Pioneer Investments European Equity Capabilities Investment Philosophy and Process Page 1 I For broker/dealer use only and not be distributed to the public.
European Equity The Integrated Team Group CIO Giordano Lombardo Head of Equities - Europe Diego Franzin Construction Ali Chabaane Equity Research Paul Gorman Managers Dedicated Construction Team Members Consumers Marco Motta Martin Dolan Industrial, Auto, Utilities Patrick Marshall Philip Molloy IT, Telecom Luca Corona Financials Gianluca Spingola Virna Valenti European Large Cap Andrew Arbuthnott Andreas Wosol(*) Roberto Campani(*) Mary Mannion Long Short European Equity Fabio Di Giansante(**) Lorenzo Angelini Robert Owens Pasquale Galassi(***) Thematic & Disciplined Equity Piergaetano laccarino Dieter Beil Christian Zimmermann Ian O Reilly Silvia Di Silvio(****) European Small Cap & Country Strategies Cristina Matti Sergio Groppi Karl Huber Thomas Radinger Simone Ragazzi Joel Amsellem Maurice Howell Energy & Materials Michael Murphy Michael Morris Healthcare Nick Aslibekian Client Manager European Equities Fiona English CPM European Small Cap Alessandro D Erme Source: Pioneer Investments July 2015. (*) Reporting to Cristina Matti for Country Strategies (**) Reporting to Head of European Large Cap with reference to Euroland Equity (***) Derivatives Specialist (****) also responsible for quantitative analysis. Page 2 I For broker/dealer use only and not be distributed to the public
Active Fundamental Research-Driven Approach The European Equity Investment Philosophy We are a team of experienced stock-pickers. We believe that focusing on company fundamentals will deliver attractive equity returns, over the long term, while ensuring we optimise our use of risk Identify companies with the ability to deliver consistent returns... trading at a discount to their intrinsic value Our Aim: Optimise returns through a high conviction approach Active portfolio positioning Risk Analysis to mitigate risk Page 3 I For broker/dealer use only and not be distributed to the public.
Integrated Team Approach Investment Process Integrated Team Career Analysts Managers Construction Specialised by Sector Dedicated to Specific Strategies Analyse Sources of Risk in s Run a Real Money Select the stocks most suited to each strategy Maximise Alpha and Mitigate Unintended Risk Page 4 I For broker/dealer use only and not be distributed to the public..
Searching for the Advantage: Our Equity Research Investment Process Idea Generation Fundamental Analysis Research Company Meetings Industry Analysis Screening Competitive Position Management Evaluation Financial Modelling Motivational & Communication tool Accountability and assessment of ideas Sector Neutral 11 Career Analysts Average Experience: 17 years Career Analysts specialised by sector Specialisation allows a profound understanding of industry trends & the potential winners in each sector Source: Pioneer Investments as at July 2015. Page 5 I For broker/dealer use only and not be distributed to the public.
Exploiting the Ideas: Management Team Investment Process Management Team Compact decision making unit of generalists Surrounded by an idea generating culture Supported by specialist input from equity analysts 4 Senior Managers Average PM Experience: 18 years Research Market View Manager PM s own Research Research acts as the engine for idea generation Managers use these ideas and their own research to select stocks Managers have full accountability for the stock selection in their own portfolio Sector Views Company Meetings Source: Pioneer Investments as at July 2015. Page 6 I For broker/dealer use only and not be distributed to the public.
We Build High Conviction s Focusing on Our Best Ideas We Believe 35-45 Stocks Provides Sufficient Diversification* Without Diluting Performance Potential Concentration Means Focusing on the Best Ideas Maximise performance potential of investment research and portfolio management processes Most compelling and strongest investment ideas not diluted by hundreds of other holdings. * Total Risk *Cohen et al, October 2008 Market Risk 1 10 19 28 37 46 55 64 73 82 91 Source: SG Strategy December 2010. Page 7 I For broker/dealer use only and not be distributed to the public.
Proprietary Risk Analysis by Construction Team Investment Process Building a portfolio from the bottom-up may result in unintended concentration of risk Analyses sources of risk as defined by tracking error Analysing performance of market & portfolio by different factors to ascertain what areas we are over/under exposed to versus the market and what impact it could have on performance Fully embedded in investment process through regular meetings and informal contact Source: Pioneer Investments. For Illustrative purposes only. Page 8 I For broker/dealer use only and not be distributed to the public.
Important Information Unless otherwise stated all information contained in this document is from Pioneer Investments and is as at 31 March 2015. 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 Pioneer Investments 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 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. 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: 6 August 2015 Doc ID 19508 Page 9 I For broker/dealer use only and not be distributed to the public.