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Latest Performance

Morningstar Rankings

 

 
  Overall     3-Year     5-Year
Class A USD ND        
Percentile Ranking -     28th     34th
 

 

Source: Morningstar Direct as 31/03/2017. Copyright 2017 Morningstar UK Limited. All Rights Reserved. The information contained herein: (1) may not be copied or distributed; and (2) 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. Data refers to Class A USD non-distributing units net of fees. Past performance does not guarantee future results.

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, 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

The Portfolio currently invests in 44 stocks (as of 31/03/2017) 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.

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. 

 

 

 

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Fund Facts

Investment Universe: Emphasis on Russell 1000 Growth companies, typical market cap. of >U.S. €10bn

 

Benchmark: Russell 1000® Growth Index

 

Morningstar Categorytm: U.S. Large-Cap Growth Equity

 

Fund Inception: 11 July 2008

 

Domicile: Luxembourg

Domicile: Luxembourg

Portfolio Management

Andrew Acheson
Senior Vice President,
Portfolio Manager

Biography »

 

 


Paul Cloonan, CFA
Senior Vice President,
Co-Head of Equity
Research, US,
Portfolio Manager

Biography »


Learn more »

U.S. Equity Outlook 2017

Andrew Acheson, Portfolio Manager and Leader of the US Growth Team, discusses his views on what we can expect for the coming year.