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Pioneer Funds – Emerging Markets Bond Local Currencies
BOND
Class A USD Non-Distributing
ISIN Number
LU0441085775
Key Facts
Nav as at 29 May 2015
Domiciled
Fund Size (Mil)
Fund Inception
Unit Class Launch
$72.6
Luxembourg
$216.6
04/11/2009
09/12/2009
Morningstar Category ™
Global Emerging Markets Bond Local Currency
JPM GBI-EM Global Diversified Index
Benchmark
Additional Identifiers
Bloomberg Code
Cusip
PEMBUAA LX
L759AW437
Trailing Returns
Fund %
Benchmark %
1 Month
3 Months
YTD
1 Year
3 Years Ann.
5 Years Ann.
-2.51
-2.86
-4.45
-15.02
-2.96
-0.61
-2.58
-2.72
-3.71
-10.67
-0.41
1.85
Period
Fund %
Benchmark %
May 2014 - May 2015
May 2013 - May 2014
May 2012 - May 2013
May 2011 - May 2012
May 2010 - May 2011
-15.02
-0.86
8.47
-8.64
16.19
-10.67
-0.33
10.96
-5.55
17.44
Rolling 12 month Returns
1.69 %
1.20 %
Max. 0.15%
Max. 5.00%
Max. 15.00%
Objectives and Investment Policy
Objective: Seeks to provide income and to increase
the value of your investment over the medium to
long-term.
Portfolio securities: The Sub-Fund invests mainly in
bonds from emerging markets that are denominated
in a local currency. The Sub-Fund may also invest in
bonds from any country that are denominated in
other currencies, and may invest up to 25% of its
assets in bonds with attached warrants and up to 5%
in equities. The Sub-Fund may use derivatives to
reduce various risks, for efficient portfolio
management and as a way to gain exposure to various
assets, markets or income streams.
Meet the Team
Hakan Aksoy
Total Number of Holdings
Total Number of Governments
Total Number of Corporations
Benchmark %
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Distributing only, and is based upon NAV net of fees. For details
of other Unit Classes available, please refer to the prospectus.
Performance figures are in USD and have been converted from
the sub-fund's base currency, the Euro.
As of 01/01/2015, this Sub-Fund utilizes a new benchmark:
'JPM GBI-EM Global Diversified Index'. The performance data
from before that date relates to the Sub-Fund’s past
performance against the previously applicable benchmark(s):
'JP Morgan GBI-EM Broad Diversified EUR Unhedged'.
Past performance does not guarantee and is not indicative of
future results.
Emerging Markets Portfolio Manager
Ind. Experience: 17 years
Time with Pioneer Investments: 10 years
87
15
21
Instrument Allocation (Net %)
Bond
Interest Rate Derivatives
Cash at Bank
Equity
FX Derivatives
Credit Derivatives
Top 10 Bonds
Fund %
Malaysia (Federation Of) 4.4% (11/29/2019)
America Movil Sab De Cv 6.5% (12/05/2022)
Poland (Republic Of) 5.3% (10/25/2020)
Cooperatieve Centrale Raiffeisen-boerenleenbank
Ba 0.5% (10/27/2016)
Export-import Bank Of Korea 8.4% (07/06/2016)
Mexico (United Mexican States) 10.0%
(12/05/2024)
Hungary (Republic Of) 7.5% (11/12/2020)
Cooperatieve Centrale Raiffeisen-boerenleenbank
Ba 0.5% (11/26/2021)
Malaysia (Federation Of) 4.2% (07/15/2021)
Emgesa Sa Esp 8.8% (01/25/2021)
Currency
Fund %
May 2015
Portfolio Analysis
as at 29 May 2015
Calendar Year Returns
Fees and Expenses
Ongoing Charges as at 31 Dec 2014
Management Fee (p.a.)
Distribution Fee (p.a.)
Entry Charge
Performance Fee
FACTSHEET
Mexican Peso
New Turkish Lira
Brazilian Real
Malaysian Ringgit
South African Rand
Others
3.2
3.0
2.9
2.9
2.8
2.8
2.5
2.3
2.2
2.0
Fund %
Bmk %
11.6
10.2
9.5
9.3
9.1
50.5
10.0
9.6
10.0
10.0
10.0
50.4
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market value of credit and interest rate derivatives.
Credit Rating
AAA
AA
A
BBB
BB
B and Below
NR
Average Credit Quality
Fund %
Bmk %
2.2
10.1
33.3
32.2
6.9
1.0
4.4
0.0
0.1
38.2
54.7
6.6
0.0
0.4
A-
ʼ&UHGLW5DWLQJGDWDDQG$YHUDJH&UHGLW4XDOLW\FDOFXODWLRQVXVH
an average of available ratings across S&P, Moodys and Fitch.
In the case of sovereign bonds that are not rated by any of the 3
referenced rating agencies, an average of the issuer rating is
used. Non sovereign bonds that are not rated by any of the 3
referenced rating agencies are excluded from the Average Credit
Quality calculation.
Credit Rating data reflects the exposure of credit derivatives.
For Broker/Dealer Use Only and Not to be Distributed to the Public
See reverse side for other important information.
Pioneer Funds – Emerging Markets Bond Local Currencies
Asset Allocation
Emerging Government
Emerging Non
Financials
Emerging Quasi Govt
Financials
Emerging Financials
Fund %
Bmk %
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derivatives.
< 1 Year
1-3 Years
3-7 Years
7-11 Years
11+ Years
FRN
Effective Duration (Years) by Curve (Years) / Credit Rating
Bond Analysis
Rating
<1
1-3
3-7
AAA
AA
A
BBB
BB
B and Below
NR
Int Rate
Total
0.01
0.0
0.01
0.01
0.0
0.0
0.01
0.0
0.04
0.0
0.1
0.1
0.1
0.0
0.0
0.02
0.1
0.4
0.02
0.1
0.7
0.5
0.2
0.0
0.0
0.3
1.8
Effective Duration (Yrs)
Modified Duration (Yrs)
Spread Duration (Yrs)
Yield to Maturity (%)
Yield to Worst (%)
Current Yield (%)
Time to Maturity (Yrs)
Coupon (%)
7-11
0.0
0.0
0.6
0.4
0.1
0.0
0.1
-0.2
0.9
11+
0.0
0.0
0.2
0.6
0.0
0.0
0.0
0.0
0.8
FRN
Total
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.02
0.2
1.6
1.6
0.3
0.0
0.1
0.1
3.9
ʼ(IIHFWLYH'XUDWLRQ<HDUVE\&XUYH<HDUV&UHGLW5DWLQJGDWDXVHVDQ
average of available ratings across S&P, Moodys and Fitch. In the case of
sovereign bonds that are not rated by any of the 3 referenced rating
agencies, an average of the issuer rating is used.
Effective Duration (Years) by Curve (Years) / Credit Rating data reflects the
exposure of credit and interest rate derivatives.
Quasi Govt
Curve
May 2015
Fund %
9.7
29.0
45.9
12.8
9.4
0.2
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derivatives.
Country
South Africa
Mexico
Brazil
Turkey
Poland
Korea
United States
Colombia
Malaysia
Netherlands
Others
Credit
Exposure
(%)
Bmk %
Int. Rate
Exposure
(%)
Effective
Duration
(Years)
Country
Spr Dur
(Years)
4.1
11.1
9.5
8.8
7.5
6.7
1.5
6.4
6.3
5.2
23.2
10.0
10.0
10.0
9.6
10.0
0.0
0.0
7.0
10.0
0.0
33.4
11.1
0.0
0.4
0.0
0.0
0.0
5.1
0.0
0.0
0.0
0.0
0.5
0.7
0.2
0.3
0.3
0.1
0.0
0.3
0.3
0.2
1.0
0.3
0.7
0.2
0.3
0.3
0.1
0.01
0.3
0.3
0.2
1.0
3.93
3.81
3.75
7.16
7.16
5.17
5.28
5.80
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Risk Analysis
Standard Deviation
Sharpe Ratio
Alpha
Beta
R-Squared
Tracking Error
Information Ratio
3 Years Since Launch
8.68%
<0
-1.01%
0.97
0.97
1.45%
-< 0
14.27%
<0
-6.29%
1.00
0.38
11.19%
<0
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Disclaimer
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.
Unless otherwise stated all information contained in this document is from Pioneer Investments and is as at 29/05/2015.
Pioneer Funds – Emerging Markets Bond Local Currencies 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
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 +353 1 480 2000 Fax +353 1 449 5000
or your local Pioneer Investments sales office. 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: 11/06/2015.
Notes
This Sub-Fund uses derivatives. Derivatives exposure is not reflected in portfolio breakdowns in this document unless otherwise stated.
For Broker/Dealer Use Only and Not to be Distributed to the Public
Pioneer Global Investments Limited
www.pioneerinvestments.com