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Pioneer Funds – Emerging Markets Bond
BOND
Class A EUR Non-Distributing
ISIN Number
Morningstar Rating ™
LU0119402005
†††
Key Facts
Nav as at 30 April 2015
Domiciled
Fund Size (Mil)
Fund Inception
Unit Class Launch
Benchmark
€14.4
Luxembourg
€2,461.1
04/07/2000
18/12/2000
JPM EMBI Global Diversified 95%,
JPM Cash 1 Mnth Euro 5%
Bloomberg Code
April 2015
Portfolio Analysis
as at 30 Apr 2015
Fund %
Benchmark %
1 Month
3 Months
YTD
1 Year
3 Years Ann.
3 Years Cum.
5 Years Ann.
5 Years Cum.
-1.37
4.81
11.57
25.94
10.96
36.60
9.78
59.49
-2.46
3.30
11.38
29.55
10.82
36.12
10.48
64.63
Rolling 12 month Returns (Net)
Period
PIOHRBA LX
1.59 %
Max. 5.00%
0.00 %
Calendar Year Returns (Net)
Fees and Expenses
Ongoing Charges as at 31 Dec 2014
Entry Charge
Performance Fee as at 31 Dec 2014¹
Trailing Returns (Net)
Mar 2014 - Mar 2015
Mar 2013 - Mar 2014
Mar 2012 - Mar 2013
Mar 2011 - Mar 2012
Mar 2010 - Mar 2011
Additional Identifiers
FACTSHEET
Fund %
Benchmark %
27.70
-5.47
16.28
13.57
5.06
33.62
-5.99
13.47
17.32
3.42
Total Number of Holdings
Total Number of Governments
Total Number of Corporations
Cash at Bank
348
5
204
16.8 %
Top 10 Bonds
Fund %
Italy (Republic Of) 3.0% (06/15/2015)
Argentina (Republic Of) 8.8% (05/07/2024)
Sk E&s Co Ltd 4.9% (12/31/2049)
African Export-import Bank 4.8% (07/29/2019)
Bharti Airtel International Netherlands Bv 5.1%
(03/11/2023)
Alfa Bond Issuance Plc For Ojc Alfa Bank 7.8%
(04/28/2021)
Access Bank Plc 9.3% (06/24/2021)
Vimpelcom Holdings Bv 7.5% (03/01/2022)
Puma International Financing Sa 6.8%
(02/01/2021)
Indonesia (Republic Of) 2.9% (07/08/2021)
Currency
US Dollar
Euros
Indonesian Rupiah
Yuan Renminbi
Brazilian Real
Others
¹ The performance fee is the percentage of annual
outperformance this Sub-Fund achieved above the
performance fee benchmark: JPM EMBI Global Diversified
95%, JPM Cash 1 Mnth Euro 5%, up to a maximum of 15%.
1.2
0.9
0.7
0.7
0.7
0.7
0.7
0.6
0.6
0.6
Fund %
Bmk %
93.5
5.3
0.5
0.4
0.2
0.2
95.0
5.0
0.0
0.0
0.0
0.0
Objectives and Investment Policy
Objective: Seeks to increase the value of your
investment and to provide income over the medium
to long term.
Portfolio securities: The Sub-Fund invests mainly in
corporate bonds from emerging markets that are
denominated in U.S. dollars or other OECD
currencies. The Sub-Fund may also invest up to 25%
of its assets in bonds with attached warrants as well as
up to 5% in equities. The overall currency exposure to
emerging markets may not exceed 25% of the SubFund’s assets. 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
Yerlan Syzdykov
Head of Emerging Markets - Bond &
High Yield
Ind. Experience: 18 years
Time with Pioneer Investments: 15 years
Fund %
Benchmark %
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other Unit Classes available, please refer to the prospectus.
Past performance does not guarantee and is not indicative of future results.
Risk and Reward Profile
Lower Risk (not-risk free)
Lower Potential Reward
1
2
3
4
5
6
7
Higher Risk
Higher Potential Reward
What does this risk indicator mean?
The above risk indicator ranks potential risk and reward and is based on medium-term volatility (how sharply the Sub-Fund’s actual
or estimated unit price has gone up and down over five years). Historical data, such as that used in calculating this synthetic
indicator, may not be a reliable indication of the future risk profile of the Sub-Fund. The Sub-Fund's risk indicator is not guaranteed
and may change over time. The Sub-Fund’s risk category reflects the fact that as an asset class, emerging market bonds tend to be
more volatile than developed market bonds. For un-hedged currency classes, exchange rate movements may affect the risk indicator
where the currency of the underlying investments differs from the currency of the unit class.
Additional key risks:
The risk indicator reflects market conditions of recent years and may not adequately capture the following additional key risks of the
Sub-Fund:
Counterparty risk: Contract parties may default on their obligations under derivatives contracts entered into with the Sub-Fund.
Credit risk: The issuers of bonds held by the Sub-Fund may fail to pay principal or interest due. Higher yielding bonds may carry
greater credit risk.
Liquidity risk: In adverse market conditions, securities that are liquid may become difficult to value, buy or sell, which could affect the
Sub-Fund’s ability to process redemption requests.
Operational risk: Losses may occur due to human error or omission, process errors, system disruptions or external events.
Derivatives risk: Derivatives create leverage in the Sub-Fund and may cause movements in the value of the underlying investments to
amplify gains or losses to the Sub-Fund.
Emerging market risk: Some of the countries invested in may carry higher political, legal, economic and liquidity risks than
investments in more developed countries.
Notes
Morningstar Rating: Morningstar rates investments from one to five stars based on how well they've performed in comparison to similar investments, after adjusting for risk and accounting for all
relevant sales charges. Within each Morningstar Category, the top 10% of investments receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom
10% receive one star. Investments are rated for up to three time periods - 3, 5, and 10 years, and these ratings are combined to produce an overall rating. Investments with less than three years history
are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance.
See reverse side for other important information.
Pioneer Funds – Emerging Markets Bond
April 2015
Asset Allocation
Credit Rating
Emerging Non
Financials
BBB and Above
BB
B
CCC
CC
C
NR
Emerging Financials
Emerging Government
Government
Fund %
Bmk %
29.5
26.3
16.8
6.5
1.9
0.5
6.2
61.0
17.0
14.6
5.3
1.3
0.1
0.8
ʼ&UHGLW5DWLQJGDWDXVHVDQDYHUDJHRIDYDLODEOHUDWLQJVDFURVV
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.
Emerging Quasi Govt
Non Financials
Country
Russia
China
United States
Brazil
Mexico
Germany
Italy
Turkey
Nigeria
Indonesia
Others
Credit
Exposure
(%)
Bmk %
Int. Rate
Exposure
(%)
9.3
8.9
4.9
4.6
4.6
0.0
4.1
3.9
3.8
3.7
39.7
4.1
3.4
0.0
4.1
4.2
0.0
0.0
4.3
0.4
4.3
75.3
0.0
0.0
-0.6
0.0
0.0
4.2
0.0
0.0
0.0
0.0
1.2
Financials
Emerging Covered
Quasi Govt
Fund %
Bmk %
Disclaimer
Pioneer Funds – Emerging Markets Bond 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 subject to supervision by the Commission de Surveillance du Secteur Financier and qualifying as an Undertaking for Collective Investment in Transferrable Securities
(“UCITS”).
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 including in the United States or in
any of its territories or possessions subject to its jurisdiction where no offer or solicitation is made 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 in jurisdictions where the Sub-Fund is not registered for public offering and such clients should not be provided with this
document. Investors should consult their professional adviser for details of registration. In particular, the Sub-Fund is not registered or otherwise notified for public offering with the relevant authorities of
any Central American, South American, Latin American or Caribbean country.
Past performance does not guarantee and is not indicative of future results. The value of investments is not guaranteed and may go down as well as up. The amount returned may not be as much as the
amount invested. More recent returns may be different than those shown. Investors are strongly advised to seek independent advice before investing in the Sub-Fund.
Unless otherwise stated all information contained in this document is from Pioneer Investments and is as at 30/04/2015.
Investors should consider the Sub-Fund’s investment objectives, risk, charges and expenses carefully before investing. The Prospectus contains this and other information about the Sub-Fund and this
material is authorised for use only when preceded or accompanied by a current prospectus which clients should obtain from their professional adviser. The Sub-Fund’s Prospectus and Key Investor
Information document (“KIID”) are also available in an officially accepted language in your jurisdiction on www.pioneerinvestments.eu. Any statements made herein are qualified in their entirety by the
terms of the current Prospectus.
This content of this document is approved by Pioneer Global Investments Limited (“PGIL”), 1 George’s Quay Plaza, George’s Quay, Dublin 2, Ireland Call +353 1 480 2000. In the UK, it is directed at
professional clients and not at retail clients and it is approved for distribution by PGIL (London Branch), Portland House, 8th Floor, Bressenden Place, London SW1E 5BH. PGIL 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.
Pioneer Investments is a trading name of the Pioneer Global Asset Management S.p.A. group of companies.
Date of First Use: 15/05/2015.
Notes
Morningstar Ratings: Copyright © 2015 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.
Pioneer Global Investments Limited