Pioneer Funds - Emerging Markets Bond The Freedom to Perform
February 2017 Portfolio Review
The Portfolio performed in line with the benchmark** in the month. On a year-to-date basis, the Portfolio is performing in line with the benchmark, after last year’s strong relative performance.
The Portfolio continues to offer a shorter effective rate duration than the benchmark. At present, our interest rate duration is slightly shorter than our spread duration, mostly due to our treasury and derivatives exposure.
*JPM EMBI Global Diversified 95%, JPM Cash 1 Month Euro 5%. For the remainder of this note, the term 'benchmark' will refer to the above definition.
**JPM EMBI Global Diversified 95%, JPM Cash 1 Month Euro 5%