Pioneer Funds Absolute Return Multi-Strategy

Transcription

1 Pioneer Funds Absolute Return Multi-Strategy Portfolio Update Adam Mac Nulty, Client Portfolio Manager 30 September 2016 For Broker/Dealer Use Only and Not to be Distributed to the Public.

2 Pioneer Funds Absolute Return Multi-Strategy Multiple strategies seeking stable returns SEEKING STABLE RETURNS Has delivered consistent alpha over the medium-term Over 10 years of experience in absolute return FOCUS ON DOWNSIDE Five layers of risk management Cost-efficient systematic hedging against tail events Risk Budgeting framework via dedicated Portfolio Construction team DOES NOT RELY ON BETA Pursuing multiple uncorrelated return streams Seeking effective diversification Low correlation with equities and bonds Fund Inception Date Style AUM Sub-fund AUM Number of Positions Time Horizon Target Return Range 1 (Annualised, Gross of fees) Target Maximum VaR 2 Expected Average Volatility 1 (In normal market conditions) 7 July ,344 million 800 million Rolling 3-year periods EONIA % 6% (monthly, 99% prob) 4.5% Source: Pioneer Investments 31 August The Target Return and Expected Average Volatility can be exceeded or undershot and should not be construed as an assurance or guarantee. 2 These internal guidelines are used as guidance in the daily management of the Fund s investments. These guidelines are subject to change and should not be relied upon as a long term view of the Fund s exposures, limitations, and/or risks. For complete information on the Fund s investment objectives, strategy, risks, and limitations please review the Fund prospectus. Page 2 I For Professional Investor Use Only and Not to be Distributed to the Public.

3 Pioneer SF Absolute Return Multi-Strategy Control An Unconstrained Portfolio Comprising Multiple, Independent Strategies SEEKING STABLE RETURNS Targeting cash plus returns over the medium-term Over 10 years of experience in absolute return FOCUS ON DOWNSIDE Five layers of risk management Cost-efficient systematic hedging against tail events Risk Budgeting framework via dedicated Portfolio Construction team DOES NOT RELY ON BETA Pursuing multiple uncorrelated return streams Seeking effective diversification* Low correlation with equities and bonds Fund Inception Date Style AUM Sub-fund AUM Number of Positions Time Horizon Target Return Range 1 (Annualised, Gross of fees) Maximum VaR 2 Expected Average Volatility 1 (In normal market conditions) 7 June ,344 million 68 million Rolling 3-year periods EONIA % 4% (monthly, 99% prob) 2.5% Source: Pioneer Investments 31 August The Target Return and Expected Average Volatility can be exceeded or undershot and should not be construed as an assurance or guarantee. 2 These internal guidelines are used as guidance in the daily management of the Fund s investments. These guidelines are subject to change and should not be relied upon as a long term view of the Fund s exposures, limitations, and/or risks. For complete information on the Fund s investment objectives, strategy, risks, and limitations please review the Fund prospectus. *Diversification does not guarantee a gain or protect against a loss. Page 3 I For Professional Investor Use Only and Not to be Distributed to the Public.

4 Pioneer Funds Absolute Return Multi-Strategy Low correlation with equities and bonds The 5 Worst Months for Global Equity Markets Since Fund Inception The 5 Worst Months for EMU Bond Markets Since Fund Inception 0,0% -1,0% -2,0% -3,0% -4,0% -5,0% -6,0% -7,0% -8,0% -9,0% -10,0% -0,7% -0,6% -0,5% -1,2% -1,1% -4,5% -5,6% -7,2% -7,9% -9,4% 28/02/09 31/08/15 31/08/11 31/01/16 31/12/15 1,0% 0,5% 0,0% -0,5% -1,0% -1,5% -2,0% -2,5% -3,0% -3,5% 0,6% 0,3% -0,6% -0,8% -1,6% -2,1% -2,0% -2,6% -2,6% -2,8% 30/11/11 30/11/10 30/06/15 31/10/11 31/05/15 MSCI World (EUR) Pioneer Funds - Absolute Return Multi-Strategy - Class A Non Dis EUR EMU Govt. Bond (EUR) Pioneer Funds - Absolute Return Multi-Strategy - Class A Non Dis EUR Source: Pioneer Investments, Bloomberg. Data from unit class inception 12 December 2008 to 31 August Funds data refers to the Class A in euro. Global Equity = MSCI World (EUR). Govt Bond EMU = JP Morgan EMU Govt Bond Index (EUR). Please see additional MSCI disclaimer in the Additional Notes. Past performance does not guarantee and is not indicative of future results. Correlation coefficient* = 0.56 Correlation coefficient* = 0.41 Based on correlation of monthly returns of the Fund to the MSCI World Index. Source: Pioneer Investments, Bloomberg, 2 September Fund data refers to the Class A in euro. Based on correlation of monthly returns of the Fund to the JPM EMU Govt. Bond Index. Source: Pioneer Investments, Bloomberg, 2 September Fund data refers to the Class A in euro. Page 4 I For Broker/Dealer Use Only and Not to be Distributed to the Public

5 Low Correlation with Equities, Bonds, FX and Commodities Correlations are dynamic no single driver of returns Source: Pioneer Investments, Bloomberg. Data from unit class inception 12 December 2008 to 31 August Funds data refers to the Pioneer Funds Absolute Return Multi- Strategy Class A in euro. Indices refer to: MSCI World Index (EUR); JP Morgan EMU Govt Bond Index (EUR); US Dollar Index; BofAML Euro Large Cap Corp. Index (EUR); Bloomberg Commodity Index. Please see additional MSCI disclaimer in the Additional Notes. Past performance does not guarantee and is not indicative of future results. Page 5 I For Broker/Dealer Use Only and Not to be Distributed to the Public

6 Investment Approach Based on Four Pillars IDEA GENERATION Macro Macro Strategy Macro Strategy Strategy Group Group Group I INVESTMENT PILLAR Macro Strategy Our View of the World Hedging Macro Hedging Macro Hedging Strategy Specialists Strategy Specialists Group Group II Macro Hedging Risks from alternative scenarios Portfolio Portfolio Portfolio Managers Managers Managers / / / Macro Macro Strategy Strategy Group Group Analysts Analysts Analysts III Satellite Strategies Diversified, low-correlated ideas Portfolio Analysts Analysts Managers / Portfolio / Portfolio / Macro Macro Strategy Strategy Group Group Analysts Managers Managers IV Selection Strategies High quality, fixed income instruments Page 6 I For Broker/Dealer Use Only and Not to be Distributed to the Public. MID_6

7 Dedicated Portfolio Management Team with Extensive Absolute Return Experience Key components of the Four Pillars Multi-Strategy DEDICATED TEAM Primary Responsibility Years Absolute Return Experience Years with Pioneer Investments MACRO STRATEGY 6 Senior Multi-Asset Executives Davide Cataldo Global Asset Allocation MACRO HEDGING 6 Hedging Specialists Francesco DAll Angelo Global Asset Allocation, DM FX, Volatility SATELLITE STRATEGIES Developed Equity Fixed Income FX Emerging Markets Cross Asset Commodities & Other Federica Masciaga Equity strategies Emre Tuncer EM Fixed Income, FX 9 9 SELECTION STRATEGIES Credit Selection Sovereign Selection Roberto Gallo Asset Allocation, Fixed Income Average Enrico Rossello Portfolio Analyst <1 <1 Source: Pioneer Investments as at 31 August * Denotes Industry experience Adam Mac Nulty Client Portfolio Management 22* 3 Page 7 I For Broker/Dealer Use Only and Not to be Distributed to the Public. MID_6

8 The Four Pillars in Action Core Positions: Macro Strategy & Macro Hedging Pillar I: Macro Strategy Strategy Position Rationale Energy Revolution Fiscal Spending Long Battery material produce Long Contractors/Cement (Asia); Defence (Europe), Aerospace & Defence ETF (US) Strict global emissions targets pushing automakers toward electric cars Increase in demand for battery material producers expected Focus on companies expected to benefit from increase in fiscal spending worldwide Core exposure - US and Japan. Non-Eurozone Duration Long AUD vs Short USD RBA has more room to ease given the low inflation and weak growth outlook. Pillar II: Macro Hedging Strategy Position Rationale Credit Hedge Long CDS Options Manage credit hedges to cut tails and spread-widening risks Volatility Hedge Tail Event Hedge Long Options on Bund and Treasury Long Put Options on European Bank stocks Fixed income volatility remains very low Long volatility for potential range break-out and volatility spike Banking sector remains fragile in the context of negative interest rate policies Source: Pioneer Investments. Data as of 31 August 2016 and is referring to Pioneer Funds Absolute Return Multi-Strategy for information purposes only. References to individual trades should not be taken as investment recommendations to buy or sell any security. Page 8 I For Professional Investor Use Only and Not to be Distributed to the Public.

9 The Four Pillars in Action Core Positions: Satellite Strategy & Selection Strategy Pillar III: Satellite Strategies Strategy Position Rationale Non-Eurozone Inflation Linkers Relative Value Equity Sectors Relative Value Equity Sectors US Inflation Swap Steepening Long Biotech ETF / Short Nasdaq future Long US Fins / Short EU Banks/Insurance; Long EU Utilities / Short US Utilities Long-term inflation expectations very low - Inflation Swap curve is too flat Biotech sub-sector has de-rated since 2015 Fundamentals are strong and earnings are positive; attractive entry point Divergent monetary policy favours US financials vs EU US Utilities may suffer in a rising yield environment given rich valuations Relative Value EM Rates Long China 5yr vs USD Given current economic backdrop, China could ease local liquidity conditions Relative Value Dollar Bloc Relative Value Investment Grade Relative Value Investment Grade Long 2Yr US vs NZD Long itraxx Japan vs Europe Main Long US Investment Grade vs EU Financials New Zealand rates have repriced massively Potential for reversion, especially vs USD Japanese corporate sector has better fundamentals than European counterparts Positive carry Long-end of US IG remains interesting and could flatten further EU Senior Financials less supported by ECB CSPP and remain vulnerable to Brexit fallout Pillar IV: Selection Strategies Strategy Position Rationale Investment Grade (Non-Financials) Continue to add new issues on primary market After ECB CSPP announcement, the primary market has been very busy We still see attractive new issue premia Source: Pioneer Investments. Data as of 31 August 2016 and is referring to Pioneer Funds Absolute Return Multi-Strategy for information purposes only. References to individual trades should not be taken as investment recommendations to buy or sell any security. Page 9 I For Professional Investor Use Only and Not to be Distributed to the Public.

10 Risk is Allocated across Four Investment Pillars within Risk Budgeting Top Down Asset Allocation Macro Strategy Macro Hedging Satellite Strategies Portfolio Risk Allocation Portfolio Management II Portfolio Construction Bottom-Up Selection Selection Strategies Fixed Income Security Selection Source: Pioneer Investments. For illustrative purposes only Page 10 I For Broker/Dealer Use Only and Not to be Distributed to the Public. MID_6

11 Allocating, Managing and Monitoring Portfolio Risk Pioneer Funds Absolute Return Multi-Strategy (Target VaR 4%) INVESTMENT PILLAR EXPECTED % of PERFORMANCE CONTRIBUTION % of RISK ALLOCATION AVERAGE NUMBER OF STRATEGIES Allocation of risk according to VaR MACRO STRATEGY 50% MACRO HEDGING -10% 40% strategies 5 10 hedges Sum of standalone VaR = 9.65% Equity SATELLITE STRATEGIES Fixed Income FX Sov & EM Spread 50% 50% strategies 7.91% Diversification* benefit Cross-asset Quant FX, IR, Equity SELECTION STRATEGIES 10% 10% 5 10 strategies investing across >200 issuers TOTAL 100% (450 BPS) 100% % Portfolio VaR Source: Pioneer Investments as at 8 August For illustrative purposes only. Expected alpha can be exceeded or undershot and should not be construed as an assurance or guarantee. The internal guidelines referenced do not necessarily represent statutory limitations. These guidelines are used in the daily management of the strategy s investments, are subject to change and should not be relied upon as a long-term view of the strategy s exposures, limitations and/or risks. The portfolio is actively managed, and information may not be representative of current or future holdings. *Diversification does not guarantee a gain or protect against a loss. Page 11 I For Broker/Dealer Use Only and Not to be Distributed to the Public. MID_6

12 Multiple Layers of Risk Management 1 Macro Hedging Systematic hedging against tail events 2 Risk Budgeting Allocation of risk according to VaR 3 Scenario Analysis Stress tests 4 Position Management Focus on Win/Loss ratio 5 Dynamic VaR VaRIO* *VaRIO is proprietary risk management system. Page 12 I For Broker/Dealer Use Only and Not to be Distributed to the Public. MID_6

13 Pioneer Funds Absolute Return Multi-Strategy Scenario analysis & stress tests Start Date End Date Scenario MSCI World (EUR) JPM GBI EMU Bond Index Portfolio 05/09/ /11/ September November % 4.09% -4.12% 01/05/ /05/ Emerging Market Crash -5.28% 0.24% -3.28% 23/08/ /10/ Equity Sell-off % 2.65% -2.03% 17/05/ /06/ May June -9.13% -3.71% -1.74% 05/05/ /05/ Emerging Market Troubles -4.29% -0.45% -1.25% 03/03/ /05/ Argentine Economic Crisis -6.68% 0.81% -0.59% 10/09/ /09/ Sept % 0.29% -0.44% 01/04/ /05/ Greek Crisis % 0.69% 0.81% 18/08/ /11/ Peripheral European Bond Crisis 8.90% -4.05% 2.70% 14/06/ /07/ Bond Sell-off 5.04% -3.28% 2.91% Source: Pioneer Investments, Bloomberg. Data as of 8 August 2016 and is referring to Pioneer Funds Absolute Return Multi-Strategy for information purposes only. Analysis based on front office data. The performance does not include any cost or fees. MSCI World (EUR); JPM GBI EMU Index = JP Morgan EMU Govt Bond Index (EUR). The benchmark against which the Pioneer Funds - Absolute Return Multi-Strategy performance has been measured is EONIA. These are not the benchmarks of the fund and are used for illustrative purposes only. Please see additional MSCI disclaimer in the Additional Notes. Past performance does not guarantee and is not indicative of future results. Page 13 I For Broker/Dealer Use Only and Not to be Distributed to the Public

14 Pioneer Funds Absolute Return Multi-Strategy Summary: Don t Rely on βeta Seek New Sources of Return 1 Seeking stable risk-adjusted returns an unconstrained approach 2 Focus on risk multiple layers of risk management 3 Not reliant on Beta low correlation with equities and bonds 4 Target Alpha generation multiple relative value and directional strategies 5 Tried and tested team across multiple market cycles. Page 14 I For Broker / Dealer Use Only and Not to be Distributed to the Public.

15 Appendix 1. Biographies 2. Performance Page 15 I For Professional Investor Use Only and Not to be Distributed to the Public.

16 Biographies Portfolio Management Team Davide Cataldo Davide Cataldo was appointed Head of Multi-Strategy portfolios in July Prior to this Davide was Head of Fixed Income from July He progressed to this position from his role as co-ordinator of the Government Bond team. As Head of Fixed Income, Davide oversaw the Government and Credit Risk bond teams of analysts and portfolio managers. He worked as a broker with Profilo Bank before he began working as a European Bond Portfolio Manager for Gesticredit, the asset management arm of Credito Italiano (now Pioneer Investments) in Davide graduated in Economics from Bocconi University in Milan in 1992 and has spent the majority of his career analysing and ranking bonds. Francesco Dall Angelo Francesco Dall Angelo is a Senior Portfolio Manager in the Absolute Return team. Francesco joined the firm in June Francesco has been working in the area of investments since 1992 and has held Dynamic VaR Management, portfolio management, and trading roles. He joined Pioneer Investments from Citigroup Global Markets Ltd (formally known as Salomon Brothers Ltd.) where his most recent position was in Institutional Sales. Previously he held responsible for the European Bond Options trading desk. Francesco began his career with JP Morgan in 1992 as a trader in the Bank Investment Portfolio. He later went on to do option and arbitrage trading. Francesco has a degree in Economics from Bocconi University, Milan. Page 16 I For Professional Investor Use Only and Not to be Distributed to the Public.

17 Biographies Portfolio Management Team Federica Masciaga Federica Masciaga works within the Absolute Return team as a Portfolio Manager. She focuses on equity investments for absolute return portfolios with an emphasis on value stocks and special investment research. Before joining Pioneer Investments in 2004 Federica was employed by Pixel Investments Management (formerly ING Investments Management) as a Portfolio Manager. Federica began her career in investments in 1999 as an Assistant Portfolio Manager with Sogepo SGR (Investment management firm of Banca Popolare di Novara) following some time in the Middle Office. Federica has a degree in Business Administration from the University of Pavia and is a CFA charterholder. Roberto Gallo Roberto Gallo works within the Absolute Return team as a Portfolio Manager. He focuses on fixed income investments for Absolute Return products covering all the different asset classes (govies, agency, supras, corporates, EM). Roberto is based in our Milan Investment Office. Roberto joined Pioneer Investments in 2005 following the merger with Banca dell'umbria 1462, where he had worked for over a year with a team managing segregated accounts. Roberto is a graduate in Economics from the University of Perugia. Page 17 I For Professional Investor Use Only and Not to be Distributed to the Public.

18 Biographies Portfolio Management Emre Tuncer Emre Tuncer is a Portfolio Manager at Pioneer Investments. He joined the Absolute Return team in in January Before joining Pioneer Investments, Emre was an Intern for the Balanced Portfolios team in the firm s Milan office. He began his career in investments in 2005 at Yapi Kredi Portfolio Management. Emre worked on the Fixed Income desk managing money market funds which invested in repurchase agreements and short-term local government bonds. Emre holds a degree in Economics from Bogazici University, Istanbul and a Masters in Finance from Umanesimo Latino Scuola Superiore di Specializzazione, Italy. Enrico Rossello Enrico Rossello is a Junior Portfolio Analyst for the Absolute Return Multi-Strategy team. He is based in Pioneer Investment s Milan office, and joined the Multi-Strategy funds team in May 2016, after a 6-month internship as a Quant Analyst with Pioneer s Asset Allocation team, in Milan. As a Junior Portfolio Analyst, he supports Portfolio Managers in market and fund analyses, with a focus on Equity and Quantitative models. Enrico holds a M.S. in Management Engineering from Politecnico di Milano, received in Page 18 I For Professional Investor Use Only and Not to be Distributed to the Public.

19 Biographies Client Portfolio Management Adam Mac Nulty Adam Mac Nulty is a Senior Client Portfolio Manager and is based in Pioneer Investments' Dublin office. Prior to joining Pioneer Investments, Adam was a Fund Manager with Davy Asset Management, and before that was an Associate Director at Bank of Ireland Asset Management, where he managed the firm s EAFE (Europe, Australasia and the Far East) equity portfolio. At Pioneer Investments, Adam has responsibility for Multi-Asset products and his role involves explaining the investment philosophy, process and performance of the funds he covers. Adam holds a BA in Economics and an MBS in Financial Services from University College Dublin, and is a CFA charterholder. Page 19 I For Professional Investor Use Only and Not to be Distributed to the Public.

20 Pioneer Funds Absolute Return Multi-Strategy (Class A, EUR, Non-Dis.) Net Performance Calendar Year Returns Trailing Returns 9,00% 7,00% 5,00% 3,00% 1,00% -1,00% -3,00% -5,00% -7,00% -9,00% 7,02% 5,47% -6,02% 5,11% 3,12% 3,84% 2,12% 1,63% YTD ,50% 4,00% 3,50% 3,00% 2,50% 2,00% 1,50% 1,00% 0,50% 0,00% 0,23% 3,84% 2,89% 3,05% 1 Year 3 Year p.a. 5 Year p.a. Since Inception p.a. Source: Pioneer Investments, Bloomberg. Data from 12 December 2008 to 31 August All data refers to Class A EUR Non-Distributing and is based upon NAV net of fees. Inception of Class A EUR non-distributing was on 12 December Past performance does not guarantee and is not indicative of future results. Page 20 I For Professional Investor Use Only and Not to be Distributed to the Public.

21 Net Monthly Returns Since Inception Pioneer Funds - Absolute Return Multi-Strategy (Class A, EUR, Non-Dis.) Pioneer Funds - Absolute Return Multi-Strategy - Class A Non Dis EUR EONIA Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. YTD YTD 2008 * 1.68% 1.68% 0.12% % -0.69% 0.92% 1.95% 0.76% -0.44% 1.97% 0.33% 0.82% -0.17% 0.64% 0.40% 7.02% 0.73% % -0.04% 1.83% 0.52% -0.24% -0.41% 0.02% 0.68% 0.76% 0.28% 0.61% 1.15% 5.47% 0.44% % 0.64% -0.95% 0.20% -0.46% -1.73% -0.36% -1.24% -0.61% -0.57% -2.12% 2.07% -6.02% 0.88% % 0.92% 0.24% -1.13% -2.58% 0.15% 0.96% 0.92% 1.04% 0.24% 1.03% 0.83% 5.11% 0.24% % 0.64% 0.33% 1.23% -0.64% -3.66% 0.63% 0.02% 1.07% 2.03% 0.04% 0.72% 3.12% 0.09% % 1.55% 0.50% 0.17% 0.48% -0.22% 0.22% 0.15% -0.82% -0.48% 1.02% 0.24% 3.84% 0.10% % 1.41% 0.54% -0.36% 0.28% -0.82% 0.12% -0.59% -0.40% -0.22% -0.23% -0.53% 2.12% -0.11% % -0.54% 0.58% 0.64% 0.02% 1.21% 1.28% -0.41% 1.63% -0.21% *2008 Annual Return from unit class inception. Best Month 2.96% Worst Month -3.66% Number of Positive Months 61 Number of Negative Months annual return from unit class inception on 12 December Source: Pioneer Investments. The full legal name of the fund is Pioneer Funds Absolute Return Multi-Strategy. Data from unit class inception 12 December 2008 to 31 August Past performance does not guarantee and is not indicative of future results. All data refers to Class A EUR Non-Distributing and is based upon NAV net of fees. Performance figures are in EUR. The benchmark against which the Pioneer Funds - Absolute Return Multi-Strategy performance has been measured is EONIA. It is not the benchmark of the fund and is used for illustrative purposes only. Page 21 I For Professional Investor Use Only and Not to be Distributed to the Public.

22 VaR Pioneer Funds Absolute Return Multi-Strategy Source: Pioneer Investments/Aladdin. Data as of 31 August 2016 and is referring to Pioneer Funds Absolute Return Multi-Strategy for information purposes only. Inception of Class A EUR non-distributing was 12 December For information purposes only. Page 22 I For Professional Investor Use Only and Not to be Distributed to the Public.

23 Volatility Pioneer Funds Absolute Return Multi-Strategy Source: Pioneer Investments, Bloomberg. Data from 12 December 2008 to 31 August All data refers to Class A EUR Non-Distributing and is based upon NAV net of fees. Inception of Class A EUR non-distributing was 12 December Past performance does not guarantee and is not indicative of future results. Page 23 I For Professional Investor Use Only and Not to be Distributed to the Public.

24 Equity Exposure Pioneer Funds Absolute Return Multi-Strategy Source: Pioneer Investments. Data as of 31 August 2016 and is referring to Pioneer Funds Absolute Return Multi-Strategy for information purposes only. Page 24 I For Professional Investor Use Only and Not to be Distributed to the Public.

25 Effective Duration Pioneer Funds Absolute Return Multi-Strategy Source: Pioneer Investments. Data as of 31 August 2016 and is referring to Pioneer Funds Absolute Return Multi-Strategy for information purposes only. Page 25 I For Professional Investor Use Only and Not to be Distributed to the Public.

26 Additional Note The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an as is basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the MSCI Parties ) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. ( Page 26 I For Professional Investor Use Only and Not to be Distributed to the Public.

27 Disclaimer Unless otherwise stated all information contained in this document is from Pioneer Investments and is as at 31 August Pioneer Funds Absolute Return Multi-Strategy 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. Class I of the Sub-Fund is reserved to institutional investors and is subject to an initial subscription of EUR 10 million or more (or the equivalent in another currency). The Fund may not be registered for sale with the relevant authorities in your jurisdiction. Where unregistered, the Fund may not be sold or offered except in the circumstances permitted by law. The Fund may not be regulated or supervised by any governmental or similar authority in your jurisdiction. This material 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. 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 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 seek professional advice and read the prospectus carefully before you invest. This material is not a prospectus, a free prospectus is available from Pioneer Global Investments Limited, 1 George s Quay Plaza, George s Quay, Dublin 2, Ireland. Call Fax or your local Pioneer Investments sales office. The Sub-Fund s prospectus and Key Investor Information document ( KIID ) are also be available on This document does not constitute investment advice or any offering of units and does not take account of the investment objectives or needs of or suitability for a specific investor. Pioneer Investments is not making any representation nor does this document constitute a representation with respect to (i) the eligibility of any recipients of this document to acquire units in the Fund in any jurisdiction or (ii) the eligibility of any recipients of this document to receive this document in any jurisdiction. If you are in doubt about the content of this document or your eligibility, you should obtain independent professional advice. 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 Pioneer Global Investments Limited. In the UK, it is approved for distribution by Pioneer Global Investments Limited (London Branch), Portland House, 8 th 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 ( FSMA ) and therefore does not carry the protection provided by the UK regulatory system. This document is addressed only to those persons in the UK falling within one or more of the following exemptions from the restrictions in s 238 FSMA: authorised firms under FSMA and certain other investment professionals falling within article 14 of the FSMA (Promotion of Collective Investment Schemes) (Exemptions) Order 2001, as amended (the CIS Order ) and their directors, officers and employees acting for such entities in relation to investment; high value entities falling within article 22 CIS Order and their directors, officers and employees acting for such entities in relation to investment; other persons who are in accordance with the Rules of the FCA prior to 1 November 2007 classified as Intermediate Customers or Market Counterparties or on or thereafter classified as Professional Clients or Eligible Counterparties. The distribution of this document to any person in the UK not falling within one of the above categories is not permitted by Pioneer Global Investments Limited (London Branch) and may contravene FSMA. No person in the UK falling outside those categories should rely or act on it for any purposes whatever. In EEA Member States this document is for Professional Investor use only and not to be distributed to the public. This document is not intended for and no reliance can be placed on this document by persons falling outside of these categories in the above mentioned jurisdictions. For use with Cardano 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: 6 October 2016 Document ID: Page 27 I For Professional Investor Use Only and Not to be Distributed to the Public.