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Trending ETFs

Name

As of 03/27/2024

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

Impax Core Bond Fund

PAXBX | Fund

$8.77

$894 M

3.19%

$0.28

0.71%

Vitals

YTD Return

-0.4%

1 yr return

2.5%

3 Yr Avg Return

-2.6%

5 Yr Avg Return

0.0%

Net Assets

$894 M

Holdings in Top 10

19.0%

52 WEEK LOW AND HIGH

$8.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.71%

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 03/27/2024

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

Impax Core Bond Fund

PAXBX | Fund

$8.77

$894 M

3.19%

$0.28

0.71%

PAXBX - Profile

Distributions

  • YTD Total Return -0.4%
  • 3 Yr Annualized Total Return -2.6%
  • 5 Yr Annualized Total Return 0.0%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.35%
DIVIDENDS
  • Dividend Yield 3.2%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Impax Core Bond Fund
  • Fund Family Name
    PAXWORLDFF
  • Inception Date
    Dec 16, 2016
  • Shares Outstanding
    N/A
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Anthony Trzcinka

Fund Description

The Core 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 and ratings into portfolio construction and managing the portfolio within certain risk parameters relative to the Fund’s benchmark universe of Bloomberg US Aggregate Bond 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 Core Bond Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds, which include debt obligations such as mortgage-related securities, securities issued by the United States government or its agencies and instrumentalities, municipal bonds, corporate bonds and high-impact bonds (which provide financing to support solutions to global sustainability challenges) across the spectrum of issuers, each of which is, at the time of purchase, rated at least investment grade (rated BBB- or higher by Standard & Poor’s Ratings Group or Baa3 or higher by Moody’s Investors Service) or unrated and determined by the Adviser to be of comparable quality. The Fund also may have a small allocation of high yield bonds, also commonly known as

“junk bonds” (rated BB+ or lower by Standard & Poor’s Ratings Group or Ba1 or lower by Moody’s Investors Service or unrated and determined by the Adviser to be of comparable quality). Although the Fund is not constrained with respect to duration, it seeks to maintain an average duration within .50 years of the duration of the Bloomberg US Aggregate Bond Index, which had a duration of 6.14 years as of December 31, 2022.

In determining which securities to buy for the Core Bond Fund, the portfolio manager seeks to determine the most attractive asset class and establish if each security’s return is appropriate for its level of risk. In making these determinations, the portfolio manager generally performs a relative value analysis at the asset class level.

The Core Bond Fund may invest up to 45% of its assets in securities of non-US issuers, including emerging market investments.

Under normal market conditions, and as a result of the Adviser’s focus on risks and opportunities accompanying the transition to a more sustainable economy, the Fund is fossil fuel-free - not invested in securities of companies that the Adviser determines derive revenues or profits from exploration, production, refining or processing of thermal coal, oil or gas, or significant (generally more than 5%) revenues or profits from storage, distribution or power generation from the same. However, a company may be included in the portfolio if the Adviser determines that it has established itself as a leader in the transition to a zero-emissions energy economy with reduction objectives that the Adviser believes are aligned with the Paris Agreement’s objective of limiting future warming to 2°C.

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PAXBX - Performance

Return Ranking - Trailing

Period PAXBX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.4% -6.0% 3.9% 57.07%
1 Yr 2.5% -10.3% 16.1% 58.99%
3 Yr -2.6%* -10.4% 26.2% 52.88%
5 Yr 0.0%* -6.6% 191.4% 78.14%
10 Yr N/A* -2.4% 73.7% N/A

* Annualized

Return Ranking - Calendar

Period PAXBX Return Category Return Low Category Return High Rank in Category (%)
2023 2.3% -16.2% 8.1% 38.16%
2022 -15.0% -34.7% 131.9% 18.32%
2021 -3.3% -11.6% 4.4% 47.10%
2020 2.6% -10.1% 946.1% 73.36%
2019 5.2% -1.7% 156.4% 63.55%

Total Return Ranking - Trailing

Period PAXBX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.4% -6.0% 3.9% 57.07%
1 Yr 2.5% -10.3% 16.1% 58.99%
3 Yr -2.6%* -10.4% 26.2% 52.88%
5 Yr 0.0%* -6.6% 191.4% 78.14%
10 Yr N/A* -2.4% 73.7% N/A

* Annualized

Total Return Ranking - Calendar

Period PAXBX Return Category Return Low Category Return High Rank in Category (%)
2023 5.4% -11.3% 11.0% 74.43%
2022 -13.2% -32.2% 131.9% 35.53%
2021 -1.6% -9.4% 9.2% 73.60%
2020 6.9% -1.9% 1009.0% 80.68%
2019 7.8% 1.1% 21668.0% 77.68%

NAV & Total Return History


PAXBX - Holdings

Concentration Analysis

PAXBX Category Low Category High PAXBX % Rank
Net Assets 894 M 2.73 M 292 B 56.54%
Number of Holdings 493 1 17889 59.98%
Net Assets in Top 10 170 M -106 M 36.5 B 60.67%
Weighting of Top 10 19.03% 4.4% 134.1% 67.91%

Top 10 Holdings

  1. U.S. Treasury Bonds 5.76%
  2. U.S. Treasury Bonds 3.64%
  3. U.S. Treasury Notes 2.92%
  4. U.S. Treasury Notes 1.92%
  5. U.S. Treasury Notes 1.11%
  6. International Bank for Reconstruction Development 0.87%
  7. JPMorgan Chase Bank 0.85%
  8. Kreditanstalt fuer Wiederaufbau 0.73%
  9. European Investment Bank 0.67%
  10. Kreditanstalt fuer Wiederaufbau 0.56%

Asset Allocation

Weighting Return Low Return High PAXBX % Rank
Bonds
92.20% 0.00% 215.98% 64.45%
Other
6.03% -13.23% 58.65% 36.69%
Cash
1.76% -54.51% 88.26% 65.66%
Convertible Bonds
1.57% 0.00% 7.93% 43.84%
Stocks
0.00% 0.00% 99.93% 39.65%
Preferred Stocks
0.00% 0.00% 74.68% 35.71%

Bond Sector Breakdown

Weighting Return Low Return High PAXBX % Rank
Securitized
32.23% 0.00% 98.40% 42.46%
Corporate
31.71% 0.00% 100.00% 45.12%
Government
30.30% 0.00% 86.23% 38.92%
Municipal
1.52% 0.00% 100.00% 18.13%
Cash & Equivalents
0.91% 0.00% 88.06% 73.68%
Derivative
0.00% -5.38% 58.65% 44.32%

Bond Geographic Breakdown

Weighting Return Low Return High PAXBX % Rank
US
92.20% 0.00% 215.98% 56.65%
Non US
0.00% 0.00% 39.04% 44.32%

PAXBX - Expenses

Operational Fees

PAXBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.71% 0.01% 39.10% 49.01%
Management Fee 0.40% 0.00% 1.76% 60.57%
12b-1 Fee 0.25% 0.00% 1.00% 23.78%
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

PAXBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

PAXBX 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.

PAXBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 2.00% 493.39% 17.04%

PAXBX - Distributions

Dividend Yield Analysis

PAXBX Category Low Category High PAXBX % Rank
Dividend Yield 3.19% 0.00% 9.75% 82.62%

Dividend Distribution Analysis

PAXBX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Monthly Monthly

Net Income Ratio Analysis

PAXBX Category Low Category High PAXBX % Rank
Net Income Ratio 1.35% -1.28% 4.79% 71.50%

Capital Gain Distribution Analysis

PAXBX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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PAXBX - Fund Manager Analysis

Managers

Anthony Trzcinka


Start Date

Tenure

Tenure Rank

Dec 16, 2016

5.46

5.5%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 33.43 6.82 1.16