Pioneer Funds Euroland Equity
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1 Pioneer Funds Euroland Equity Investment Conference, Boston, March 2010 Fabio Di Giansante Lead Portfolio Manager For Broker/Dealer Use Only and Not to be Distributed to the Public
2 Understanding a Concentrated Portfolio Why Invest in a Concentrated Portfolio? Maximises productivity of investment research and portfolio management processes Most compelling and strongest investment ideas not diluted by hundreds of other holdings Executed efficiently, high concentration has the potential to generate excellent performance relative to a less concentrated benchmark "The poor overall performance of mutual fund managers in the past is not due to a lack of stock-picking ability, but rather to institutional factors that encourage them to overdiversify. Cohen et al For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 2
3 Understanding a Concentrated Portfolio Defining Portfolio Concentration To suppose that safety-first consists in having a small gamble in a large number of different companies where I have no information to reach a good judgement, as compared to a substantial stake in a company where one s information is adequate, strikes me as a travesty of investment policy. J.M. Keynes, 1928 Concentration versus Diversification: How many holdings is enough/too many? Research suggests that stocks in a portfolio sufficiently diversifies risk without sacrificing performance* Portfolio Concentration Number of Holdings Source: SG Global Strategy *Benjamin Graham in The Intelligent Investor (1949) recommended owning from 10 to 30 stocks to achieve proper diversification. 0 MSCI EMU Pioneer Funds Euroland Equity Source: Pioneer Investments & Business Objects as at 29 January 2010 For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 3
4 Understanding a Concentrated Portfolio Defining Portfolio Concentration Every individual position is held as an overweight, and it can therefore have a material impact on performance Pioneer Funds Euroland Equity: Minimum overweight position of 1% for each stock, no neutral or underweight positions* Potentially allows for the investment process to add significant values through stock selection *Note: These are internal guidelines and not prospectus limits and may be subject to change over time. For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 4
5 Understanding a Concentrated Portfolio What are the Risks Associated with Concentrated Investing? Absolute Risk Exacerbated impact on portfolio performance of stock-specific events Market Risk Greater concentration can potentially lead to greater risk in terms of higher volatility, leading to low market/benchmark correlation For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 5
6 Addressing the Risks of Concentrated Investing Absolute Risk Stock Selection (1) Quality Defining quality as: Sustainable Competitive Advantage Different flavours: strong brands, patents, unique know-how, regulated monopolies, unique preferential access to material resources and so on Factors to analyse: Management Profitability of earnings Strength of balance sheet Free cash-flow generation Ability to keep ROIC > WACC For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 6
7 Addressing the Risks of Concentrated Investing Absolute Risk Stock Selection (2) Valuation Absolute valuation tool: proprietary DCF Although this does not show a precise number, given the assumptions put in, it does show the direction of a stock value For the most part a forward-looking model. Inputs often take into consideration what happened in the past, but the gap between the past and the future is reached through the analysis A barometer to measure market expectations built into a stock s valuation (reverse DCF) A practical methodology creates a model that allows better understanding of the value creators and destroyers for a company For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 7
8 Addressing the Risks of Concentrated Investing Absolute Risk Stock Selection (2) Valuation Objective: to buy companies where profitability (ROIC) is under-priced (EV/IC) EV/CE vs ROCE EV/CE ROCE Operating efficiency must translate into undervalued capital efficiency For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 8
9 The Research Team is an Integral Part of our Investment Process Supporting a global range of products through an aligned investment process based on three specialist building blocks Buy Discipline Define investment case Identify discount Construct Portfolio Fundamental Analysts Global career equity analysts Extensive company contacts and research coverage Valuation Portfolio Managers Sell Discipline Target price reached Story changes Better opportunities Quantitative Analysts Risk budgeting Stock screening & idea generation Strategy back-test Sector & country valuation For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 9
10 Addressing the Risks of Concentrated Investing Market Risk Volatility Since inception, our strategy has demonstrated benchmark comparable levels of volatility* 30 Pioneer Funds - Euroland Equity MSCI EMU 25 Volatility % Aug-06 Dec-06 Apr-07 Aug-07 Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Dec-09 *Source: Pioneer Investments. Volatility has been calculated using an internal risk evolution tool. Period covers 01 August 2006 (date Fabio Di Giansante assumed responsibility for the Portfolio) to 29 January Fund inception is 04 July Volatility is calculated using Class E Non-Distributing Units in Euro. For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 10
11 Addressing the Risks of Concentrated Investing Market Risk Risk/Return Since inception, our concentrated strategy has demonstrated low risk and high returns compared to peers* Pioneer Funds Euroland Equity Morningstar Large Cap Peers -2.0 Annualised Return % Pioneer Funds Euroland Equity Annualised Risk % *Source: Morningstar Direct, Pioneer Funds Euroland Equity Class A EUR, Std. Dev. & annualised total return versus Eurozone Large Cap peers from 01 August 2006 (date Fabio Di Giansante assumed responsibility for the Portfolio) to 29 January Fund inception is 04 July Copyright 2010 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 March 2010 Page 11
12 Distinctive Approach Combines Core and Opportunistic Elements Unconstrained Opportunistic Element <25% AUM Long-Term Core Holdings >75% AUM Portfolio: holdings Combining large-cap stability with selected small-cap exposure For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 12
13 Long-Term Core Holdings Clear undervaluation and quality companies Long-term holding period; Portfolio Manager is less sensitive to short-term volatility Holdings expected to capture strong industry trends through robust competitive position No market capitalisation preference >75% AUM >75% AUM Portfolio: holdings For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 13
14 Opportunistic Holdings Alpha Kick Flexibility to Invest Across Market Cap Spectrum and Off-Benchmark Seeks opportunities in all capitalisation ranges Not just largest European companies Strong relationship with European Small Caps desk, overlap on some positions Some holdings not covered by buy/sell side research <25% AUM <25% AUM Actively searches for new investment ideas outside its benchmark AUM Narrower focus of EMU Index requires an active approach to idea generation Can be small-cap discovery stories Peripheral European equity markets Portfolio: holdings For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 14
15 Top 10 Overweights Pioneer Funds Euroland Equity Stock Port. Weight Bmk Weight Delta FRESENIUS MEDICAL CARE 3.10% 0.30% 2.80% BNP PARIBAS 4.73% 2.22% 2.50% TNT 2.76% 0.33% 2.43% SOCIETE GENERALE 3.72% 1.30% 2.42% EUTELSAT COMMUNICATIONS 2.44% 0.09% 2.35% DEUTSCHE BOERSE 2.53% 0.48% 2.06% FINMECCANICA 2.22% 0.19% 2.03% ARCELOR MITTAL 3.16% 1.16% 2.00% PUBLICIS GROUPE 2.06% 0.14% 1.92% CREDIT SUISSE GROUP 1.85% 0.00% 1.85% Source: Pioneer Investments as at 31 December 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 investment recommendations to buy or sell any security. Benchmark is MSCI Emu. For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 15
16 Sector Breakdown Pioneer Funds Euroland Equity Consumer Discretionary, 16.21% Utilities, 4.82% Telecommunication Services, 4.33% Overweight NAV Weight BMK Weight Delta Consumer Discretionary Industrials Health Care Materials Industrials, 15.70% Health Care, 6.43% Financials, 24.27% Information Technology, 2.45% Energy Consumer Staples Information Technology Financials Materials, 8.48% Consumer Staples, 7.65% Energy, 7.91% Telecommunication Services Utilities Underweight -10% -5% 0% 5% 10% 15% 20% 25% 30% Source: Pioneer Investments as at 31 December Benchmark is MSCI Emu. For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 16
17 Country Breakdown Pioneer Funds Euroland Equity Italy, 4.76% Overweight France NAV Weight BMK Weight Delta Germany, 18.98% United Kingdom France, 43.05% Spain, 11.16% Finland, 0.83% Switzerland Netherlands Ireland Greece, 1.12% Greece UK, 5.56% Switzerland, 1.85% Ireland, 1.60% Netherlands, 9.34% Finland Spain Germany Italy Source: Pioneer Investments as at 31 December Benchmark is MSCI Emu. Underweight -10% 0% 10% 20% 30% 40% 50% For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 17
18 Pioneer Funds Euroland Equity Risk Factor Analysis Source: Pioneer Investments Risk Factor Analysis as at 29 December For illustrative purposes only. For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 18
19 Pioneer Funds Euroland Equity Risk Factor Analysis Source: Pioneer Investments Risk Factor Analysis as at 29 December For illustrative purposes only. For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 19
20 Disclaimer Unless otherwise stated all information contained in this document is from Pioneer Investments and is as at 31/12/2009. Pioneer Funds Euroland Equity 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), 123 Buckingham Palace Road, London SW1W 9SL, authorised by the Financial Regulator in 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 Broker/Dealer Use Only and not to be Distributed to the Public Date of First Use: 10 March 2010 For Broker/Dealer Use Only and Not to be Distributed to the Public March 2010 Page 20
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