Pioneer Diversified Fund I USD December 2014 Alternative Performance Inception Date: 01 Dec 2011 Current Price: $114.23 MTD Return: 0.25 % YTD Return: 1.25 % Annualised Return SI: 4.41 % AUM: $123m Return Analysis Pioneer Div Fund I USD Citigroup WGBI $ MSCI World Local Price Monthly Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD Pioneer Div Fund I USD Citigroup WGBI $ MSCI World Local Price Rolling 1 Year 1.25 % -0.48 % 7.71 % Rolling 3 Years 14.49 % -2.88 % 53.75 % Rolling 5 Years N/A N/A N/A Annualised Return SI 4.41 % -0.67 % 15.13 % 2014 -0.05% 0.96% -0.59% -0.88% 0.81% 0.34% -0.04% 0.04% 0.33% -1.00% 1.09% 0.25% 1.25% 2013 1.26% 0.12% 1.10% 0.90% 0.98% -1.19% 0.31% -0.50% 0.83% 1.09% 1.11% 1.22% 7.45% Return since Inception 14.23 % -2.04 % 54.47 % 2012 1.24% 0.86% 0.34% -0.09% -0.88% -0.52% 0.76% 0.85% 0.62% 0.07% 0.55% 1.34% 5.24% % of Positive Months 70.27 % 45.95 % 72.97 % -0.23% -0.23% Highest Month Return 1.34 % 1.97 % 5.28 % Lowest Month Return -1.19 % -3.44 % -7.13 % Maximum Drawdown -1.49 % -7.27 % -8.77 % Pioneer Div Fund I USD Citigroup WGBI $ MSCI World Local Price Annualised Volatility 2.49 % 4.31 % 8.80 % 1 Year Volatility 2.35 % 4.50 % 7.01 % 3 Year Volatility 2.50 % 4.34 % 8.92 % -0.85 1.38 -0.038 0.632 2011 Strategy Allocation Event Driven 10.81 % Event Driven 8.69 % Multi Process 2.12 % Long / Short Equity 33.26 % Long Bias 19.41 % Market Neutral 1.87 % Variable Bias 11.98 % Relative Value 0.88 % Merger Arbitrage 0.88 % Specialist Credit 26.91 % Distressed Securities 12.36 % Loan Origination Long / Short Credit Multi Credit 0.59 % Sharpe Ratio (3%) Correlation to Index 0.57 11.55 % 2.41 % Trading 28.14 % Macro 25.02 % Systematic Trading Risk Analysis 3.11 % Fund Structure Structure Class Fund Subscriptions Closed Fund Summary Redemptions Quarterly The Fund is the USD currency share class of the Pioneer Diversified Fund. Effective 1st December 2011, the Pioneer Diversified Fund seeks to achieve its investment objective by investing substantially all of its assets into the Pioneer Horizon Fund (“PHF”). The objective of PHF is to achieve steady capital appreciation in all market conditions with contained draw-downs and low volatility. PHF seeks to realise its objective via a multi-strategy approach, by combining several hedge fund strategies within a well balanced and diversified portfolio. Redemption Notice This Fund is currently closed to new investment. ISIN Code BMG7100L2909 Custodian HSBC Bank Bermuda Limited Management Fee 1.50% Performance Fee 10.00% Auditors KPMG Audit, Luxembourg Fund Sub Custodian HSBC Securities Services (Luxembourg) S.A. Fund Sub Administrator HSBC Securities Services (Luxembourg) S.A. Registered Address Contact Details For Broker/Dealers of existing clients only and not to be distributed to the public or other third parties. 98 days 16, Boulevard d’Avranches L-1160 Luxembourg Fax number: +352 27025 380 Email: [email protected] Telephone: +352 404 646 766 Pioneer Diversified Fund I USD - December 2014 Strategy Allocation and Attribution Analysis Return Frequency Distribution (One Month) (Since Inception) Pioneer Div Fund I USD Citigroup WGBI $ MSCI World Local Price Upside & Downside Capture vs Citigroup WGBI $ Upside & Downside Capture vs MSCI World Local Price (Since Inception) (Since Inception) Top Fund Contributors Top Fund Detractors (One Month) (One Month) Fund Strategy Fund Strategy Cerberus International, Ltd. Specialist Credit Contribution 0.32 % Black River Emerging Markets Fund Trading Contribution -0.07 % Lansdowne Developed Markets Fund Limited (Euro) Long / Short Equity 0.12 % ESG Cross Border Equity Fund Long / Short Equity -0.07 % Pharo Macro Fund (Euro) Trading -0.05 % Visium Balanced Offshore Fund, Ltd. Long / Short Equity 0.11 % About Pioneer Investments Pioneer Investments manages assets under hedge fund mandates since 1999 and has currently over$1.2bn assets under management in fund of hedge funds products (31 December 2014). Pioneer Investments fund of hedge fund product offering includes a suite of multi-strategy and specialized portfolios and covers the risk spectrum from low to high volatility, with each product benefiting from strong infrastructure and process. Legal Notice Please note that AUM shown is calculated for Pioneer Diversified Fund (all currencies/classes). The Pioneer Diversified Fund I USD (the “Fund”) is a class fund of Pioneer Diversified Limited (the “Company”) a Bermuda based mutual fund company. The Fund seeks to achieve its objective by investing substantially all of its assets (other than its holding in the Special Investment Class Fund (“SICF”) a class fund of DR Funds Limited) through a master fund structure, namely, Pioneer Horizon Fund, a class fund of Pioneer Horizon Limited. The Fund currently holds shares of SICF which represents certain illiquid investments that are being managed for liquidation. As SICF liquidates its assets, the Fund will receive cash in exchange for the pro rata portion of its SICF shares. A shareholder who redeems its holdings in the Fund will receive a combination of cash and a pro rata number of SICF shares in specie. Any shares in the SICF received on redemption will not be redeemable at the option of the shareholder until the holdings of the illiquid assets, in whole or in part, become liquid. For further information regarding the impact of this change, please contact your Pioneer Representative. The comparison to the Citi World Government Bond Index ($) and MSCI World Local Price Index are provided for illustrative purposes only. They are not the benchmarks of the Fund and do not represent the holdings of the Fund. They are not meant as a direct comparison in terms of Fund performance and no reliance should be placed on it in this respect. The MSCI information may only be used for your internal use, may not be reproduced or re-disseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in correlated to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.mscibarra.com). Past performance does not guarantee and is not indicative of future results. Unless otherwise stated, all views expressed are those of Pioneer Investments. These views are subject to change at any time based on market and other conditions and there can be no assurances that countries, markets or sectors will perform as expected. Investments involve certain risks, including political and currency risks. Investment return and principal value may go down as well as up and could result in the loss of all capital invested. Investments employing the strategies described in this document are by nature highly speculative and may be volatile, involve leverage, be affected by lack of liquidity. More recent returns may be different than those shown. Please contact Pioneer Investments for more current performance results. This material is not a prospectus and does not constitute an offer to buy or a solicitation to sell any shares of the Fund or any services, by or to anyone in any jurisdiction. For additional information on the Fund, a free prospectus should be requested from Pioneer Global Investments Limited (“PGIL”), 1 George’s Quay Plaza, George’s Quay, Dublin 2, Ireland. Call +353 1 480 2000, fax +353 1 449 5000. This information is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities or services in the United States or in any of its territories or possessions subject to its jurisdiction to or for the benefit of any United States person (being residents and citizens of the United States or partnerships or corporations organized under United States laws). The Fund has not been registered in the United States under the Investment Company Act of 1940 and shares of the Fund are not registered in the United States under the Securities Act of 1933. This document is not intended for and no reliance can be placed on this document by retail clients, to whom the document should not be provided. This content of this document is approved by PGIL. In the UK, it is directed at professional clients and not at retail clients and it is approved for distribution by Pioneer Global Investments Limited (London Branch), 8th Floor Bressenden Place, London SW1E 5BH. Pioneer Global Investments Limited is authorised and regulated by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request. The Fund is an unregulated collective investment scheme under the UK Financial Services and Markets Act 2000 and therefore does not carry the protection provided by the UK regulatory system. Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA 02109 (“PFD”), a U.S.-registered broker-dealer, provides marketing services in connection with the distribution of Pioneer Investments FOHFs products. PFD markets these products to financial intermediaries, both within and outside of the U.S. (in jurisdictions where permitted to do so) for sale to clients who are not United States persons. Pioneer Investments is a trading name of the Pioneer Global Asset Management S.p.A. group of companies. Additional reporting comprising the ten largest holdings in the Fund’s portfolio is available on request. In addition, further portfolio reporting may be available subject to the satisfaction of certain circumstances. THE INFORMATION PROVIDED IN THIS DOCUMENT IS FOR BROKER/DEALERS OF EXISTING CLIENTS ONLY AND IS TO BE TREATED CONFIDENTIALLY AND ONLY TO BE USED FOR THE PUPROSES OF EVALUATING EXISTING INVESTMENTS. For Broker/Dealers of existing clients only and not to be distributed to the public or other third parties.
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