Philosophy

We believe a portfolio of companies that have sustainable competitive advantages, earn high returns on growth capital, demonstrate consistent growth and sell at a discount to their intrinsic value can outperform the broader market over time with less risk.

 

  • Sustainable competitive advantage – We look for companies with an economic moat, which creates a barrier to the competition and the potential for above average returns.

  • High returns on growth capital – Growth capital is capital a company uses to grow its business versus simply maintaining it. A high return on growth capital is an indication that a company is growing profitably and not simply for the sake of growth.

  • Consistent growth – A company must not only have a track record of growth, but also must be able to sustain it. We look for an identifiable tailwind, such as increased spending on pharmaceuticals due to an aging population.
 

Low Volatility with Attractive Risk-Adjusted Returns

For growth investors who fear the effects of volatile markets, Pioneer Fundamental Growth Fund has offered an attractive track record of risk and reward.

 

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High Conviction Approach

The Fund currently invests in 39 stocks (as of 3/31/17) that we believe best meet our investment criteria of having a sustainable competitive advantage, high returns on growth capital and consistent growth. We believe this high conviction approach to investing reduces overall risk by avoiding lower quality companies that have a greater likelihood of succumbing to competitive threats or allocating capital unwisely. 

 

The Fund’s lower risk profile is evidenced by a lower standard deviation and downside capture than the Russell 1000® Growth Index and its peer group over 5- and 10-year periods. As part of its risk management strategy, the Fund limits industry weightings to 25% and limits position sizes at purchase. 

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 1301 Large Growth Funds
as of 4/30/17

 
  Class A Class Y
  Rating Ranking Rating Ranking
 
3-year 23% (296/1301) 18% (234/1301)
5-year 26% (300/1146) 20% (224/1146)
10-year 11% (89/799) 8% (82/1153)
 

 

Call 1-800-225-6292 or visit us.pioneerinvestments.com/performance 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 Competitive Large Growth Performer

 
Average Annual Total Returns
as of 3/31/17
YTD 1-Year 3-Year 5-Year 10-Year
 
Y Shares 8.21% 12.11% 11.32% 13.00% 9.62%
A Shares (NAV) 8.17% 11.78% 10.98% 12.67% 9.32%
A Shares (POP) 1.96% 5.35% 8.81% 11.34% 8.67%
Benchmark: Russell 1000® Growth Index 8.91% 15.76% 11.27% 13.32% 9.13%
Morningstar Large Growth Category Avg. 8.65% 14.84% 8.49% 11.52% 7.71%
 
Gross expense ratio (A): 1.11%. Net expense ratio (A): 1.09%. Gross expense ratio (Y): 0.79%. Contractual expense waiver for A shares expires 8/1/18. 

Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. 

Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors. 

NAV results represent the percent change in net asset value per share. Public Offering Price reflects deduction of maximum 5.75% sales charge. 

All results are historical and assume the reinvestment of dividends and capital gains. Performance for periods prior to the inception of Class Y shares (on 4/8/09) reflects the NAV performance of the Fund’s Class A Shares. The performance does not reflect differences in expenses, including the 12b-1 fees applicable to Class A Shares. Since fees for Class A shares are generally higher than those of Class Y, the performance shown for the Class Y shares prior to their inception would have been higher. Other share classes are available for which performance and expenses will differ. 

Performance results reflects any applicable expense waivers in effect during the periods shown. Without such waivers, fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
A Word About Risk:
Investing in foreign and/or emerging markets 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.
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 from our web site.
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.
USCEXP-2018-05-12-ADID-158801-CLC-1Y
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Morningstar Rankings

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

Among 1301 Large Growth funds,
class A & Y shares as of 4/30/17


 

Fund Facts

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The Fund seeks long-term capital growth by investing primarily in common stocks of U.S. large capitalization companies. We seek quality companies that we define as those that we believe can generate high returns on growth capital*, possess sustainable competitive advantages, and benefit from secular growth. We believe investing in quality U.S. large capitalization stocks at attractive valuations can generate attractive risk-adjusted returns over time.

 

*Growth capital is capital a company invests to grow, rather than to simply maintain, a business.

 

Tickers, CUSIPs
Class A: PIGFX, 723695102
Class C: FUNCX, 723695300
Class K: PFGKX, 723695706
Class R: PFGRX, 723695508
Class Y: FUNYX, 723695409

 

Investment Objective
Long-term capital growth

 

Benchmark
Russell 1000® Growth Index

 

Inception Date
8/22/2002

 

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

Portfolio Management

Andrew Acheson
Senior Vice President,
Portfolio Manager

biography »

 

 


Paul Cloonan, CFA
Senior Vice President,
Portfolio Manager

biography »


learn more »