Pioneer ILS Interval Fund


Pioneer ILS Interval Fund

Insurance-Linked Securities are financial instruments whose performance is determined by insurance loss events primarily driven by weather-related and other natural catastrophes - such as hurricanes and earthquakes. These events are typically low-frequency but high-severity occurrences.

The August 2019 subscription period opened on Monday, June 3 at 12:01 a.m. All requests are processed on a first come, first served basis. Once capacity limits have been reached requests will be placed on a waiting list in the order they were received. Please contact your Amundi Pioneer Representative for more details.

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Please review our repurchase and subscription calendar or contact your Amundi Pioneer representative for further details 2019 Calendar

Insurance-Linked Securities May Offer Investors


Low Correlations¹

Insurance-Linked Securities (ILS) provide a unique opportunity to invest in an alternative asset class that is uncorrelated with financial markets. This may result in strong diversification² benefits and an attractive risk-return profile.

A Measurable Risk Profile

Unlike corporate bonds, where risk is tied to financial performance, ILS have well-modeled and time-tested actuarial risk - the risk of securities defaulting due to specific disasters - to assess potential returns and losses.

A Hedge Against Interest Rate Risk

The primarily floating rate structure of ILS links a component of their performance to a benchmark rate (such as LIBOR),³ leaving investors with limited interest rate risk.

Why Invest in ILS with Amundi Pioneer?

  • Experience and Commitment: Amundi Pioneer has been investing in ILS since early 2007. We manage ILS as a component of many of our diversified portfolios and on a dedicated basis. As of March 31, 2019, Amundi Pioneer has over $2.02 billion in exposure to ILS. 
  • Extensive Risk Analysis: The Fund's process is built upon a significant analytical foundation, using industry analytics to evaluate the risk of individual investment opportunities.
  • Comprehensive Research Coverage: Amundi Pioneer supplements its robust proprietary research capabilities with third party analysis, to incorporate broad industry trends as well as in-depth company-specific analysis into the investment decision. Our comprehensive coverage permits analysis of reinsurers from multiple views: equity, corporate bond and ILS risk.
  • Global Presence and Access: As an asset manager with $1.65 trillion in assets4, Amundi Pioneer has cultivated partnerships with many reinsurers, providing us strong market access to the ILS sector.

Low Correlation¹ to Traditional Asset Classes

One of the most appealing aspects of ILS is its potential diversification properties. By definition, performance is driven by random meteorological or geophysical catastrophic events, which leads to a very low correlation to traditional financial market investments.

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ILS Resource Center

Introduction to ILS Interval Fund

We are pleased to provide five short educational videos that introduce ILS to investors, consultants and advisors looking at this asset class and our investing approach.

View Video Series



More ILS Webinars & Videos

ILS Monthly Perspective

May 2019

Pioneer ILS Interval Fund Monthly Perspective is designed to assist you in better conveying the potential benefits of this Fund.

Read More


More ILS Literature


The Long-Term Case for Insurance Linked Securities

May 16, 2019

Historical insights and the industry response to an uncorrelated asset class.

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More ILS News

Learn more about Pioneer ILS Interval Fund

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Insurance-Linked Securities Team

We believe Insurance-Linked Securities (ILS) provide a unique opportunity to invest in an alternative asset class that is uncorrelated1 with financial markets. This may result in strong diversification2 benefits and an attractive risk return profile. Further, we believe a portfolio construction approach that mimics the regional and peril exposure of the global reinsurance industry and that seeks to reduce adverse selection through a comprehensive due diligence process can add value over a purely passive approach over time. 

Chin Liu
Managing Director
Director of Insurance-Linked Securities
and Quantitative Research
Portfolio Manager

P. Campbell Brown
Vice President
Investment Resource 

Mei Li 
Investment Resource





Client Portfolio Management




Joseph Morgart
Vice President 
Client Portfolio Manager






1Correlation - The degree to which assets or asset class prices have moved in relation to one another. Correlation ranges from -1 (always moving in opposite directions) through 0 (absolutely independent) to 1 (always moving together).

2Diversification does not assure a profit or protect against loss.

3London Interbank Offer Rate (LIBOR) is used as a reference for short-term interest rates.

4Amundi figures as of March 31, 2019. 

Please consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about the Fund and should be read carefully before you invest or send money. To obtain a prospectus and for other information on any Pioneer fund, call 1-844-391-3034.

A Word about Risk:

Certain fees and expenses are associated with an investment in Pioneer ILS Interval Fund.

Please see a prospectus for a complete discussion of the Fund’s risks. The Fund is a non-diversified, closed-end management investment company designed primarily as a long-term investment. The Fund is not a complete investment program. The Fund invests primarily in insurance-linked securities (“ILS”), which are high yield debt securities that involve a high degree of risk. The Fund is operated as an interval fund, meaning the Fund will seek to conduct quarterly repurchase offers for a percentage of the Fund’s outstanding shares. Although the Fund will make quarterly repurchase offers, the Fund’s shares should be considered illiquid.

Insurance-linked securities may include event-linked bonds (also known as insurance-linked bonds or catastrophe bonds). The return of principal and the payment of interest on event-linked bonds are contingent on the non-occurrence of a predefined “trigger” event that leads to physical or economic loss, such as a hurricane or an aerospace catastrophe. Event-linked bonds may expose the Fund to other risks, including, but not limited to, issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences. The Fund may also invest in structured reinsurance investments or similar instruments structured to comprise a portion of a reinsurer’s catastrophe-oriented business (known as “quota share” instruments or “reinsurance sidecars”). Investors participate in the premiums and losses associated with these underlying contracts, into which the Fund has limited transparency. The size of the ILS market may change over time, which may limit the availability of ILS for investment. The availability of ILS in the secondary market may also be limited. Certain securities, including ILS, structured reinsurance investments and derivatives, may be impossible or difficult to purchase, sell, or unwind. Such securities and derivatives also may be difficult to value. The values of Fund holdings may go up or down, due to market conditions, inflation, changes in interest or currency rates and lack of liquidity in the bond market. Investments in high yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity, and possibility of default. When interest rates rise, the prices of fixed income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed income securities will generally rise. Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations. Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation. The Fund may invest in floating rate loans and similar instruments which may be illiquid or less liquid than other investments. The value of any collateral can decline or be insufficient to meet the issuer’s obliga­tions. The securities issued by US Government-sponsored entities (e.g., FNMA, Freddie Mac) are neither guaranteed nor issued by the US Government. The Fund may use deriva­tives, such as swaps, inverse floating rate obligations and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on the Fund’s performance. Derivatives may have a leveraging effect. Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, and economic and political conditions. These risks may increase share price volatility. There is no assurance that these and other strategies used by the Fund will be successful.

Individuals are encouraged to seek advice on their financial, legal, and other appropriate securities, or any other relevant product or service. Amundi Pioneer does not provide investment advice or investment recommendations.

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Amundi Pioneer for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus or summary prospectus and for information on any Pioneer fund, please download it from our  literature section.

Securities offered through Amundi Pioneer Distributor, Inc., 
60 State Street, Boston, MA. 02109. 
Underwriter of Pioneer mutual funds, Member  SIPC.  

Not FDIC insured | May lose value | No bank guarantee