A Higher Quality, Lower Volatility Approach

 

Pioneer Floating Rate Fund

Y-Share: FLYRX | A-Share: FLARX | C-Share: FLRCX

The Fund seeks to outperform its benchmark over a full market cycle with lower volatility. We strive to construct a highly diversified portfolio with attractive risk/return characteristics. The Fund has a consistent bias towards the higher credit quality portion of the market1

Overall Y Share Morningstar RatingTM

(out of 212 funds in the Bank Loan Category)

 

Morningstar Proprietary Risk-Adjusted Ratings Performance as of 6/30/2024
For more information about Morningstar Star RatingsTM including methodology, visit our Strength Across the Board page. 

We believe that a focus on the higher credit quality segment of the bank loan market can produce attractive risk-adjusted total returns over the long term. We utilize a highly diversified2, value-oriented approach driven by rigorous fundamental credit research. We seek to add value through a combination of bottom-up security selection and sector rotation with a focus on limiting downside risk.

   

 Distinguishing Features

Investment Universe

The Fund is highly diversified given that bank loans are issued at par, with limited potential for capital appreciation but the potential for significant downside risk. We believe this style provides investors an opportunity to gain exposure to bank loans’ floating rate coupon and short duration characteristics.

Resources

The Fund is directly supported by an experienced team of credit analysts with extensive knowledge across the entire fixed income spectrum. This group structure provides deep credit research coverage as well as important top-down macro perspectives.

Boutique Size

Amundi US manages over $740 million of floating rate bank loans across dedicated and diversified portfolios, which makes us a sizable participant in the market3. Yet, we believe our asset size also permits us to be more nimble than our larger peers, allowing us to better capitalize on opportunities and to exit deteriorating issuers.

1While floating rate loans are typically rated below-investment grade, we focus on senior-secured loans and typically have limited second lien or high yield bond exposure.

2Diversification does not assure a profit or a loss.

3As of 12/31/2022

Fund Performance

Pioneer Floating Rate Fund Performance

Average Annual Total Returns as of 3/31/2024

 

1-Year

3-Year

5-Year

10-Year

Pioneer Floating Rate Fund (Y)

12.05%

4.69%

4.31%

3.70%

Morningstar LSTA US Performing Loans TR USD (Benchmark)

12.85%

6.19%

5.70%

4.82%

Morningstar Bank Loan Category Average

11.57%

4.77%

4.14%

3.49%

 

Class Y: Net Expense Ratio: 0.78%; Gross Expense Ratio: 0.93%

Call 1-800-225-6292 or visit our performance page for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. Data represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

All returns are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.

Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors. Performance without sales charge results represent the percent change in net asset value per share. Initial investments are subject to a $5 million investment minimum, which may be waived in some circumstances.

The Morningstar LSTA US Performing Loans TR USD (benchmark) provides broad and comprehensive total return metrics of the US universe of syndicated term loans. The Morningstar Bank Loan Category Average measures the performance of bank loans within the Morningstar universe. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike fund returns, do not reflect any fees or expenses. You cannot invest directly in an index. Periods less than one year are actual, not annualized.

Fund Facts

Tickers, CUSIPs

Class A: FLARX, 72387S100
Class C: FLRCX, 72387S209
Class Y: FLYRX, 72387S308

Investment Objective

High current income

Inception Date

2/14/2007

Benchmark

Morningstar LSTA US Performing Loans TR USD

 

Learn More About Pioneer Floating Rate Fund

Fund Overview

Fund Fact Sheet

Amundi US Short Duration Funds

For more literature on Pioneer Floating Rate Fund, please visit our Download Literature page.

   

 Portfolio Management Team

Jonathan Sharkey has been the Fund’s portfolio manager since its inception in February of 2007. He has over 25 years of
experience researching and investing in bank loans. Jonathan is supported by a seasoned high yield credit research team,
which embraces a culture of idea sharing. With over 20 years of average experience investing across multiple market cycles,
the team seeks to balance the benefits of capitalizing on market opportunities with the need to manage risk.5

5As of 6/30/22

Jonathan Sharkey
Senior Vice President
Portfolio Manager

Biography

    

About Barron's Best Fund Families Rank

The 2021 Barron’s Best Fund Families List ranks the active management ability of qualifying companies. Rankings are based on the asset-weighted one-year returns as of 12/31/21, excluding 12b-1 fees and sales loads, of a company’s actively managed fund line up in five asset class categories: US Equity, World Equity, Mixed Asset, Taxable Bond, and Tax-Exempt Bond as determined by Barron’s. Overall ranking based on aggregate, weighted score across the five asset categories. To be included, firms must offer at least three actively managed mutual funds or active exchange-traded funds in Lipper’s general US stock category, plus one in world equity and one mixed-asset—such as balanced, or allocation fund. They also need to offer at least two taxable bond funds and one national tax-exempt bond fund. Performance data from Refinitiv Lipper. Past performance does not guarantee future results.

As of September 30, 2022 the Fund ranked 137 of 236, 86 of 210, and 57 of 140 funds in the Loan Participation Lipper Classification for the 1-, 5- and 10-year periods, respectively. Rankings are based on average annual total returns for listed periods and do not reflect any applicable sales load. Rankings for other classes may vary. Rankings are based on past performance, which is no guarantee of future results. Please see important additional disclosure on  Amundi US Ranked Among Best Fund Families

A Word About Risk: Floating Rate Fund

The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. Floating rate investments are debt securities and other instruments with interest rates that adjust or “float” periodically based on a specified interest rate or other reference. Debt securities rated below investment grade are commonly referred to as "junk bonds" and are considered speculative. Below investment grade debt securities involve greater risk of loss, are subject to greater price volatility and are less liquid, especially during periods of economic uncertainty or change, than higher rated debt securities. The Fund may invest in high yield securities of any rating, including securities that are in default at the time of purchase.  Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations. Securities with floating interest rates generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as prevailing interest rates. Unlike fixed-rate securities, floating rate securities generally will not increase in value if interest rates decline. Changes in interest rates also will affect the amount of interest income the Fund earns on its floating rate investments. Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. 

Individuals are encouraged to seek advice from their financial, legal, tax and other appropriate professionals before making any investment or financial decisions or purchasing any financial, securities or investment-related product or service, including any product or service described in these materials. Amundi US does not provide investment advice or investment recommendations.

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your financial professional or Amundi US for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus or summary prospectus and for information on any Pioneer fund, please download it from our  literature section.

Securities offered through Amundi Distributor US, Inc.
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 

EXP-2025-06-13-ADID-3641971-1Y-T