The milestone was reached on 31 December last year, when the exact growth rate of the fund reached 1,073,300.43%, based on the value of an investment at inception, according to figures from Lipper and Morningstar.
Pioneer Investments said according to Morningstar data, on dollar terms, $1,000 invested in Pioneer Fund’s A Shares at inception would have been worth about $10.73m at the end of 2010, assuming all dividends and capital gains distributions were reinvested.
The fund’s value-based investment philosophy, which is similar to that used by legendary US investor Warren Buffet, was developed by Pioneer’s founder Philip Carret and subsequently pursued by the fund’s managers, including its manager for the past 25 years, John Carey.
Carey, said: “The fund’s long term record can be attributed to our focus on the underlying business value of stocks, our close attention to investment fundamentals, and our dedicated independent research management effort.”
There are no known original shareholders of in the Pioneer Fund. The oldest known shareholders are from the 1950s.
