Pioneer's Fixed Income Investment Process

Pioneer investment professionals consistently apply well established means of identifying potentially rewarding securities, bolstered by access to information from their associates around the globe and aided by technology.

Whether applying top-down analysis that leads to selection of government bonds, or the bottom-up approach that ends with corporate bonds being selected, the investment management teams' goal is portfolio construction that matches product objectives and supports investors' goals.

The chart shown below describes two approaches: bottom-up for corporate bonds and top-down for government bonds. All of the fixed-income teams hold to these investment disciplines.

Portfolio construction is generally driven by a bottom-up research approach for corporate bonds, while government bond portfolios typically depend more on top-down analysis.

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