Fact sheet: Pioneer SICV-Eur Hi Yd

Fund information
Fund name
Pioneer SICAV - Euro High Yield N Non Distributing GBP
Fund manager company
Pioneer Investments
Fund type
Offshore Fund
Fund managers
  • Colm D'Rosariosince 18/07/2013
  • Desmond Englishsince 18/07/2013
Fund objective
Seeks to increase the value of your investment and to provide income over the medium to long term. This Sub-Fund is a feeder UCITS which allocates 100% of its assets into Pioneer Funds - Euro High Yield (the "Master Sub-Fund"). The Master Sub-Fund invests mainly in below-investment grade bonds from anywhere in the world, including emerging markets. The Master Sub-Fund may also invest in money market securities, and may invest up to 20% of its assets in convertible securities and, on an ancillary basis, in equities. The Master Sub-Fund’s investments will mainly be denominated in euro. For temporary defensive purposes, the Master Sub-Fund may invest up to 49% of its assets in cash or in bonds from EU states whose national currency is the euro. The Master Sub-Fund may use derivatives to reduce various risks, for efficient portfolio management and as a way to gain exposure to various assets, markets or income streams.
Benchmark
  • BofA Merrill Lynch Euro High Yield
Investment style
High Yield
Investment method
Fixed Interest, Money Market, Feeder fund
Quick stats
1 Year return
26.2%
1 Year rank in sector
-
Sector
FO Fixed Int - EUR High Yield
Yield
-
Fund size
£1,405m (£1,249m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
58
Top in this sector
Fund name1 Year
Pioneer SICV-Eur Hi Yd26.2%
Aberdeen Gbl SelEurHiYdBd25.4%
Deutsche Inv I EurHiYdCorp12.4%
Nordea 1 Europ HgYdBd II12.3%
JI High Yield Corporate Bonds CL11.4%
...more in FO Fixed Int - EUR High Yield

Performance snapshot

Holdings snapshot

  • Money Market17.8%
    Italy14%
    UK13.5%
    France10.5%
    Germany6.4%
  • Fixed Interest80.3%
    Money Market17.8%
    Others1.8%
    Equities0.1%
  • Money Market17.8%
    Italian Fixed Interest14%
    UK Fixed Interest13.5%
    French Fixed Interest10.5%
    German Fixed Interest6.4%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund0.9%9%16.1%26.2%20%57.1%
Sector-0.3%4%5.1%8%14.5%51.7%
Rank within sector------
Quartile
Calendar performance
 YTD - 20162015201420132012
Fund24.7%-2.4%-3.9%11%21.6%
Sector6.3%0.8%3.2%8.3%22.4%
Rank within sector-----
Quartile
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
2.58
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.64
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.27
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
8.25
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
7.94
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.06
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.11
Price movement
52 week high73.86
52 week low56.79
Current bid price73.19
Current offer price73.19
Current mid price-
Region
1Money Market17.83%
2Italy14.01%
3UK13.46%
4France10.48%
5Germany6.43%
6USA4.45%
7Ireland4.12%
8Brazil3.94%
9Netherlands3.7%
Industry sector
1Fixed Interest80.27%
2Money Market17.83%
3Others1.84%
4Equities0.06%
Asset type
1Money Market17.83%
2Italian Fixed Interest14.01%
3UK Fixed Interest13.46%
4French Fixed Interest10.48%
5German Fixed Interest6.43%
6US Fixed Interest4.45%
7Irish Fixed Interest4.12%
8Brazilian Fixed Interest3.94%
9Dutch Fixed Interest3.7%
Individual holdings
1FIAT CHRYSLER FINANCE EUROPE 6.75% BDS 14/10/19 EUR10002.04%
2UNICREDIT SPA 5.75 NTS 28/10/25 EUR10001.02%
3EDF 5.625% UNDATED NTS USD100000 REG S0.88%
4WIND ACQUISITION FINANCE SA 7% NTS 23/04/21 EUR10000.86%
5TELENET FINANCE LUXEMBOURG 4.875% BDS 15/07/27 EUR2000 REG S0.83%
6ENEL SPA 8.75% BDS 24/09/73 USD10000.8%
7INTESA SANPAOLO SPA 6.625% NTS 13/09/23 EUR10000.79%
8PETROBRAS GLOBAL FINANCE BV 3.75% BDS 14/01/21 EUR10000.78%
9UNICREDIT SPA 6.950 OCT 31 22 REG0.74%
Management
Fund manager group
Pioneer Asset Management
Fund manager company
Pioneer Investments
Fund type
Offshore Fund
Fund objective
Seeks to increase the value of your investment and to provide income over the medium to long term. This Sub-Fund is a feeder UCITS which allocates 100% of its assets into Pioneer Funds - Euro High Yield (the "Master Sub-Fund"). The Master Sub-Fund invests mainly in below-investment grade bonds from anywhere in the world, including emerging markets. The Master Sub-Fund may also invest in money market securities, and may invest up to 20% of its assets in convertible securities and, on an ancillary basis, in equities. The Master Sub-Fund’s investments will mainly be denominated in euro. For temporary defensive purposes, the Master Sub-Fund may invest up to 49% of its assets in cash or in bonds from EU states whose national currency is the euro. The Master Sub-Fund may use derivatives to reduce various risks, for efficient portfolio management and as a way to gain exposure to various assets, markets or income streams.
Benchmark
  • BofA Merrill Lynch Euro High Yield
Investment style
High Yield
Investment method
Fixed Interest, Money Market, Feeder fund
Fund managers
NameSinceBiography
Colm D'Rosario18/07/2013Colm D'Rosario is a Senior Portfolio Manager in the Emerging Market & High Yield Debt team at Pioneer Investments. Colm was recently appointed Lead Portfolio Manager for our Emerging Market High Yield and Euro High Yield investment strategies. Colm has been a member of the team since 2007 and was previously a Co-Portfolio Manager on our High Yield investment strategies. He has over 9 years of investment experience. Before joining Pioneer Investments, Colm worked as a Credit Analyst with WGZ Bank (2004-2007), where he was primarily responsible for the research and analysis of Asset-Backed Securities and Banks. Colm has an MA in Economics and Finance, an MSc in Mathematics and a BA in Double Mathematics/Economics. He was awarded the Financial Risk Manager (FRM®) designation by the Global Association of Risk Professionals (GARP) in April 2007.
Desmond English18/07/2013Desmond English is a Loan Portfolio Manager within the Emerging Markets & High Yield Debt team in London. Desmond is a Portfolio Manager on our Euro High Yield strategy. He has over 22 years’ industry experience, 12 of which spent in the everaged finance arena. He has experience across the full range of senior and subordinated debt financing products. Prior to joining Pioneer Investments, Desmond was a Director at Commerzbank with responsibility for Loan Transaction Management. Previously, he was Director of Clerkenwell Limited, London, which provided investment and advisory support to businesses. Within this role, he utilised his expertise in credit analysis and debt restructuring to advise clients of the firm. Previous roles included Director of European Leveraged Loan Distribution for Barclays Capital European Leverage Finance, London, where he was responsible for providing primary leveraged loan sales coverage, working closely with the syndication team on large European private equity backed LBOs and Corporate leveraged transactions. He also worked with the sales team and analysts to enhance their understanding of the credit fundamentals and deal structures of the existing assets held in the Barcap European leveraged loan portfolio. He started his career with HSBC where he held various roles including Director of Specialised Finance and Director of Leveraged Capital/Private Equity. Desmond holds a BA (Hons) degree in Modern History and Political Science and a Masters in Development Finance from the University of Birmingham." Desmond English is a Loan Portfolio Manager within the Emerging Markets & High Yield Debt team in London. Desmond is a Portfolio Manager on our Euro High Yield strategy. He has over 22 years’ industry experience, 12 of which spent in the leveraged finance arena. He has experience across the full range of senior and subordinated debt financing products. Prior to joining Pioneer Investments, Desmond was a Director at Commerzbank with responsibility for Loan Transaction Management. Previously, he was Director of Clerkenwell Limited, London, which provided investment and advisory support to businesses. Within this role, he utilised his expertise in credit analysis and debt restructuring to advise clients of the firm. Previous roles included Director of European Leveraged Loan Distribution for Barclays Capital European Leverage Finance, London, where he was responsible for providing primary leveraged loan sales coverage, working closely with the syndication team on large European private equity backed LBOs and Corporate leveraged transactions. He also worked with the sales team and analysts to enhance their understanding of the credit fundamentals and deal structures of the existing assets held in the Barcap European leveraged loan portfolio. He started his career with HSBC where he held various roles including Director of Specialised Finance and Director of Leveraged Capital/Private Equity. Desmond holds a BA (Hons) degree in Modern History and Political Science and a Masters in Development Finance from the University of Birmingham.
Compliance
IA Recognised, Reporting Fund Status, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
United Kingdom, Luxembourg, Offshore
Pioneer SICAV - Euro High Yield A Non Distributing EUR
Initial charge5%
Annual charge1.2%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)1.59%
Bid price64.6
Offer price64.6
Mid price-
CurrencyEUR
Price updated28/09/2016
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeF1WP
Pioneer SICAV - Euro High Yield N Distributing Annually EUR
Initial charge-
Annual charge0.6%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)0.84%
Bid price51.09
Offer price51.09
Mid price-
CurrencyEUR
Price updated28/09/2016
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeFO1S
Pioneer SICAV - Euro High Yield N Distributing Annually USD
Initial charge-
Annual charge0.6%
Min single investment£0
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)-
Total expense ratio (TER)0.84%
Bid price45.7
Offer price45.7
Mid price-
CurrencyUSD
Price updated28/09/2016
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeFO1T
Pioneer SICAV - Euro High Yield N Non Distributing EUR
Initial charge-
Annual charge0.6%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)0.85%
Bid price54.44
Offer price54.44
Mid price-
CurrencyEUR
Price updated28/09/2016
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeFO1R
Pioneer SICAV - Euro High Yield N Non Distributing GBP
Initial charge-
Annual charge0.6%
Min single investment£0
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)-
Total expense ratio (TER)0.81%
Bid price73.19
Offer price73.19
Mid price-
CurrencyGBP
Price updated28/09/2016
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeF1WQ
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