Fund Evaluator:
Impax High Yield Bond Investor (PAXHX)
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Fund Details
Impax High Yield Bond Investor Overview
Impax High Yield Bond Investor (PAXHX) is an actively managed Taxable Bond High Yield Bond fund. Impax Asset Management launched the fund in 1999.
The investment seeks high current income; as a secondary investment objective, it seeks capital appreciation. Under normal market conditions, the fund invests at least 80% of its assets (plus any borrowings for investment purposes) in high-yield, fixed income securities (such as bonds, notes or debentures) that are rated below BBB-by Standard & Poor's Ratings Group or below Baa3 by Moody's Investors Service, similarly rated by another major rating service, or unrated and determined by the fund's investment adviser to be of comparable quality.
About Impax High Yield Bond Investor (PAXHX)
There are 2 members of the management team with an average tenure of 5.35 years: David Kinsley (2026), Peter Schwab (2015). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA BB-B US CP HY Constnd TR USD index with a weighting of 100%. Impax High Yield Bond Investor has 245 securities in its portfolio. The top 10 holdings constitute 9.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Impax High Yield Bond Investor is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Impax High Yield Bond Investor has 15.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.1%. There is 0.0% allocated to foreign stock, and 2.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.8% (79.8% domestic bond, 15.9% foreign bond and 0.0% convertible bond). Impax High Yield Bond Investor has 1.9% of the portfolio in cash.
Assets Under Management
The fund has $110 million in total assets, which is below the $545 million average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PAXHX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Impax High Yield Bond Investor expense ratio is high compared to funds in the High Yield Bond category. Impax High Yield Bond Investor has an expense ratio of 0.95%, which is 3% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Impax High Yield Bond Investor has a portfolio turnover rate of 84%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 71% for the High Yield Bond category.
Recently, in the month of June 2026, Impax High Yield Bond Investor returned 0.3%, which earned it a grade of B, as the High Yield Bond category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Impax High Yield Bond Investor has a trailing yield of 6.02%, which is below the 6.26% category average. The fund normally distributes its income monthly and its capital gains semi-annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Impax High Yield Bond Investor Grades
Year to date, the fund has returned 2.0%, 0.1 percentage points better than the category, which translates into a grade of B. The fund has returned 5.8% over the past year (grade of C), 7.9% over the past three years (grade of D) and 2.8% per year over the past five years (grade of F) and 4.9% per year over the past 10 years (grade of D).
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PAXHX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PAXHX Return (NAV) | 0.3% | 2.7% | 5.8% | 7.9% | 2.8% | 4.9% |
| PAXHX Grade | B | B | C | D | F | D |
| +/- Category | 0.1% | 0.2% | 0.1% | -0.2% | -1.0% | -0.2% |
| High Yield Bond Avg | 0.2% | 2.4% | 5.7% | 8.1% | 3.8% | 5.1% |
| PAXHX Tax Cost Ratio | na | na | 2.4% | 2.3% | 2.2% | 2.1% |
PAXHX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PAXHX Return (NAV) | 2.0% | 8.7% | 6.0% | 11.1% | -12.9% | 3.0% | 7.8% | 14.1% | -3.1% | 6.4% | 13.8% |
| PAXHX Grade | B | B | F | D | F | F | A | C | C | D | C |
| +/- Category | 0.1% | 0.9% | -1.6% | -0.8% | -2.9% | -2.1% | 2.5% | 1.1% | -0.4% | -0.3% | 0.4% |
| High Yield Bond Avg | 1.9% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.3% | 13.0% | -2.7% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 4.4% |
| Total Risk Index: | 0.36 - Low |
| Category Risk Index: | 1.10 - High |
| Category Risk Grade: | F (82% Rank) |
| Beta: | 0.68 |
| R-Squared: | 74% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 6.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $531 Mil |
| Fund Total Assets: | $ 110 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 84% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 10.7 years | |||
| Average Tenure: 5.3 years | |||
| Managers (Year): Schwab Peter (2015), Kinsley David (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 245 |
| % in Top 10 Holdings: | 9.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 15.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 2.3% |
| Domestic Bond: | 79.8% |
| Foreign Bond: | 15.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.9% |
Purchase Information
| Fund Family: | Impax Asset Management |
| Phone Number: | 800-372-7827 |
| Website: | www.impaxam.com |
| Status: | Open |
| Inception Date: | October 8, 1999 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.95% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | Impax High Yield Bond Investor |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
