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 26% of executive management positions are held by women, compared to global averages of 15% 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.

Aetna, Inc.

Aetna Inc. is a diversified health care benefits company that provides healthcare and related benefits, serving health care members, dental members, and group insurance customers.

  • Women comprise 38% of the company’s board of directors.
  • Seventy-five percent of Aetna’s employees are women and women hold 64% of its management positions.
  • The company has various Employee Resource Groups, including the Aetna Women’s Employee Resource Group, and a Women’s Leadership Alliance that provides mentoring, coaching, training and networking opportunities to help women advance to executive positions.


KeyCorp is one of the nation’s largest bank-based financial services companies. KeyCorp companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the U.S.

  • Four of the company’s 10 executives, including Chairman & CEO Beth E. Mooney, are women.
  • Women comprise 36% of the company’s board of directors.
  • KeyCorp has nine Key Business Networking Groups, including the Executive Women’s Network.

Coca Cola Enterprises, Inc.

Coca-Cola Enterprises Inc. markets, sells, manufactures, and distributes non-alcoholic beverages including sparkling waters, juices, isotonics, teas, and sodas. Coca-Cola Enterprises operates internationally.

  • Women comprise 28% of the company’s board of directors and 30% of executives.
  • Overall, women comprise 25% of the company’s workforce, and 25% and 36% are in leadership and management bands, respectively. By 2025, the company seeks to have a minimum of 40% of women in both management and leadership grades.
  • To achieve greater representation of women at the company, it aims to have gender balanced short lists of candidates and gender-balanced interview panels.
  • Since its launch in 2009, Coca Cola Enterprise’s University Talent Program (UTP) has provided a pipeline of male and female graduate talent. Currently, 50% of all UTP graduates are female.

Toronto-Dominion Bank

The Toronto-Dominion Bank conducts a general banking business through banking branches and offices located throughout Canada and overseas.

  • Women comprise 36% of the company’s board of directors and 31% of its senior leadership.
  • The company supports women in its workforce through coaching and formal Women in Leadership mentoring and learning programs, work experiences, and relationship building opportunities for all levels.
  • In 2014, the company expanded its Emerging Leaders mentoring program, matching 300 aspiring female leaders with mentors, doubling participation over the previous year.

Kellogg Company

Kellogg Company manufactures and markets ready-to-eat cereal and other convenience foods.

  • Women comprise 32% of the company’s global leadership team and 42% of the board of directors.
  • The company has 15 diversity & inclusion councils, including a Women in Supply Chain Council, and seven employee resource groups, including Women of Kellogg. Women of Kellogg (WOK) has recently expanded into Europe, Latin America and Asia Pacific.
  • Kellogg is a signatory to the Women’s Empowerment Principles.

Estee Lauder Companies Inc.

The Estee Lauder Companies Inc. manufactures and markets a wide range of skin care, makeup, fragrance, and hair care products. The company's products are sold in countries and territories around the world.

  • Women comprise 47% of the company’s board of directors. Thirty-one percent of the company’s executive leaders, including CFO Tracey T. Travis, are women.
  • Women represent 78% of the company’s U.S. workforce and 50% of Vice President positions and above.
  • Estee Lauder has a Chief Diversity Officer who is supported by a Global Diversity Council comprised of 20 management leaders.

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

Pax Ellevate Global Women's Index Fund Top Ten Holdings as of 05/31/2016:

Yahoo!, Inc. 1.90; Johnson & Johnson 1.90; Microsoft Corp. 1.80; Procter & Gamble Co. 1.70; Aetna, Inc. 1.70; Estee Lauder Cos, Inc., Class A 1.60; Kellogg Co. 1.60; Wells Fargo & Co. 1.60; Facebook, Inc., Class A 1.50; AT&T, Inc. 1.40;

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.