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Overview

Pioneer Strategic Income Fund is a multi-sector bond fund that invests across a broad range of global fixed income sectors, including core US investment grade, non-investment grade, non-US country, currency and floating rate asset classes. The Fund’s benchmark is the Bloomberg Barclays US Universal Index. 

 

Philosophy

The Fund adheres to three core investment tenets: value, diversification and downside risk focus.

 

Value-Driven: The Fund seeks to invest in sectors that offer attractive relative value, based on fundamentals and on spread relationships to long-term averages. Value investing seeks to capitalize on the benefits of rebalancing through dynamic allocation, which can make a significant contribution to portfolio returns over time.

 

Broad Diversification: The Fund’s diversification level seeks to benefit from incorporating a broad range of factors and sectors, which helps it pursue attractive risk-adjusted returns. Diversification available from asset classes with lower correlation3 to core sectors can help reduce volatility and downside risk.

 

Downside Risk Focus: The Fund has been successful in limiting downside risk and avoiding permanent impairment of capital has reflected its disciplined approach to limiting issuer concentrations combined with strong fundamental credit research, avoiding at-risk sectors and avoiding market value loss in rising interest rate environments. 

 

Integrated Investment Process

The Fund’s active, value-driven investment process combines top-down and bottom-up research with the insights and tools of quantitative and qualitative analysts to assess potential buy and sell candidates for the portfolio. Click to see an interactive model of our process.
 

Downside risk is the risk of the actual return being below the expected return.

Diversification does not assure a profit or protect against loss.

3 Correlation is the degree to which assets or asset class prices have moved in relation to one another. Correlation ranges from -1 (always moving in opposite directions) through 0 (absolutely independent) to 1 (always move together). 

About Morningstar Ratings:
The Overall Morningstar Rating™ is based on a weighted average of the star ratings assigned to a fund's three, five, and ten year (as applicable) time periods. The ratings and rankings are for Class A and Y shares only.
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Morningstar Ratings and Rankings for all Periods Among 241 Multisectorbond funds
as of 7/31/17

 
  Class A Class Y
  Rating Ranking Rating Ranking
 
3-year 45% (108/241) 34% (82/241)
5-year 48% (92/191) 39% (74/191)
10-year 32% (34/106) 21% (23/106)
 

 

Call 1-800-225-6292 or visit our performance page for the most recent performance results.

 

Ratings and rankings are based on past performance, which is no guarantee of future results. Star ratings do not reflect the effect of any applicable sales load. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Rankings are based on average annual total returns for listed periods and do not reflect any applicable sales load.

The following copyright pertains only to Morningstar information. The Morningstar information contained herein 1) is proprietary to Morningstar; 2) may not be copied; and 3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. ©2017 Morningstar, Inc. All Rights Reserved.

A Word About Risk:
Investments in high yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default. 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. Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations. Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation. The securities issued by US government-sponsored entities (e.g., FNMA, Freddie Mac) are neither guaranteed nor issued by the US Government. The portfolio may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed income securities. Mortgage-backed securities are also subject to pre-payments. Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic and political conditions. At times, the Fund's investments may represent industries or sectors that are interrelated or have common risks, making them more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. These risks may increase share price volatility.   
This material is not intended to replace the advice of a qualified attorney, tax advisor, investment professional or insurance agent. Before making any financial commitment regarding the issues discussed here, consult with the appropriate professional advisor. Mutual fund investing carries risks. Investment return and principal values fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
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Morningstar Rankings

Overall A Share
Morningstar Rating™
   
Overall Y Share
Morningstar Rating™

Among 241 Multisectorbond funds,
class A & Y shares as of 7/31/17


 

Fund Facts

Objective

High current income

 

Approach

The Fund seeks to enhance total return and significantly outperform its index, while delivering benchmark-like volatility and managing downside risk1 , through dynamic investment across a diversified2 range of global fixed income asset classes and currencies. This strategy can serve as an investor’s core fixed income allocation, while offering the potential for higher returns with its increased opportunity set. The Fund strives to achieve volatility similar to that of a core bond portfolio, due to the diversification benefits of lower-correlated asset classes. Pioneer Strategic Income Fund pursues an active, value-driven investment approach, seeking to add value primarily through dynamic asset allocation and security selection.

 

Benchmark

Bloomberg Barclays US Universal Index

 

Tickers

Class A: PSRAX
Class C: PSRCX
Class K: STRKX
Class R: STIRX
Class Y: STRYX

 

Contact us to learn more!
1-800-622-9876

Portfolio Management

Kenneth Taubes
Executive Vice President
Chief Investment Officer, U.S.

biography »

 

 


Andrew Feltus, CFA, SVP
Director of High Yield
and Bank Loans
Portfolio Manager

biography »

 

 


Charles Melchreit, CFA, SVP
Director of Investment Grade
Portfolio Manager

biography »


learn more »