• A focused portfolio of companies with businesses that have high returns on growth capital, sustainable competitive advantages, capitalize on secular growth opportunities and trade at a discount to intrinsic value, can generate attractive risk-adjusted returns over the long term.
• We seek to create a portfolio with high and diversified1 active share, leveraging our best fundamental, bottom-up ideas.
• The Strategy focuses on diversification in terms of both absolute exposures and relative contribution to risks.

Key features of our Pioneer US Large Cap Growth Equity Strategy include:

• Consistent, disciplined philosophy and process: The Strategy has held to the same investment philosophy since its inception, and its consistent performance and holdings attribution are evidence of the team's disciplined approach.
• Risk-adjusted returns and downside risk focus:   Consistent with the philosophy and focus on higher-quality companies, the Strategy has outperformed the Russell 1000® Growth Index in many of the most recent calendar year down markets.
• Low volatility approach: The companies in which the team typically invests have lower-than-average volatility in their business results, which may result in lower stock volatility. Valuation analysis is an important part of the team's security selection process, which typically helps mitigate volatility.
• Definition of value: The Strategy distinguishes itself by defining value as the combination of the existing cash flow yield of a business and the level and sustainability of returns on incremental invested capital.
• Concentrated portfolio: The Strategy has exposure to high-conviction stocks, diversified across sectors, and poised to outperform the long term.