- Largecap growth fund investing in companies that management believes offer superior free cash flow growth at the right price, to help pursue longterm growth
- Strong stock selection process based on detailed fundamental and quantitative analysis, seeking growth companies with superior sales and cash flow growth, aboveaverage returns on capital, and justifiable valuations
- Dedicated management team with over 25 years of combined investment experience, supported by Pioneer's global equity research team
Pioneer Fundamental Growth Fund manager's commentary
The Fund seeks long-term capital growth by investing primarily in the equity securities of U.S. companies that management believes have better than average growth potential. The Fund's managers employ a disciplined, bottom-up process for security identification and selection, and then apply state-of-the-art portfolio construction techniques to ensure appropriate diversification and risk levels.
PORTFOLIO MANAGEMENT PERSPECTIVE
"The pursuit of under-priced stocks has as much validity in growth investing as it does in value investing. That's why we are careful to select stocks with strong free cash flow growth that we believe has not yet been reflected in their price."
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 invests in a limited number of securities and, as a result, the fund's performance may be more volatile than the performance of other funds holding more securities. 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 1542 funds in the Large Growth 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)||$940.8||$310.6||$111.5||$64.8||$1,675.0|
|Initial Minimum Invest.||$1,000||$1,000||$5,000,000||$0||$5,000,000|
|Expense Ratio (Gross)||1.13%||1.79%||0.69%||1.52%||0.80%|
|Expense Ratio (Net)||1.09%||1.79%||0.69%||1.40%||0.80%|
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.
Andrew Acheson, Portfolio Manager
Mr. Acheson, a senior vice president, joined Pioneer in 2001 and has been an investment professional since 1994.
Paul Cloonan, Portfolio Manager
Mr. Cloonan, a senior vice president, joined Pioneer in 1997 and has been an investment professional since that time.
|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.