Bond funds with exposure to nonagency mortgages have come under significant pressure in recent weeks, based in part on investor concern that the coronavirus pandemic may lead to mortgage forbearance. Pioneer Bond PBFKX is one of the most affected strategies. While the average category peer lost 6% from Feb. 20, 2020, through March 24, 2020, Pioneer Bond has lost 11%, making it one of the worst-performing intermediate core-plus bond funds over that period.
Will PICYX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable PICYX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the PICYX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of PICYX’s parent organization’s priorities and whether they’re in line with investors’ interests.