Pioneer Fundamental Growth Fund
Pioneer Series Trust X
Expense ratio
Net assets1
$7.46B
Holdings1
41
Category
US Equity
Return

Investment objective & strategy

As of July 25, 2024 · prospectus

Objective. Long-term capital growth.

Strategy. Normally, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of large companies, that is, companies similar in size to issuers included in the Russell 1000 Growth Index. The Russell 1000 Growth Index (the index) is a large capitalization index that measures the performance of those companies in the Russell 1000 Index with higher price-to-book ratios and higher forecasted growth values. On June 30, 2024, securities in the index had a market capitalization range from approximately $477 million to approximately $3.3 trillion. On June 30, 2024, the index had a median market capitalization of approximately $18.2 billion. The size of the companies in the index changes … Normally, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of large companies, that is, companies similar in size to issuers included in the Russell 1000 Growth Index. The Russell 1000 Growth Index (the index) is a large capitalization index that measures the performance of those companies in the Russell 1000 Index with higher price-to-book ratios and higher forecasted growth values. On June 30, 2024, securities in the index had a market capitalization range from approximately $477 million to approximately $3.3 trillion. On June 30, 2024, the index had a median market capitalization of approximately $18.2 billion. The size of the companies in the index changes constantly as a result of market conditions and the composition of the index. The fund's investments will not be confined to securities issued by companies included in the index. For purposes of the funds investment policies, equity securities include common stocks and other equity instruments, such as securities of other investment companies (including mutual funds, exchange traded funds and closed-end funds) that invest primarily in equity securities, depositary receipts, warrants, rights, equity interests in real estate investment trusts (REITs) and preferred stocks. The fund primarily invests in securities of U.S. issuers. The fund may invest in securities of issuers in any industry or market sector. The fund may invest in fewer than 40 securities. The fund may invest in initial public offerings of equity securities. The fund may invest up to 20% of its total assets in securities of non-U.S. issuers. The fund will not invest more than 10% of its total assets in the securities of emerging markets issuers. The fund may also invest in investment grade and below investment grade debt securities (known as junk bonds), including below investment grade convertible debt securities and securities of issuers that are in default. The fund may, but is not required to, use derivatives. The fund may use derivatives, such as stock index futures and options, for a variety of purposes, including: in an attempt to hedge against adverse changes in the market price of securities, interest rates or currency exchange rates; as a substitute for purchasing or selling securities; to attempt to increase the fund's return as a non-hedging strategy that may be considered speculative; to manage portfolio characteristics; and as a cash flow management technique. The fund may choose not to make use of derivatives for a variety of reasons, and any use may be limited by applicable law and regulations. The fund may also hold cash or other short-term investments. The funds investment adviser uses a growth style of management and seeks to invest in securities of issuers with above average potential for earnings and revenue growth. To select growth stocks, the adviser employs quantitative analysis, fundamental research, and an evaluation of the issuer based on its financial statements and operations, utilizing a bottom-up analytic style. Among other things, the adviser focuses on an issuers deployment of capital and return on capital. The adviser relies on the knowledge, experience and judgment of its staff and the staff of its affiliates who have access to a wide variety of research. The adviser focuses on the quality and price of individual issuers, not on economic sector or market-timing strategies. The adviser generally sells a portfolio security when it believes that the issuer no longer offers the potential for above average earnings and revenue growth or when the adviser no longer views the issuers deployment of capital or return on capital as favorable. The adviser makes that determination based upon the same criteria it uses to select portfolio securities. The adviser integrates environmental, social and corporate governance (ESG) considerations into its investment research process by evaluating the business models and practices of issuers and their ESG-related risks. The adviser believes ESG analysis is a meaningful facet of fundamental research, the process of evaluating an issuer based on its financial position, business operations, competitive standing and management. This process considers ESG information, where available, in assessing an investments performance potential. The adviser generally considers ESG information in the context of an issuers respective sector or industry. The adviser may consider ESG ratings provided by third parties or internal sources, as well as issuer disclosures and public information, in evaluating issuers. ESG considerations are not a primary focus of the fund, and the weight given by the adviser to ESG considerations in making investment decisions will vary and, for any specific decision, they may be given little or no weight. Notwithstanding the foregoing, the adviser generally will not invest fund assets in companies engaged in the production, sale, storage of, or providing services for, certain controversial weapons, including chemical, biological and depleted uranium weapons and certain antipersonnel mines and cluster bombs.

Top holdings

As of Dec. 31, 2024 · N-PORT
SecurityTickerValue% of fund
AMAZON.COM INC $581.27M 7.79%
MICROSOFT CORP $527.41M 7.07%
APPLE INC $416.28M 5.58%
MASTERCARD INC CL A $360.08M 4.82%
ALPHABET INC CL C $291.87M 3.91%
ORACLE CORP $262.07M 3.51%
AMPHENOL CORPORATION CL A $252.83M 3.39%
SALESFORCE INC $230.25M 3.09%
LILLY ELI and CO $222.86M 2.99%
UBER TECHNOLOGIES INC $210.90M 2.83%
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Allocation by sector

As of December 31, 2024 · N-PORT
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Portfolio moves

Sep 30, 2024 → Dec 31, 2024
Opened
1
Exited
1
Increased
6
Decreased
34
Unchanged
0

How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.

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Footnotes

  1. Net assets and holdings count as of December 31, 2024, from the fund's N-PORT filing.

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