Impax Large Cap Fund
Name
As of 04/18/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
3.6%
1 yr return
16.1%
3 Yr Avg Return
4.1%
5 Yr Avg Return
13.0%
Net Assets
$1.44 B
Holdings in Top 10
33.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.97%
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
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/18/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
PAXLX - Profile
Distributions
- YTD Total Return 3.6%
- 3 Yr Annualized Total Return 4.1%
- 5 Yr Annualized Total Return 13.0%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.22%
- Dividend Yield 0.8%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameImpax Large Cap Fund
-
Fund Family NamePAXWORLDFF
-
Inception DateDec 16, 2016
-
Shares OutstandingN/A
-
Share ClassInvestor
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerBarbara Browning
Fund Description
The Large Cap Fund follows a sustainable investing approach, investing in companies 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 S&P 500 Index companies.
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.
The Fund’s investment team also utilizes the Impax Systematic ESG Rating, a fundamental, bottom-up rating by the Adviser of a company’s ESG profile. The rating emphasizes management of ESG-related risks, incorporates ESG trends (taking into account progress or regression in a company’s ESG profile) and takes into account any involvement by the company in significant ESG-related controversies.
Under normal market conditions, the Large Cap Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities (such as common stocks, securities convertible into common or preferred stocks and
warrants) of companies that, when purchased, have capitalizations within the range of the S&P 500 Index as measured by market capitalization. As of December 31, 2022, the S&P 500 Index included companies with market capitalizations ranging from approximately $3.99 billion to $2,058.10 billion.
The Large Cap Fund selects equity securities on a company-by-company basis primarily through the use of fundamental analysis, including ESG analysis. The Fund may take significant positions in one or more sectors, including the information technology sector. The Large Cap Fund is not constrained by any particular investment style, and may therefore invest in “growth” stocks, “value” stocks or a combination of both. Additionally, it may buy stocks in any sector or industry. The portfolio managers currently expect that the Fund typically will hold between 30 and 60 securities positions.
The Large Cap Fund may invest up to 45% of its assets in securities of non-US issuers, including American Depositary Receipts (“ADRs”). The Large Cap Fund may invest no more than 25% of its assets in securities of non-US issuers other than ADRs. The Large Cap Fund’s investments in securities of non-US issuers may include 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.
PAXLX - Performance
Return Ranking - Trailing
Period | PAXLX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.6% | -47.2% | 13.6% | 77.57% |
1 Yr | 16.1% | -38.4% | 43.3% | 78.99% |
3 Yr | 4.1%* | -15.0% | 26.8% | 85.92% |
5 Yr | 13.0%* | -2.7% | 106.3% | 27.15% |
10 Yr | N/A* | 2.2% | 20.5% | N/A |
* Annualized
Return Ranking - Calendar
Period | PAXLX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 14.9% | -42.6% | 47.4% | 66.45% |
2022 | -22.3% | -56.3% | -4.2% | 59.13% |
2021 | 23.3% | -27.2% | 53.7% | 22.00% |
2020 | 15.8% | -36.2% | 2181.7% | 29.89% |
2019 | 30.2% | -22.7% | 40.4% | 8.61% |
Total Return Ranking - Trailing
Period | PAXLX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.6% | -47.2% | 13.6% | 77.57% |
1 Yr | 16.1% | -38.4% | 43.3% | 78.99% |
3 Yr | 4.1%* | -15.0% | 26.8% | 85.92% |
5 Yr | 13.0%* | -2.7% | 106.3% | 27.15% |
10 Yr | N/A* | 2.2% | 20.5% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | PAXLX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 19.9% | -5.0% | 47.4% | 71.33% |
2022 | -20.0% | -36.8% | -2.2% | 79.41% |
2021 | 30.6% | 3.0% | 124.3% | 9.29% |
2020 | 23.7% | -15.8% | 2266.0% | 7.03% |
2019 | 34.9% | -0.4% | 241.3% | 3.99% |
NAV & Total Return History
PAXLX - Holdings
Concentration Analysis
PAXLX | Category Low | Category High | PAXLX % Rank | |
---|---|---|---|---|
Net Assets | 1.44 B | 2.34 M | 1.55 T | 47.96% |
Number of Holdings | 54 | 1 | 4053 | 76.61% |
Net Assets in Top 10 | 485 M | 885 K | 387 B | 46.78% |
Weighting of Top 10 | 33.60% | 0.3% | 112.0% | 51.14% |
Top 10 Holdings
- Microsoft Corp. 7.39%
- Apple, Inc. 5.37%
- Alphabet, Inc., Class A 4.22%
- Merck Co., Inc. 3.02%
- Aptiv plc 2.42%
- Abbott Laboratories 2.38%
- Visa, Inc., Class A 2.25%
- ServiceNow, Inc. 2.20%
- JPMorgan Chase Co. 2.18%
- Walt Disney Co. (The) 2.17%
Asset Allocation
Weighting | Return Low | Return High | PAXLX % Rank | |
---|---|---|---|---|
Stocks | 98.74% | 0.00% | 124.03% | 54.71% |
Cash | 1.26% | 0.00% | 99.06% | 45.60% |
Preferred Stocks | 0.00% | 0.00% | 2.38% | 74.49% |
Other | 0.00% | -13.91% | 100.00% | 82.42% |
Convertible Bonds | 0.00% | 0.00% | 5.54% | 74.17% |
Bonds | 0.00% | -0.50% | 93.78% | 75.59% |
Stock Sector Breakdown
Weighting | Return Low | Return High | PAXLX % Rank | |
---|---|---|---|---|
Technology | 26.49% | 0.00% | 48.94% | 16.77% |
Healthcare | 15.43% | 0.00% | 60.70% | 29.31% |
Financial Services | 11.96% | 0.00% | 55.59% | 79.79% |
Industrials | 10.23% | 0.00% | 29.90% | 34.42% |
Communication Services | 9.64% | 0.00% | 27.94% | 21.41% |
Consumer Cyclical | 8.89% | 0.00% | 30.33% | 77.48% |
Consumer Defense | 8.43% | 0.00% | 47.71% | 21.57% |
Real Estate | 4.33% | 0.00% | 31.91% | 10.78% |
Basic Materials | 3.45% | 0.00% | 25.70% | 28.51% |
Utilities | 1.15% | 0.00% | 20.91% | 76.12% |
Energy | 0.00% | 0.00% | 41.64% | 96.65% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | PAXLX % Rank | |
---|---|---|---|---|
US | 98.74% | 0.00% | 124.03% | 41.76% |
Non US | 0.00% | 0.00% | 62.81% | 78.02% |
PAXLX - Expenses
Operational Fees
PAXLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.97% | 0.01% | 16.07% | 37.91% |
Management Fee | 0.65% | 0.00% | 1.89% | 73.90% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 53.76% |
Administrative Fee | N/A | 0.00% | 0.85% | N/A |
Sales Fees
PAXLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 1.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
PAXLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.25% | 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.
PAXLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 496.00% | 51.76% |
PAXLX - Distributions
Dividend Yield Analysis
PAXLX | Category Low | Category High | PAXLX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.80% | 0.00% | 25.99% | 23.29% |
Dividend Distribution Analysis
PAXLX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annual | Annual | Annual |
Net Income Ratio Analysis
PAXLX | Category Low | Category High | PAXLX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.22% | -54.00% | 6.06% | 75.56% |
Capital Gain Distribution Analysis
PAXLX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 22, 2023 | $0.525 | OrdinaryDividend |
Jun 23, 2023 | $0.041 | OrdinaryDividend |
Dec 23, 2022 | $0.310 | OrdinaryDividend |
Jun 23, 2022 | $0.026 | OrdinaryDividend |
Jun 23, 2021 | $0.018 | OrdinaryDividend |
Jun 23, 2020 | $0.042 | OrdinaryDividend |
Jun 21, 2019 | $0.036 | OrdinaryDividend |
Jun 22, 2018 | $0.030 | OrdinaryDividend |
Dec 23, 2016 | $0.007 | OrdinaryDividend |
PAXLX - Fund Manager Analysis
Managers
Barbara Browning
Start Date
Tenure
Tenure Rank
Sep 30, 2017
4.67
4.7%
Barbara Browning, CFA is a Co-Portfolio Manager of the Impax Large Cap Strategy and a Portfolio Manager of the Impax Ellevate Global Women’s Leadership Strategy at Impax Asset Management LLC and Vice President at Pax World Funds. Prior to joining the firm in 2017, Barbara was Vice President and Senior Portfolio Manager at RBC Global Asset Management, Inc., where she co-managed Diversified Core, Concentrated Core and Diversified Large Cap Value Equity funds.
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 |
---|---|---|---|
0.04 | 39.02 | 7.23 | 2.42 |