Pax World International Fund
Investment Objective
The Pax World International Fund’s investment objective is to seek long-term growth of capital.
Principal Investment Strategies
Under normal market conditions, the International Fund will invest primarily in equity securities (such as common stock, preferred stocks and securities convertible into common or preferred stocks) of non-U.S. issuers. The International Fund is not constrained by any particular investment style or capitalization range. At any given time, the Fund may invest in “growth” stocks, “value” stocks, or a combination of both.
Additionally, the International Fund’s investments in securities of non-U.S. issuers may be diversified across multiple sectors and industries, or may be focused on a limited number of sectors and industries. The International Fund’s investments in securities of non-U.S. issuers may include investments in emerging markets and may be diversified across multiple countries or geographic regions, or may be focused on a select geographic region.
The Fund is not limited to investing in securities of a specific market capitalization and may hold securities of large, medium and/or small capitalization companies. The International Fund’s adviser selects equity securities on a company-by-company basis primarily through the use of fundamental analysis.
The adviser attempts to identify companies for possible investment by analyzing their valuations and growth prospects based on their market and competitive position, financial condition and economic, political and regulatory environment. The following characteristics may also be considered in analyzing the attractiveness of such companies — valuation factors such as price-to-earnings ratio; price-to-book ratio and/or price-to-cash flow ratio; a healthy balance sheet; overall financial strength; and catalysts for changes that improve future earnings prospects.
Top 10 Holdings as of 4/30/08 (% of Net Assets)
- StatoilHydro ASA, ADR (4.1)
- Mizuho Financial Group, Inc. (2.9)
- CurrencyShares Japanese Yen Trust (2.9)
- Roche Holding AG (2.6)
- Veolia Environnement, ADR (2.6)
- Vodafone Group PLC, ADR (2.5)
- Unicredito Italiano Spa Ord (2.4)
- Tesco PLC (2.3)
- Rio Tinto PLC, ADR (2.3)
- Honda Motor Co, Ltd., ADR (2.2)