After the Russell 2000 Index’s 38.82% advance in 2013, advisors and investors are wondering where small cap stocks are headed from here.
Join Nathan Moser, CFA®, portfolio manager of the Pax World Small Cap Fund, to hear his ideas about additional investment opportunities and his approach to risk management when markets reach these lofty levels.
About the Speakers
Nathan Moser is the Portfolio Manager of the Pax World Small Cap Fund and member of the portfolio management team for the Pax World Balanced Fund. Mr. Moser has been responsible for management of the Small Cap Fund since its inception in 2008 and has been a member of the portfolio management team of the Balanced Fund since 2015. He joined Pax World in 2008 from Citizens Funds, where he worked for six years, first as an equity analyst and then as portfolio manager. He started his career with John Hancock Funds, where he was an equity analyst. Mr. Moser holds a Bachelor of Science from Babson College, is a CFA charterholder and member of the Boston Security Analysts Society.
CFA® is a trademark owned by the CFA Institute.
Ed Lynch has more than 25 years of experience in the asset management business, including positions in product management, sales, marketing and strategic planning for companies such as Fidelity Investments, Citigroup, Van Kampen Funds, J&W Seligman and XShares Advisors. Ed has broad experience in both intermediary and institutional markets working with a wide range of financial products. He is a graduate of Union College and the Columbia University Graduate School of Business.
Ed Lynch is a registered representative of ALPS Distributors, Inc.
Pax World Small Cap Fund Performance
|Quarterly Total Returns(as of 12/31/2014)||CUMULATIVE RETURNS (%)||AVERAGE ANNUAL RETURNS (%)|
|Monthly Total Returns(as of 01/30/2015)||CUMULATIVE RETURNS (%)||AVERAGE ANNUAL RETURNS (%)|
|» Month end||1 Month||3 Month||Year- To-Date||1 Year||3 Year||5 Year||10 Year||Since
|Small Cap Fund - Individual Investor Class||2.69||6.03||7.06||7.06||20.26||16.96||-||11.08|
|Small Cap Fund - Class A5||2.78||6.05||7.10||7.10||20.28||16.97||-||11.08|
|Small Cap Fund - Institutional Class||2.72||6.12||7.31||7.31||20.54||17.25||-||11.37|
|Small Cap Fund - Class R||2.69||5.98||6.79||6.79||19.96||16.66||-||10.80|
|Russell 2000 Index||2.85||9.73||4.89||4.89||19.21||15.55||7.77||10.06|
|Lipper Small-Cap Core Funds Index||1.95||7.68||4.09||4.09||17.99||14.71||7.93||9.85|
|Small Cap Fund - Individual Investor Class||-2.37||0.33||-2.37||5.61||17.86||17.00||-||10.55|
|Small Cap Fund - Class A5||-2.45||0.26||-2.45||5.57||17.84||16.99||-||10.54|
|Small Cap Fund - Institutional Class||-2.36||0.37||-2.36||5.87||18.15||17.29||-||10.84|
|Small Cap Fund - Class R||-2.39||0.23||-2.39||5.33||17.55||16.72||-||10.27|
|Russell 2000 Index||-3.22||-0.37||-3.22||4.41||15.27||15.66||7.87||9.41|
|Lipper Small-Cap Core Funds Index||-3.60||-1.57||-3.60||4.10||14.08||14.71||7.85||9.14|
Inception date for Class A shares - May 1, 2013
5 Class A Inception date return since May 1, 2013 is 18.11 (annualized).
|Performance after Sales Charge||CUMULATIVE RETURNS (%)||AVERAGE ANNUAL RETURNS (%)|
|1 Month||Quarter||Year-To-Date||1 Year||3 Year||5 Year||10 Year||Since
|Small Cap Fund - Class A (Load)||-7.82||-5.25||-7.82||-0.23||15.65||15.67||-||9.64|
|Small Cap Fund - Class A (Load)||-2.87||0.19||1.21||1.21||18.04||15.65||-||10.16|
A 1.00% CDSC (contingent deferred sales charge) may be charged on any shares sold within 18 months of purchase over $1million. POP (public offering price) reflects the maximum sales load for the Fund’s Class A Shares of 5.50%.
Performance data quoted represent past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
Total annual Small Cap Fund operating expenses, gross of any fee waivers or reimbursements, for Individual Investor Class, Class A, Institutional Class and Class R shares are 2.20%, 2.20%, 1.95% and 2.45%, respectively, as of 5/1/2013 prospectus. The Small Cap Fund’s investment adviser has contractually agreed to reimburse expenses (excluding Acquired Fund Fees and Expenses) allocable to Individual Investor Class, Class A, Institutional Class and Class R shares of the Small Cap Fund to the extent such expenses exceed 1.24%, 1.24%, 0.99% and 1.49% of the average daily net assets of Individual Investor Class, Class A, Institutional Class and Class R shares, respectively. This reimbursement arrangement will remain in effect through at least December 31, 2015.
The Lipper Small-Cap Core Funds Index tracks the results of the 30 largest mutual funds in the Lipper Small-Cap Core Funds Average. The Lipper Small-Cap Core Funds Average is a total return performance average of the mutual funds tracked by Lipper, Inc. that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s USDE small-cap ceiling. Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600 Index. The Lipper Small-Cap Core Funds Index is not what is typically considered to be an “index” because it tracks the performance of other mutual funds rather than the changes in the value of a group of securities, a securities index or some other traditional economic indicator.