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Pioneer Stable Growth Investment Fund (Open-End)
The Fund has been operating since 1996 (until 8 August 2003, the fund was known as Pioneer Balanced Plus Open Ended Investment Fund).
Fund Manager: Mariusz Adamiak
The fund has been investing in safe and profitable debt securities (treasury bills and bonds) as well as Polish blue chips. The proportion of shares in the total portfolio (maximum 35 per cent) ensures an adequate earning opportunity, while the bills and bonds increase the safety of the whole investment.
The fund`s portfolio is similar to the Open Ended Pension Fund portfolio. This is the safest fund in the Pioneer family, with part of the assets invested in shares. Due to its high stability and despite the participation of shares this fund is often recommended to clients as a first choice. Pioneer Stable Growth is also the most popular fund for individual savings programs.
The purpose of the fund is a long-term growth of the asset value achieved by means of increasing the value of deposits, while keeping the risk low. In practice, this means an attempt to secure a rate of return higher than that generated from a model portfolio comprising WIG (25 per cent) and Polish bonds and Money Market instruments (75 per cent *).
* - (75% Bank Handlowy`s Index of Polish Bonds and 25% WIBID).
Investment restrictions:
The fund invests both in shares, which are prone to generate higher-than-average profits, and in creditor securities, which maintain the risk at a low level and secure stable income. The participation of shares in the investment portfolio may extend from 15 to 35 per cent, whereas the minimum level of safe securities, such as bonds, is 65 per cent. This statutory provision allows the fund management to increase the income and make it more stable when compared to deposits or funds that invest 100 per cent of the assets in bonds.
Pioneer Stable Growth is recommended to those clients who intend to make mid- or long- term investments.
Investment policy:
When determining the proportions of shares and debt securities in the portfolio, one must take into account the assessment of the current and projected situation in the share market as well as the expected profitability of the debt securities. The primary goal is to keep the investment risk at a low level.
To assess the market situation, Pioneer Pekao takes into account the following:
- analyses of financial reports and projections submitted by companies,
- appraisal of the management staff,
- share pricing and liquidity risk.
When estimating the profitability of the creditor securities, the following factors are taken into consideration:
- current and projected interest rates,
- current and projected inflation rate,
- liquidity risk.
Minimum deposit: 500 PLN (opening an account), 100 PLN (surcharge).
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