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Pioneer Global Sustainable Equity Fund (PGSYX) was recognized for performance in the Lipper Global Multi-Cap Value Funds category over the 10-year period. Out of 84 share classes and 31 portfolios. Based on historical risk-adjusted returns of Class Y shares, relative to peers as of 11/30/23.
Pioneer Multi-Asset Ultrashort Income Fund (MAUKX) was recognized for performance in the Lipper Ultra-Short Obligations Funds category over the 3-year period. Out of 133 share classes and 46 portfolios. Based on historical risk-adjusted returns of Class K shares, relative to peers as of 11/30/23.
Please click here for additional LSEG Lipper information. LSEG Lipper Fund Awards.
We believe valuations are excessive in some segments, such as mega-caps, where profit margins are also high. But the key question is whether these high margins justify current valuations? And will these companies be able to grow their top line quickly, while maintaining margins in a context of increased global competition and exhausted consumers? On the other hand, judging the direction of the economy is becoming increasingly difficult.
Passive strategies have generally have fared well over the past decade, which has made it easy to forget the long periods during which active managers outpaced passive approaches. The reasons we believe market concentration will decline include (1) a shrinking earnings advantage for the top ten companies, and (2) seemingly unsustainably high valuations. We believe investors may benefit from investing with active managers that thoughtfully select their exposure based on the earnings and valuation profile of each stock.
Three key arguments support the Japanese market: (1) A recovery in profits (2) A strong incentive from the Tokyo Stock Exchange for companies to improve their capital efficiency and (3) The shift out of deflation is boosting a market rerating. The risks to these positive arguments are mostly linked to the yen. A strong comeback by the yen, should global equity volatility increase sufficiently in 2024 to encourage the unwinding of carry trades, would weigh on the performance of Japan's equities in local currency It would penalize profits and, everything else being equal, slow the process of increasing inflation, weighing on valuations at the same time.
We anticipate fundamental market shifts in 2024 resulting from global dynamics and geopolitical events, and continue our agile emphasis on value, quality and growth across asset classes.
Look beyond near horizons to pockets of resilience and change in a transitioning economy.
Rate cuts in 2024 may be the catalyst for reducing portfolio risk by moving allocations to longer-term, higher-quality bonds.
Consider shifting equity holdings away from concentration risk by infusing quality across cyclicals, defensives and industries primed for the next-stage economy.
Market volatility is an expected undercurrent in 2024, and alternatives to traditional assets may offset the potential downside.
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