- 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
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.
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. The portfolio invests in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws. 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. 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 October 31, 2015
|Class||A Shares||C Shares||K Shares||R Shares||Y Shares*|
Performance Inception Date
|Total Net Assets (millions)||$856.9||$60.5||$16.1||$21.1||$31.3|
|Initial Minimum Invest. (A)||$1,000||$1,000||$5,000,000||$0||$5,000,000|
|Gross Expense Ratio||1.04%||1.86%||0.62%||1.43%||0.67%|
Initial minimum investment amounts for retirement plans are lower.
As of October 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.
Ned Shadek, Jr., Portfolio Manager
Mr. Shadek, a senior vice president, joined Pioneer in 2012 and has been an investment professional since 1987.
|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.