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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 Amundi Funds II - 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). 

January 2018 Portfolio Review

The European equity market began 2018 on the same positive trajectory as we saw during the final weeks of 2017. In January, the broad European equity market added over 1.5% led higher by some of the more cyclical areas. At sector level, Financials and Consumer Discretionary were the best performing, while Real Estate, Utilities, and Consumer Staples lagged. To note, the Value Index outperformed (helped by the Financials rally), with the MSCI1 Europe Value adding c.2.5%.


The Portfolio enjoyed a very positive start to 2018, outperforming its benchmark, the MSCI Europe Value. At sector level, the Portfolio had a positive contribution from Consumer Discretionary, Industrials, and Information Technology. In contrast, some of our holdings within Healthcare detracted.  

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