Impax Core Bond Fund
Name
As of 05/03/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-1.5%
1 yr return
0.4%
3 Yr Avg Return
-3.1%
5 Yr Avg Return
0.0%
Net Assets
$894 M
Holdings in Top 10
19.0%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.47%
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 05/03/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
PXBIX - Profile
Distributions
- YTD Total Return -1.5%
- 3 Yr Annualized Total Return -3.1%
- 5 Yr Annualized Total Return 0.0%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.60%
- Dividend Yield 3.8%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameImpax Core Bond Fund
-
Fund Family NamePAXWORLDFF
-
Inception DateDec 16, 2016
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerAnthony 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 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 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 6.2 years as of December 31, 2023.
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 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.
PXBIX - Performance
Return Ranking - Trailing
Period | PXBIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.5% | -9.5% | 3.8% | 46.71% |
1 Yr | 0.4% | -10.1% | 15.1% | 52.59% |
3 Yr | -3.1%* | -11.0% | 25.3% | 35.33% |
5 Yr | 0.0%* | -6.9% | 191.1% | 61.25% |
10 Yr | N/A* | -2.6% | 73.5% | N/A |
* Annualized
Return Ranking - Calendar
Period | PXBIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.3% | -16.2% | 8.1% | 38.40% |
2022 | -15.0% | -34.7% | 131.9% | 18.59% |
2021 | -3.3% | -11.6% | 4.4% | 46.70% |
2020 | 2.6% | -10.1% | 946.1% | 73.21% |
2019 | 5.2% | -1.7% | 16.9% | 64.02% |
Total Return Ranking - Trailing
Period | PXBIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.5% | -9.5% | 3.8% | 46.71% |
1 Yr | 0.4% | -10.1% | 15.1% | 52.59% |
3 Yr | -3.1%* | -11.0% | 25.3% | 35.33% |
5 Yr | 0.0%* | -6.9% | 191.1% | 61.25% |
10 Yr | N/A* | -2.6% | 73.5% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | PXBIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 5.6% | -11.3% | 11.0% | 65.20% |
2022 | -12.9% | -32.2% | 131.9% | 27.07% |
2021 | -1.4% | -9.4% | 9.2% | 65.35% |
2020 | 7.2% | -1.9% | 1009.0% | 76.30% |
2019 | 8.0% | 1.1% | 21668.0% | 72.99% |
NAV & Total Return History
PXBIX - Holdings
Concentration Analysis
PXBIX | Category Low | Category High | PXBIX % Rank | |
---|---|---|---|---|
Net Assets | 894 M | 2.9 M | 314 B | 56.59% |
Number of Holdings | 493 | 1 | 17889 | 61.70% |
Net Assets in Top 10 | 170 M | -106 M | 34.8 B | 61.20% |
Weighting of Top 10 | 19.03% | 4.4% | 134.1% | 68.91% |
Top 10 Holdings
- U.S. Treasury Bonds 5.76%
- U.S. Treasury Bonds 3.64%
- U.S. Treasury Notes 2.92%
- U.S. Treasury Notes 1.92%
- U.S. Treasury Notes 1.11%
- International Bank for Reconstruction Development 0.87%
- JPMorgan Chase Bank 0.85%
- Kreditanstalt fuer Wiederaufbau 0.73%
- European Investment Bank 0.67%
- Kreditanstalt fuer Wiederaufbau 0.56%
Asset Allocation
Weighting | Return Low | Return High | PXBIX % Rank | |
---|---|---|---|---|
Bonds | 92.20% | 0.00% | 215.98% | 65.57% |
Other | 6.03% | -13.23% | 50.66% | 36.20% |
Cash | 1.76% | -54.51% | 79.52% | 66.80% |
Convertible Bonds | 1.57% | 0.00% | 7.93% | 44.87% |
Stocks | 0.00% | 0.00% | 99.83% | 60.98% |
Preferred Stocks | 0.00% | 0.00% | 74.68% | 57.80% |
Bond Sector Breakdown
Weighting | Return Low | Return High | PXBIX % Rank | |
---|---|---|---|---|
Securitized | 32.23% | 0.00% | 98.40% | 42.56% |
Corporate | 31.71% | 0.00% | 100.00% | 45.27% |
Government | 30.30% | 0.00% | 86.23% | 39.13% |
Municipal | 1.52% | 0.00% | 100.00% | 18.41% |
Cash & Equivalents | 0.91% | 0.00% | 76.23% | 74.70% |
Derivative | 0.00% | -9.72% | 50.66% | 67.60% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | PXBIX % Rank | |
---|---|---|---|---|
US | 92.20% | 0.00% | 215.98% | 56.80% |
Non US | 0.00% | 0.00% | 33.48% | 63.40% |
PXBIX - Expenses
Operational Fees
PXBIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.47% | 0.01% | 39.10% | 76.31% |
Management Fee | 0.40% | 0.00% | 1.00% | 64.44% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 5.41% |
Administrative Fee | N/A | 0.01% | 0.50% | N/A |
Sales Fees
PXBIX 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
PXBIX 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.
PXBIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 2.00% | 493.39% | 16.93% |
PXBIX - Distributions
Dividend Yield Analysis
PXBIX | Category Low | Category High | PXBIX % Rank | |
---|---|---|---|---|
Dividend Yield | 3.78% | 0.00% | 10.11% | 68.36% |
Dividend Distribution Analysis
PXBIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annual | Monthly | Monthly |
Net Income Ratio Analysis
PXBIX | Category Low | Category High | PXBIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.60% | -1.28% | 4.79% | 56.42% |
Capital Gain Distribution Analysis
PXBIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
May 01, 2024 | $0.027 | OrdinaryDividend |
Apr 01, 2024 | $0.027 | OrdinaryDividend |
Mar 01, 2024 | $0.025 | OrdinaryDividend |
Feb 01, 2024 | $0.027 | OrdinaryDividend |
Dec 29, 2023 | $0.025 | OrdinaryDividend |
Nov 30, 2023 | $0.025 | OrdinaryDividend |
Oct 31, 2023 | $0.025 | OrdinaryDividend |
Sep 29, 2023 | $0.023 | OrdinaryDividend |
Aug 31, 2023 | $0.024 | OrdinaryDividend |
Jul 31, 2023 | $0.023 | OrdinaryDividend |
Jun 30, 2023 | $0.023 | OrdinaryDividend |
May 31, 2023 | $0.024 | OrdinaryDividend |
Apr 28, 2023 | $0.021 | OrdinaryDividend |
Mar 31, 2023 | $0.023 | OrdinaryDividend |
Feb 28, 2023 | $0.020 | OrdinaryDividend |
Jan 31, 2023 | $0.021 | OrdinaryDividend |
Dec 30, 2022 | $0.023 | DailyAccrualFund |
Dec 01, 2022 | $0.020 | DailyAccrualFund |
Oct 31, 2022 | $0.019 | DailyAccrualFund |
Sep 30, 2022 | $0.018 | DailyAccrualFund |
Aug 31, 2022 | $0.021 | DailyAccrualFund |
Jul 29, 2022 | $0.017 | DailyAccrualFund |
Jun 30, 2022 | $0.017 | DailyAccrualFund |
May 31, 2022 | $0.018 | DailyAccrualFund |
Apr 29, 2022 | $0.017 | DailyAccrualFund |
Mar 31, 2022 | $0.017 | DailyAccrualFund |
Feb 28, 2022 | $0.015 | DailyAccrualFund |
Jan 31, 2022 | $0.015 | DailyAccrualFund |
Dec 31, 2021 | $0.016 | DailyAccrualFund |
Nov 30, 2021 | $0.014 | DailyAccrualFund |
Oct 29, 2021 | $0.015 | DailyAccrualFund |
Sep 30, 2021 | $0.016 | DailyAccrualFund |
Aug 31, 2021 | $0.017 | DailyAccrualFund |
Jul 30, 2021 | $0.016 | DailyAccrualFund |
Jun 30, 2021 | $0.016 | DailyAccrualFund |
May 28, 2021 | $0.016 | DailyAccrualFund |
Apr 30, 2021 | $0.016 | DailyAccrualFund |
Mar 31, 2021 | $0.016 | DailyAccrualFund |
Feb 26, 2021 | $0.015 | DailyAccrualFund |
Jan 29, 2021 | $0.014 | DailyAccrualFund |
Dec 31, 2020 | $0.015 | DailyAccrualFund |
Nov 30, 2020 | $0.016 | DailyAccrualFund |
Oct 30, 2020 | $0.017 | DailyAccrualFund |
Sep 30, 2020 | $0.018 | DailyAccrualFund |
Aug 31, 2020 | $0.019 | DailyAccrualFund |
Jul 31, 2020 | $0.017 | DailyAccrualFund |
Jun 30, 2020 | $0.015 | DailyAccrualFund |
May 29, 2020 | $0.020 | DailyAccrualFund |
Apr 30, 2020 | $0.021 | DailyAccrualFund |
Mar 31, 2020 | $0.022 | DailyAccrualFund |
Feb 28, 2020 | $0.020 | DailyAccrualFund |
Jan 31, 2020 | $0.020 | DailyAccrualFund |
Dec 31, 2019 | $0.023 | DailyAccrualFund |
Nov 29, 2019 | $0.021 | DailyAccrualFund |
Oct 31, 2019 | $0.021 | DailyAccrualFund |
Sep 30, 2019 | $0.023 | DailyAccrualFund |
Aug 30, 2019 | $0.022 | DailyAccrualFund |
Jul 31, 2019 | $0.023 | DailyAccrualFund |
May 31, 2019 | $0.025 | DailyAccrualFund |
Apr 30, 2019 | $0.024 | DailyAccrualFund |
Mar 29, 2019 | $0.023 | DailyAccrualFund |
Feb 28, 2019 | $0.020 | DailyAccrualFund |
Jan 31, 2019 | $0.020 | DailyAccrualFund |
Dec 31, 2018 | $0.023 | DailyAccrualFund |
Nov 30, 2018 | $0.022 | DailyAccrualFund |
Oct 31, 2018 | $0.022 | DailyAccrualFund |
Aug 31, 2018 | $0.021 | DailyAccrualFund |
Jul 31, 2018 | $0.023 | DailyAccrualFund |
Jun 29, 2018 | $0.022 | DailyAccrualFund |
May 31, 2018 | $0.021 | DailyAccrualFund |
Apr 30, 2018 | $0.022 | DailyAccrualFund |
Mar 29, 2018 | $0.022 | DailyAccrualFund |
Feb 28, 2018 | $0.019 | DailyAccrualFund |
Jan 31, 2018 | $0.019 | DailyAccrualFund |
Dec 29, 2017 | $0.019 | DailyAccrualFund |
Nov 30, 2017 | $0.021 | DailyAccrualFund |
Oct 31, 2017 | $0.020 | DailyAccrualFund |
Sep 29, 2017 | $0.018 | DailyAccrualFund |
Aug 31, 2017 | $0.019 | DailyAccrualFund |
Jul 31, 2017 | $0.019 | DailyAccrualFund |
Jun 30, 2017 | $0.020 | DailyAccrualFund |
May 31, 2017 | $0.020 | DailyAccrualFund |
Apr 28, 2017 | $0.020 | DailyAccrualFund |
Mar 31, 2017 | $0.021 | DailyAccrualFund |
Feb 28, 2017 | $0.019 | DailyAccrualFund |
Jan 31, 2017 | $0.018 | DailyAccrualFund |
Dec 30, 2016 | $0.012 | DailyAccrualFund |
PXBIX - 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 |
---|---|---|---|
0.08 | 33.43 | 6.81 | 1.16 |