Pioneer Investments is reshuffling its fund lineup including reorganizing four domestic equity funds and liquidating another.
Initially, the Pioneer Research Fund, a 4-star rated fund, will reorganize into the 1-star rated Pioneer Value Fund, with the combined fund having the same investment strategies as the Pioneer Research Fund, which bets on companies with long-term capital growth. The combined fund will be named Pioneer Core Equity Fund.
Subject to shareholder approval, the Pioneer Value Fund also will adopt a new management fee (50 basis points of the fund's average daily net assets).
Also, the Pioneer Disciplined Value Fund will reorganize into Pioneer Fundamental Value Fund, with the combined fund having the same investment strategies and managed by the management team of the Pioneer Disciplined Value Fund. The combined fund will be named Pioneer Disciplined Value Fund.
The Pioneer Independence Fund will also adopt the Pioneer Disciplined Growth Fund, forming the Pioneer Disciplined Growth Fund, and the Pioneer Select Mid Cap Growth Fund will reorganize into Pioneer Growth Opportunities Fund, forming the Pioneer Select Mid Cap Growth Fund.
The reorganizations are effective in April or May 2013.
On the liquidation front, the Pioneer Equity Opportunity Fund will be liquidated in March 2013. “With approximately $24 million in assets under management on December 31, 2012, Pioneer determined that the fund is too small to remain economically viable,” according to a firm statement.
And a change is also taking place regarding the portfolio management team for Pioneer Mid Cap Value Fund. Effective January 22, Ned Shadek will be named a portfolio manager, joining current PM Timothy Horan. Rod Wright is leaving the firm to pursue other opportunities, according to the firm.