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Name

As of 07/12/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$11.60

$3.05 B

6.21%

$0.72

0.88%

Vitals

YTD Return

7.0%

1 yr return

11.5%

3 Yr Avg Return

6.0%

5 Yr Avg Return

7.5%

Net Assets

$3.05 B

Holdings in Top 10

20.0%

52 WEEK LOW AND HIGH

$11.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.88%

SALES FEES

Front Load 4.50%

Deferred Load N/A

TRADING FEES

Turnover 106.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$250


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 07/12/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$11.60

$3.05 B

6.21%

$0.72

0.88%

PMAIX - Profile

Distributions

  • YTD Total Return 7.0%
  • 3 Yr Annualized Total Return 6.0%
  • 5 Yr Annualized Total Return 7.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.82%
DIVIDENDS
  • Dividend Yield 6.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Pioneer Multi-Asset Income Fund
  • Fund Family Name
    The Pioneer Funds
  • Inception Date
    Dec 22, 2011
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michele Garau

Fund Description

The fund has the flexibility to invest in a broad range of income-producing investments, including both debt securities and equity securities. The fund may invest in the securities of issuers located throughout the world, including in emerging markets. In selecting investments, the fund’s investment adviser considers both broad economic and investment-specific factors.The fund may invest in a broad range of issuers and segments of the debt securities markets. The adviser allocates the fund’s debt securities among different instruments and segments of the debt markets, based on its outlook for economic, interest rate and political trends. Debt securities may include instruments and obligations of U.S. and non-U.S. corporate and other non-governmental entities, those of U.S. and non-U.S. governmental entities, mortgage-related or mortgage-backed securities (including commercial mortgage-backed securities (CMBS), collateralized mortgage obligations (CMOs) and “sub-prime” mortgages), asset-backed securities, floating rate loans, convertible securities, Treasury Inflation Protected Securities (“TIPS”) and other inflation-linked debt securities, subordinated debt securities, insurance-linked securities, and securities of other investment companies (including mutual funds,exchange-traded funds and closed-end funds) that invest primarily in debt securities. The fund may invest without limit in debt securities of any credit quality, including those rated below investment grade (known as “junk bonds”) or, if unrated, of equivalent credit quality as determined by the adviser. The fund’s investments in debt securities rated below investment grade may include securities that are in default.The fund's investments in mortgage-related securities may include instruments, the underlying assets of which allow for balloon payments (where a substantial portion of a mortgage loan balance is paid at maturity, which can shorten the average life of the mortgage-backed instrument) or negative amortization payments (where as a result of a payment cap, payments on a mortgage loan are less than the amount of principal and interest owed, with excess amounts added to the outstanding principal balance, which can extend the average life of the mortgage-backed instrument).The fund invests in debt securities of any maturity. The maturity of a fixed income security is a measure of the time remaining until final payment on the security is due. The fund’s investments may have fixed or variable principal payments and all types of interest rate payment and reset terms, including fixed rate, adjustable rate, floating rate, zero coupon, contingent, deferred, payment in kind and auction rate features. The fund may invest without limit in debt securities.Equity securities include common stocks, rights, warrants, depositary receipts, securities of other investment companies (including mutual funds,exchange-traded funds and closed-end funds) that invest primarily in equity securities, preferred stock, equity interests in real estate trusts (REITs), equity-linked notes and master limited partnerships. Derivative instruments that provide exposure to equity securities or have similar economic characteristics may be considered equity securities under this policy.The fund may invest without limit in debt and equity securities of non-U.S. issuers, including up to 30% of its total assets in debt and equity securities of emerging market issuers.The fund may invest significantly in equity-linked notes (ELNs). ELNs are hybrid structured investments that combine the characteristics of one or more reference underlying securities (usually a single stock, a basket of stocks or a stock index) and a related equity derivative, typically in the form of a note paying a stated interest rate.In allocating assets among debt and equity securities, the adviser considers a variety of factors expected to influence global economic activity, including fundamental economic indicators, such as the rates of economic growth and inflation, monetary policy, geopolitical factors, the performance of securities markets, and the relative value of the U.S. dollar compared to other currencies. The fund is not required to allocate its investments among debt and equity securities in any fixed proportion, nor is it limited by the issuer’s geographic location, size or market capitalization. The relative proportions of the fund’s investments in debt and equity securities may change over time based upon market and economic conditions.In selecting individual securities to buy and sell, the adviser considers a security’s income prospects relative to perceived risk. The adviser selects debt securities based upon such factors as a security’s yield, liquidity and rating, an assessment of credit quality, and sector and issuer diversification. The adviser considers an equity security’s potential to provide income in view of the sustainability of the issuer’s earnings and financial condition. In selecting equity and debt securities, the adviser generally favors those securities it perceives to be undervalued. The adviser employs fundamental research in evaluating issuers, taking into account financial condition and profitability, future capital needs, potential for change in rating, industry outlook, the competitive environment and management ability. In making these portfolio decisions, the adviser relies on the knowledge, experience and judgment of its staff and the staff of its affiliates who have access to a wide variety of fundamental and quantitative research. In selecting among market segments and instruments, the adviser considers the relative value of particular investments. Investments typically are sold when the adviser’s overall assessment of market and economic conditions changes or the assessments of the attributes of asset classes or individual holdings change.The fund may invest in securities and instruments that are not income-producing for purposes of seeking capital appreciation or managing risk or other portfolio characteristics.The fund may, but is not required to, use derivatives, such as equity-linked notes (ELNs), options, credit default swaps and interest rate swaps, forward currency exchange contracts and bond, index, interest rate and currency futures. The fund may use derivatives for a variety of purposes, including: in an attempt to hedge against adverse changes in the market price of securities, interest rates or currency exchange rates; as a substitute for purchasing or selling securities; to attempt to increase the fund’s return as a non-hedging strategy that may be considered speculative; to manage portfolio characteristics; and as a cash flow management technique. In addition to investing in securities denominated in non-U.S. currencies, the fund may hold non-U.S. currencies and purchase and sell forward currency exchange contracts in non-U.S. currencies. The fund may invest without limit in derivative instruments. The fund may choose not to make use of derivatives for a variety of reasons, and any use may be limited to applicable law and regulations. The fund also may hold cash or other short-term investments.The adviser integrates environmental, social and corporate governance (ESG) considerations into its investment research process by evaluating the business models and practices of issuers and their ESG-related risks. The adviser believes ESG analysis is a meaningful facet of fundamental research, the process of evaluating an issuer based on its financial position, business operations, competitive standing and management. This process considers ESG information, where available, in assessing an investment’s performance potential. The adviser generally considers ESG information in the context of an issuer’s respective sector or industry. The adviser may consider ESG ratings provided by third parties or internal sources, as well as issuer disclosures and public information, in evaluating issuers. ESG considerations are not a primary focus of the fund, and the weight given by the adviser to ESG considerations in making investment decisions will vary and, for any specific decision, they may be given little or no weight. Notwithstanding the foregoing, the adviser generally will not invest fund assets in companies engaged in the production, sale, storage of, or providing services for, certain controversial weapons, including chemical, biological and depleted uranium weapons and certain antipersonnel mines and clusterbombs.
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PMAIX - Performance

Return Ranking - Trailing

Period PMAIX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.0% -23.7% 16.4% 22.53%
1 Yr 11.5% -8.9% 48.3% 33.91%
3 Yr 6.0%* -2.2% 16.4% 47.22%
5 Yr 7.5%* -0.7% 13.4% 52.80%
10 Yr 5.6%* 0.9% 11.8% 20.33%

* Annualized

Return Ranking - Calendar

Period PMAIX Return Category Return Low Category Return High Rank in Category (%)
2023 1.9% -40.8% 20.6% 36.81%
2022 -5.2% -21.0% 24.5% 73.35%
2021 6.0% -24.2% 27.8% 94.86%
2020 -0.6% -23.1% 11.7% 41.79%
2019 4.5% -100.0% 20.6% 46.05%

Total Return Ranking - Trailing

Period PMAIX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.0% -23.7% 16.4% 21.89%
1 Yr 11.5% -12.8% 48.3% 61.02%
3 Yr 6.0%* -3.4% 16.4% 70.52%
5 Yr 7.5%* -1.1% 13.4% 74.14%
10 Yr 5.6%* 0.9% 11.8% 32.32%

* Annualized

Total Return Ranking - Calendar

Period PMAIX Return Category Return Low Category Return High Rank in Category (%)
2023 9.4% -40.8% 20.6% 36.81%
2022 0.8% -21.0% 24.5% 73.35%
2021 12.3% -24.2% 27.8% 94.86%
2020 5.8% -23.1% 11.7% 60.79%
2019 10.9% -2.9% 23.1% 72.48%

NAV & Total Return History


PMAIX - Holdings

Concentration Analysis

PMAIX Category Low Category High PMAIX % Rank
Net Assets 3.05 B 1.12 M 110 B 23.33%
Number of Holdings 491 2 10961 39.87%
Net Assets in Top 10 647 M -31.7 M 22 B 28.81%
Weighting of Top 10 20.01% 10.8% 100.0% 57.43%

Top 10 Holdings

  1. International Business Machines Corp 2.71%
  2. ABN AMRO Bank NV 2.49%
  3. KB Financial Group Inc 2.38%
  4. Shell PLC 2.12%
  5. Energy Transfer LP 2.09%
  6. MPLX LP 2.04%
  7. Samsung Electronics Co Ltd 1.67%
  8. Sanofi SA 1.60%
  9. State Street Corp 1.47%
  10. Pfizer Inc 1.44%

Asset Allocation

Weighting Return Low Return High PMAIX % Rank
Bonds
48.93% -39.76% 93.84% 29.85%
Stocks
46.53% -45.72% 98.42% 79.12%
Convertible Bonds
3.53% 0.00% 25.49% 3.76%
Other
3.32% -1.25% 197.12% 64.51%
Cash
1.21% -97.12% 185.58% 37.16%
Preferred Stocks
0.01% -0.03% 14.00% 11.90%

Stock Sector Breakdown

Weighting Return Low Return High PMAIX % Rank
Financial Services
28.09% 0.00% 30.34% 0.21%
Energy
21.18% 0.00% 38.61% 5.73%
Healthcare
15.48% 0.00% 30.30% 26.75%
Technology
12.30% 0.00% 39.48% 70.49%
Industrials
5.87% 0.09% 32.39% 92.99%
Consumer Cyclical
4.48% 0.00% 20.84% 74.31%
Real Estate
4.09% 0.00% 90.14% 47.13%
Consumer Defense
2.61% 0.00% 31.85% 80.47%
Basic Materials
2.30% 0.00% 60.23% 94.06%
Communication Services
2.25% 0.00% 28.59% 84.71%
Utilities
1.35% 0.00% 40.29% 55.41%

Stock Geographic Breakdown

Weighting Return Low Return High PMAIX % Rank
US
26.10% -4.82% 95.75% 79.75%
Non US
20.42% -46.69% 57.06% 47.18%

Bond Sector Breakdown

Weighting Return Low Return High PMAIX % Rank
Corporate
45.29% 0.00% 99.90% 12.32%
Government
17.47% 0.00% 98.64% 76.83%
Securitized
16.32% 0.00% 83.28% 30.06%
Derivative
0.49% 0.00% 41.88% 37.58%
Cash & Equivalents
0.46% 0.10% 100.00% 63.67%
Municipal
0.00% 0.00% 31.28% 50.52%

Bond Geographic Breakdown

Weighting Return Low Return High PMAIX % Rank
US
48.03% -177.12% 87.76% 38.00%
Non US
0.90% -39.00% 137.36% 22.76%

PMAIX - Expenses

Operational Fees

PMAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.88% 0.16% 2.71% 69.10%
Management Fee 0.47% 0.00% 1.70% 32.98%
12b-1 Fee 0.25% 0.00% 1.00% 25.50%
Administrative Fee N/A 0.01% 0.70% N/A

Sales Fees

PMAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.50% 0.00% 5.75% 70.11%
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

PMAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PMAIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 106.00% 0.00% 441.00% 77.99%

PMAIX - Distributions

Dividend Yield Analysis

PMAIX Category Low Category High PMAIX % Rank
Dividend Yield 6.21% 0.00% 10.92% 45.95%

Dividend Distribution Analysis

PMAIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

PMAIX Category Low Category High PMAIX % Rank
Net Income Ratio 5.82% -5.20% 6.33% 1.09%

Capital Gain Distribution Analysis

PMAIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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PMAIX - Fund Manager Analysis

Managers

Michele Garau


Start Date

Tenure

Tenure Rank

Dec 22, 2011

10.45

10.5%

Mr. Garau, Senior Vice President and Portfolio Manager of Amundi Pioneer, has been based in Boston since August 2010. He was previously the Head of Balanced Portfolios at Pioneer Investment Management Limited, one of Amundi Pioneer's affiliates, and based in Dublin. He joined Amundi Pioneer in January 2003 and has been an investment professional since 1984.

Marco Pirondini


Start Date

Tenure

Tenure Rank

Dec 22, 2011

10.45

10.5%

From 2004 until 2010, Mr. Pirondini was Global Chief Investment Officer of Amundi Pioneer, overseeing equity, fixed income, balanced, and quantitative portfolio management, and quantitative and fundamental research divisions. Mr. Pirondini, Senior Managing Director and Head of Equities, U.S., joined a predecessor organization to Amundi Pioneer in 1991. Marco has a Masters in Finance and is an Economics graduate of the Bocconi University, Milan.

Howard Weiss


Start Date

Tenure

Tenure Rank

Jun 08, 2018

3.98

4.0%

Mr. Weiss, Vice President and Portfolio Manager of Amundi Pioneer joined Amundi Pioneer in 2007 and served as an associate portfolio manager and large cap core equity analyst. From October 2010 until August 2011, Mr. Weiss was an analyst at Surveyor Capital Group, a wholly owned subsidiary of Citadel Investment Group, LLC. In September 2011, he rejoined Amundi Pioneer as associate portfolio manager.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.03 30.27 6.52 9.25