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Pioneer US Aggregate Core Strategy
Investment Approach
Our Pioneer US Aggregate Core Strategy seeks to add value relative to a broad market index such as the Bloomberg US Aggregate by focusing on bond selection and sector rotation with limited duration exposure relative to the benchmark.
Philosophy & Process
Our Pioneer US Aggregate Core Strategy will typically hold lower allocations to government bonds and higher allocations to the non-government sectors (corporate bonds, agency mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities, and non-agency mortgage-backed securities) relative to the Bloomberg US Aggregate index. This is for two reasons (1) The non-government sectors offer a yield spread advantage that is typically significant even after adjusting for credit and prepayment risk (2) The greater variety of securities in the non-government sectors may provide greater opportunities for adding value through identifying undervalued and overvalued securities. The Pioneer US Aggregate Core Strategy is appropriate for investors seeking actively managed broad US high quality fixed income exposure.
(As of )
Overview
- Low exposure to macro factor risk (duration, curve, volatility)
- Focus on investment grade securities
Why Pioneer Investments?
A strong fixed income investment culture focused on sound, fundamental research drives the management of the Pioneer US Aggregate Core Strategy. Key features of the Strategy include:
- We offer flexibility to meet client needs. Our investment process allows us to manage to custom guidelines and objectives.
- The lead Portfolio Manager has managed the Strategy since inception (1997). He is supported by sector teams covering all the sectors in the investment universe.
- A decisive and nimble portfolio management process can allow us to take advantage of market opportunities that are too small for larger US fixed income managers.
- We focus on security selection and sector rotation, which we expect to provide more competitive excess returns than more macro/top-down strategies.
Management Team
Jonathan M. Duensing, CFA
Senior Managing Director, Director of Fixed Income, Portfolio Manager
Timothy D. Rowe
Senior Vice President, Portfolio Manager
