Charting our Focus

We Believe Investors Should Remain Positioned for Higher Inflation 

September 2021 | We believe inflation may continue to increase, driven by excess fiscal stimulus and the bounce-back in consumer demand. Key sectors across the economy including transportation, energy and commodities have experienced significant price increases in recent months, exerting pressure on inflation.

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Source: Bloomberg monthly survey of economists as of 8/31/21. Economists forecasted both 2021 and 2022 year-end inflation rates each month. Core PCE = Personal Consumption Expenditures less food and energy. Headline CPI = Consumer Price Index all items.

Valuation Gap Between Growth and Value has Reached Extreme Levels 

August 2021 | We believe the risk-reward profile in value is much more favorable than in growth for one simple reason: valuation.  This month, we compare the premium enjoyed by growth stocks (Russell 1000 Growth Index) to value stocks (Russell 1000 Value Index) on a forward, price-to-earnings basis.

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Source: Bloomberg.  Data as of 6/30/21. Past performance is no guarantee of future results. Click "Explore the Chart" above for more information about terms and indices.

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(Formerly Amundi Pioneer Distributor, Inc.)
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Underwriter of Pioneer mutual funds, Member  SIPC.  

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