5 Yr 8.0%* -3.8% 16.0% 29.12%
10 Yr 6.9%* 0.4% 10.6% 28.88%

* Annualized

Return Ranking - Calendar

Period PAXIX Return Category Return Low Category Return High Rank in Category (%)
2023 9.6% -12.2% 23.9% 58.89%
2022 -21.3% -34.7% 2.8% 79.91%
2021 10.1% -11.9% 18.1% 18.56%
2020 12.9% -20.9% 39.7% 9.42%
2019 10.7% 0.8% 25.7% 80.94%

Total Return Ranking - Trailing

Period PAXIX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.2% 0.4% 35.6% 75.64%
1 Yr 12.1% -1.0% 63.5% 70.40%
3 Yr 1.7%* -7.0% 11.4% 64.87%
5 Yr 8.0%* -3.8% 16.0% 29.12%
10 Yr 6.9%* 0.4% 10.6% 28.88%

* Annualized

Total Return Ranking - Calendar

Period PAXIX Return Category Return Low Category Return High Rank in Category (%)
2023 13.4% -12.2% 26.8% 51.78%
2022 -16.3% -29.0% 10.9% 74.71%
2021 15.6% -3.0% 27.3% 22.16%
2020 16.5% -19.5% 40.6% 16.48%
2019 21.2% 2.2% 32.7% 28.76%

NAV & Total Return History


PAXIX - Holdings

Concentration Analysis

PAXIX Category Low Category High PAXIX % Rank
Net Assets 2.33 B 789 K 217 B 27.40%
Number of Holdings 10 2 15947 91.89%
Net Assets in Top 10 2.35 B 596 K 67.8 B 21.05%
Weighting of Top 10 99.49% 11.3% 121.1% 12.94%

Top 10 Holdings

  1. Impax Large Cap Fund, Class Institutional 40.69%
  2. Impax Core Bond Fund, Class Institutional 33.45%
  3. Impax International Sustainable Economy Fund, Class Institutional 4.53%
  4. Impax High Yield Bond Fund, Class Institutional 4.38%
  5. Impax Small Cap Fund, Class Institutional 3.93%
  6. Impax Global Opportunities Fund, Class Institutional 2.90%
  7. Impax Global Environmental Markets Fund, Class Institutional 2.73%
  8. Impax Global Sustainable Infrastructure Fund, Class Institutional 2.55%
  9. Impax Ellevate Global Women's Leadership Fund, Class Institutional 2.54%
  10. JPMorgan Prime Money Market Fund 1.80%

Asset Allocation

Weighting Return Low Return High PAXIX % Rank
Cash
2.31% -7.92% 100.00% 35.28%
Convertible Bonds
0.51% 0.00% 23.84% 47.85%
Stocks
0.00% 0.00% 100.06% 99.72%
Preferred Stocks
0.00% 0.00% 23.15% 91.32%
Other
0.00% -42.80% 112.46% 88.90%
Bonds
0.00% 0.00% 77.51% 93.88%

PAXIX - Expenses

Operational Fees

PAXIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.67% 0.03% 17.63% 80.20%
Management Fee 0.05% 0.00% 1.83% 22.18%
12b-1 Fee 0.00% 0.00% 1.00% 12.44%
Administrative Fee N/A 0.01% 0.83% N/A

Sales Fees

PAXIX 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

PAXIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 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.

PAXIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 343.00% 1.18%

PAXIX - Distributions

Dividend Yield Analysis

PAXIX Category Low Category High PAXIX % Rank
Dividend Yield 1.87% 0.00% 17.90% 22.60%

Dividend Distribution Analysis

PAXIX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Quarterly Quarterly

Net Income Ratio Analysis

PAXIX Category Low Category High PAXIX % Rank
Net Income Ratio 1.10% -2.34% 19.41% 52.82%

Capital Gain Distribution Analysis

PAXIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Semi-Annually Annually Semi-Monthly Annually

Distributions History

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PAXIX - Fund Manager Analysis

Managers

Anthony Trzcinka


Start Date

Tenure

Tenure Rank

Dec 31, 2005

16.42

16.4%

Anthony Trzcinka is SVP and Portfolio Manager of the Impax Core Bond Strategy at Impax Asset Management LLC and a Senior Vice President at Pax World Funds. Tony is also a member of the portfolio management team of the Impax Sustainable Allocation Strategy. Tony has been responsible for multiple strategies during his tenure at Impax Asset Management LLC. He joined the firm in 2003 from AEW Capital Management where he spent over three years as an Assistant Vice President working in a Senior Analyst role. He began his financial services career as an analyst in 1999.

Nathan Moser


Start Date

Tenure

Tenure Rank

Jan 02, 2015

7.41

7.4%

Nathan Moser is SVP and Portfolio Manager of the Impax Small Cap Strategy at Impax Asset Management LLC and a Senior Vice President at Pax World Funds. Nathan is also a member of the portfolio management team of the Impax Sustainable Allocation Strategy. Nathan has been responsible for management of the Impax Small Cap Strategy since its inception in 2008 and has been a member of the portfolio management team of the Impax Sustainable Allocation Strategy since 2015. He joined the firm in 2008 from Citizens Funds, where he worked for six years, first as an equity analyst and then as portfolio manager. He started his career with John Hancock Funds, where he was an equity analyst. Nathan holds a Bachelor of Science from Babson College, is a CFA® charterholder and member of the CFA Society Boston. CFA® is a trademark owned by the CFA Institute.

Peter Schwab


Start Date

Tenure

Tenure Rank

Sep 30, 2017

4.67

4.7%

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.

Andrew Braun


Start Date

Tenure

Tenure Rank

Sep 30, 2017

4.67

4.7%

Andrew Braun is a Portfolio Manager of the Impax Large Cap Strategy at Impax Asset Management LLC and is a Senior Vice President at Pax World Funds. He is also a member of the portfolio management team of the Impax Sustainable Allocation Strategy. Prior to joining the firm in 2017, Andy was Managing Director on the Value Equity Team at Goldman Sachs Asset Management, where he led a team of 30 portfolio managers and analysts. Andy joined Goldman Sachs Asset Management as a Product Development Associate in the Product Development Group in 1993.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 34.51 6.35 2.41