Strength Across the Board Investment Excellence in Fixed Income 30 June 2015

Transcription

1 Strength Across the Board Investment Excellence in Fixed Income 30 June 205 Recognising the strength and depth of our Fixed Income range across Europe, the US and Emerging Markets CLASS I EUR Performance YTD Year 3 Years (annualised) 5 Years (annualised) to BMK to BMK to BMK to BMK U.S. Fixed Income Strategic Income AUM: 3,968.5 LU Unit Launch: 04/04/2003 U.S. Dollar Aggregate Bond AUM,07.7 LU Unit Launch: 08/07/2008 Multi-sector bond portfolio seeking high current income with lower volatility than a typical core bond strategy Built-in diversification: can invest in a wide range of fixed income sectors which have low correlation Strategically overweights sectors with attractive relative value characteristics Multi-sector US investment grade bond portfolio seeking current income with lower volatility than a typical core fixed income strategy Top-down asset allocation aligns sector allocation with current fixed income outlook Draws from a tightly-knit and stable US investment team, recognised as one of the best in the business th nd th rd nd th rd th Global Fixed Income Global Aggregate Bond AUM:,06.8 LU Unit Launch: 3/02/2008 Aggregate approach combines the volatility management of government bonds with the excess return potential of corporates. Active risk budgeting according to expected returns Currency neutral relative to the benchmark with dedicated currency alpha strategy overlay th th rd nd

2 Strength Across the Board, Investment Excellence in Fixed Income CLASS I EUR June 205 Performance YTD Year 3 Years (annualised) 5 Years (annualised) to BMK to BMK to BMK to BMK Return Bond Return Bond AUM: LU Unit Launch: 06/05/20 return-driven multi-sector investment grade bond portfolio with a possibility to have negative interest rate and credit spread duration Core portfolio designed to replicate EONIA returns and volatility Alpha strategies seek to capture lowly correlated absolute returns across broad opportunity set Euro Corporate Short-Term Morningstar Rating TM AUM:,406.3 LU Unit Launch: 8/04/2006 High Quality: focus on fundamentally sound bonds with ongoing reassessments Duration: short duration and strong diversification in credit quality with high potential yields not influenced by interest rate movements Risk Matrix: active risk budgeting according to expected returns with multiple alpha strategies aiming to capture uncorrelated positive returns th.0-45 th th rd European Fixed Income Euro Bond AUM: 2,762.7 LU Unit Launch: 7/0/200 Euro Aggregate Bond AUM: 4,783.4 LU Unit Launch: 3/02/2008 Focus on global high-quality government and corporate bonds Selective use of derivatives with the aim of generating alpha Strong risk management framework underpins process Multi-sector investment grade bond portfolio Core portfolio designed to replicate benchmark returns and volatility Multiple alpha strategies seek to capture uncorrelated positive returns rd th th th st th th th Euro Corporate Bond AUM: 2,752.5 LU Unit Launch: 05/0/200 Focus on high credit quality with a strong track record of identifying and protecting from companies under duress Performance: has delivered consistent uncorrelated outperformance against competitors Risk Matrix: active risk budgeting according to expected returns with multiple alpha strategies aiming to capture uncorrelated positive returns th th th th

3 Strength Across the Board, Investment Excellence in Fixed Income CLASS I EUR June 205 Performance YTD Year 3 Years (annualised) 5 Years (annualised) to BMK to BMK to BMK to BMK Emerging Markets Bond Emerging Markets Bond AUM: 2,76.0 LU Unit Launch: 03/06/2002 The Portfolio delivers an aggregated strategy with exposure to Emerging Market Sovereign, Corporate and Local Currency bonds Enhanced income and capital appreciation potential from liquid balance sheets and attractive debt dynamics Dynamic allocation and stock selection can adapt the portfolio to different risk environments th th st nd Euro High Yield AUM:,264.4 LU Unit Launch: 8/2/2009 Flexible investment style; benchmark aware, but not constrained. allocation by strategy (country, industry, security). Downside protection: market risk is managed through active hedging strategies and dynamic portfolio construction. A focus on relative value in a capital structure is the key pillar of the team s success th th rd th High Yield Bond U.S. High Yield AUM: 2,688.0 LU Unit Launch: 7/0/200 Focus on Value: looking for more opportunities to optimise total return by finding relative value securities as well as those with high current income Diversification: portfolio management combines bonds with equity-linked securities including convertible bonds and common stocks helping maintain returns in tough high-yield markets Top-down risk management: Active weighting in sector and asset allocation as a result of ongoing evaluation of overall portfolio risk limits th th th th Global High Yield Morningstar Rating TM AUM: 2,67.6 LU Unit Launch: 5/0/2007 Invests in what we believe to be the best global companies issuing high yield debt Diversified: invests across the high yield spectrum; US, International high yield and emerging market debt Value-oriented: top-down analysis identifies the most attractively-valued sectors based on macroeconomic trends Know-how: managed by experts in each of the subasset classes th th th nd

4 Strength Across the Board, Investment Excellence in Fixed Income CLASS I EUR June 205 Performance YTD Year 3 Years (annualised) 5 Years (annualised) to BMK to BMK to BMK to BMK High Yield Bond Emerging Markets Corporate High Yield Bond AUM: 88.9 LU Unit Launch: /07/202 Focused on exploiting the opportunity while managing default risk The risk profile can be adapted to suit both the economic cycle and future market conditions Active hedging strategies and duration management th th Since unit class launch

5 Strength Across the Board, Investment Excellence in Fixed Income CLASS I EUR June 205 Important Information Unless otherwise stated all information contained in this document is from Pioneer Investments and is as at 30 June 205. Morningstar: Copyright 205 Morningstar UK Limited. All Rights Reserved. The information contained herein: () may not be copied or distributed; and (2) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Performance data provided refers to I EUR unit only, and is based upon NAV net of fees. For details of other unit es available, please refer to the prospectus. Performance is based on I EUR non-distributing units net of fees. Return Bond, Strategic Income, U.S. High Yield, Global High Yield, Euro High Yield, Euro Bond, Euro Aggregate Bond, Euro Corporate Bond, U.S. Dollar Aggregate Bond, Global Aggregate Bond, Emerging Markets Bond, Emerging Markets Corporate High Yield Bond and Euro Corporate Short-Term are sub-funds (the Sub-s ) of Pioneer s (the ), a fonds commun de placement with several separate sub-funds established under the laws of the Grand Duchy of Luxembourg. I of the Sub- is reserved to institutional investors and is subject to a minimum subscription of EUR 0 million. Euro Bond benchmark: JPM EMU Govt Bond, Euro Corporate Bond benchmark: 95% BofA ML EMU Corp Bond, 5% JPM Cash Mth Euro Indices, Euro Aggregate Bond benchmark: BarCap Euro Aggregate Index, Global Aggregate Bond benchmark: BarCap Global Aggregate Index, Return Bond reference rate: EONIA, Pioneer s Strategic Income benchmark: BarCap US Universal Index, Emerging Markets Bond benchmark: JPM EMBI Global Diversified 95% and JPM Cash Mnth Euro 5%, Emerging Markets Corporate High Yield benchmark: JPM Corporate Emerging Market Bond Index (CEMBI) Broad Diversified Non IG, Pioneer s U.S. High Yield benchmark: BofA Merrill Lynch High Yield Master II, Pioneer s Global High Yield benchmark: Barclays Global High Yield Index, Pioneer s U.S. Dollar Aggregate Bond: BarCap US Aggregate Index and Euro High Yield benchmark: BofA ML Euro High Yield Constrained. The may not be registered for sale with the relevant authorities in your jurisdiction. 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