All Cap Value fund seekers should not consider taking a look at Pioneer Core Equity Fund A (PIOTX Quick QuotePIOTX - Free Report) at this time. PIOTX carries a Zacks Mutual Fund Rank of 5 (Strong Sell), which is based on various forecasting factors like size, cost, and past performance.

Objective

PIOTX is one of many All Cap Value funds to choose from. All Cap Value mutual funds buy stakes in companies in all three valuation categories: small, medium, and large-cap. However, they end up focusing on bigger firms due to percentage of assets. Most importantly, these funds look for key value characteristics, targeting stocks that boast low P/E ratios, high dividend yields, and whose share prices do not reflect their worth.

History of Fund/Manager

Amundi US is based in Boston, MA, and is the manager of PIOTX. Since Pioneer Core Equity Fund A made its debut in September of 1969, PIOTX has garnered more than $1.85 billion in assets. Craig Sterling is the fund's current manager and has held that role since May of 2015.

Performance

Of course, investors look for strong performance in funds. PIOTX has a 5-year annualized total return of 12.68% and is in the bottom third among its category peers. If you're interested in shorter time frames, do not dismiss looking at the fund's 3 -year annualized total return of 6.36%, which places it in the bottom third during this time-frame.

It is important to note that the product's returns may not reflect all its expenses. Any fees not reflected would lower the returns. Total returns do not reflect the fund's [%] sale charge. If sales charges were included, total returns would have been lower.

When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. Compared to the category average of 14.98%, the standard deviation of PIOTX over the past three years is 17.12%. Looking at the past 5 years, the fund's standard deviation is 17.83% compared to the category average of 15.72%. This makes the fund more volatile than its peers over the past half-decade.

Risk Factors

Investors should note that the fund has a 5-year beta of 0.97, which means it is hypothetically as volatile as the market at large. Alpha is an additional metric to take into consideration, since it represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which in this case, is the S&P 500. PIOTX has generated a negative alpha over the past five years of -2.44, demonstrating that managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.

Expenses

As competition heats up in the mutual fund market, costs become increasingly important. Compared to its otherwise identical counterpart, a low-cost product will be an outperformer, all other things being equal. Thus, taking a closer look at cost-related metrics is vital for investors. In terms of fees, PIOTX is a load fund. It has an expense ratio of 0.87% compared to the category average of 0.91%. Looking at the fund from a cost perspective, PIOTX is actually cheaper than its peers.

This fund requires a minimum initial investment of $1,000, and each subsequent investment should be at least $100.

Fees charged by investment advisors have not been taken into considiration. Returns would be less if those were included.

Bottom Line

Overall, Pioneer Core Equity Fund A ( PIOTX ) has a low Zacks Mutual Fund rank, and in conjunction with its comparatively weak performance, average downside risk, and lower fees, this fund looks like a somewhat weak choice for investors right now.

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