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Equities: What Price Fundamentals?


The economy and the stock market are very different things, but sometimes they do share certain characteristics. At the moment, for example, what they have in common is volatility.


‘You have an economy that is not going into recession but is subject to shocks,’ observed Diego Franzin, Head of Equity, Europe, at Pioneer Investments. ‘You have a situation where the last data point can potentially change the direction of the market.

One Strategy: A Team in Pursuit of Alpha


Volatility in unpredictable and sometimes dangerous stock markets naturally makes investors worry about preserving their capital.


One approach to that problem should dampen the broad impact of market movements but harnesses some of the volatility to capitalize on selected equity opportunities.


fund analyst TOP

The Fund Analyst: Pioneer Funds – Top European Players

As a highly concentrated portfolio of c. 40 stocks, we have successfully delivered consistent levels of alpha while at the same time minimising our active risk as highlighted by our bottom quartile tracking error.



*Performance refers to cumulative returns since 1 April 2013, the day Fabio Di Giansante starting managing the sub- fund. The inception date of the fund is 21 June 2011. Past performance does not guarantee and is not indicative of future results

**This target income can be exceeded or undershot and should not be construed as an assurance or guarantee.