The Fund is an equity fund that seeks to deliver long-term growth of capital by investing in a concentrated portfolio of small-cap companies with strong fundamentals and by exercising a disciplined selling strategy based on close examination of valuation changes in their share price.
Over time, the Fund has delivered
higher returns with lower volatility.
Data as of 12/31/09 to 03/31/15
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. See the fund's performance tab for most recent month-end performance information.
- At least 80% of the assets of the Fund are invested in common stocks, securities convertible into common or preferred stocks and warrants of companies with capitalizations within the range of the Russell 2000 Index* at time of purchase, which include both growth and value stocks.
- Up to 45% of the Fund’s assets may be invested in securities of non-U.S. issuers, including American Depositary Receipts (ADRs), but no more than 25% of its assets may be invested in securities of non-U.S. issuers other than ADRs.
- The Fund uses a sustainable investing approach that combines rigorous, fundamental financial analysis with equally rigorous environmental, social and governance (ESG) analysis.
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.
†Lipper Small Cap Core Average is the average return of the entire Lipper Small Cap Core classification. 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-pershare growth value, compared to the S&P Small Cap 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. Investors cannot invest directly in any index.
‡The Russell 2000 Index ("Benchmark") is an unmanaged index and measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. One cannot invest directly in an index.
*As of March 31, 2013, the Russell 2000 Index included companies with market capitalization from approximately $10 million to $5.60 billion.
†The Morningstar RatingsTM shown are as of 4/30/15 and are based on risk-adjusted 3-, 5-, and 10-year (if applicable) returns, and past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)
The Pax World Small Cap Fund Individual Investor Class (PXSCX) Morningstar ratings were 5 stars out of 637 funds overall, 5 stars out of 637 funds for 3-years, 5 stars out of 573 funds for 5-years. The Pax World Small Cap Fund Institutional Class (PXSIX) Morningstar ratings were 5 stars out of 637 funds overall, 5 stars out of 637 funds for 3-years, 5 stars out of 573 funds for 5-years.