Investor Account Access
Investor access to Shareowner accounts and Closed End Funds accounts.
While cash interest rates may be relatively high today, those elevated levels may not last very long.
*Pioneer International Equity Fund - 5 Stars Overall Morningstar Rating™ Class Y
Out of 679 funds in the Foreign Large Blend Funds Category
Morningstar proprietary ratings reflect risk-adjusted performance as of 9/30/23.
For more information about Morningstar Star Ratings™ including methodology, visit our Strength Across the Board page.
The past month saw a recovery in risk assets on the back of continuing disinflation and indications that the Fed is close to peak rates, leading US and European yields to retreat. We aim to balance our long-term convictions (for example, positive on duration) with tactical opportunities across asset classes and strengthening of hedges. Hence, we keep a cautious stance on developed market equities, but we acknowledge potential for a marginal upside.
We believe 2024 will see the tide turn for the economic and monetary policy outlooks, while fiscal policy may experience constrained consolidation with the focus remaining on the energy transition. We expect the United States to face a recession in H1 as stringent financial conditions begin to impact consumers and businesses. In H2, we expect growth to stabilize below its potential and inflation to move closer to its target. We expect a gradual weakening of global growth, while inflation is expected to temper but stay above central bank targets. We call this a fragmented outlook, marked by divergent economic trajectories.
How is climate change affecting the outlook for weather-reliant investments? The annual repricing of climate-related reinsurance means investors in insurance-linked securities should continue to be well compensated for the risks of severe climate events, even if they increase in frequency and severity. Additionally, the diversification benefits of the asset class, which is not linked to traditional markets, remain attractive to investors. We remain constructive on this asset class and believe ILS are even more relevant today in a diversified portfolio.
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.
At Amundi US, responsible investing is part of our heritage.
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Securities offered through Amundi Distributor US, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer mutual funds, Member SIPC.
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