Pax Ellevate Global Women’s Index Fund (PXWEX)

Overview

“We see this Fund as a core strategy that invests in a broadly diversified global index. Research suggests that where women are better represented, companies actually perform better. The Fund strives to deliver market or above-market returns by investing in the top-rated companies in the world when it comes to advancing women.”
- Joe Keefe, Pax Ellevate CEO

The Pax Ellevate Global Women's Index Fund seeks investment returns that closely correspond to or exceed the price and yield performance, before fees and expenses, of the Pax Global Women’s Leadership Index*, an index of companies around the world that are leaders in advancing women through gender diversity on their boards of directors and in management, and through other policies and programs. This Fund is the first of its kind – a broadly diversified mutual fund that invests in the highest-rated companies in the world in advancing women’s leadership.

The Fund generally invests in all of the components included in the Index, but may use an optimized or enhanced strategy to achieve its investment objectives, overweighting companies with more favorable characteristics – e.g., the number of women on the board of directors and women in management – rather than relying on market weights exclusively.

By investing in a broad-market index where the universe of stocks is distinguished, vis-à-vis the market as a whole, by its gender leadership, the Fund strives to deliver market or above-market returns over the long term.  We therefore believe the Fund can be considered as a core holding in many investor portfolios.

We also believe the Fund represents a market solution to a global business challenge: by helping direct investor capital towards those companies that are embracing gender diversity, the Pax Ellevate Global Women’s Index Fund provides an opportunity for investors to weigh in, and for companies to listen.

Significantly, evidence shows that when women’s representation on boards reaches a critical mass of three or more women – or 30 percent of an average-size board – governance improves and companies perform better. Investors now have the opportunity to invest in these “critical mass” companies:

The Fund is a collaboration between Pax World Management LLC and Ellevate Asset Management LLC, whose principal is Sallie Krawcheck.

 

*A custom index calculated by MSCI. One cannot invest directly in an index.

RISKS: Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of stocks held by the Fund may fall; individual investments of the Fund may not perform as expected; the Fund’s portfolio management practices may not achieve the desired result. The Fund does not take defensive positions in declining markets. Accordingly, the Fund’s performance would likely be adversely affected by a decline in the Index. Investments in emerging markets and non-US Securities are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation, intervention and political developments. As this Fund can have a high concentration in some issuers the Fund can be adversely impacted by changes affecting issuers. There is no guarantee that the objective will be met and diversification does not eliminate risk.