Tuesday, May 22, 2012
Yates Brings a Pioneer Mandate In-House
] is moving the management of one of its funds in-house. Effective July 31, the Pioneer Cullen Value Fund
will cease to be sub-advised by Cullen Capital Management
As of August 1, the fund will be PMed by two Pioneer vets: Edward T. Shadek, Jr.
, senior vice president, and John Peckham
, senior vice president and co-head of equity research.
The fund will be renamed the Pioneer Fundamental Value Fund
on June 30.
Company Press Release
BOSTON--(BUSINESS WIRE)--Pioneer Investments today announced that a new portfolio management team will manage Pioneer Cullen Value Fund (CVFCX). At a Board meeting held on May 20, 2012, the Boards of Trustees of Pioneer Cullen Value Fund and Pioneer Cullen Value VCT Portfolio approved a proposal by Pioneer Investment Management, Inc. to assume direct responsibility for the day-to-day management of each fundís portfolio, effective August 1, 2012. Currently, Pioneer, each fundís investment adviser, oversees the fundís operations and supervises Cullen Capital Management LLC as investment subadviser to the funds. Cullen will continue to serve as each fundís subadviser through July 31, 2012.
Edward T. Shadek, Jr., senior vice president of Pioneer, and John Peckham, senior vice president of Pioneer and co-head of equity research Ė U.S., will assume the day-to-day management of each fundís portfolio, effective August 1, 2012. They will be supported by Pioneerís 12-person team of fundamental research analysts based in Boston and the companyís global team of fundamental research analysts. There will be no change to each fundís investment objectives and principal strategies.
Pioneer has strong capabilities managing large- and mid-cap value equity strategies, following a disciplined, fundamental research-driven process. Pioneer has further strengthened its capabilities in this area and has the resources and expertise necessary to manage these funds going forward.
Mr. Shadek, senior vice president, joined Pioneer in January 2012. He has 24 years of industry experience, nearly all as a value investor, and is a portfolio manager of Pioneer Value Fund. Prior to joining Pioneer, he was co-founder and portfolio manager at Shaylor Capital, a value investing specialist. Prior to Shaylor, he spent†12 years at Putnam Investments where, as Deputy Head of Investments, he was a member of the senior management team and a portfolio manager of several value strategies for both retail and institutional investors. He has a B.A. from Pomona College and an M.B.A. from Harvard Business School.
Mr. Peckham, senior vice president of Pioneer and co-head of equity research Ė U.S., joined Pioneer in 2002. He has 10 years of investment experience and is a Portfolio Manager of Pioneer Disciplined Value Fund and Pioneer Value Fund. Previously, he was Head of Global Fundamental Research, and was Pioneerís U.S. utility sector analyst from 2002 Ė 2010. Prior to joining Pioneer Investments, Mr. Peckham was a Senior Manager with Deloitte Consultingís energy industry practice. Prior to joining Deloitte Consulting, he served in the U.S. Navy as a carrier-based Naval Flight Officer. John holds a B.A. in Economics from Bates College and a M.B.A. in Finance from Vanderbilt University. He is a CFA charter holder
In conjunction with this transition, the funds will be renamed Pioneer Fundamental Value Fund and Pioneer Fundamental Value VCT Portfolio, effective June 30, 2012. There will be no changes at this time to NASDAQ symbols or CUSIP numbers.
For more information on the funds, investors should contact their investment advisor or visit us.pioneerinvestments.com for a copy of the prospectus.
About Pioneer Investments
Pioneer Investments is the trade name for Pioneer Global Asset Management S.p.A. and its subsidiaries, a global investment firm with offices in 27 countries, 2,000 employees, and approximately $204 billion in assets under management as of April 30, 2012, of which approximately $64 billion was managed in the U.S. Founded in 1928, its flagship mutual fund, Pioneer Fund, is the third-oldest mutual fund in the U.S. Pioneer Investment Management, Inc. is the investment advisory subsidiary of Pioneer Investment Management USA Inc. Pioneer Investment Management USA Inc. is the North American operating subsidiary of Pioneer Global Asset Management S.p.A., a wholly-owned subsidiary of UniCredit S.p.A.
A Word About Risk
Investments in mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies.
The fund invests in a limited number of securities and, as a result, the fundís performance may be more volatile than the performance of other funds holding more securities.
Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
At times, the fund may focus its investments in a limited number of related industries and sectors, making it more susceptible to adverse economic, political, or regulatory developments affecting those industries and sectors than a portfolio that invests more broadly and as a result may experience greater market fluctuation. These risks may increase share price volatility.
Please consider a fundís investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about a fund and should be read carefully before you invest or send money. To obtain a prospectus or summary prospectus and for other information on any Pioneer fund, contact your adviser, call 800-225-6292 or visit our website at us.pioneerinvestments.com.
Securities offered through Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA. 02109. Underwriter of Pioneer mutual funds, Member SIPC © 2012 Pioneer Investments
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