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After a tumultuous 2020 that had many eager to ring in a new year, in our view early indications suggest that we have reason for cautious optimism. What do we expect to see for equity markets, cyclical value and growth, fixed income and the US dollar?
Cyclical Value and Growth
Learn more in our 2021 Economic & Market Update Quick Guide
We believe our equity and fixed income investment strategies are well-positioned and diversified* to help you adjust to markets, an economy and new political landscape.
Our high quality growth and sustainable large-cap core strategies, together with our municipal bond strategies, provide opportunities designed to help meet these challenges and potentially prosper through this period of massive transition.
*Diversification does not assure profit or protect against loss
US value is poised for strong medium- to long-term performance, we believe. Following detailed investigation, we can reveal the basis behind this argument, stemming from six key characteristics which together present a unique and timely opportunity.
Negative real yields, a weakening dollar and the mounting fiscal deficit pose a trio of challenges for fixed income investors in 2021. We believe what’s needed is an active approach to managing these risks, according to Ken Taubes, Amundi US CIO and portfolio manager of our core and core plus bond strategies.
The value/growth debate has come roaring back since the market rotation that started in late 2020, triggered by COVID-19 vaccination approvals and roll-outs. We believe this sets up the more cyclical parts of the economy – typically value stocks – for potentially higher performance over the next few years. In this interview with Asset TV, Jeff Kripke, Portfolio Manager, weighs in on the growth vs. value debate and shares the five key investment themes he is focused on.
Watch the video on AssetTV.com.
Passive exposure to large-cap growth has been a popular choice among long-term investors, but we believe shifting market conditions require a reassessment. The Russell 1000® Growth Index has become so concentrated that it may no longer be considered “diversified” in our view.
Value and core equity strategies have trailed in recent years, while mega-cap technology and growth stocks have dominated returns to an extent not seen for decades. As this dynamic unwinds, we believe investors should consider increasing allocations to flexible core strategies that can transition from growth to value securities.
Developing the country’s infrastructure is a top priority for the Biden Administration, with the US government planning to invest on a historically ambitious scale. We believe this may also present a valuable opportunity for investors through municipal bonds.
Amid a weakened economy, global pandemic and election uncertainty, our highly experienced municipal bond fund managers David Eurkus and Jonathan Chirunga share their insights into the outlook for this crucial market.
Watch the video on AssetTV.com.
Managing Director, Portfolio Manager, Deputy Director of Municipals
Managing Director, Portfolio Manager, Director of Municipals
Pioneer Fund has invested in quality sustainable businesses since its inception in 1928, flexibly allocating to both value and growth companies to pursue the best opportunities for risk-adjusted returns over time.
Pioneer Fundamental Growth Fund invests primarily in US large capitalization companies for long-term capital growth. We believe investing in quality stocks at attractive valuations can generate attractive risk-adjusted returns over time.
Pioneer High Income Municipal Fund seeks to provide investors with attractive tax-exempt income, emphasizing nationally diverse sectors and downside risk management.
Pioneer AMT-Free Municipal Fund seeks to provide investors with a high level of current income, exempt from federal income tax, by investing in investment grade bonds focused on sectors that provide essential services to America.
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.
(Formerly Amundi Pioneer Distributor, Inc.)
60 State Street, Boston, MA 02109
Underwriter of Pioneer mutual funds, Member SIPC.
Not FDIC insured | May lose value | No bank guarantee