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.

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 33% of the company’s board of directors.
  • Seventy-six percent of Aetna’s employees are women and women hold 64% of its management/supervisory 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.

  • Thirty-eight percent of the company's executives, including Chairman & CEO Beth E. Mooney, are women.
  • Women comprise 36% of the company’s board of directors.
  • In 2015, Key’s Talent Acquisition Leadership Team developed a diversity recruiting strategy, which is enabling Key to attract, hire, develop, and retain more diverse candidates. A particular focus was placed on accountability and metrics in association with Key’s talent planning processes.
  • KeyCorp has nine Key Business Networking Groups, including the Executive Women’s Network, along with a Diversity & Inclusion Council.

Toronto-Dominion Bank

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 2015, the company expanded its U.S. Emerging Leaders mentoring program, matching 450 aspiring female leaders with mentors, delivered Unconscious Bias training to executives and instituted a requirement for diversity in candidates for all AVP and vacancies.

Kellogg Company

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

  • Women comprise 35% of the company’s global leadership team and 38% 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.

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 Senior 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.

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 30% of the company’s board of directors. Over half of executive management, including CFO Sabrina Louise Simmons, are women.
  • Seventy-four percent of the company’s employees, and 73% of store managers are women.
  • GAP is a signatory to the UN Women’s Empowerment Principles.
  • In 2014, the company conducted a pay equity analysis and reported pay parity among men and women.

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.
  • Forty-two 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.


*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 12/30/2016:

Microsoft Corp. 2.70; NIKE, Inc., Class B 1.90; Johnson & Johnson 1.90; Facebook, Inc., Class A 1.80;, inc. 1.80; American Water Works Co., Inc. 1.80; Yahoo!, Inc. 1.70; Abbott Laboratories 1.60; Aetna, Inc. 1.60; AT&T, Inc. 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.