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Latest Performance

Performance data provided refers to Class A Euro Non-Distributing only, and is based upon NAV net of fees. For details of other Unit Classes available, please refer to the prospectus. Past performance does not guarantee and is not indicative of future results.

A Different Approach to Value Investing

Pioneer Funds – European Equity Value takes a unique approach to value investing. To understand our approach, we begin with our belief that the value of a firm is derived from three sources:

 

  1. Assets in Place - Investments the firm has already made
  2. Earnings Power Value - The earnings power coming from these assets or existing franchise
  3. Growth Opportunities - Expected future investments

 

Why Pioneer Funds - European Equity Value?

5 Reasons to Invest

  1. A Different Approach to Value Investing
  2. Focus on ‘Margin of Safety’
  3. Combining Quality and Value
  4. Unconstrained Approach – Equally Weighted Portfolio
  5. Longer-Term Time Horizon 

A Patient, Long-Term Approach

As value investors, we focus on intrinsic value rather than on short-term stock price movements. We apply a disciplined value approach that focuses on viable business models (quality), which trade on a significant discount to their intrinsic value (value). 

September 2017 Portfolio Review

September is quite an important month, as investors returned to their desks following the summer period. Sentiment appeared to be buoyant as the broad European equity market added gains of c.3.5%, breaking the consolidation trend that we saw during the summer months. Looking at the quarter, European equities added c.2.5%, thanks to the gains of recent weeks. From a sector perspective, the more cyclical areas of the market have regained their leadership with Energy and Industrials driving the move higher in September; while defensives such as Consumer Staples and Utilities have lagged. 

 

The Portfolio significantly outperformed its benchmark during the third quarter of the year, with September being a particularly strong month for the Portfolio. At a sector level, the Portfolio had a positive contribution from Industrials, Consumer Discretionary and Healthcare; while in contrast, some of our holdings within Utilities and Energy detracted in the quarter.  

Time to revisit value again?

Time: 2.39min

Alessandro D'Erme, Client Portfolio Manager, discusses the merits of value investing and how we do it differently at Amundi.

“We seek to generate positive returns over the long term through our conservative approach to value investing. We believe the preservation
of capital is the foundation to grow wealth.”

 

Andreas Wosol
Senior Portfolio Manager - Equities

Meet the Team

Andreas Wosol, CFA
Senior Portfolio Manager - Equities

18 Years Industry Experience

11 Years with Amundi Asset Management

 

 
 
Alessandro D'Erme  
Client Portfolio Manager

18 Years industry Experience

5 Years with Amundi Asset Management