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We believe a portfolio of companies that have sustainable competitive advantages, earn high returns on growth capital, demonstrate consistent growth and sell at a discount to their intrinsic value can outperform the broader market over time with less risk.


  • Sustainable competitive advantage – We look for companies with an economic moat, which creates a barrier to the competition and the potential for above average returns.

  • High returns on growth capital – Growth capital is capital a company uses to grow its business versus simply maintaining it. A high return on growth capital is an indication that a company is growing profitably and not simply for the sake of growth.

  • Consistent growth – A company must not only have a track record of growth, but also must be able to sustain it. We look for an identifiable tailwind, such as increased spending on pharmaceuticals due to an aging population.

Low Volatility with Attractive Risk-Adjusted Returns

For growth investors who fear the effects of volatile markets, Pioneer Fundamental Growth Fund has offered an attractive track record of risk and reward.



High Conviction Approach

The Fund currently invests in 40 stocks (as of 12/31/18) that we believe best meet our investment criteria of having a sustainable competitive advantage, high returns on growth capital and consistent growth. We believe this high conviction approach to investing reduces overall risk by avoiding lower quality companies that have a greater likelihood of succumbing to competitive threats or allocating capital unwisely. 


The Fund’s lower risk profile is evidenced by a lower standard deviation and downside capture than the Russell 1000® Growth Index and its peer group over 5- and 10-year periods. As part of its risk management strategy, the Fund limits industry weightings to 25% and limits position sizes at purchase. 

A Competitive Large Growth Performer

Average Annual Total Returns
as of 12/31/18
1-Year 3-Year 5-Year 10-Year
Y Shares -0.31% 8.44% 9.22% 14.23%
Russell 1000® Growth Index (Benchmark) -1.51% 11.15% 10.40% 15.29%
S&P 500® Index -4.38% 9.26% 8.49% 13.12%
Morningstar Large Growth Category Average -2.18% 8.87% 8.03% 13.19%
Gross expense ratio (Y): 0.77%.

Call 1-800-225-6292 or visit our performance page for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. 

Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors. Initial investments are subject to a $5 million investment minimum, which may be waived in some circumstances.

All results are historical and assume the reinvestment of dividends and capital gains. Performance for periods prior to the inception of Class Y shares (on 4/8/09) reflects the NAV performance of the Fund’s Class A Shares. The performance does not reflect differences in expenses, including the 12b-1 fees applicable to Class A Shares. Since fees for Class A shares are generally higher than those of Class Y, the performance shown for the Class Y shares prior to their inception would have been higher. Other share classes are available for which performance and expenses will differ. 

Performance results reflects any applicable expense waivers in effect during the periods shown. Without such waivers, fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.
A Word About Risk:
Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic and political conditions. The Fund invests in a limited number of securities and, as a result, the Fund's performance may be more volatile than the performance of other funds holding more securities. At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. These risks may increase share price volatility.
Individuals are encouraged to seek advice from their financial, legal, tax and other appropriate advisers before making any investment or financial decisions or purchasing any financial, securities or investment-related product or service, including any product or service described in these materials. Amundi Pioneer does not provide investment advice or investment recommendations.

Fund Facts


The Fund seeks long-term capital growth by investing primarily in common stocks of U.S. large capitalization companies. We seek quality companies that we define as those that we believe can generate high returns on growth capital*, possess sustainable competitive advantages, and benefit from secular growth. We believe investing in quality U.S. large capitalization stocks at attractive valuations can generate attractive risk-adjusted returns over time.


*Growth capital is capital a company invests to grow, rather than to simply maintain, a business.


Tickers, CUSIPs
Class A: PIGFX, 723695102
Class C: FUNCX, 723695300
Class K: PFGKX, 723695706
Class R: PFGRX, 723695508
Class Y: FUNYX, 723695409


Investment Objective
Long-term capital growth


Russell 1000® Growth Index


Inception Date


Contact us to learn more!

Related Resources

Portfolio Management

Andrew Acheson
Managing Director
Director of Growth, US
Portfolio Manager

biography »



Paul Cloonan, CFA
Senior Vice President
Portfolio Manager

biography »

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