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Opportunities Beyond a Precarious Path
Going Global with Equities
After a volatile year in 2022 due to the Ukraine war and rapid inflation, geographic diversity is again a valuable form of diversification1. To seek reduced portfolio risk and increased return potential, investors can extend the geography of their portfolios into both developed and emerging economies.
Extending global reach could reduce equity portfolio risk
Driven by the buzz around artificial intelligence and by Fed-injected liquidity, we believe US equities have experienced potentially unsustainable growth.
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| Global equities do more than diversify portfolios. They also may offer returns and dividends at a lower cost, all while potentially reducing concentration risk. See which portions of the global equity markets may be most appealing. |
Marco Pirondini, Head of Equities, US and Portfolio Manager at Amundi US, explains how expanding global reach could help strengthen investor portfolios. |
With some US valuations uncomfortably high, look abroad for inspiration
Against the current economic backdrop of higher inflation and interest rates, investors may be able to benefit from expanding the global reach of their portfolios. Global stocks can offer the potential benefit of higher dividends*, reasonable valuations, and a stronger banking sector.
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Read our full paper, Going Global with Equities |
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Seek Opportunities Beyond US Borders
International Stocks at a Steep Discount to US Stocks | For years, US stock market returns have largely dominated global stock market returns, but this dominance has come with a progressively higher price tag. Today, we can see that the stocks of most non-US countries are trading in-line with, or in a few cases, cheaper, than their long-term price/equity averages. In contrast, the average US stock is currently trading well above its 10-year historical average, making the case for investors to globally expand their portfolios.
Source: Bloomberg as of 9/30/23. The indices measure the broad equity markets of each country/region. S&P 500 represents US stocks. MSCI for all others. EAFE index represents Europe, Australasia and Far East. Please see Terms and Indices on chart page for more information. Data based on past performance, which is no guarantee of future results.
Opportunities to Explore
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Why Invest Globally?We believe quality companies with sustainable competitive advantages can outperform their peers. By taking active positions in the securities we own, we seek to differentiate ourselves versus the Fund’s benchmark and Morningstar peer group. |
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An Active Approach to International InvestingPioneer International Equity Fund seeks long term capital growth. Normally, the Fund invests at least 80% of its total assets in equity securities of non-US issuers. These issuers may be located in both developed and emerging markets. Under normal circumstances, the Fund’s assets will be invested in securities of companies domiciled in at least three different foreign countries. |
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Seeking Alternative Sources of IncomePioneer Multi-Asset Income Fund is an income solution that uses a flexible, multi-asset approach to seek income and capital appreciation as a secondary objective across the global landscape. Since the Fund’s launch, flexibility has allowed it to adapt the asset allocation to evolving market conditions, to seek a high level of income for its investors. |
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1Diversification does not assure a profit or protect against loss.
*Dividends are not guaranteed
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.
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SIPC.
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EXP-2024-10-11-ADID-3147415-1Y-T