Pioneer Funds – Emerging Markets Bond

Pioneer Funds – Emerging Markets Bond
BOND
Class A USD Non-Distributing
ISIN Number
Morningstar Rating ™
LU0132208249
†††
Key Facts
Nav as at 29 May 2015
Domiciled
Fund Size (Mil)
Fund Inception
Unit Class Launch
$16.2
Luxembourg
$3,054.3
04/07/2000
02/05/2002
Morningstar Category ™
Benchmark
Global Emerging Markets Bond
JPM EMBI Global Diversified 95%,
JPM Cash 1 Mnth Euro 5%
Additional Identifiers
Bloomberg Code
Cusip
PIEMBAU LX
L7599W264
FACTSHEET
Trailing Returns
Portfolio Analysis
as at 29 May 2015
1 Month
3 Months
YTD
1 Year
3 Years Ann.
5 Years Ann.
Fund %
Benchmark %
0.31
3.59
3.66
-0.74
5.95
6.97
-0.48
1.29
2.65
1.29
5.58
7.06
Fund %
Benchmark %
-0.74
5.58
13.47
1.04
16.55
1.29
5.78
9.82
5.94
12.81
Rolling 12 month Returns
Period
May 2014 - May 2015
May 2013 - May 2014
May 2012 - May 2013
May 2011 - May 2012
May 2010 - May 2011
Calendar Year Returns
Fees and Expenses
Ongoing Charges as at 31 Dec 2014
Management Fee (p.a.)
Distribution Fee (p.a.)
Entry Charge
Performance Fee
1.59 %
1.20 %
Max. 0.15%
Max. 5.00%
Max. 15.00%
Objectives and Investment Policy
Objective: Seeks to increase the value of your
investment and to provide income over the medium
to long term.
Portfolio securities: The Sub-Fund invests mainly in
corporate bonds from emerging markets that are
denominated in U.S. dollars or other OECD
currencies. The Sub-Fund may also invest up to 25%
of its assets in bonds with attached warrants as well as
up to 5% in equities. The overall currency exposure to
emerging markets may not exceed 25% of the SubFund’s assets. The Sub-Fund may use derivatives to
reduce various risks, for efficient portfolio
management and as a way to gain exposure to various
assets, markets or income streams.
Total Number of Holdings
Total Number of Governments
Total Number of Corporations
Benchmark %
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Distributing only, and is based upon NAV net of fees. For details
of other Unit Classes available, please refer to the prospectus.
Performance figures are in USD and have been converted from
the sub-fund's base currency, the Euro.
Past performance does not guarantee and is not indicative of
future results.
Meet the Team
Yerlan Syzdykov
Head of Emerging Markets - Bond &
High Yield
Ind. Experience: 18 years
Time with Pioneer Investments: 15 years
359
4
207
Instrument Allocation (Net %)
Bond
Interest Rate Derivatives
Cash at Bank
FX Derivatives
Credit Derivatives
Equity
Equity Derivatives
Top 10 Bonds
Fund %
Italy (Republic Of) 3.0% (06/15/2015)
Argentina (Republic Of) 8.8% (05/07/2024)
Sk E&s Co Ltd 4.9% (12/31/2049)
African Export-import Bank 4.8% (07/29/2019)
Alfa Bond Issuance Plc For Ojc Alfa Bank 7.8%
(04/28/2021)
Petroleos De Venezuela Sa 5.3% (04/12/2017)
Bharti Airtel International Netherlands Bv 5.1%
(03/11/2023)
Access Bank Plc 9.3% (06/24/2021)
Vimpelcom Holdings Bv 7.5% (03/01/2022)
Puma International Financing Sa 6.8%
(02/01/2021)
Currency
Fund %
May 2015
US Dollar
Euros
Yuan Renminbi
Brazilian Real
Polish Zloty
Others
1.1
0.8
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.5
Fund %
Bmk %
94.0
5.0
0.3
0.2
0.1
0.4
95.0
5.0
0.0
0.0
0.0
0.0
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market value of credit, interest rate and equity derivatives.
Credit Rating
BBB and Above
BB
B
CCC
CC
C
NR
Average Credit Quality
Fund %
Bmk %
30.7
23.4
15.6
5.3
1.7
0.7
6.0
60.9
16.7
15.8
4.5
1.2
0.1
0.8
BB+
ʼ&UHGLW5DWLQJGDWDDQG$YHUDJH&UHGLW4XDOLW\FDOFXODWLRQVXVH
an average of available ratings across S&P, Moodys and Fitch.
In the case of sovereign bonds that are not rated by any of the 3
referenced rating agencies, an average of the issuer rating is
used. Non sovereign bonds that are not rated by any of the 3
referenced rating agencies are excluded from the Average Credit
Quality calculation.
Credit Rating data reflects the exposure of credit derivatives.
Notes
Morningstar Ratings: Copyright © 2015 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.
For Broker/Dealer Use Only and Not to be Distributed to the Public
See reverse side for other important information.
Pioneer Funds – Emerging Markets Bond
May 2015
Asset Allocation
Effective Duration (Years) by Curve (Years) / Credit Rating
Bond Analysis
Emerging Non
Financials
Rating
Effective Duration (Yrs)
Modified Duration (Yrs)
Spread Duration (Yrs)
Yield to Maturity (%)
Yield to Worst (%)
Current Yield (%)
Time to Maturity (Yrs)
Coupon (%)
Annualised Dividend Yield
(A Distrib.)
BBB and Above
BB
B
CCC
CC
C
NR
Int Rate
Total
Emerging Financials
Government
Emerging Government
Emerging Quasi Govt
Financials
Emerging Covered
Fund %
Bmk %
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derivatives.
< 1 Year
1-3 Years
3-7 Years
7-11 Years
11+ Years
FRN
1-3
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.1
0.04
0.1
0.03
0.01
0.01
0.03
0.01
0.2
3-7
0.2
0.5
0.3
0.1
0.0
0.0
0.1
0.5
1.6
7-11
0.4
0.3
0.1
0.04
0.01
0.0
0.04
0.1
1.0
11+
0.4
0.1
0.03
0.02
0.0
0.0
0.04
1.0
1.6
FRN
Total
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.2
0.9
0.5
0.1
0.01
0.01
0.2
1.6
4.5
ʼ(IIHFWLYH'XUDWLRQ<HDUVE\&XUYH<HDUV&UHGLW5DWLQJGDWDXVHVDQ
average of available ratings across S&P, Moodys and Fitch. In the case of
sovereign bonds that are not rated by any of the 3 referenced rating
agencies, an average of the issuer rating is used.
Effective Duration (Years) by Curve (Years) / Credit Rating data reflects the
exposure of credit and interest rate derivatives.
Non Financials
Curve
<1
Country
Fund %
14.2
16.4
39.2
16.0
16.8
0.2
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derivatives.
United States
Russia
China
Italy
Brazil
Mexico
Germany
Turkey
Nigeria
Indonesia
Others
Credit
Exposure
(%)
Bmk %
Int. Rate
Exposure
(%)
Effective
Duration
(Years)
Country
Spr Dur
(Years)
6.9
8.2
7.8
4.8
4.7
4.2
0.0
3.5
3.5
3.1
36.8
0.0
4.1
2.9
0.0
4.0
4.1
0.0
4.3
0.4
4.1
76.1
14.5
0.0
0.0
0.0
0.0
0.0
3.7
0.0
0.0
0.0
1.1
1.4
0.2
0.2
0.04
0.2
0.2
0.2
0.2
0.1
0.2
1.5
0.04
0.3
0.2
0.04
0.2
0.2
0.0
0.2
0.1
0.2
1.5
4.52
3.09
2.88
5.89
5.81
4.87
6.83
4.67
4.69%
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Risk Analysis
3 Years Since Launch
Standard Deviation
Sharpe Ratio
Alpha
Beta
R-Squared
Tracking Error
Information Ratio
4.80%
1.45
3.81%
0.68
0.76
3.04%
0.63
9.39%
0.87
1.47%
0.93
0.55
6.29%
0.17
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Disclaimer
This information is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities or services in the United States or in any of its territories or possessions
subject to its jurisdiction to or for the benefit of any Restricted U.S. Investor (as defined in the prospectus of the Fund). The Fund has not been registered in the United States under the Investment
Company Act of 1940 and units of the Fund are not registered in the United States under the Securities Act of 1933.
Unless otherwise stated all information contained in this document is from Pioneer Investments and is as at 29/05/2015.
Pioneer Funds – Emerging Markets Bond is a sub-fund (the “Sub-Fund”) of Pioneer Funds (the “Fund”), a fonds commun de placement with several separate sub-funds established under the laws of the
Grand Duchy of Luxembourg.
Past performance does not guarantee and is not indicative of future results. Unless otherwise stated, all views expressed are those of Pioneer Investments. These views are subject to change at any time
based on market and other conditions and there can be no assurances that countries, markets or sectors will perform as expected. Investments involve certain risks, including political and currency
risks. Investment return and principal value may go down as well as up and could result in the loss of all capital invested. More recent returns may be different than those shown. Please contact your
sales representative for more current performance results.
This material is not a prospectus and does not constitute an offer to buy or a solicitation to sell any units of the Fund or any services, by or to anyone in any jurisdiction in which such offer or solicitation
would be unlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. For additional information on the
Fund, a free prospectus should be requested from Pioneer Global Investments Limited (“PGIL”), 1 George’s Quay Plaza, George’s Quay, Dublin 2, Ireland. Call +353 1 480 2000 Fax +353 1 449 5000
or your local Pioneer Investments sales office. This document is not intended for and no reliance can be placed on this document by retail clients, to whom the document should not be provided. This
content of this document is approved by Pioneer Global Investments Limited. In the UK, it is directed at professional clients and not at retail clients and it is approved for distribution by Pioneer Global
Investments Limited (London Branch), Portland House, 8th Floor, Bressenden Place, London SW1E 5BH. Pioneer Global Investments Limited is authorised and regulated by the Central Bank of Ireland
and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority (“FCA”) are available from us on request. The Fund is an
unregulated collective investment scheme under the UK Financial Services and Markets Act 2000 and therefore does not carry the protection provided by the UK regulatory system. Pioneer Funds
Distributor, Inc., 60 State Street, Boston, MA 02109 (“PFD”), a U.S.-registered broker-dealer, provides marketing services in connection with the distribution of Pioneer Investments’ products. PFD
markets these products to financial intermediaries, both within and outside of the U.S. (in jurisdictions where permitted to do so) for sale to clients who are not United States persons.
For Broker/Dealer Use Only and Not to be Distributed to the Public.
Pioneer Investments is a trading name of the Pioneer Global Asset Management S.p.A. group of companies.
Date of First Use: 11/06/2015.
Notes
This Sub-Fund uses derivatives. Derivatives exposure is not reflected in portfolio breakdowns in this document unless otherwise stated.
For Broker/Dealer Use Only and Not to be Distributed to the Public
Pioneer Global Investments Limited
www.pioneerinvestments.com