Investor Account Access
Investor access to Shareowner accounts and Closed End Funds accounts.
*Pioneer International Equity Fund - 5 Stars Overall Morningstar Rating™ Class Y
Out of 676 funds in the Foreign Large Blend Funds Category
Morningstar proprietary ratings reflect risk-adjusted performance as of 8/31/23.
For more information about Morningstar Star Ratings™ including methodology, visit our
Strength Across the Board
page.
Markets have accepted the Fed’s message of higher-for-longer rates, and bond yields have drifted higher. These yield levels, coupled with a slowing economy, allow us to be positive on duration. With yields at historically high levels and inflation expected to slow, and with still-present recession risks, government bond markets offer good opportunities. In corporate credit, primary market activity has been strong and we see potential to benefit from new issue premia by favoring higher-quality parts.
The eurozone economy has stagnated over the last three quarters, although second-quarter growth was marginally positive due to strong idiosyncratic growth in one or two smaller countries. The countries more dependent on services, such as France and Spain, fared better, compared to those that rely more on manufacturing and exports, including Germany and Italy. Nonetheless, leading indicators suggest demand weakness is spreading to services. Forward-looking employment indicators, including wage offers for new jobs, also suggest some moderation in labor market strength, even though employment currently remains strong.
If the recession in the US plays out as feared, both earnings and margins would come under pressure. The fiscal boost from the government has helped consumers, but we think excess savings could dissipate. We believe markets, which are priced for perfection, don't reflect this risk. On the other hand, valuations in some pockets are expensive vs others, making this an attractive market for active management.
We believe the effects of economic tightening may lead to a deceleration in growth. With an uncertain economic path ahead, investors can potentially strengthen their portfolios with a series of opportunities.
With bond yields back to historical levels, fixed income investments may return to their traditional role as sources of potential income and risk management.
In this environment of high levels of inflation and rising interest rates, we believe investors can seek to select equities that provide a combination of structural growth potential, quality, stability and valuation support.
To seek reduced portfolio risk and increased return potential, investors can extend the geography of their portfolios into both developed and emerging economies.
Investors seeking to strengthen alpha and potentially reduce risk may incorporate investments with low correlation to traditional investments, such as catastrophe bonds, which are dependent on extreme weather events.
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60 State Street, Boston, MA 02109
Underwriter of Pioneer mutual funds, Member
SIPC.
Not FDIC insured | May lose value | No bank guarantee Amundi Asset Management US, Inc. Form CRS Amundi Distributor US, Inc. Form CRS
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