Pax Ellevate Global Women’s Index Fund Invest in Women

Gender Leaders

The Pax Ellevate Global Women’s Index Fund seeks investment returns that closely correspond to or exceed the performance 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. Ninety-nine percent of the companies in the Fund have two or more women on their board of directors. Further, 33% of board seats and 27% of executive management positions are held by women, compared to global averages of 16% and 16%, respectively.

Following are some of the companies in the Index, and the Fund, and examples of ways in which they are embracing gender diversity and women’s leadership.

Gap Inc.

Gap Inc. is an apparel retail company. The Company offers apparel, accessories and personal care products for men, women and children under the Gap, Banana Republic, Old Navy, Athleta and Intermix brands.

  • Women comprise 27% of the company’s board of directors. Over half of executive management, including CFO Teri List-Stoll, are women.
  • Seventy-four percent of the company’s employees, and 68% of store managers are women.
  • In 2014, the company conducted a pay equity analysis and reported pay parity among men and women.
  • In 2016, Gap was among the first companies to endorse the White House Equal Pay Pledge.
  • Gap is a signatory to the UN Women’s Empowerment Principles.

American Water Works Company, Inc.

American Water Works Co., Inc. provides water and wastewater utility services to residential, commercial, industrial, public, and other customers.

  • Women comprise more than half of the company’s board of directors.
  • Fifty percent of the company’s executive officers are women, including CEO Susan N. Story and CFO Linda G. Sullivan.
  • American Water Works has incorporated diversity hiring goals into its strategic business plan. The company is targeting a diverse candidate pool for key jobs, with 65% of director level and above positions including at least one such candidate for the post.

Unilever Plc

Unilever is a consumer goods company with more than 400 brands focused on health and wellbeing. The company’s portfolio ranges from nutritionally balanced foods to personal care and everyday household care products.

  • Women comprise 43% of the company’s board of directors and 23% of its leadership executives.
  • In 2015, women comprised 45% of the company’s management, up from 38% in 2010. Unilever looks at candidate pools with an equal split for the majority of its job openings.
  • Unilever is a signatory to the UN Women’s Empowerment Principles.
  • The company has a Global Diversity Board that sets its global strategy and is chaired by CEO, Paul Polman, and Chief HR Officer Leena Nair, and comprises 11 other senior executives.
  • Unilever has implemented various programs in support of women’s development, including mentoring & networking, flexible working arrangements and maternity & paternity support for future and new parents.


*A custom index based on MSCI World. One cannot invest directly in an index.

MSCI World Index, Pax Gender Analytics, 2016.
"The Tipping Point: Women on Boards and Financial Performance," MSCI ESG Research LLC, December 2016.

Pax Ellevate Global Women's Index Fund Top Ten Holdings as of 06/30/2017:

Microsoft Corp. 2.70; Principal Financial Group, Inc. 2.00; Johnson & Johnson 1.90; Texas Instruments, Inc. 1.90; Facebook, Inc., Class A 1.90; KeyCorp. 1.90;, inc. 1.80; NIKE, Inc., Class B 1.70; Abbott Laboratories 1.50; Alphabet, Inc., Class C 1.50;

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.