Pioneer Long/Short European Equity: Pioneer Alternative Investment Management

Tenth European Performance Awards 2010

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The Pioneer Long/Short European Equity fund successfully took advantage of the huge number of opportunities arising from the dislocation that took place in the markets at the end of 2008. The euro share class returned 16.2% in 2009.

This return, say managers Riccardo Cavo and Andrea Buda, far exceeded the mediocre 1.7% return from its comparable peer group and benchmark HFRI Equity Market Neutral index.

The fund's 2009 return was achieved with a low monthly volatility of 5.1%, less than a fifth