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Pioneer Service Sector Investment Fund (Open-End)
The fund has been operating since July 28, 1997. Until January 17, 2001 Service Sector Fund was a privatization fund.
Fund co-managers: Paweł Wilkowiecki and Piotr Rzeźniczak
Pioneer Privatization Fund, heretofore associated with the National Investment Fund (NFI) program, had invested a significant part of its assets in the NFI and in companies participating in the program. Performance attained by these investments was not satisfying thus Pioneer FPIFCo resolved to transform the fund.
As of January 17, 2001 the fund has a new name - Pioneer Service Sector Investment Fund (Open-End). It is an equities fund allocating no less than 60% of assets in equities - mainly of companies from the broadly understood service sector. The remaining portion of the portfolio is made up of debt securities.
Fund managers mainly focus on companies representing, among others, finance, telecommunications, information technology, media and commerce. Thus Pioneer Service Sector Fund`s portfolio contains banks, telecommunications companies, computer and software companies, etc.
Why the service sector?
The service sector is a dynamically developing branch of the Polish economy. Its share in the Gross National Product is rising systematically and will be approaching the level represented by European Union countries.
Service sector companies have highest sales rates and generate highest income.
These are new or restructured companies, untainted by patterns of the previous system.
Service sector companies are very flexible and adapt easily to new economic and market circumstances.
A fund built on such a sector should generate remarkable profit in the long term
Minimum payment to the fund: 500 PLN (opening a register), 100 PLN (each following payment).
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