quarterly fact sheet - Pioneer Investments

Transcription

quarterly fact sheet - Pioneer Investments
us.pioneerinvestments.com
Pioneer Fund
FUND STRATEGY
INVESTMENT STYLE
The Fund seeks reasonable income and capital growth by investing primarily in the equity securities of U.S.
companies. The Fund diversifies across all sectors of the S&P 500® Index using an actively managed, bottomup approach that seeks under-valued, high quality stocks of well established companies in well established
businesses.
GROWTH
MID
LARGE
BLEND
Diversification does not ensure a profit or protect against loss in a declining market.
SMALL
CAPITALIZATION
VALUE
FUND FACTS
Inception Date
Total Net Assets (millions)
Initial Minimum Invest. (A)
Management Fee
Gross Expense Ratio A
Gross Expense Ratio Y
Total Holdings
2/13/1928
$5,225.6
$1,000
0.48%
0.97%
0.63%
118
Total Net Assets and Number of Holdings
represent all share classes.
Initial minimum investment amounts for
retirement plans are lower.
Class CUSIP
A
C
Y
March 31, 2015
723682100
723682308
723682407
Nasdaq Symbol
PIODX
PCODX
PYODX
Call 1-800-622-9876 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current
performance may be lower or higher than the performance data quoted. The performance data quoted represents past
performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when
redeemed, may be worth more or less than their original cost.
Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, fund
performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified
period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
PERFORMANCE HIGHLIGHTS
Time Period: 3/31/85 through 3/31/15
Initial Investment: $10,000 in Class A Shares at net asset value
n Value of initial investment
n Value of initial investment with all dividends & capital gains reinvested
Chart is for illustrative purposes. These results represent the percentage change in net asset value per share. Returns would
have been lower had sales charges been reflected.
AVERAGE ANNUAL TOTAL RETURNS through March 31, 2015
A Shares (NAV)
Y Shares (NAV)
A Shares (POP)
Lipper Large-Cap Core Funds Average
S&P 500® Index
1-Year
3-Year
5-Year
9.26%
9.63
2.97
10.55
12.71
14.14%
14.51
11.91
14.88
16.10
11.36%
11.75
10.05
12.97
14.45
10-Year Since Inception
6.78%
7.20
6.15
7.30
8.00
11.84%
11.93
11.77
N/A
9.80
Public Offering Price reflects deduction of maximum 5.75% sales charge.
All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for
which performance and expenses will differ.
Performance for periods prior to the inception of Class Y shares reflects the NAV performance of the Fund’s Class A Shares. The
performance does not reflect differences in expenses, including the 12b-1 fees applicable to Class A Shares. Since fees for
Class A shares are generally higher than those of Class Y, the performance shown for the Class Y shares prior to their inception
would have been higher. Class Y shares are not subject to sales charges and are available for limited groups of investors,
including institutional investors.
CALENDAR YEAR RETURNS through March 31, 2015
A Shares (NAV)
Y Shares (NAV)
Lipper Large-Cap Core Funds Average
S&P 500® Index
YTD
2014
2013
2012
2011
0.74%
0.81
0.91
0.95
10.86%
11.23
11.34
13.66
33.06%
33.46
31.69
32.37
9.90%
10.29
15.30
15.99
-4.59%
-4.22
0.03
2.09
NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been
reflected. The Lipper Large-Cap Core Funds Average represents the average annual returns for all Large-Cap Core Funds for the
respective time periods. The Standard & Poor’s 500 Stock Index (the S&P 500) is a commonly used measure of the broad U.S.
stock market. Indices are unmanaged and their returns assume reinvestment of dividends, and unlike Fund returns, do not
reflect any fees or expenses. You cannot invest directly in an index. Periods less than one year are actual, not annualized.
Not FDIC insured • May lose value • No bank guarantee
us.pioneerinvestments.com
Pioneer Fund
March 31, 2015
PORTFOLIO MANAGEMENT
PORTFOLIO MANAGEMENT PERSPECTIVE
Walter Hunnewell, Jr., Portfolio Manager
Mr. Hunnewell is a vice president at Pioneer. He
joined the company in August 2001 and has been
an investment professional since 1985.
PORTFOLIO HIGHLIGHTS
John A. Carey, Portfolio Manager
Mr. Carey is an executive vice president at
Pioneer. He joined Pioneer as an analyst in 1979.
A WORD ABOUT RISK
At times, the Fund’s investments may represent
industries or industry sectors that are
interrelated or have common risks, making it
more susceptible to any economic, political, or
regulatory developments or other risks affecting
those industries and sectors.
ABOUT PIONEER
Since 1928, Pioneer Investments has been a
leading innovator in the investment management
industry worldwide. With investment hubs
around the globe, Pioneer combines a worldwide
presence with unique market insights, to share
the very best investment ideas among our
research and portfolio management teams, while
not compromising on risk-management. Pioneer
Investment Management USA Inc. is the North
American operating subsidiary of Pioneer Global
Asset Management S.p.A., a global investment
management group owned by UniCredit S.p.A.
“We are long-term investors in high-quality large-cap companies. We invest in companies with attractive long-term growth
and income potential at points in time when their stocks are temporarily out of favor, possibly profiting both from the market’s
subsequently recognizing their value and the companies’ own ability to create shareholder value.”
Top 10 Holdings
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
John Wiley & Sons, Inc.
Apple, Inc.
Wells Fargo & Co.
The Hershey Co.
Microsoft Corp.
CR Bard, Inc.
CVS Health Corp.
The Chubb Corp.
The Walt Disney Co.
United Technologies Corp.
Top Sectors
3.2%
2.7
2.7
2.3
2.2
2.1
2.1
1.8
1.7
1.7
The portfolio is actively managed and current holdings may
be different. The holdings listed should not be considered
recommendations to buy or sell any security listed.
Health Care
Financial
Information Technology
Consumer Discretionary
Consumer Staples
20.6%
16.3
16.3
14.4
11.3
Portfolio Allocation
U.S. Equities
International Equities
Other
93.2%
6.7
0.1
Due to rounding, figures may not total 100%. Portfolio
allocation is subject to change.
Risk Measures
As compared to the S&P 500® Index
Portfolio Characteristics
Average P/E (Trailing)
Average P/E (Forecast)
Weighted Avg. Mkt. Capitalization (millions)
Median Market Capitalization (millions)
Turnover
1.
2.
3.
4.
5.
23.8
19.4
$98,021
$31,943
25%
P/E refers to the price of a stock divided by its earnings per
share. Reflects weighted average of trailing 12-month price-toearnings ratios of portfolio holdings. Average P/E ratio (Forecast)
is the current price of a stock divided by the estimated one year
projection of its earnings per share.
Market Capitalization reflects the total U.S.-denominated portion
of the portfolio.
Turnover Ratio is the percentage of a fund’s assets that have
changed over a given period, usually a year. Mutual funds with
higher turnover ratios tend to have higher expenses.
Beta
R-squared
Standard Deviation (Fund)
Standard Deviation (Benchmark)
1.07
0.98
10.18
9.44
Risk measures apply to Class A Shares only. Beta is a
measure of the volatility of a fund relative to the overall
market. R-squared represents the percentage of the
portfolio’s movements that can be explained by the
general movements of the market. Standard Deviation
is a statistical measure of the historic volatility of a
portfolio.
For more information on this or any Pioneer fund, please visit us.pioneerinvestments.com or call
1-800-622-9876. Before investing, consider the product’s investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus
containing this information. Read it carefully.
Neither Pioneer, nor its representatives are legal or tax advisors. In addition, Pioneer does not provide advice or
recommendations. The investments you choose should correspond to your needs, goals, and risk tolerance. For assistance in
determining your financial situation, please consult an investment professional.
Securities offered through Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA. 02109. Underwriter of Pioneer mutual
funds, Member SIPC. © 2015 Pioneer Investments
18383-38-0415