Amundi US Celebrates Anniversaries of Two Fixed Income Funds Focusing on ILS and CAT Bonds
BOSTON–(BUSINESS WIRE)–
Amundi US, the US business of Amundi, one of the world’s ten largest asset managers by assets under management1, celebrated the anniversaries of two funds focusing on Insurance-Linked Securities (ILS) and Catastrophe Bonds (CAT bonds), which are rapidly growing fixed income market segments. With a 17-year history of investing in the asset classes, Amundi US is a leading investor in the ILS and CAT bond markets and offers a range of investment solutions.
Pioneer CAT Bond Fund
The Fund, which offers investors daily liquidity, marked its second anniversary with an annualized total return since inception of 14.44% through January 31, 2025. As of the end of January 2025 the Fund had over $700 million in assets under management.
Pioneer ILS Interval Fund
The Fund, which offers quarterly liquidity, marked its 10th anniversary with an annualized total return of 5.21% through January 31, 2025. As of the end of January 2025 the Fund had $652 million in assets under management.
Please see complete performance and important information for both Funds on following page.
Chin Liu, Director of Insurance-Linked Securities, Director of Fixed Income Solutions, and Portfolio Manager of Pioneer CAT Bond Fund and Pioneer ILS Interval Fund, said, “We continue to believe both of these differentiated fund offerings are attractive options for investors seeking alternative income solutions. ILS has historically exhibited low return correlations* to equity and fixed income markets, offering valuable portfolio allocation and diversification** benefits. Many of the favorable market trends that we witnessed over the past few years, including more demand from the insurance industry for capital relief and elevated ILS yield spreads potential remain firmly in place entering 2025.”
Jonathan Duensing, Head of Fixed Income, US, at Amundi US, said “Investments in Insurance-Linked Securities and CAT bonds are a longstanding core competency of our fixed-income team. We have been pleased with investor reception for this asset class and acknowledgment of potential investment benefits of allocating to the market segment.”
For more information, including additional performance detail and holdings for Pioneer CAT Bond Fund please visit amundi.com/usinvestors/Products/Consider-Low-or-Uncorrelated-Allocations/Pioneer-CAT-Bond-Fund and for Pioneer ILS Interval Fund visit amundi.com/usinvestors/Products/Consider-Low-or-Uncorrelated-Allocations/Insurance-Linked-Securities/ILS-Pricing-Performance
Information as of January 31, 2025, unless otherwise noted.
Pioneer CAT Bond Fund – Performance Returns as of January 31, 2025
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Fund Class Y |
Cumulative Returns |
Average Annual Total Return |
Expense Ratio |
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1-month |
3-months |
6-months |
1-year |
Since Inception |
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0.46% |
3.03% |
9.13% |
14.23% |
14.44% |
Gross: 2.12% |
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The Net Expense Ratio reflects contractual expense limitations currently in effect through March 1, 2025. |
Pioneer ILS Interval Fund – Performance Returns as of January 31, 2025
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Fund |
Cumulative Returns |
Average Annual Total Return |
Expense Ratio |
|||||
|
1-month |
3-months |
6-months |
1-year |
5-years |
10-years |
Since Inception |
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-1.34% |
2.50% |
7.58% |
15.81% |
8.34% |
5.24% |
5.21% |
1.95% |
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Call 1-800-225-6292 for Pioneer CAT Bond Fund or 1-844-391-3034 for Pioneer ILS Interval Fund or visit amundi.com/usinvestors 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. All results are historical and assume the reinvestment of dividends and capital gains. NAV results represent change in net asset value per share. Performance is net of all fees. Periods of less than one year are not annualized. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, fund performance wouldbe 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.
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.
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*Correlation is the degree to which assets or asset class prices have moved in relation to one another. Correlation ranges from -1 (always moving in opposite directions) through 0 (absolutely independent) to 1 (always moving together). |
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** Diversification does not assure a profit or protect against loss. |
A Word About Risk: Pioneer CAT Bond Fund
The Fund invests primarily in catastrophe bonds (CAT) and other forms of insurance-linked securities (ILS). The Fund could lose a portion or all of the principal it has invested in catastrophe bonds, and the right to additional interest and/or dividend payments with respect to the security, upon the occurrence of one or more pre-defined trigger events. Trigger events may include natural or other perils of a specific size or magnitude that occur in a designated geographic region during a specified time period, and/or that involve losses or other metrics that exceed a specific amount. The size of the ILS market may change over time, which may limit the availability of ILS for investment. The availability of ILS in the secondary market may also be limited. Investments in high yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity, and possibility of default. The market price of securities may fluctuate when interest rates change. When interest rates rise, the prices of fixed income securities held by the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed income securities held by the Fund will generally rise. Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. ILS in which the Fund invests may have limited liquidity or may be illiquid and, therefore, may be impossible or difficult to purchase, sell, or unwind. Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, and economic and political conditions. The Fund may use derivatives, such as swaps, inverse floating-rate obligations and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on the Fund’s performance. Derivatives may have a leveraging effect. To the extent the Fund invests a significant percentage of its assets in a single industry, such as the insurance segment, the Fund may be particularly susceptible to adverse economic, regulatory or other events affecting that industry. As a non-diversified Fund, the Fund can invest a higher percentage of its assets in the securities of any one or more issuers than a diversified fund. Being non-diversified may magnify the Fund’s losses from adverse events affecting a particular issuer. Please see a prospectus for a complete discussion of the Fund’s risks.
A Word About Risk: Pioneer ILS Interval Fund
The Fund invests primarily in catastrophe bonds (CAT) and other forms of insurance-linked securities (ILS). The Fund could lose a portion or all of the principal it has invested in catastrophe bonds, and the right to additional interest and/or dividend payments with respect to the security, upon the occurrence of one or more pre-defined trigger events. Trigger events may include natural or other perils of a specific size or magnitude that occur in a designated geographic region during a specified time period, and/or that involve losses or other metrics that exceed a specific amount. The size of the ILS market may change over time, which may limit the availability of ILS for investment. The availability of ILS in the secondary market may also be limited. Investments in high yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity, and possibility of default. The market price of securities may fluctuate when interest rates change. When interest rates rise, the prices of fixed income securities held by the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed income securities held by the Fund will generally rise. Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. ILS in which the Fund invests may have limited liquidity or may be illiquid and, therefore, may be impossible or difficult to purchase, sell, or unwind. Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, and economic and political conditions. The Fund may use derivatives, such as swaps, inverse floating-rate obligations and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on the Fund’s performance. Derivatives may have a leveraging effect. To the extent the Fund invests a significant percentage of its assets in a single industry, such as the insurance segment, the Fund may be particularly susceptible to adverse economic, regulatory or other events affecting that industry. As a non-diversified Fund, the Fund can invest a higher percentage of its assets in the securities of any one or more issuers than a diversified fund. Being non-diversified may magnify the Fund’s losses from adverse events affecting a particular issuer. Please see a prospectus for a complete discussion of the Fund’s risks.
The views expressed regarding market and economic trends are those of Amundi Asset Management US, Inc. (“Amundi US”) as of January 31, 2025, and are subject to change at any time. These views should not be relied upon as investment advice, as securities recommendations, or as an indication of trading intent on behalf of any portfolio.
About Amundi US
Amundi US is the US business of Amundi, Europe’s largest asset manager by assets under management and ranked among the ten largest globally1. Boston is one of Amundi’s six main global investment hubs2 and offers a broad range of fixed-income, equity, and multi-asset investment solutions in close partnership with wealth management firms, distribution platforms, and institutional investors across the Americas, Europe, and Asia-Pacific.
With our financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape. Amundi clients benefit from the expertise and advice of 5,7003 team members and market professionals in 35 countries3. A subsidiary of the Crédit Agricole group and listed on the Paris stock exchange, Amundi currently manages approximately $2.325 trillion of assets3.
Amundi, a Trusted Partner, working every day in the interest of our clients and society
Follow us on linkedin.com/company/amundi-us/ and x.com/amundi_us.
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1 |
Source: IPE “Top 500 Asset Managers” published in June 2024, based on assets under management as of December 31, 2023. |
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Boston, Dublin, London, Milan, Paris, and Tokyo |
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3 |
Amundi data as of 12/31/2024 |
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your advisor or Amundi US for a prospectus or summary prospectus containing this information. Read it carefully.
Individuals are encouraged to seek advice from their financial, legal, tax, and other appropriate professionals 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 US does not provide investment advice or investment recommendations.
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Securities offered through Amundi Distributor US, Inc. 60 State Street, Boston, MA 02109 Underwriter of Pioneer mutual funds, Member SIPC ©2025 Amundi Asset Management US |
Not FDIC Insured |
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Press:
Amundi US
Geoffrey Smith
617-504-8520
[email protected]
KEYWORDS: Massachusetts United States North America
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