Pioneer Fundamental Growth Fund: Targeting “Fortress Franchises”
In each industry, there are a select few companies that are able to build “fortress franchises.” They do this by
leveraging their size, expertise and managerial skills. Pioneer Fundamental Growth Fund seeks out companies
that display “fortress” qualities, including:
Research and Development — for companies to remain on
top in highly competitive industries, large capital outlays for
research and development (R&D) are required. Fortress
franchises not only have the ability to plow back profits into
R&D, but possess the foresight to invest that money wisely.
Global Reach — fortress franchises typically are well-positioned
to drive their growth with overseas expansion. With the
economies of many countries growing faster than the U.S.
economy, we believe the companies that are able to expand in
those markets have a big advantage over the competition.
Brand Names — of all the assets in the business world, none is
cherished more than a well-known, well-respected brand name.
We believe successful companies are able to not only maintain
the value of their brands, but to leverage and extend them.
Economies of Scale — in a time of increased competition and
low inflation, companies cannot boost profits simply by raising
prices. Therefore, companies that can lower costs, usually by
achieving large economies of scale, often have the advantage
over their competitors.
As always, we urge investors to consult with their financial advisor
before making any decisions.
A Word About Risk
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.
Before investing, consider the Fund’s investment objectives, risks,
charges and expenses. Contact your advisor or Pioneer Investments
for a prospectus or summary prospectus containing this information.
Please read it carefully.
Pioneer Fundamental Growth Fund — Top 5 Holdings
as of December 31, 2012
Apple (6.5% of portfolio assets)
MasterCard (4.9% of portfolio assets)
Microsoft (4.8% of portfolio assets)
Google (4.7% of portfolio assets)
Philip Morris (4.1% of portfolio assets)