|Class A USD ND|
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, has the potential to 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 the 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 ageing population.
High Conviction Approach
Low Volatility with Attractive Risk-Adjusted Returns
For growth investors who fear the effects of volatile markets, Pioneer Funds – U.S. Fundamental Growth can offer an attractive track record of risk and reward.