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Fund Update: Pioneer Funds Global Select

Das folgende Fund Update bietet einen Rückblick auf die Performance des Fonds über die letzten fünf Kalenderjahre sowie über die aktuelle Entwicklung. Der Fondsmanager Michael Rachor zeigt die wichtigsten Punkte des Investmentprozesses auf und gibt einen Ausblick. Funds | 10.02.2011 04:30 Uhr

Performance Review 2006

Performance Review 2007

Michael Rachor: "Our portfolio underperformed its benchmark, the MSCI World Index, during the first quarter of the year primarily due to our selected exposure to US diversified financial groups and insurance companies. Among financials, our holdings in Citigroup and Merrill Lynch & Co declined in tandem with weaker global financial markets.

Our portfolio performed inline with its benchmark during the second quarter due to successful stock selection in the Industrials, Materials and Telecommunications sectors. Takeover speculation pushed shares higher in mining company, Rio Tinto, during the period, enhancing portfolio returns in the materials sector.

Our portfolio experienced some underperformance in the third quarter.  Volatility in Asian equities and the Japanese yen held back relative returns in August, while a strong outperformance of US equities in September was also unhelpful.

Our fund experienced some weakness relative to its benchmark in the fourth quarter of the year. On an aggregated level, portfolio returns were held back by the relative underperformance of our cyclical holdings as investors sought the safe haven of more defensive titles. We found fewer attractive investment opportunities among financial companies and hold an underweight exposure to the sector as a result. This positioning benefited relative performance after investor sentiment towards financial stocks was undermined by significant write-downs by leading companies in the sector in connection with exposure to the US sub-prime crisis."

Performance Review 2008

Michael Rachor: "Global Select’s quantitative-driven stock selection model is designed to identify those stocks that are undervalued relative to peers, which have the potential to revert to average peer group valuation over the medium term. This process of ‘mean reversion’ has repeatedly occurred throughout business cycles, and its predictability supports the philosophy on which our Global Select strategy is based.

However, if unprecedented market conditions make investors become nervous, the process of mean reversion can unfortunately be delayed, as perceived safe-havens tend to attract uncertain investors, who willingly pay premium prices for stocks exhibiting recent positive price momentum.

These two observations summarise Global Select’s performance over 2008: in the first half of the year, when normality prevailed, mean reversion occurred as expected, allowing our strategy to generate positive absolute returns. Yet when confusion arose as the credit crisis intensified in the second half, the process of mean reversion was suspended, and investors flocked to perceived safe havens, leading to further declines in the prices of stocks that we believed were already undervalued relative to peers.

However, looking back at the second half of 2008, it is clear that the sectors offering the greatest relative value on our proprietary scoring scale were also those which investors were abandoning in search of perceived safe havens. Sectors such as Industrials, which suffered as fears surrounding restricted capital availability forced earnings revisions among stocks heavily reliant on capital expenditure, began to rank highly in our model as we moved into autumn."

Performance Review 2009

Michael Rachor: "The Portfolio outperformed its benchmark in 2009. Our diversified selection of stocks, selected through our qualitative screen, significantly contributed to returns over the year.  In the first quarter of the year we reduced our bigger active sector positions significantly because the dispersion levels of valuation within the sectors were at extreme levels. We therefore felt that we could gain alpha from stock picks without taking big sector bets. Risk premiums had come down during the year, but they still ended 2009 at slightly elevated levels, so a more neutral sector positioning was beneficial."

Performance Review 2010

Michael Rachor: "The fund underperformed its benchmark in 2010. The main negative contributor to performance in 2010 was the currency overlay detracting 190 bps.  The fund is strategically overweight in Euro as this is thought to reduce the risk for investors based in Euro region. As the Euro showed weakness because of the sovereign solvency situation, performance suffered. Sector allocation did not play a role in the relative performance as sector bets remained tight. The fund´s overweight position in Emerging Market equities positively impacted relative performance (China added 95 bps), while the underweight of the US Equity cost the fund 70 bps. Our neutral weight exposure to Japan added 65 bps because of stock picking. The option overlay strategy, maintained to protect against sharp and unexpected market downturns, cost us -76 bps in the 4th quarter with the equity market rallying strongly."

Performance since 2006

Michael Rachor: "Our key high-level aim is to find undervalued stocks where investors’ expectations are too low with regard to corporate development and prospects over the next three years. We avoid companies with high valuations, as there is more scope to disappoint investors. We look for companies with low valuations and positive momentum with regard to price and earnings revisions on the expectation that these stocks will revert to mean valuations over time. Our process begins by filtering the universe on these metrics to reduce it to around 500 companies. We then use qualitative analysis on the best quantitative ideas to find out if there are any reasons why these stocks should not revert to mean levels. Companies that still look attractive after qualitative research are good potential investment opportunities.

We have currently a relatively tight active positioning at the sector level. We feel that we can gain alpha from stock picks without taking big sector bets due to still slightly elevated risk premiums at the stock level. We are overweight in Industrials. The main underweight is Financials where the sovereign solvency problem still hangs over the sector.

The Portfolio is designed for euro-domiciled investors, because we adjust the currency weightings of the Portfolio to a level our research has shown as optimal. Our goal is to maintain the weighting of the home currency between 40% and 60% of total assets – in other words, heavier than the benchmark weighting to the euro. Our strategy is designed so that euro investors experience less foreign-currency risk. As our currency exposure deviates significantly from the benchmark, this positively affects relative performance when the euro is strong and vice versa.

Aiming to protect against sharp and unexpected market downturns, we use an option overlay. If markets go down, the put options add value. In the past, the cost of purchasing this protection has paid for itself in volatile market conditions. Therefore, we will maintain this protection policy going forward."

Investment Process and Strategy – How does the Fund Manager Invest?

Michael Rachor: "Our key elements to Portfolio strategy centre on buying low expectations, selling high expectations. Stocks are systematically mispriced because investors repeatedly overvalue companies with recent strong performance and undervalue companies with recent poor performance. In behavioural finance, this is known as ´Extrapolation Bias´. The Portfolio seeks to exploit the market inefficiencies that exist due to the discrepancy between investors´ extrapolation bias and economic reality.  An unconstrained, global, broadly diversified, bottom-up stock picking approach allows maximum freedom to benefit from the investment philosophy, across all sectors and geographies. Our quantitative model aims to objectively identify buy opportunities, while our qualitative fundamental analysis underpins our final investment decision. Options are used to hedge a portion of the Portfolio against price fluctuations. Reduction of currency risk is achieved through an active currency overlay strategy."

Investment Outlook

Michael Rachor: "Our key high-level aim is to find undervalued stocks where investors’ expectations are too low with regard to corporate development and prospects over the next three years. We avoid companies with high valuations, as there is more scope to disappoint investors. We look for companies with low valuations and positive momentum with regard to price and earnings revisions on the expectation that these stocks will revert to mean valuations over time. Our process begins by filtering the universe on these metrics to reduce it to around 500 companies. We then use qualitative analysis on the best quantitative ideas to find out if there are any reasons why these stocks should not revert to mean levels. Companies that still look attractive after qualitative research are good potential investment opportunities."

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