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Morningstar

Pioneer Multi-Asset Ultrashort Income A MAFRX

Morningstar Medalist Rating
Medalist Rating as of | See Amundi Investment Hub
  • NAV / 1-Day Return 9.55  /  0.05 %
  • Total Assets 4.3 Bil
  • Adj. Expense Ratio
    —
  • Expense Ratio 0.590%
  • Distribution Fee Level Above Average
  • Share Class Type No Load
  • Category Ultrashort Bond
  • Credit Quality / Interest Rate Sensitivity Medium / Limited
  • Min. Initial Investment 1,000
  • Status Open
  • TTM Yield 3.75%
  • Effective Duration 0.17 years

USD | NAV as of May 30, 2023 | 1-Day Return as of May 30, 2023, 10:29 PM GMT+0

Morningstar’s Analysis MAFRX

Will MAFRX outperform in future?

Get our overall rating based on a fundamental assessment of the pillars below.

Process Pillar

The Process Pillar is our assessment of how sensible, clearly defined, and repeatable MAFRX’s performance objective and investment process is for both security selection and portfolio construction.

People Pillar

The People Pillar is our evaluation of the MAFRX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

Parent Pillar

The Parent Pillar is our rating of MAFRX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Heavy on credit risk.

Senior Analyst R.J. D'Ancona

R.J. D'Ancona

Senior Analyst

Summary

Pioneer Multi-Asset Ultrashort Income takes too much credit risk for an ultrashort bond strategy, and recent management turnover still hangs over this team. Its cheapest share classes earn a Neutral Morningstar Analyst Rating, while its pricier shares are rated Negative.

by R.J. D'Ancona
Rated on Published on

Unlock our full analysis with Morningstar Investor

Portfolio Holdings MAFRX

More MAFRX Holdings
  • Current Portfolio Date Mar 31, 2023
  • Equity Holdings 0
  • Bond Holdings 943
  • Other Holdings 61
  • % Assets in Top 10 Holdings 4.9
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

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2.36
103,230,000
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81,455,529
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48,380,000
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Basket Collareal Us Triparty Repo

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45,220,000
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0.74
32,610,000
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Basket Collareal Us Triparty Repo

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32,610,000
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Federal National Mortgage Association 6%

0.72
31,640,586
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Prudential Funding Corp

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Standard Chartered PLC

0.53
23,312,101
Corporate