Pear Tree Essex Environmental Opportunities Fund

The PEAR TREE ESSEX ENVIRONMENTAL OPPORTUNITIES FUND operates at the nexus of environment and finance, investing in companies that enable greater natural resource and energy efficiency.

Investment Process

The Fund invests in companies the management team believes solve environmental and related social challenges, seeking to provide attractive financial and social impact returns. The Fund is fossil fuel free, investing in public equities will full alignment to the U.N. Sustainable Development Goals. Investments are made across nine environmental themes, providing clean technology diversification in companies with revenue and earnings growth greater than the broad equity market, in companies exhibiting effective capital allocation and strong profitability.

Buy and Sell Discipline

The Fund is concentrated, typically owning 35-45 equity holdings, in growth companies which provide solutions to the world's environmental challenges. Stock selection is based on rigorous fundamental company analysis and a valuation process that is informed by the portfolio management team’s thematic industry assessment. The Fund is generally lower turnover, with half from existing positions. Position sizes average 2-3%, and are diversified across themes, geographies and industries. Risk management and assessment is integral to portfolio construction, with position sizes determined by industry maturity, liquidity, individual security volatility and the management of price and profit expectations.

Portfolio Management

The Fund is managed by William Page and Robert Uek of Essex Investment Management, LLC. Essex is an independent, employee-owned firm with over a 40-year history of growth equity investing. Page and Uek have almost 60 years of combined institutional investment experience. The portfolio management team has been managing clean technology portfolios for over 16 years, with the first listed impact strategy in North America.

Fund Overview

YTD RETURN*
20.52%

NAV*
$21.20

INCEPTION
September 1, 2017

MINIMUM INVESTMENT
$1,000,000

CUSIP
70472Q716

BENCHMARK
MSCI WORLD

NET EXPENSE RATIO(1)
1.01%

GROSS EXPENSE RATIO(2)
1.32%

 

*as of 11/29/2021

Investment Professionals

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Sub-Advisor

Essex Investment Management Co., LLC

Essex Investment Management Company, LLC. follows an investment philosophy based on the early identification of growth, wherever growth exists.

Portfolio Managers

Robert Uek, CFA
William Page

Performance

YTD
As Of 11/29/2021
Quarterly
As Of 09/30/2021
1 Year
As Of 09/30/2021
3 Years
As Of 09/30/2021
5 Years
As Of 09/30/2021
10 Years
As Of 09/30/2021
Since Inception As Of
09/30/2021
Total Gross Expense Ratio(1) Total Net Expense Ratio(2)
20.52% -4.55% 49.73% 22.14% N/A N/A 17.65% 1.32% 1.01%

Calendar Year

2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
63.14% 25.83% -15.60% N/A N/A N/A N/A N/A N/A N/A N/A

Portfolio

as of September 30, 2021

Top Ten Holdings

Percentage Of Total Net Assets 34.00%
Aspen Aerogels, Inc. 5.40%
Albemarle Corporation 3.60%
Kornit Digital Ltd. 3.50%
Generac Holdings Inc. 3.40%
Kingspan Group plc 3.30%
Hannon Armstrong Sustainable Infrastructure Capital, Inc. 3.30%
Watts Water Technologies, Inc. 3.00%
Sunrun Inc. 2.90%
Aptiv PLC 2.80%
Energy Recovery, Inc. 2.80%

Sector Weightings

Percentage Of Total Net Assets 100.0%
Industrials 33.90%
Information Technology 31.90%
Materials 13.90%
Energy 5.40%
Financials 3.30%
Consumer Discretionary 2.80%
Utilities 1.70%
Cash and Other Assets (Net) 7.10%

Top Ten Country Allocations

Percentage Of Total Net Assets 92.20%
United States 60.60%
Germany 8.10%
Ireland 6.20%
Japan 4.50%
Israel 3.50%
Netherlands 2.40%
Switzerland 2.30%
Belgium 2.20%
Denmark 1.70%
Canada 0.70%

Portfolio Characteristics

Net Assets $64,268,580
Number Of Holdings 38
Percentage in Top 10 Holdings 34.00%
Weighted Average Market Cap (Mil) $15,383.00
Annual Turnover

Portfolio Allocation

Percentage of Portfolio 100.0%
Equity Securities 92.90%
Cash and Other Assets (Net) 7.10%

FOR THE QUARTER ENDED JUNE 30, 2021

Commentary to come...

Distributions

Dividend Short-Term Capital Gain Long-Term Capital Gain
2020 $0.3544 $0.0000 $0.0000
2019 $0.2522 $0.0000 $0.0000
2018 $0.1094 $0.0000 $0.0780

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost.

Before investing, carefully consider the Fund's investment objectives, risks, charges and expenses. For this and other information obtain the Fund's prospectus or, if available, the Fund's summary prospectus by calling (800) 326-2151 or by clicking the Literature and Forms section of this website to view or download a prospectus or, if available, a summary prospectus. Please read the prospectus carefully before you invest or send money.

1, 3, 5, and 10Yr performance numbers quoted are average annual total returns. Performance numbers quoted under one year are cumulative.

Polaris Capital began subadvising the Pear Tree Small Cap Fund on January 1, 2015.

Axiom International Investors began subadvising the Pear Tree Axiom Emerging Markets World Equity Fund December 8, 2018.

The Pear Tree Essex Environment Opportunities Fund (the “Fund”) is the successor to the investment performance of the Essex Environmental Opportunities Fund (“Predecessor Fund”) as a result of the reorganization of the Predecessor Fund into the Environmental Opportunities Fund on September 1, 2021. Performance information shown prior to the close of business on August 31, 2021 is that of the Predecessor Fund’s for the Fund’s Ordinary Shares and Institutional Shares.

Expense Ratios Disclosure

1. Expense Ratio (Gross)
The gross expense ratio is the total operating expense from the class of shares of the fund stated as a percent of the fund's total net assets as disclosed in the fund’s most recent prospectus before waivers or reimbursements.

2. Expense Ratio (Net)
Net Expense Ratio is the total annual operating expense from the class of shares of the funds stated as a percent of the fund's total net assets as disclosed in the fund’s most recent prospectus after any fee waiver and/or expense reimbursements that will reduce any fund operating expenses until July 31, 2022 for all funds and share classes except Pear Tree Essex Environmental Opportunities Fund. Fee waivers and/or expense reimbursement for Pear Tree Essex Environmental Opportunities Fund and its share classes are in effect through August 31, 2022.

Risk Disclosure

Pear Tree Polaris Foreign Value
Pear Tree Polaris Foreign Value Small Cap
Pear Tree Polaris International Opportunities
Pear Tree Polaris Small Cap
Pear Tree Axiom Emerging Markets World Equity
Pear Tree Essex Environmental Opportunities

Foreign and Emerging Market Risk. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile.

Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.