Impax High Yield Bond Fund
Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-0.4%
1 yr return
6.6%
3 Yr Avg Return
-0.5%
5 Yr Avg Return
2.4%
Net Assets
$553 M
Holdings in Top 10
10.1%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.92%
SALES FEES
Front Load 4.50%
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 04/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
PXHAX - Profile
Distributions
- YTD Total Return -0.4%
- 3 Yr Annualized Total Return -0.5%
- 5 Yr Annualized Total Return 2.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 3.85%
- Dividend Yield 5.6%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameImpax High Yield Bond Fund
-
Fund Family NamePAXWORLDFF
-
Inception DateMay 02, 2013
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerKent 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 and ratings into portfolio construction and managing the portfolio within certain risk parameters 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 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.
PXHAX - Performance
Return Ranking - Trailing
Period | PXHAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -0.4% | -7.6% | 7.3% | 89.66% |
1 Yr | 6.6% | -8.1% | 17.2% | 87.26% |
3 Yr | -0.5%* | -16.6% | 20.0% | 88.85% |
5 Yr | 2.4%* | -12.2% | 36.5% | 73.61% |
10 Yr | 2.5%* | -5.0% | 19.4% | 76.81% |
* Annualized
Return Ranking - Calendar
Period | PXHAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 5.1% | -4.7% | 14.3% | 57.10% |
2022 | -17.1% | -33.4% | 3.6% | 74.96% |
2021 | -0.9% | -8.4% | 14.9% | 79.02% |
2020 | 2.6% | -13.9% | 302.7% | 10.64% |
2019 | 8.6% | -4.4% | 13.3% | 35.70% |
Total Return Ranking - Trailing
Period | PXHAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -0.4% | -7.6% | 7.3% | 89.66% |
1 Yr | 6.6% | -8.1% | 17.2% | 87.26% |
3 Yr | -0.5%* | -16.6% | 20.0% | 88.85% |
5 Yr | 2.4%* | -12.2% | 36.5% | 73.61% |
10 Yr | 2.5%* | -5.0% | 19.4% | 76.81% |
* Annualized
Total Return Ranking - Calendar
Period | PXHAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 11.1% | -4.7% | 18.2% | 73.17% |
2022 | -13.0% | -33.4% | 47.8% | 86.77% |
2021 | 3.1% | -8.4% | 24.8% | 86.56% |
2020 | 7.8% | -9.6% | 325.6% | 12.84% |
2019 | 14.2% | 0.9% | 21.5% | 43.33% |
NAV & Total Return History
PXHAX - Holdings
Concentration Analysis
PXHAX | Category Low | Category High | PXHAX % Rank | |
---|---|---|---|---|
Net Assets | 553 M | 1.45 M | 23.6 B | 47.77% |
Number of Holdings | 253 | 2 | 2736 | 67.65% |
Net Assets in Top 10 | 56.7 M | -492 M | 4.55 B | 60.22% |
Weighting of Top 10 | 10.09% | 4.2% | 146.9% | 79.88% |
Top 10 Holdings
- JPMorgan Chase Bank 1.45%
- CCO Holdings LLC 1.37%
- Darling Ingredients, Inc. 1.03%
- Avantor Funding, Inc. 0.96%
- NCR Voyix Corp. 0.96%
- Interface, Inc. 0.90%
- Medline Borrower LP, Class Initial Dollar Term Loan 0.89%
- Graphic Packaging International LLC 0.87%
- Iron Mountain, Inc. 0.85%
- ZoomInfo Technologies LLC 0.81%
Asset Allocation
Weighting | Return Low | Return High | PXHAX % Rank | |
---|---|---|---|---|
Bonds | 96.84% | -3.13% | 154.38% | 25.27% |
Cash | 2.76% | -52.00% | 48.07% | 63.93% |
Stocks | 0.41% | 0.00% | 99.54% | 50.39% |
Convertible Bonds | 0.28% | 0.00% | 17.89% | 86.69% |
Preferred Stocks | 0.00% | 0.00% | 7.88% | 57.89% |
Other | 0.00% | -63.70% | 102.57% | 55.73% |
Stock Sector Breakdown
Weighting | Return Low | Return High | PXHAX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 100.00% | 57.20% |
Technology | 0.00% | 0.00% | 33.17% | 53.98% |
Real Estate | 0.00% | 0.00% | 86.71% | 53.12% |
Industrials | 0.00% | 0.00% | 93.12% | 63.23% |
Healthcare | 0.00% | 0.00% | 22.17% | 57.85% |
Financial Services | 0.00% | 0.00% | 100.00% | 56.99% |
Energy | 0.00% | 0.00% | 100.00% | 7.10% |
Communication Services | 0.00% | 0.00% | 99.99% | 68.17% |
Consumer Defense | 0.00% | 0.00% | 100.00% | 44.73% |
Consumer Cyclical | 0.00% | 0.00% | 100.00% | 62.15% |
Basic Materials | 0.00% | 0.00% | 100.00% | 59.35% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | PXHAX % Rank | |
---|---|---|---|---|
US | 0.41% | 0.00% | 99.54% | 48.76% |
Non US | 0.00% | -0.01% | 0.83% | 40.71% |
Bond Sector Breakdown
Weighting | Return Low | Return High | PXHAX % Rank | |
---|---|---|---|---|
Corporate | 96.84% | 0.00% | 129.69% | 31.01% |
Cash & Equivalents | 1.63% | 0.00% | 48.07% | 66.56% |
Derivative | 0.00% | -15.04% | 42.26% | 49.54% |
Securitized | 0.00% | 0.00% | 97.24% | 63.88% |
Municipal | 0.00% | 0.00% | 4.66% | 34.57% |
Government | 0.00% | 0.00% | 99.07% | 55.19% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | PXHAX % Rank | |
---|---|---|---|---|
US | 96.84% | -3.13% | 129.21% | 16.25% |
Non US | 0.00% | 0.00% | 98.19% | 58.51% |
PXHAX - Expenses
Operational Fees
PXHAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.92% | 0.04% | 31.61% | 56.19% |
Management Fee | 0.50% | 0.00% | 1.84% | 32.72% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 30.19% |
Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
PXHAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 4.50% | 2.25% | 5.75% | 19.19% |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
PXHAX 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.
PXHAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 1.00% | 255.00% | 26.48% |
PXHAX - Distributions
Dividend Yield Analysis
PXHAX | Category Low | Category High | PXHAX % Rank | |
---|---|---|---|---|
Dividend Yield | 5.62% | 0.00% | 11.76% | 71.54% |
Dividend Distribution Analysis
PXHAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
PXHAX | Category Low | Category High | PXHAX % Rank | |
---|---|---|---|---|
Net Income Ratio | 3.85% | -2.39% | 14.30% | 76.54% |
Capital Gain Distribution Analysis
PXHAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Apr 01, 2024 | $0.028 | OrdinaryDividend |
Mar 01, 2024 | $0.026 | OrdinaryDividend |
Feb 01, 2024 | $0.028 | OrdinaryDividend |
Dec 29, 2023 | $0.028 | OrdinaryDividend |
Nov 30, 2023 | $0.028 | OrdinaryDividend |
Oct 31, 2023 | $0.027 | OrdinaryDividend |
Sep 29, 2023 | $0.027 | OrdinaryDividend |
Aug 31, 2023 | $0.027 | OrdinaryDividend |
Jul 31, 2023 | $0.027 | OrdinaryDividend |
Jun 30, 2023 | $0.027 | OrdinaryDividend |
May 31, 2023 | $0.029 | OrdinaryDividend |
Apr 28, 2023 | $0.025 | OrdinaryDividend |
Mar 31, 2023 | $0.027 | OrdinaryDividend |
Feb 28, 2023 | $0.027 | OrdinaryDividend |
Jan 31, 2023 | $0.027 | OrdinaryDividend |
Dec 30, 2022 | $0.029 | DailyAccrualFund |
Dec 01, 2022 | $0.025 | DailyAccrualFund |
Oct 31, 2022 | $0.025 | DailyAccrualFund |
Sep 30, 2022 | $0.025 | DailyAccrualFund |
Aug 31, 2022 | $0.026 | DailyAccrualFund |
Jul 29, 2022 | $0.022 | DailyAccrualFund |
Jun 30, 2022 | $0.023 | DailyAccrualFund |
May 31, 2022 | $0.023 | DailyAccrualFund |
Apr 29, 2022 | $0.023 | DailyAccrualFund |
Mar 31, 2022 | $0.022 | DailyAccrualFund |
Feb 28, 2022 | $0.023 | DailyAccrualFund |
Jan 31, 2022 | $0.022 | DailyAccrualFund |
Dec 31, 2021 | $0.022 | DailyAccrualFund |
Nov 30, 2021 | $0.021 | DailyAccrualFund |
Oct 29, 2021 | $0.022 | DailyAccrualFund |
Sep 30, 2021 | $0.022 | DailyAccrualFund |
Aug 31, 2021 | $0.022 | DailyAccrualFund |
Jul 30, 2021 | $0.022 | DailyAccrualFund |
Jun 30, 2021 | $0.020 | DailyAccrualFund |
May 28, 2021 | $0.024 | DailyAccrualFund |
Apr 30, 2021 | $0.023 | DailyAccrualFund |
Mar 31, 2021 | $0.023 | DailyAccrualFund |
Feb 26, 2021 | $0.024 | DailyAccrualFund |
Jan 29, 2021 | $0.027 | DailyAccrualFund |
Dec 31, 2020 | $0.027 | DailyAccrualFund |
Nov 30, 2020 | $0.025 | DailyAccrualFund |
Oct 30, 2020 | $0.025 | DailyAccrualFund |
Sep 30, 2020 | $0.026 | DailyAccrualFund |
Aug 31, 2020 | $0.026 | DailyAccrualFund |
Jul 31, 2020 | $0.032 | DailyAccrualFund |
Jun 30, 2020 | $0.029 | DailyAccrualFund |
May 29, 2020 | $0.027 | DailyAccrualFund |
Apr 30, 2020 | $0.028 | DailyAccrualFund |
Mar 31, 2020 | $0.027 | DailyAccrualFund |
Feb 28, 2020 | $0.026 | DailyAccrualFund |
Jan 31, 2020 | $0.026 | DailyAccrualFund |
Dec 31, 2019 | $0.027 | DailyAccrualFund |
Nov 29, 2019 | $0.026 | DailyAccrualFund |
Oct 31, 2019 | $0.027 | DailyAccrualFund |
Sep 30, 2019 | $0.028 | DailyAccrualFund |
Aug 30, 2019 | $0.026 | DailyAccrualFund |
Jul 31, 2019 | $0.027 | DailyAccrualFund |
May 31, 2019 | $0.028 | DailyAccrualFund |
Apr 30, 2019 | $0.028 | DailyAccrualFund |
Mar 29, 2019 | $0.028 | DailyAccrualFund |
Feb 28, 2019 | $0.027 | DailyAccrualFund |
Jan 31, 2019 | $0.028 | DailyAccrualFund |
Dec 31, 2018 | $0.028 | DailyAccrualFund |
Nov 30, 2018 | $0.028 | DailyAccrualFund |
Oct 31, 2018 | $0.028 | DailyAccrualFund |
Aug 31, 2018 | $0.027 | DailyAccrualFund |
Jul 31, 2018 | $0.027 | DailyAccrualFund |
Jun 29, 2018 | $0.027 | DailyAccrualFund |
May 31, 2018 | $0.028 | DailyAccrualFund |
Apr 30, 2018 | $0.027 | DailyAccrualFund |
Mar 29, 2018 | $0.027 | DailyAccrualFund |
Feb 28, 2018 | $0.028 | DailyAccrualFund |
Jan 31, 2018 | $0.028 | DailyAccrualFund |
Dec 29, 2017 | $0.028 | DailyAccrualFund |
Nov 30, 2017 | $0.028 | DailyAccrualFund |
Oct 31, 2017 | $0.028 | DailyAccrualFund |
Sep 29, 2017 | $0.028 | DailyAccrualFund |
Aug 31, 2017 | $0.029 | DailyAccrualFund |
Jul 31, 2017 | $0.030 | DailyAccrualFund |
Jun 30, 2017 | $0.030 | DailyAccrualFund |
May 31, 2017 | $0.030 | DailyAccrualFund |
Apr 28, 2017 | $0.030 | DailyAccrualFund |
Mar 31, 2017 | $0.030 | DailyAccrualFund |
Feb 28, 2017 | $0.030 | DailyAccrualFund |
Jan 31, 2017 | $0.030 | DailyAccrualFund |
Dec 30, 2016 | $0.030 | DailyAccrualFund |
Nov 30, 2016 | $0.031 | DailyAccrualFund |
Oct 31, 2016 | $0.032 | DailyAccrualFund |
Sep 30, 2016 | $0.031 | DailyAccrualFund |
Aug 31, 2016 | $0.031 | DailyAccrualFund |
Jul 29, 2016 | $0.030 | DailyAccrualFund |
Jun 30, 2016 | $0.030 | DailyAccrualFund |
May 31, 2016 | $0.032 | DailyAccrualFund |
Apr 29, 2016 | $0.032 | DailyAccrualFund |
Mar 31, 2016 | $0.032 | DailyAccrualFund |
Feb 29, 2016 | $0.032 | DailyAccrualFund |
Jan 29, 2016 | $0.032 | DailyAccrualFund |
Dec 31, 2015 | $0.034 | DailyAccrualFund |
Nov 30, 2015 | $0.032 | DailyAccrualFund |
Oct 30, 2015 | $0.033 | DailyAccrualFund |
Sep 30, 2015 | $0.033 | DailyAccrualFund |
Aug 31, 2015 | $0.032 | DailyAccrualFund |
Jul 31, 2015 | $0.036 | DailyAccrualFund |
Jun 30, 2015 | $0.034 | DailyAccrualFund |
May 29, 2015 | $0.033 | DailyAccrualFund |
Apr 30, 2015 | $0.033 | DailyAccrualFund |
Mar 31, 2015 | $0.032 | DailyAccrualFund |
Feb 27, 2015 | $0.031 | DailyAccrualFund |
Jan 30, 2015 | $0.035 | DailyAccrualFund |
Dec 31, 2014 | $0.038 | DailyAccrualFund |
Nov 28, 2014 | $0.035 | DailyAccrualFund |
Oct 31, 2014 | $0.036 | DailyAccrualFund |
Sep 30, 2014 | $0.033 | DailyAccrualFund |
Aug 29, 2014 | $0.038 | DailyAccrualFund |
Jul 31, 2014 | $0.037 | DailyAccrualFund |
Jun 30, 2014 | $0.035 | DailyAccrualFund |
May 30, 2014 | $0.037 | DailyAccrualFund |
Apr 30, 2014 | $0.038 | DailyAccrualFund |
Mar 31, 2014 | $0.040 | DailyAccrualFund |
Feb 28, 2014 | $0.037 | DailyAccrualFund |
Jan 31, 2014 | $0.038 | DailyAccrualFund |
Dec 31, 2013 | $0.038 | DailyAccrualFund |
Nov 29, 2013 | $0.035 | DailyAccrualFund |
Oct 31, 2013 | $0.036 | DailyAccrualFund |
Sep 30, 2013 | $0.037 | DailyAccrualFund |
Aug 30, 2013 | $0.037 | DailyAccrualFund |
Jul 31, 2013 | $0.041 | DailyAccrualFund |
Jun 28, 2013 | $0.038 | DailyAccrualFund |
May 31, 2013 | $0.036 | DailyAccrualFund |
PXHAX - 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 | 7.11 | 8.17 |