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Pioneer Investments - Consultant Update

Latest news from Amundi Asset Management

Pioneer Investments is now part of the Amundi Group

On 3rd July, 2017 Pioneer Investments became part of the Amundi group. Amundi is Europe’s largest asset manager by assets under management and ranks in the top 101 globally.
Thanks to the integration of Pioneer Investments, the combined company now manages over £1.1 trillion2 of assets across six investment hubs3.

1. Source: IPE “Top 400 asset managers” published in June 2017 and based on AUM as at December 2016.
2. Source: Amundi Asset Management; pro forma Amundi + Pioneer Investments combined figures as of end December 2016.
3. Investment hubs: Boston, Dublin, London, Milan, Paris and Tokyo.
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Amundi Asset Management Performance Update

Click on the below links for the latest performance information and commentaries

U.K Institutional Business Contacts

Jonathan May
Head of Institutional Business – UK & Ireland
Tel: +020.7190.2080
Email: jonathan.may@amundi.com

Alan O'Dowd
Head of Consultant Relations – UK & Ireland
Tel: +353.1.480.2142
Email: alan.o'dowd@amundi.com

James Aylward
Client Director
Tel: +44.20.7190.2086
Email: james.aylward@amundi.com






Amundi Asset Management Performance Update


Absolute Return Multi-Strategy (targets cash +3.5%-4.5% pa*)

Our Absolute Return Multi-Strategy capability was launched in 2008. The strategy employs an unconstrained, flexible approach that seeks to capture alternative sources of return by actively investing in multiple directional and non-directional strategies. It strives to achieve effective diversification through investing in multiple, uncorrelated return streams, while seeking to reduce capital losses via disciplined drawdown management.

Gross Performance in EUR* 3 months
(%)
1 year
(%)
3 years
(%pa)
5 years
(%pa)
Inception
(%pa)**
Pioneer Funds – Absolute Return Multi-Strategy -0.22 2.66 3.08 5.16 4.74
EONIA -0.09 -0.35 -0.20 -0.07 0.23
Source: Amundi Asset Management, data as at 30/06/17. Performance refers to Pioneer Funds – Absolute Return Multi-Strategy, Class I, gross of fees, in EUR terms, ^class launch: 12/12/2008. *Absolute Return Multi-Strategy targets EONIA +3.5-4.5% pa. The target return can be exceeded or undershot and should not be construed as an assurance or guarantee. Target is gross of fees.
  • The portfolio posted a negative return for the quarter
  • The Satellite FX strategies were among the strongest contributors, reflecting the performance of some of the portfolio’s higher yielding EM FX baskets, which were paired against several lower yielding EM currencies.
  • Within the Satellite Fixed Income strategies, the Eurozone Duration and EM Duration strategies posted positive performance, along with the relative value GBP Curve Strategy.
  • The Macro Strategy posted marginal losses during the quarter, but several strategies within this component performed strongly: Thematic Equity strategies, including Internet of Things, Longevity and Asian Gaming posted strong results reflecting the underlying performance of some of our IT, Industrials and Asian equities.
  • The largest negative contributor was the Major FX strategies, which is held within the Macro Strategy. A long U.S. Dollar position, which was held in part for its tendency to perform during “risk off” periods, cost some performance as the U.S. Dollar declined during Q2.
  • The Satellite – Spread strategies underperformed and the Macro Hedging also gave up some ground, as equity, bond and FX volatility fell during Q2. The Macro Hedging pillar is viewed as a type of “insurance policy” for which a premium is paid and is expected to help protect the Portfolio during periods of market turbulence.


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Multi-Strategy Growth (targets cash +5.0%-6.0% pa*)

Our Multi-Strategy Growth capability was launched in 2008. The strategy employs the same unconstrained, flexible multi-strategy approach as that of its sister strategy, Absolute Return Multi-Strategy, while targeting enhanced returns above cash rates, with less than half the volatility of global equities.

Gross Performance in EUR* 3 months
(%)
1 year
(%)
3 years
(%pa)
5 years
(%pa)
Inception
(%pa)**
Pioneer Funds – Multi-Strategy Growth -0.33 4.31 5.57 7.92 5.41
EONIA -0.09 -0.35 -0.20 -0.07 0.23
Source: Amundi Asset Management, data as at 30/06/17. Performance refers to Pioneer Funds – Multi-Strategy Growth, Class I, gross of fees, in EUR terms, ^class launch (I unit class): 08/07/2008. *Multi-Strategy Growth strategy targets EONIA +5.0-6.0% pa. The target return can be exceeded or undershot and should not be construed as an assurance or guarantee. Target is gross of fees. On the 4th of January 2016 Pioneer Funds - Absolute Return Multi-Strategy Growth was renamed Pioneer Funds - Multi-Strategy Growth. Until the 04th of January 2016, the Sub-Fund had different characteristics and performance was achieved under circumstances that no longer apply.
  • The portfolio posted a negative return for the quarter
  • The Satellite FX strategies were among the strongest contributors, reflecting the performance of some of the portfolio’s higher yielding EM FX baskets, which were paired against several lower yielding EM currencies.
  • Within the Satellite Fixed Income strategies, the Eurozone Duration and EM Duration strategies posted positive performance, along with the relative value GBP Curve Strategy.
  • The Macro Strategy posted marginal losses during the quarter, but several strategies within this component performed strongly: Thematic Equity strategies, including Internet of Things, Longevity and Asian Gaming posted strong results reflecting the underlying performance of some of our IT, Industrials and Asian equities.
  • The largest negative contributor was the Major FX strategies, which is held within the Macro Strategy. A long U.S. Dollar position, which was held in part for its tendency to perform during “risk off” periods, cost some performance as the U.S. Dollar declined during Q2.
  • The Satellite – Spread strategies underperformed and the Macro Hedging also gave up some ground, as equity, bond and FX volatility fell during Q2. The Macro Hedging pillar is viewed as a type of “insurance policy” for which a premium is paid and is expected to help protect the Portfolio during periods of market turbulence.


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Credit Opportunities

Our Credit Opportunities strategy was launched in 2008 and employs a flexible multi-sector credit approach with full discretion to invest across the credit universe. The strategy typically invests in high yield, investment grade, emerging markets, asset backed securities, catastrophe bonds, bank loans and convertibles. The portfolio managers seek to invest where they see best value at any stage in the credit cycle and adjust weightings accordingly.

Gross Performance in GBP* 3 months
(%)
1 year
(%)
3 years
(%pa)
5 years
(%pa)
Inception
(%pa)*
Pioneer Institutional Solutions - Credit Opportunities 2.03 8.35 3.84 6.76 7.54
Benchmark 1.98 6.59 3.82 5.42 6.98
Source: Amundi Asset Management, data as at 30/06/17. Performance refers to Pioneer Institutional Solutions – Credit Opportunities, Class X, gross of fees, GBP. ^Fund inception: 30/04/2008. The fund benchmark is 50% BoFA ML HY Master 2, 50% BoFA ML U.S. Corporate Master
  • The portfolio performed positively during the quarter and outperformed its benchmark.
  • Performance benefited from the portfolio’s exposure to segments of the credit market that the team have identified as exhibiting attractive compensation for the associated risk. At the end of Q2, the portfolio’s largest exposures were in high yield and high grade corporates while the remainder was in leveraged loans.
  • The team have continued to maintain the positioning of the portfolio given the global growth prospects, near-term political uncertainty and its possible economic impact.
  • Compared to the custom benchmark, at quarter-end, the portfolio continued to have an active underweight to investment grade fixed income and out of benchmark exposure to bank loans.
  • During the quarter the fixed income exposure was moderately reduced and loan exposure increased.
  • From a sector perspective, focus continues to be on sectors where attractive relative value are seen. Within the Investment Grade exposure, Industrials – Energy and Financial Institutions continue to be are largest exposures. However, relative to the custom benchmark the portfolio is underweight. Within High Yield Corporates, the largest exposures continue to be Industrial – Communication, Consumer – Non Cyclical and Energy.
  • At quarter-end, the largest exposure was to BB, B and BBB rated instruments, representing approximately an 80% portfolio weight relative to the blended benchmark of a 68%. Further, relative to the blended benchmark weighting for ‘A to AAA’ rated instruments of approximately 22%, the portfolio ended the quarter at 20%. Finally, exposure to the lower quality segments of the credit market (CCC), the blended benchmark had 7.8% weight to CCC, where the portfolio weight was 1.0%.


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Dynamic Credit

Pioneer Funds - Dynamic Credit is a flexible and diversified multi-sector credit-orientated portfolio designed to adjust asset allocations in order take advantage of opportunities across credit markets based on valuations, volatility, dislocations and market timing. The strategy also employs an adaptive hedging strategy, which aims to buffer volatility and provide a measure of protection from extreme market dislocations.

Gross Performance in USD* 3 months
(%)
1 year
(%)
3 year
(%)
Inception
(%pa)*
Pioneer Funds - Dynamic Credit 1.98 9.54 3.18 4.02
Source: Amundi Asset Management, data as at 30/06/17. Performance refers to Pioneer Funds – Dynamic Credit, Class I, gross of fees, USD. ^Fund inception: 03/09/2013. There is no benchmark for this fund
  • The portfolio delivered a strong performance during the quarter
  • Performance was driven by credit exposure within both HY and IG corporate securities. Within HY, the sectors that performed well included Financials, Telecommunications and Healthcare and within IG Financials and Energy positions contributed positively. Given the relative strength within credit markets options positions, that are utilised for the purposes of hedging, were the largest detractors to performance.
  • The team believe credit is still a valuable place to invest as it has generated income historically and credit risk remains relatively stable resulting in continued investor allocations. Therefore, the Portfolio is well positioned based on this outlook. Many of the companies the portfolio invests in have demonstrated reasonable earnings growth without significant increases in leverage or decline in credit quality.
  • Overall Portfolio credit risk is similar to the team’s neutral point of risk. An up-in-quality portfolio is maintained, with very little exposure to CCC or single B risk at this stage, largely due to a lack of compelling valuations in these areas.
  • Exposures across a variety of asset classes including ILS securities, and securitised credit have been maintained. These particular asset classes help diversify the Portfolio, but did lag HY during the quarter and were a slight detractor to performance.
  • From a sector positioning standpoint, exposure to U.S. Financials have marginally been reduced in favour of European Financials to also take advantage of differences in relative value. The portfolio is still constructive on energy names, focusing on midstream positions that are generally less sensitive to changes in commodity prices.


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Absolute Return Bond (targets cash +2%-4% or cash +3%-5% p.a.)*

Our Absolute Return Bond Strategy portfolios are managed by our investment grade fixed income team in Dublin. They use a range of alpha sleeves with the aim of delivering performance in excess of the cash benchmark. Each alpha sleeve is managed by a specialist portfolio manager within the team who has an absolute return target for their alpha sleeve each calendar year. The portfolios have no inherent market beta and each alpha trade on the fund has a drawdown limit and profit target. The commentary refers to the Pioneer Funds - Absolute Return Bond. In December 2013, we launched a dedicated Pioneer Funds - Sterling Absolute Return Bond which targets cash +3-5%*.

Gross Performance in EUR* 3 months
(%)
1 year
(%)
3 years
(%pa)
5 years
(%pa)
Since strategy change**
(%pa)
Pioneer Funds - Absolute Return Bond -0.91 -2.81 -1.95 -0.20 0.04
EONIA -0.09 -0.35 -0.20 -0.07 0.12
Source: Amundi Asset Management, data as at 30/06/17. Performance refers to Pioneer Funds – Absolute Return Bond, Class H, gross of fees, EUR in EUR terms. *The target return can be exceeded or undershot and should not be construed as an assurance or guarantee. Target is gross of fees. ^The investment strategy changed on 10 December 2010
  • The portfolio delivered negative returns during the quarter.
  • Among the positive contributors, the Credit Long/Short alpha sleeve was one of the top performers during the quarter. Two positions were responsible for the majority of this performance. The first was a long position in financial credit and the second was a trade that was positioned in the belief the difference between U.S. Corporate Bonds and Euro Corporate Bonds would diminish.
  • It was a strong quarter for the currency component, with the bulk of performance being generated in June. One of the best performers was a long Euro versus a short Japanese Yen position. Overall, the major themes have been maintained – the portfolio is long U.S. Dollar and, mostly, short Emerging Markets (EM) positions.
  • Macro Hedge was another contributor. The purpose of this strategy is to allow the team to seek to hedge excessive risk within portfolios or strategies. During the quarter, these hedges performed as expected, thus helping to offset losses suffered in other areas of the portfolio and generate some positive returns.
  • Among the negative contributors, the Interest Rates Euro alpha sleeve detracted from performance. The team’s view heading into Q2 was that European bond yields were lower than justified and that economic conditions, and a possible tapering of the ECB’s bond-buying programme, would push European yields up and the portfolio was positioned accordingly. However, bond markets actually rallied mid-second quarter and therefore this positioning lost ground.
  • One trade was responsible for the majority of the underperformance for the Interest Rates U.S. component this quarter. The team initiated a position based on the view that the U.S. Fed would hike rates at their June meeting. This move was expected to drive U.S. bond yields higher, but this did not happen as expected. The Relative Value component also detracted from performance during the quarter.
  • In terms of overall duration profile, the Portfolio ended the quarter with a duration of -0.90 years.


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Emerging Markets Bond

The Pioneer Funds - Emerging Markets Bond hard currency fund was launched in 2000 and is managed by our experienced Emerging Markets Bond team who are based in London. The team also manage a local currency and specialist EM Corporate and EM Corporate High Yield portfolios. The fund adopts a multi sector approach to the asset class with active asset allocation between government and corporate issues depending on the market environment.

Gross Performance in GBP 3 months
(%)
1 year
(%)
3 years
(%pa)
5 years
(%pa)
Inception
(%pa)*
Pioneer Funds - Emerging Markets Bond -1.12 12.86 15.17 11.50 10.59
95% JPM EMBI Global Diversified, 5% JPM Cash 1 Month Euro -1.37 8.94 14.84 9.37 9.55
Source: Amundi Asset Management, data as at 30/06/17. Performance refers to Pioneer Funds – Emerging Markets Bond, Class I, gross of fees, EUR in GBP terms, ^class launch (I unit class): 03/06/02
  • The portfolio posted negative returns over the quarter, but modestly outperformed its benchmark.
  • In terms of performance contribution, Latin America was the region that underperformed the most, followed by Emerging Africa and Emerging Europe. The team remain constructive on the Latin American region as underlying economies set for structural outperformance, despite the recent round of political uncertainty.
  • The portfolio remains skewed toward credit markets in EMEA and Latin America, while in Asia, rich valuations keep us on the side-lines. Nevertheless, the team allocate to opportunities in Singapore and China, where appropriate. In the region, the portfolio remains underweight the Philippines, Malaysia and Indonesia.
  • Country-wise, the benchmark’s biggest exposures are Argentina and Turkey (where the portfolio is overweight), followed by Russia (where it is underweight). On a sector level, although under pressure for the moment, the strategic overweight in Banking, Energy and TMT has been kept.
  • The team maintain their view that the move in U.S. rates is not temporary but, rather, an indication of direction and therefore are happy to hold an underweight stance on duration. The Portfolio continues to offer a shorter effective rate duration standing 0.3year shorter than benchmark’s 6.28 years and 1.15 years shorter vs the benchmark’s 6.33 years spread duration.


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Euro High Yield Strategy

Gross Performance in GBP 3 months
(%)
1 year
(%)
3 years
(%pa)
5 years
(%pa)
Inception
(%pa)*
Pioneer Funds - Euro High Yield 4.53 15.86 8.06 10.34 11.04
BA/ML Euro HY Constrained Index 5.07 15.86 7.84 10.42 10.21
Source: Amundi Asset Management, data as at 30/06/17. Performance refers to Pioneer Funds – Euro High Yield, Class E, gross of fees in EUR in GBP terms, ^fund inception: 05/12/2005. Class E is reserved for Italian investors only.
  • The portfolio generated positive returns over the quarter but slightly underperformed the benchmark
  • In terms of sector allocation, Financials and Industrials contributed positively, Automotive and Food sectors were flat and Transportation and TMT detracted. From the security selection perspective Healthcare, Insurance and Utilities contribution was positive and compensated soft returns in the Chemicals and Mining sectors.
  • Throughout the quarter the Portfolio has been defensively positioned. At the end of the reporting period, the Portfolio was positioned underweight in Cyclicals and in terms of rating BB underweight. Geographically the overweight positioning in Emerging Markets (EM) preferred and maintained at the same levels as at the quarter start.
  • Adding to relative performance was the Portfolio’s off-benchmark exposure to leveraged loans. We retain a c.7% exposure to the sector a bid to diversify the Portfolio, enjoy stable returns and exploit the relatively attractive yield and volatility profile of the instruments.
  • Political uncertainty and central bank-dampened volatility are playing a major role both in the U.S. and Europe. The team believes it is important to maintain a well-diversified portfolio and to focus on active management, quality of assets and downside risk mitigation, which is crucial in the current market. In this context, a rigorous risk management approach is followed, whilst maintaining flexibility via a longer cash balance.


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Global Aggregate Strategy

Gross Performance in GBP 3 months
(%)
1 year
(%)
3 years
(%pa)
5 years
(%pa)
Inception
(%pa)*
Pioneer Funds - Global Aggregate Bond -1.76 -1.26 7.54 4.43 7.98
Barcap Global Aggregate Index -1.23 0.67 9.20 4.64 7.42
Source: Amundi Asset Management, data as at 30/06/17. Performance refers to Pioneer Funds – Global Aggregate Bond, Class I, gross of fees in EUR in GBP terms, ^fund inception: 13/02/2008
  • The portfolio performed negatively this quarter and underperformed the benchmark.
  • It was a strong quarter for the currency component, with the bulk of performance being generated in June. One of the best performers was a long Euro versus a short Japanese Yen position. Overall, the major themes have been maintained – the portfolio is long U.S. Dollar and, mostly, short Emerging Markets (EM) positions.
  • Macro Hedge was another contributor. The purpose of this strategy is to allow the team to hedge excessive risk within portfolios or strategies. During the quarter, these hedges performed as expected, thus helping to offset losses suffered in other areas of the portfolio and generate some positive returns.
  • The Credit Selection Euro alpha sleeve also performed well, thanks to the portfolio’s long positioning in the sub-ordinated segment of Financials and non-Financials given the strong rally following the benign French election results.
  • Among the negative contributors, the Interest Rates Euro alpha sleeve detracted from performance. The team’s view heading into Q2 was that European bond yields were lower than justified and that economic conditions, and a possible tapering of the ECB’s bond-buying programme, would push European yields up and the portfolio was positioned accordingly. However, bond markets actually rallied mid-second quarter and therefore this positioning lost ground.
  • One trade was responsible for the majority of the underperformance for the Interest Rates U.S. component this quarter. The team initiated a position based on the view that the U.S. Fed would hike rates at their June meeting. This move was expected to drive U.S. bond yields higher, but this did not happen as expected. The Relative Value component also detracted from performance during the quarter.
  • In terms of overall duration profile, the Portfolio ended the month with a duration of 4.60 years, versus the benchmark’s duration of 6.49 years.


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Global High Yield Strategy

The Pioneer Funds - Global High Yield was launched in 2004 and is managed by our U.S. fixed income investment team. The fund adopts a flexible approach to investing in the asset class with allocations to U.S., European and Emerging Markets High Yield issues. The team adjust the asset allocation in line with their views on the market environment.

Gross Performance in GBP 3 months
(%)
1 year
(%)
3 years
(%pa)
5 years
(%pa)
Since Inception
(%pa)*
Pioneer Funds - Global High Yield -1.22 16.21 12.04 10.14 10.69
Barclays Global High Yield Index -0.67 15.15 13.67 10.94 12.52
Source: Amundi Asset Management, data as at 30/06/17. Performance refers to Pioneer Funds – Global High Yield, Class I, gross of fees, EUR in GBP terms, ^fund inception (I unit class): 15/10/07
  • The portfolio performed negatively this quarter and underperformed the benchmark.
  • The portfolio’s overweight allocation, as well as broad based security selection within Banking, was a positive contributor to relative performance. The out-of-benchmark allocation to convertible bonds also contributed positively, as did the allocations to sovereign bonds and convertible bonds.
  • The portfolio’s overweight U.S. Dollar position hurt relative performance as the Euro and Sterling rallied.
  • The overweight position in Energy was a detractor, with Energy one of the few sectors to post negative returns over the quarter. Oil prices fell $4.56/bbl. to close the quarter at $46.04. While overweight the Energy sector, we are underweight the more volatile services sector and overweight the safer midstream sector.
  • Looking ahead, corporations are currently enjoying solid earnings, margins and balance sheets. Earnings should continue to improve even with some pressure from wage increases. Credit sectors should benefit from Trump’s pro-growth policies, in which U.S. GDP growth and inflation increase. Although, credit quality has peaked in this cycle. The team believes EM are selectively attractive with a stable U.S. Dollar and commodity prices, better developed market growth, the effect of previous fiscal stimulus from China, and the prospect of more stimulus from developed markets.


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Strategic Income Strategy (Multi-Sector Fixed Income)

Pioneer Funds - Strategic Income is a broad bond fund which invests in the full range of asset classes within fixed income. These include US Treasuries, Municipal Bonds, Mortgage and Asset Backed Securities, Investment Grade Corporate Bonds, High Yield Bonds and Emerging Markets Debt. The fund has an absolute return bias and employs active allocation between the asset classes.

Gross Performance in USD 3 months
(%)
1 year
(%)
3 years
(%pa)
5 years
(%pa)
Since Inception
(%pa)*
Pioneer Funds - Strategic Income 1.73 6.92 3.39 5.13 7.23
Barcap U.S. Universal Index 1.52 0.91 2.76 2.73 4.58
Source: Amundi Asset Management, data as at 30/06/17. Performance refers to Pioneer Funds – Strategic Income, Class I, gross of fees in USD, ^fund inception: 04/04/2003
  • The portfolio delivered positive returns for the quarter and outperformed its benchmark.
  • The Portfolio benefitted from its barbelled yield curve position, as the yield curve flattened on lower inflation expectations, particularly on the long end of the curve. In particular, the underweight to the 2-year key rate duration and the overweight to the 30-year key rate duration outperformed.
  • Returns also benefitted from security selection within Financials, and to a lesser extent, within CMBS. The Portfolio has increased its investment in subordinated issues of European banks, which offer attractive relative value compared to U.S. banks, particularly in light of better than expected GDP growth in the Eurozone.
  • Portfolio returns were also aided by the lower relative quality bias within Financials and Industrials, as lower quality IG and HY issues outperformed.
  • On the other hand, the relative short duration position of approximately 1.0 years hurt performance, reflecting the impact of the negative carry, as well as a decline in intermediate and long-term rates. This negative impact was partly offset by the benefit of the barbelled yield curve position, discussed above.
  • Portfolio returns were also hurt by sector allocation, particularly the 3% exposure to Treasury Inflation Protected Securities (TIPS). TIPS underperformed as 30-year breakevens fell from 2.09% to 1.86% over the quarter, on reduced inflation expectations. This negative impact was partly offset by the benefit of the 28% underweight to nominal U.S. Treasuries as well as the 2% convertibles exposure.
  • Looking ahead, the team believes that the markets continue to be “behind the curve” in their views on the appropriate level of interest rates.


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Pioneer Global Investments Limited, a member of the Amundi group
London Branch
Portland House,
Bressenden Place,
London, SW1E 5BH
 

Important Information

Unless otherwise stated all information contained in this document is from Amundi Asset Management and is as at 30 June 2017. References to individual securities should not be taken as investment recommendations to buy or sell any security.

Pioneer Institutional Solutions – Credit Opportunities is a sub-fund of Pioneer Institutional Solutions a specialized investment fund created under the form of a fonds commun de placement with several separate sub-funds created in compliance with the provisions of the law of July 19, 1991 on undertakings for collective investment the securities of which are not intended to be placed with the public and is now subject to the law of 13 February 2007 concerning specialized investment funds. Pioneer Funds – Strategic Income, Pioneer Funds – Absolute Return Bond, Pioneer Funds –Absolute Multi-Strategy, Pioneer Funds – Multi-Strategy Growth, Pioneer Funds – Dynamic Credit, Pioneer Funds – Emerging Markets Bond, Pioneer Funds – Global High Yield, Pioneer Funds – Euro High Yield and Pioneer Funds – Global Aggregate Bond are sub-funds of Pioneer Funds (together with Pioneer Institutional Solutions, the “Funds”) a fonds commun de placement established under the laws of the Grand Duchy of Luxembourg.

The funds, investment schemes, investment funds or strategies described in this document (the “Schemes”) may not be registered for sale with the relevant authorities of individual Member States of the EEA or in Switzerland. Where unregistered, the Schemes may not be sold or offered except in the circumstances permitted by law and therefore no action may be taken, directly or indirectly, which could be construed as a promotion or solicitation of the Schemes (including the provision of any Scheme documentation or advertising materials to any third party). The shares/units of any Scheme may not be offered for sale in the United States of America, or in any of its territories or possessions subject to its jurisdiction or to/for the benefit of a Restricted U.S. Person (as defined in the prospectus of the Funds).

No offer of any interest in any product will be made in any jurisdiction in which the offer, solicitation or sale is not authorised, or to any person to whom it is unlawful to make such an offer solicitation or sale.

Past performance does not guarantee and is not indicative of future results. 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.

Unless otherwise stated, all views expressed are those of Amundi Asset Management. 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.

Please seek professional advice before you invest. This document does not constitute investment advice or any offering of shares/units and does not take account of the investment objectives or needs of or suitability for a specific investor.

The content of this document is approved by Pioneer Global Investments Limited, a member of the Amundi group. In the UK, it is approved for distribution by Pioneer Global Investments Limited (London Branch), a member of the Amundi group, Portland House, Bressenden Place, London SW1E 5BH. Pioneer Global Investments Limited, a member of the Amundi group, 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”) is available from us on request. The Schemes are unregulated collective investment schemes under the UK Financial Services and Markets Act 2000 (“FSMA”) and therefore do 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), a member of the Amundi group, and may contravene FSMA. No person in the UK falling outside those categories should rely or act on it for any purposes whatever.

For Professional Investor Use Only and Not to be Distributed to the Public.

Date of First Use: 27 July 2017