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Pioneer Makes Case for Liquid Alts In ‘Core’ Fixed-Income Holdings
FYI: In It’s All About Your Core, a new “Blue Paper” from Pioneer Investments, author Thomas Swaney makes the case for fixed income alternatives by providing historical evidence that the correlation between the performance of stocks and non-Treasury fixed income assets increases during bear markets. Regards, Ted http://dailyalts.com/pioneer-makes-case-liquid-alts-core-fixed-income-holdings/
The real issue is not whether Pioneer is making legit argument in the interest of investors, or whether it is simply marketing propaganda, since of course they have funds matching what they are "making a case" for.
The real issue is are they actually good at doing what they think is necessary.
One can make a case for having a balanced portfolio of stocks an then bonds and then have a sucky balanced fund. As far as Pioneer is concerned I was following PMAIX at one point since they tell a good story on their website. Maybe I can take a second look. First time the shop did not seem compelling to me. That was about the time ARTFX launched and then it became a no-brainer.
I'm thinking of a comparison between a balanced fund and a asset allocation target fund. In the fund of funds usually there is a small amount of high yield bond fund. So if the balanced also has a small percentage of high yield I really do not see a issue here.
Comments
The real issue is are they actually good at doing what they think is necessary.
One can make a case for having a balanced portfolio of stocks an then bonds and then have a sucky balanced fund. As far as Pioneer is concerned I was following PMAIX at one point since they tell a good story on their website. Maybe I can take a second look. First time the shop did not seem compelling to me. That was about the time ARTFX launched and then it became a no-brainer.
It depends on the percentage allocated.