- Management uses a top-down, bottom-up investment approach to select their best 40-60 global investment ideas in developed and emerging markets
- Emphasis on quality companies with strong balance sheets, strong cash flow, excellent management and reasonable growth prospects trading at attractive valuations
- Portfolio Manager Marco Pirondini has over 20 years of investment experience as a portfolio manager, equity analyst and manager. He is supported by Pioneer's global equity management and research teams.
The fund seeks long term capital growth. Normally, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of issuers located throughout the world. The fund's principal focus is on companies that exhibit solid fundamental characteristics and are underappreciated by the market. The fund may invest in both developed and emerging markets without limit. Normally, the fund invests at least 40% of its net assets in issuers located outside of the United States.
PORTFOLIO MANAGEMENT PERSPECTIVE
"We examine mid- and large-capitalization stocks in more than 30 countries, including those in emerging markets. From that universe, we aim to build a portfolio combining a value and growth at a reasonable price (GARP) approach."
A WORD ABOUT RISK
Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. The fund is subject to currency risk, meaning that the fund could experience losses based on changes in the exchange rate between non-U.S. currencies and the U.S. dollar. Investing in small and mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies. When interest rates rise, the prices of fixed-income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Fund will generally rise. The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund. At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. These risks may increase share price volatility.
As of December 31, 2015
|Overall Morningstar RatingTM|
|(out of 984 funds in the World Stock Category)|
Morningstar proprietary ratings reflect risk-adjusted performance as of 12/31/15
|Class||A Shares||C Shares||K Shares||R Shares||Y Shares*|
Performance Inception Date
|Total Net Assets (millions)||$79.5||$13.8||$53.7||$8.1||$24.9|
|Initial Minimum Invest.||$1,000||$1,000||$5,000,000||$0||$5,000,000|
|Expense Ratio (Gross)||1.54%||2.25%||0.99%||1.59%||1.00%|
|Expense Ratio (Net)||1.34%||2.24%||0.84%||1.59%||0.84%|
Initial minimum investment amounts for retirement plans are lower.
As of December 31, 2015
P/E refers to the price of a stock divided by its earnings per share. Reflects weighted average of trailing 12-month price-to-earnings ratios of portfolio holdings. Average P/E ratio (Forecast) is the current price of a stock divided by the estimated one year projection of its earnings per share.
Market Capitalization reflects the total U.S.-denominated portion of the portfolio.
Turnover Ratio is the percentage of a fund's assets that have changed over a given period, usually a year. Mutual funds with higher turnover ratios tend to have higher expenses.
Marco Pirondini, Portfolio Manager
Mr. Pirondini, an executive vice president and Head of Equities U.S., joined Pioneer in 1991 and has been an investment professional since that time.
David Glazer, Portfolio Manager
Mr. Glazer, a senior vice president, joined Pioneer in 2012 and has been an investment professional since 1989.
|Not FDIC insured||May lose value||No bank guarantee|
Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus and for information on any Pioneer fund, please download from our web site.
Neither Pioneer, nor its representatives, are legal or tax advisors. In addition, Pioneer does not provide advice or recommendations. The investments you choose should correspond to your needs, goals, and risk tolerance. For assistance in determining your financial situation, please consult an investment professional.