Pioneer Investments:

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Tickers, CUSIPs
Class A: RCRAX, 72388E100
Class C: RCRCX, 72388E209
Class Y: RCRYX, 72388E308

To help investors allocate capital in potentially high-yielding fixed income markets, while cushioning their portfolio against various types of downside risk

Applies three layers of risk management: portfolio diversification, adaptive hedge and event-driven hedge

Inception Date
April 29, 2011

BofA Merrill Lynch U.S. Dollar 3-Month
LIBOR Index¹


Michael Temple, SVP
Director of Credit Research, U.S.
Portfolio Manager


Andrew Feltus, CFA®, SVP
Director of High Yield and
Bank Loans
Portfolio Manager


Chin Liu
Portfolio Manager

Pioneer Dynamic Credit Fund

  Overall Load-Waived Morningstar Rating™

Among 236 Non-traditional Bond peers, class A shares as of 7/31/15

Pioneer Dynamic Credit Fund recently celebrated its third anniversary and earned a high rating among its Morningstar peers.

  Overall Rating 3-Year Rating 1-Year
Percentile Rank /
# of Funds
Percentile Rank /
# of Funds
Load-Waived 82%
345/419 funds
49/236 funds

The mutual fund shown may have experienced negative performance during one or more of the time periods represented by the Morningstar ratings shown.

What Makes This Fund Different?

  • Risk Management Strategy – Based on market conditions, different levels of hedges can be applied to help protect against downside risk in the portfolio.

  • Dynamic Investment Approach – The Portfolio’s unconstrained approach to income investing allows for opportunistic allocation among a diverse range of credit sectors.

  • Portfolio Management – The portfolio management team average over 18 years of investment experience and are supported by Pioneer’s core fixed income team averaging over 20 years of experience.


How does the Fund pursue a high level of current income while cushioning against downside risk?

Credit Expertise – The portfolio management team brings extensive investment experience and credit expertise to all sectors of the market with rigorous research that underlies the Fund’s innovative and actively managed strategy.

Flexibility – The Fund’s dynamic approach to seeking high current income in volatile markets allows flexibility to invest anywhere in the credit markets, in almost any fixed income security.

Multi-layered Risk Management – Pioneer Dynamic Credit Fund features a multi-layered risk management strategy that incorporates broad diversification² across multiple credit sectors as well as risk management tools that aim to smooth the effects of volatility over time.