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 23% 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. 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.
American Water Works Co., Inc. provides water and wastewater utility services to residential, commercial, industrial, public, and other customers.
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.
*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 03/31/2017:
Microsoft Corp. 2.70; KeyCorp. 2.00; Facebook, Inc., Class A 2.00; salesforce.com, inc. 1.90; Johnson & Johnson 1.90; NIKE, Inc., Class B 1.90; Yahoo!, Inc. 1.80; American Water Works Co., Inc. 1.70; Abbott Laboratories 1.60; 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.