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Multi-Sector Fixed Income

Investment Strategies:    Multi-Sector Fixed Income    |    Global Multi-Sector    |    Opportunistic Core

Multi-Sector Fixed Income

Strategy Objective
Pioneer Multi-Sector Fixed Income is an active, value-driven multi-sector fixed income strategy that invests across a broad range of global fixed income asset classes. This approach can produce higher returns than a U.S. core investment grade strategy while working to limit volatility, due to the diversification* benefits of less correlated non-investment grade and global fixed income sectors. Asset allocation and security selection are primary alpha sources, with contributions from interest rate and currency factors.

Inception Date
July 1, 1999

Benchmark
Barclays U.S. Universal

Portfolio Management Team
Kenneth Taubes, Charles Melchreit, CFA, and Andrew Feltus, CFA

Factsheet
Download Multi-Sector Fixed Income

Global Multi-Sector Fixed Income

Strategy Objective
Pioneer Global Multi-Sector Fixed Income is a multi-sector fixed income strategy that invests across a wide range of global developed and emerging market fixed income sectors and currencies with the goal of achieving competitive returns, while working to limit volatility. A key element of the strategy is long/short currency exposures, which have low correlation to fixed income markets and can add alpha, while diversifying risk.

Inception Date
September 1, 2013

Benchmark
Barclays Global Aggregate

Portfolio Management Team
Kenneth Taubes, Charles Melchreit, CFA, Andrew Feltus, CFA, and Paresh Upadhyaya

Factsheet
Download Global Multi-Sector

Opportunistic Core

Strategy Objective
Pioneer Opportunistic Core is a multi-sector strategy that invests primarily in USD intermediate-term bonds with the ability to invest up to 20% in below-investment-grade debt. It allocates among three primary market sectors: mortgage-backed securities, investment-grade corporates, and government bonds. The strategy adds value primarily through asset allocation and security selection, as well as interest rate positioning.

Inception Date
January 1, 1990

Benchmark
Barclays U.S. Aggregate

Portfolio Management Team
Kenneth Taubes and Charles Melchreit, CFA

Factsheet
Download Opportunistic Core

Multi-Sector Credit

Credit Opportunities

Strategy Objective
Pioneer Credit Opportunities brings a flexible approach to multiple credit pools and diversification* across asset classes, countries, and sectors, seeking to achieve competitive risk adjusted returns over a credit cycle. Pioneer uses a sophisticated credit research process that utilizes quantitative, fundamental, and relative value input.

Inception Date
July 1, 2008

Benchmark
Custom benchmark comprised of 50% BofA ML U.S Corporate Master and 50% BofA ML HY Master II

Portfolio Management Team
Kenneth Taubes, Andrew Feltus, CFA, and Michael Temple

Factsheet
Download Credit Opportunities

High Yield

Investment Strategies:    High Yield    |    Global High Yield    |     Bank Loans

U.S. High Yield Institutional

Strategy Objective
Pioneer U.S. High Yield Institutional is a strategy that combines high yield bonds and, if permitted on an opportunistic basis, bank loans and convertibles. The Strategy takes a value-oriented approach, combining top-down sector allocation with bottom-up security selection through fundamental research. We employ a non-indexed approach seeking those securities that offer the most attractive risk/reward ratios.

Inception Date
April 1, 2005

Benchmark
BofA ML U.S. High Yield BB-B constrained

Portfolio Management Team
Andrew Feltus, CFA, Tracy Wright

Factsheet
Download U.S. High Yield Institutional

Global High Yield

Strategy Objective
Pioneer Global High Yield brings a flexible approach by investing in U.S. high yield, international high yield, and emerging market bonds seeking to achieve competitive returns and lower undue risk as compared with an average high yield portfolio. We seek to stay diversified* across countries/regions, sectors/industries and currencies and are focused on a credit-driven, value-oriented approach to finding what we believe are the best investment opportunities.

Inception Date
January 1, 2004

Benchmark
BofA ML Global High Yield and Emerging Markets Plus

Portfolio Management Team
Andrew Feltus, CFA, Tracy Wright

Factsheet
Download Global High Yield

Bank Loans

Strategy Objective
Pioneer Bank Loans is a higher quality, value-oriented approach as compared to its benchmark, the Barclays High Yield Loans Performing Index. The strategy seeks to reduce the volatility of returns over time, offer increased downside risk protection, and shield against rising interest rates. Our ability to be selective and opportunistic in changing market environments allows us to quickly modify our exposure to single credits or industries.

Inception Date
March 1, 2007

Benchmark
Barclays High Yield Loans Performing

Portfolio Management Team
Jonathan Sharkey

Factsheet
Download Bank Loans

Short Duration

Investment Strategies:    Multi-Asset Ultrashort Income    |     Short Term Income

Multi-Asset Ultrashort Income

Strategy Objective
Pioneer Multi-Asset Ultrashort Income is a U.S. multi-sector income strategy that utilizes a three layered approach to investing with the goal of achieving higher yields and lower volatility relative to its peer universe.

The three layers are:

Liquidity: money market securities, U.S. Treasuries and agency notes
Intermediate: corporate bonds, agency mortgage backed securities (MBS), asset-backed securities (ABS), and limited use of municipal bonds
Core: holdings that generally offer lower liquidity, but afford the portfolio managers what we believe are the best opportunities to add yield and alpha to the portfolio, including non-agency ABS/MBS, bank loans, corporate bonds, and event-linked (catastrophe) bonds.

Inception Date
May 1, 2011

Benchmark
BofA ML 3 Month U.S. LIBOR

Portfolio Management Team
Charles Melchreit, CFA, Seth Roman, CFA, and Jonathan Sharkey

Factsheet
Download Multi-Asset Ultrashort Income

Short Term Income

Strategy Objective
Pioneer Short Term Income is a U.S. short duration strategy that invests across a diversified* portfolio of (primarily) U.S. government, corporate, mortgage and asset-backed securities, with a 20% limit on non-investment grade exposure.

Inception Date
August 1, 2004

Benchmark
Barclays 1-3 Year Government/Credit

Portfolio Management Team
Charles Melchreit, CFA and Richard Schlanger

Factsheet
Download Short Term Income

Emerging Markets

Emerging Market Debt

Strategy Objective
Pioneer Emerging Market Debt invests primarily in a diversified* portfolio of U.S. Dollar and OECD-denominated issues of sovereigns and companies incorporated, headquartered, or having their principal business activities in emerging markets or in debt and debt-related instruments where the credit risk of such instruments is linked to emerging markets. The strategy may invest up to 25% in emerging markets local currency; up to 25% in bonds with warrants; and up to 5% in equities and equity-linked instruments.

Inception Date
January 1, 2002

Benchmark
Custom Benchmark comprised of 95% JPM EMBI Global Diversified, 5% JPM Cash

Portfolio Management Team
Yerlan Syzdykov