Pioneer Investments:

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To protect investor purchasing power by providing real return in excess of CPI over the course of different market environments

Dynamic allocation to a diversified set of asset classes in order to outperform CPI in different growth environments

Barclays TIPS 1 - 10 year index


Michele Garau
Portfolio Manager
Head of Balanced Portfolios


Howard Weiss
Portfolio Manager


Ken Taubes
Portfolio Manager Head of Portfolio Management, US

  Overall A Share Load-Waived Morningstar Rating™

  Overall A Share Load-Adjusted Morningstar Rating™

  Overall Y Share Morningstar Rating™

Among 300 Tactical Allocation peers, class A & Y shares as of 5/31/16

  3-Year     5-Year
  Load-Waived Load-Adjusted     Load-Waived Load-Adjusted
Class A    
Class Y    

Morningstar Rankings - Tactical Allocation Funds

  1- Year     3-Year     5-Year
Class A 65%
Class Y 62%

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

additional morningstar information read more

Investing for Real Return

We believe real return investments to be a critical part of an appropriate investor's total asset allocation.

  • Real return refers to return in excess of inflation (e.g., the Consumer Price Index or CPI)

  • Fund's goal: to protect investor purchasing power by investing in a variety of global asset classes and sectors including Treasury Inflation Protected Securities (TIPS), floating rate bonds, select commodities, income generating real estate, equities, corporate bonds and various real assets deemed of value in the context of the macroeconomic environment.

  • We believe real assets, which may include oil, gold, commodities and real estate, among other types of securities, can play an important role in hedging against inflation, enhancing returns and reducing volatility.

A Dynamic Approach to Allocation

Pursue real return opportunistically through a flexible, active approach that allows us to choose what we believe are the most appropriate investment vehicles or real assets based on the current environment.

  • The Fund applies dynamic allocation to a mix of financial securities and real assets, seeking to outpace the rate of inflation over the course of different market environments. There can be no assurance that the Fund will meet this target over the long term.

  • Our views of inflation levels and GDP growth drive our asset allocation decisions.

  • Volatility and correlation modeling applied to the Fund's asset mix are essential elements of our Portfolio construction, as we attempt to uncover alpha and reduce volatility relative to the CPI.

The Pioneer Difference

Seeking to address multiple investor challenges - protection of purchasing power, accessing investments with lower correlations to traditional asset classes and reducing portfolio volatility - with the additional benefit of professional management and rebalancing.

  • We believe that our flexible, active allocation approach offers an advantage over more limited inflation hedging strategies focused largely on TIPS.

  • Our ability to invest across a range of asset classes allows us to invest in securities that we believe can generate return - even through periods of low inflation - unlike more limited strategies that do not have the flexibility to invest in such a broad range of securities.

  • Portfolio management is backed by the extensive expertise of Pioneer's global research organization, which includes teams of analysts specializing in U.S. and international fixed income, emerging market debt, global equities and commodities.

Portfolio Management Team

Michele Garau
Industry experience since 1982. An experienced balanced fund manager, Mr. Garau's allocation experience, together with his work in the European markets, lends itself well to the global and dynamic approach of this Fund.

Howard Weiss
Industry experience since 2005. Works with Ken Taubes and Michele Garau on the implementation of the Fund's investment strategies, including asset allocation and security selection.

Ken Taubes
Industry experience since 1983. Manages Pioneer's multi-sector fixed income strategies, including Pioneer's Strategic Income Fund and Pioneer Bond Fund