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Pioneer Mid Cap Value Fund

Highlights

  • Mid­cap value fund using in­depth analysis to identify companies with strong fundamentals at attractive valuations

  • Steady and disciplined strategy targets stocks with sturdy balance sheets, healthy cash flows, and a plan for increasing shareholder value

  • Investment approach seeks competitive returns with low volatility in both bull and bear markets

Pioneer Mid Cap Value Fund manager's commentary


Strategy

FUND STRATEGY

The Fund seeks capital appreciation by investing primarily in a diversified portfolio of equity securities of mid-sized companies that offer the growth potential of small companies, yet the relative stability of larger ones. It is managed with a value orientation through fundamental research to find quality stocks that Pioneer believes are under-valued, but possess a catalyst for appreciation.

Diversification does not ensure a profit or protect against loss in a declining market.


PORTFOLIO MANAGEMENT PERSPECTIVE

"My goal is to invest in undervalued mid cap companies experiencing positive change. With this in mind, I look for improving fundamentals, management teams with an effective plan for increasing shareholder value, or an unidentified catalyst to propel the stock higher."

A WORD ABOUT RISK

Investments in 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. Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. 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.


Fund Facts

As of October 31, 2014

ClassA SharesB SharesC SharesR SharesY Shares*
CUSIP72375Q10872375Q20772375Q30672375Q50472375Q405
Nasdaq SymbolPCGRXPBCGXPCCGXPCMRXPYCGX
Inception Date/
Performance Inception Date
7/25/19904/4/19941/31/19967/25/19907/25/1990
Total Net Assets (millions)$956.7$11.5$69.1$27.0$83.6
Initial Minimum Investment$1,000$1,000$1,000$0$5,000,000
Management Fee0.55%0.55%0.55%0.55%0.55%
Gross Expense Ratio1.05%2.29%1.94%1.43%0.68%

Initial minimum investment amounts for retirement plans are lower.
*Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.


Portfolio Characteristics

As of October 31, 2014

Average P/E (Trailing)28.9
Weighted Avg. Mkt. Capitalization (millions)$10,374
Median Market Capitalization (millions)$7,804
Total Holdings78
Turnover58%

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.
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 the course of a given time period, usually a year. Mutual funds with higher turnover ratios tend to have higher expenses.


Portfolio Management


Ned Shadek, Jr., Portfolio Manager
Mr. Shadek, a senior vice president, joined Pioneer in January 2012 and has over 25 years of investment experience.



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.

 
 

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 or summary prospectus and for information on any Pioneer fund, please download it here.

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Securities offered through Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA. 02109. Underwriter of Pioneer mutual funds, Member SIPC © 2014 Pioneer Investments.