Pax Ellevate Global Women’s Leadership Fund
PXWIX
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- Impax Ellevate Global Women's Leadership Fund (PXWIX) is a mutual fund that invests primarily in global large-cap equities selected for their leadership in advancing gender diversity and equity, utilizing a proprietary Impax Gender Score to evaluate companies on women's representation in leadership roles, workplace gender equity policies, and diversity programs. The fund normally allocates more than 80% of its assets to component securities of the underlying Women's Leadership Index or related investments, targeting sectors such as technology (approximately 25%), financial services (20%), healthcare (14%), and consumer cyclical (13%), with top holdings including NVIDIA Corp, Apple Inc, Microsoft Corp, Amazon.com Inc, and JPMorgan Chase & Co; it maintains a portfolio of 100-150 holdings, weighted average market capitalization of around $771 billion, and total net assets exceeding $700 million as of mid-2025. Available share classes include Institutional (PXWIX, inception April 19, 2006, minimum investment $250,000, net expense ratio 0.52%) and Investor (PXWEX), with daily pricing and a focus on long-term capital growth that corresponds to or exceeds the underlying index before fees. The fund traces its roots to the Pax Global Women's Equality Fund, launched in October 1993 as an investor class predecessor, and underwent a shareholder-approved merger in 2014 with the newly formed Pax Ellevate Global Women's Index Fund following a partnership between Pax World Management LLC and Ellevate Asset Management LLC (chaired by Sallie Krawcheck). In 2018, Impax Asset Management Group plc acquired Pax World Management, integrating it as Impax Investment Management (US) while retaining fund management responsibilities; this was followed by a full rebranding effective December 31, 2022, renaming Pax World Funds to Impax Funds and specifically rebranding the fund from Pax Ellevate to Impax Ellevate Global Women's Leadership Fund. Headquartered in Portsmouth, New Hampshire, with operations domiciled in the United States, the fund maintains global geographic exposure (71% U.S. stocks, 29% non-U.S., spanning Eurozone, UK, Canada, Australasia, and others) and is managed by Scott LaBreche (since 2014) and Christine Cappabianca (since 2021). No major acquisitions, funding rounds, new product launches, or strategic shifts have been reported for the fund in the last 1-2 years; ongoing activities include shareholder engagement on gender equity, human capital management, human rights due diligence, and collaborative initiatives such as Taskforce on Nature-related Financial Disclosures (TNFD), Investor Policy Dialogue on Deforestation (IPDD), and GFANZ Nature in Transition Planning. The strategy remains a systematic, rules-based approach in the global large-stock blend category (Morningstar), emphasizing gender-lens investing without exclusions for controversial sectors like fossil fuels or weapons beyond gender criteria. Turnover stands at approximately 63% as of late 2024, supporting its blend style with low distribution fees.