Workshop: Pioneer Funds U.S. Research
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1 Workshop: Pioneer Funds U.S. Research Paul Cloonan, Co-Head of Equity Research, U.S., Senior Vice President For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public.
2 What Differentiates Pioneer Funds U.S. Research from Competitors? Team managed portfolio by Pioneer Investments US Research Analysts Highly experienced and specialised career Analysts Research team Focus on Research team s best stock ideas in each sector through our proprietary fundamental research Sector neutral versus benchmark (S&P 500 Index). Positioning based on company drivers that we understand well rather than macro issues that are very difficult to forecast accurately Consistent results For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 2
3 Performance vs. Morningstar Peers as at 29 February Year 3 Years Ann. 5 Years Ann. 10 Years Ann. % Rank 23% 50% 15% 20% Quartile 1 3 st rd rd 2 nd 13 st rd 13 st rd Source: Morningstar: Copyright 2012 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. Unless otherwise stated, Morningstar overall ratings and rankings are based on Class A USD non distributing units. Morningstar quartile rankings are based on a comparison of the relevant Pioneer Investments fund s Morningstar relative performance to all the other funds in the same Morningstar category. For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 3
4 Risk Analysis (5 Years) Standard Deviation 17.94% Relative Information Ratio 0.47 Alpha 1.46% Beta R-Squared 0.98 Source: Pioneer Investments as at 29 February Risk Measures, except Standard Deviation, are based on Class A USD Units. Standard Deviation : Source Morningstar. For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 4
5 Key Facts Total AUM (Mil) $2,017.7 Total Number of Holdings 106 Fund Inception 20 April 1998 First Nav Date (A Class) 27 December 2001 Benchmark S&P 500 Morningstar Rating Source: Pioneer Investments as at 29 February Morningstar Ratings: Copyright 2012 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 US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 5
6 Pioneer Investments US Equity Research Team S&P 500 Sector Breakdown Materials Cons Staples & Cons Disc Energy Utilities Financials Tech Health Care Telecomm Industrials Paul Cloonan, CFA Semiconductors and Media Pioneer since 1997 Over 15 years in Investment Management J. Clarkson Williams Technology Hardware Pioneer since 1995 Over 20 years in Investment Management Yves Raymond Software and Services Pioneer since 1999 Over 10 years in Investment Management George Sidgwick Telecommunications and Media Pioneer since 2003 Over 8 years in Investment Management Bradley Galko Capital Goods Pioneer since 2001 Over 15 years in Investment Management David Sobell Biotechnology, Health Care Equipment and Services Pioneer since 2000 Over 15 years in Investment Management Christian Fay Pharmaceuticals, Life Science Tools and Equipment Pioneer since 2006 Over 10 years in Investment Management Carol Lintz Consumer Pioneer since 2006 Over 25 years in Investment Management Aaron Dunn Materials and Energy Pioneer since 2008 Over 10 years in Investment Management Terry Shu Insurance and Utilities Pioneer since 2008 Over 30 years in Investment Management James Moynihan Banks and Real Estate Pioneer since 2007 Over 20 years in Investment Management Brian Popiel Diversified Financials Pioneer since 2011 Over 12 years in Investment Management For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 6
7 Portfolio Construction and Risk control Number of positions: Benchmark: S&P 500 Stock position size targets: Minimum overweight relative to benchmark: 25 bps Maximum overweight relative to benchmark: 200 bps Sector weightings within 100 bps of benchmark Industry group weighting may vary from benchmark At least 75% of the fund is in large cap stocks Mid cap and small cap stocks are usually 20-24% of portfolio Cash position usually less than 2% Typical tracking error: ~4% Note: These are internal guidelines and not prospectus limits and may be subject to change over time. For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 7
8 Investment Process Bottom-up, research-driven, integrated team effort with Quantitative Research Analysts and Portfolio Managers Buy Discipline Define investment case Identify discount Construct Portfolio Quantitative Analysts Risk budgeting Stock screening/idea generation Performance monitoring Quant. financial models Portfolio Managers Sell Discipline Target price reached Story changes Better opportunities Fundamental Analysts Approx. 13 US equity analysts* Career Analysts Extensive company contacts and research coverage Idea generation/sponsor stocks Manage research portfolio *Source: Pioneer Investments as at 31 December For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 8
9 Investment Process Industry analysis Company positioning Strategy assessment Management evaluation Financial modelling Valuation Risk assessment Investment Rating Portfolio For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 9
10 Investment Cases US Multinational Media Conglomerate A global franchise with increasing exposure to emerging markets such as theme parks in China, film and TV production & licensing, and sports networks through the ESPN brand. The company is in the late stages of an investment cycle and may soon see accelerating free cash flow, increased dividends and increased share buybacks. The company is one of the best positioned global media companies due to its well known brands, strong management team and limited risks from digital media competitors. The portfolio is actively managed and information may not be representative of current or future holdings. References to individual stocks should not be taken as an investment recommendations to buy or sell a particular stock. For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 10
11 Investment Cases US Multinational Conglomerate Researches, develops, and manufactures high-technology products. A conglomerate with great franchises, and exceptional culture of operational excellence and wise capital deployment. The company's new CEO, who previously led Pratt & Whitney, is revitalising its aerospace franchises, heading into a multi-year up cycle. Over 20% of company sales are into emerging markets and growth in these markets has been strong. With greater urbanisation in emerging markets, there is greater demand for its products such as elevators, HVAC, security and building controls. The portfolio is actively managed and information may not be representative of current or future holdings. References to individual stocks should not be taken as an investment recommendations to buy or sell a particular stock. For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 11
12 Investment Cases US Multinational Conglomerate Well known brands and high profit margins, however, the company s growth and innovation had begun to weaken until a new CEO arrived with a new strategy. Current CEO only the second from outside of the company focused on improving product innovation and profitable growth and results have improved significantly. In our view, valuation doesn t yet reflect sustainably superior return and growth profile. The portfolio is actively managed and information may not be representative of current or future holdings. References to individual stocks should not be taken as an investment recommendations to buy or sell a particular stock. For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 12
13 Investment Cases Large US Electricity Generator Cheap valuation with low-risk earnings stream. Favourable regulatory environment in their major markets (e.g. Ohio). Opportunity to grow rate base by replacing less efficient coal plants with combined cycle gas plants to meet more stringent environmental rules. This should create opportunity for earnings growth. The portfolio is actively managed and information may not be representative of current or future holdings. References to individual stocks should not be taken as an investment recommendations to buy or sell a particular stock. For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 13
14 Investment Cases Leading Global Media, Entertainment and Communications Company Declining capital intensity and improving returns on capital should driver a higher valuation. The company is improving its competitive position through investment in its network (digital upgrade, increased bandwidth, higher broadband speed, etc) and improved customer service that should drive market share gains and improved pricing power. Has growth opportunities in small and medium-size business services, as well as targeted advertising opportunities. The portfolio is actively managed and information may not be representative of current or future holdings. References to individual stocks should not be taken as an investment recommendations to buy or sell a particular stock. For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 14
15 Agenda Appendix For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 15
16 Calendar Year Returns Fund % Benchmark % 2012 (YTD) Relative % Source: Pioneer Investments as at 29 February Performance figures are in USD and have been converted from the Sub-Fund s base currency, the euro. Performance data provided refers to Class A units only, and is based upon NAV net of fees. For details of other unit Classes available, please refer to the prospectus. For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 16
17 Trailing Returns Fund % Benchmark % Relative % 1 Month Months YTD Year Years Ann Years Ann Source: Pioneer Investments as at 29 February Performance figures are in USD and have been converted from the Sub-Fund s base currency, the euro. Performance data provided refers to Class A units only, and is based upon NAV net of fees. For details of other unit Classes available, please refer to the prospectus. For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 17
18 Top 10 Holdings Name Sector Country % Apple Inc. IT US 4.9 Exxon Mobil Corp. Energy US 3.5 Microsoft Corp. IT US 3.0 Google Inc.. IT US 2.3 3M Co. Industrials US 2.1 United Technologies Corp. Industrials US 1.9 Philip Morris International Inc. Consumer Staples US 1.9 Chevron Corp. Energy US 1.8 Oracle Corp. IT US 1.8 Wells Fargo & Co. Financials US 1.7 Source: Pioneer Investments as at 29 February For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 18
19 Sector Breakdown Source: Pioneer Investments as at 29 February The cash position reflects the percentage of settled and available cash. Please see additional GICS disclaimer in the Additional Notes. For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 19
20 Country Breakdown Source: Pioneer Investments as at 29 February The cash position reflects the percentage of settled and available cash. For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 20
21 Portfolio Management Team PAUL CLOONAN, CFA Co-Head of Equity Research, U.S. Joined Pioneer Investments: 1997 Investment Experience: Since 1994 Paul Cloonan is the Co-Head of Equity Research, U.S. and Fundamental Equity Analyst with specific responsibilities for the US Semiconductor and Media sectors. He is also Portfolio Manager on Pioneer Disciplined Growth Fund, Pioneer Disciplined Value Fund, Pioneer Research Fund, Pioneer Funds U.S. Research and Pioneer Funds U.S. Research Value. Paul joined Pioneer Investments in 1997 as an analyst for our Emerging Markets team. He focused on developing markets in Asia, such as China, Taiwan, South Korea, India, Thailand and Malaysia and was co-portfolio manager of Pioneer Investments Asia ex Japan portfolios. In 2004, he joined our US Technology research team assuming responsibility for coverage of the Semiconductor sector. In 2005, he also assumed coverage of the US Media sector. In 2006, he was named sector coordinator for Global Technology, Media and Telecommunications equity research. In 2010, he was named Head of U.S. Equity Research. Before joining Pioneer Investments, Paul served as a manager in the Financial Advisory Services Group of Ernst & Young, LLP, where he provided company and industry research, and performed valuation analyses for clients engaged in acquisitions, corporate restructuring and other activities. He holds a BA degree from the College of the Holy Cross (1989), a MBA from Babson College (1994) and is a CFA Charter holder. For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 21
22 Additional Notes The Global Industry Classification Standard (GICS) SM was developed by and is the exclusive property and a service mark of Standard & Poor's and MSCI. Neither Standard & Poor's, MSCI nor any other party involved in making or compiling any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the forgoing, in no event shall Standard & Poor's, MSCI, any of their affiliates or any third party involved in making or compiling any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 22
23 Important Information Unless otherwise stated all information contained in this document is from Pioneer Investments and is as at 29 February Pioneer Funds U.S. Research 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 local 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 Fax 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 United States person (being residents and citizens of the United States or partnerships or corporations organized under United States laws). 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 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. The content of this document is approved by PGIL. 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, authorised by the Central Bank of Ireland and regulated by the Financial Services Authority for the conduct of UK business. 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 ( 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. Pioneer Investments is a trading name of the Pioneer Global Asset Management S.p.A. group of companies. For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public. Date of First Use 29 March 2012 For US Investment Conference 2012 Attendees Only. Not to be Distributed to the Public Page 23
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