Strategy Objectives

Pioneer US Concentrated Growth is an actively managed US large-cap strategy focused on higher quality companies that efficiently use capital, as measured by high returns on incremental invested capital. These companies also have durable competitive advantages that we believe will sustain the high returns. The Strategy is dedicated to delivering a consistent risk-return profile through investments in a concentrated number of large cap companies, which we believe are capable of delivering sustainable above-average earnings growth by capitalizing on long-term secular trends.

 

Key Features

Consistent, Disciplined Philosophy and Process: The Strategy has held to the same investment philosophy since its inception in 1994, and its consistent performance and holdings attribution are evidence of the team's disciplined approach.

  • Risk-Adjusted Returns and Downside Protection: Consistent with the philosophy and focus on higher-quality companies, the Strategy has outperformed the Russell 1000 Growth® Index in the three most recent down markets in 2001*, 2002* and 2008*.
  • 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 (ROIIC).
  • Concentrated Portfolio: The Strategy has exposure to high-conviction stocks, diversified across sectors, and poised to outperform over the long term.

 

Literature

Strategy Fact Sheet Request Product Profile
*Down markets are defined as calendar years in with the Russell 1000® Growth Index returned at or below 0%.

Portfolio Management


Andrew Acheson
Senior Vice President,
Portfolio Manager
biography

 

 


Paul Cloonan, CFA
Senior Vice President,
Portfolio Manager
biography

Strategy Highlights

Inception Date
December 31, 1993

 

Benchmark
Russell 1000® Growth Index