ࡱ> q` fbjbjqPqP 3::^`...V!!!8"DJ"Dj62"#2#2#2#c'I(D($6666666$7h7:B6./&c'//B62#2#W6%2%2%2/jl2#.2#6%2/6%2%25,.P52#" P$A!]056m606$5,:0:P5:.P5(*N%2+ ,(((B6B62"(((6////jjjd!jjj!BDR  Evaluation of Returns for an ORP Provider: Pioneer Investments Mutual funds FINA / MANA 7397 Behavioral Finance Summer I June 30, 2005 Prepared By: Keith Anderson Cheuk Ng Jared Thibodaux Ryan Williams Executive Summary Is the market truly efficient? Is it possible for a single person or group of investors to beat the market? The Efficient Market Hypothesis (EMH) would have you believe the answer to be no. A firm believer in the EMH would argue that all investments should be tied to a large index such as the Dow Jones or S&P 500. The reasons for this being, all information is currently included in the prices reflected in financial markets, and the market can not be beaten in the long run. However, the EMH can not explain certain anomalies that arise on occasion that create opportunities for savvy investors to capitalize on the irregularity. Behavioral Finance theory comes into play during these idiosyncrasies. The belief that there are behavioral and psychological variables in play during investment in the stock market is one example. By understanding these tendencies, a wise and astute investor can be provided an opportunity for profit. The purpose of the analysis provided in this report is to determine if a particular optional retirement provider (ORP), Pioneer Funds, would be a good investment choice. In relation to behavioral finance theory, are the managers at Pioneer Funds able to beat the relevant indices, or even a competitors fund, is the evaluation method chosen. The results give some question as to whether or not EMH really is valid, and will be explained. A savvy investor must spend a great deal of time evaluating the market. Very few investors have the time or resources to spend on this task. As a result, mutual funds have become very popular. Mutual funds allow busy investors to diversify their portfolio, while relying on an expert to manage the fund. The trick is to pick a mutual fund provider that consistently shows higher percentage gains than a chosen index. For this analysis, all forty of Pioneers funds were compared to relevant benchmarks. Morningstar was used to research the funds performance, and provide an expert rating system. Morningstar uses stars to rate funds, one star is low and five stars is the best rating. The number of stars awarded by Morningstar was included in the analysis of each of Pioneers performance evaluation. Pioneer Funds had a history of out performing the market by at least a percentage point, but research uncovered that the fund is now managed by a large multinational Italian firm. In the past, it was managed by Phillip Carret. Philip was considered by many to be an investment wizard, and he was the main source behind the performance success. Therefore, the funds history has very little to do with how it is managed today. The point is relevant when considering Pioneers high expense ratios. The results showed that Pioneer funds would not be a good choice for an ORP. The majority of the forty funds under performed the index, and received low ratings from Morningstar. Many of the funds were not even rated at all. The expense ratios for Pioneer were much higher than expected, and are most likely a material reason the funds under perform their benchmarks. The analysis was only done on one ORP offered on University of Houstons website, but one could make the conclusion that the EMH is correct in relation to these funds. The Pioneer experts are not able to consistently beat the market; this would, however, be a false assumption for all ORPs. The sample size of one provider is not statistically large enough to make such a conclusion. The recommendation regarding Pioneer funds is to mark it off of the potential provider list. A similar analysis should be done on the remaining ORP choices, and the list should be adjusted accordingly. The University of Houston should provide the analysis in order for participants to make informed decisions. After all, the point of mutual funds is that many people do not have time, and require the services of a good fund manager. Introduction The purpose of this project is to evaluate returns for an individual participating in the Optional Retirement Program (ORP), which is an individualized defined contribution plan in which each participant selects from a variety of investments offered by several companies through annuity contracts or mutual fund investments. It should be noted that individuals who elect to enroll in the ORP must be working in the public education field and eligible to participate in the Teacher Retirement System of Texas (TRS). Since participants manage their own personal investment accounts instead of utilizing retirement fund managers, there is a high degree of risk associated with joining ORP. The participants selection should be dependent on his investment strategy (e.g. risk aversion or risk taker), tax situation, and other factors such as the predicted retirement age of the participant. When choosing a fund, it is important that the participant aligns his goal with that of the mutual funds goal, whether it is an aggressive or conservative approach. To help with the selection process of a mutual fund, the UH Office of Human Resources is currently reviewing fifteen potential ORP fund offerings. In this project, our team will present a comprehensive review of mutual funds offered by The Pioneer Group and is based on temporal and index benchmarks. The data should be able to provide ORP participants key information that will help them make a decision that best fits their strategy and situation. Important Aspect of Mutual Funds To be successful in the stock market, investors must be able to have the money and penchant to build a portfolio. In addition, investors must place a high demand on time and effort in identifying, researching, and monitoring stocks in the investment portfolio. Mutual funds have gained popularity among investors who are not skilled or savvy enough to manage their investment portfolio or are seeking ways to diversify their risks. Also, mutual funds allow the investor to be active in several different types of investments (e.g. stocks, bonds, and funds) rather than potentially choosing only a small number of stocks. In a cruder sense, mutual funds can be described as a pool of money in which a fund manager invests in various market securities. In this manner, each investor shares proportionately in the funds investment returns the income (dividends or interest) paid on the securities and any capital gains or losses caused by the sale of securities held by the fund (Mutual Fund Basics, 2005: 37). Diversification and fund management expertise are some advantages when deciding to invest in individual securities or mutual funds. A single mutual fund may contain hundreds and even thousands of different securities, which may be more than what an individual investor could afford to purchase on his own (Mutual Fund Basics, 2005: 38). In addition, since mutual funds are a diversified portfolio, it becomes very attractive to risk-averse investors who fear the potential of large financial losses due to problems of a particular company or industry sector. Experienced fund managers run mutual funds; therefore, it becomes appealing to investors who do not have the time or expertise to manage their personal investments on a daily basis and are unable to monitor the sheer volume of different stocks available in the financial markets. To make more intelligent decisions in their buying and selling of various securities, fund managers have access to resources such as detailed research about the company, current market information, and experienced securities traders. On the other hand, there are some hidden risks in choosing mutual funds. While diversification mitigates risk in the financial market, it also limits the potential gains for investor if the value of the particular stock in question suddenly rises and shows sustainable gains. However, it should also be noted that diversification does not necessarily mitigate potential losses for the investor since there could be an overall decline in the financial market such as a bubble. Investors should also be aware that their stakes in mutual funds could also suffer from diminished returns due to the price of commission and fees paid to fund managers. When poring through the performance of different mutual funds offered in the financial market, there is a listing of management tenure and style. Mutual funds can be reviewed and categorized by its investment strategy. For example, the fund manager may be setting an aggressive goal of generating income and growing capital or the manager may be intent on following a passive strategy in order to generate a modest return (Lott, 2005: 1). Money-market funds, the fund of funds, index funds, balanced funds, and large cap stock funds are funds that may be classified from low- to medium-risk funds. Money-market funds invest in short-term securities that pay a modest rate of interest. This entails a low degree of risk; therefore, its strategy is to uphold the principal amount of the fund while generating a modest return. The fund of funds is a mutual fund that holds shares of other mutual funds; thus, seeking to achieve a low degree of risk by high diversification. Passive fund managers usually manage index funds that track and follow the performance of the market. For example, the index fund may be based on the S&P 500 Index; therefore, the fund manager would buy only shares of stock in that index, which would dramatically minimize the amount of trading activity. Bonds are fixed income securities since the cash flows that the bondholder will receive have been fixed or pre-specified in the bond contract (Boehme, 2004: 1). Balanced funds invest in both stocks and bonds. These investments are highly diversified and have a fair degree of risk; therefore, its strategy is to grow the principal and generate income. Mutual stock funds can also be classified based on the sheer size and scale of the company. Proponents of large cap stock funds will buy shares of big companies like Wal-Mart in which the stock prices tend to be relatively stable and there is an issuance of a competitive dividend. Pure bond funds, pure stock funds, mutual stock funds, and international funds are those funds that may be classified as medium- to high-risk investments. Pure bond funds invest in medium- to long-term bonds that are issued by corporations; therefore, its strategy is to generate income while upholding principal until it reaches its stated value or par value at maturity. These type of bonds can carry a high degree of risk since holding long-term bonds may subject it to rising interest rates and hence, reducing the value of the bond. Aggressive fund managers may be interested in pure stock funds and would consider buying a high number of shares in many different types of companies that has enormous potential growth. Pure stock funds entail a high degree of risk since it is an aggressive growth fund aimed at capital growth while at the same time neglecting dividend income. For example, a fund manager might seek to buy the initial public offerings of small companies and sell these shares in the short-term to gain higher profit margins. Small cap stock funds are those in which fund managers buy shares of small companies. These funds tend to be highly volatile and also entail a high degree of risk since it is usually an initial public offering and the realization that these companies may never pay a dividend in the short- or medium-term. Mid-cap stock funds are less volatile than small cap stock funds but more volatile than large cap stock funds. International funds are those in which the fund manager invests in the stocks and bonds of companies located abroad. The degree of risk varies based on the volatility of the financial market abroad. History of Pioneer Investments Pioneer Investments stared as the Pioneer Fund in 1928 by Philip Carret. Philip Carret was an Investing Wizard that was friends with legend Warren Buffet and both traded ideas over the years. Philips fifty five (55) year history of investing averaged a return of +13%. The mean return for the S&P from the years 1938 to 2004 was 12%. It looks as if he beat the market by 1%. Today Uni Credito Italiano Banking group based in Milan, Italy, owns Pioneer Global Asset Management (PGAM) that manages Pioneer Investments. Pioneer Investments has 180 investors in investment centers in Boston, Dublin, Milan, and Singapore. PGAM manages approximately $35 billion investments in the U.S. with $150 billion worldwide. Pioneer manages approximately forty (40) mutual funds that we evaluated. Evaluation Method Morningstar was our main source used in evaluating the ORPs provider, Pioneer Investments, mutual funds. We evaluated using three criteria. The first criterion was actually using a star rating system for Pioneers funds. The rating system is provided by Morningstar, and rates all the mutual funds by providing a number of "stars", one to five, with five being the best. The next criterion was to compare Pioneer Investment mutual funds to a competitors funds. The number of mutual funds on the market today is so plentiful that it made choosing a competitor a daunting task. Taking this in to account, we used Morningstars mutual fund categories to help in the selection. These categories separate the mass of mutual funds on the market into fifty one different classes ranging from Conservative Allocation to World Bonds. While researching the ratings for each individual Pioneer mutual fund being evaluated, special note of the category was recorded. We then proceeded to look up mutual funds in the same category, utilizing Morningstars search engine, to find a competitor. We collected the data from the competitor and compared it to Pioneers fund. The data used for this comparison was: Expense Ratio expresses the percentage of assets deducted each fiscal year for fund expenses which include management fees, administrative fees, operating costs, and all other asset-based cost incurred by the fund. Management Tenure the amount of time the manager has spent on the fund. YTD (Year to date) percentage return for this year to the date 3 year percentage return for the last three years 5 year percentage return for the last five years 10 year/life percentage return for the last ten years or life of the fund. Our last criterion was to compare the return of the Pioneer fund to the relevant indices for the YTD, 3-year, 5-year, and 10-year/life. Once all these comparisons were made we took them into account and valued each fund. Results Pioneer Fund Expenses The Pioneer fund family charges fairly high expense ratios, which negatively affect their fund net returns. Expense ratios represent the amount a specific fund charges for the management of the funds. This charge is expressed as a percentage. The returns quoted by a fund reflect these costs. The only certainty about a funds future is the expenses, which are assessed regardless of whether a funds performance has been relatively good or bad. It is nearly impossible for portfolio managers to overcome high expenses relative to similar funds with average or low expenses The American Association of Individual Investors (AAII) recommends that fixed income expense ratios should be 1.00% or less and equity funds should not be greater than 1.50%. Pioneers average fixed income expense ratio is 1.78% with some of their funds reaching almost 2.00%. Pioneers average equity expense ratio is 2.32% with the low end of 1.83% and the high end of 3.18%. This represents a very high hurdle for Pioneers managers to surpass on an annual basis. Pioneers Equity Fund Style Pioneer has 22 equity funds, 19 of which fall into the traditional style box categories (see Figure 1). Almost 60% of their funds focus on large companies. Pioneer funds also manage a large group of growth funds that represent almost 50% of their offerings. If an investor selects a single fund family for their entire portfolio, it is important to have a broad range of options to select from. Morningstar Ratings Pioneers results can be measured using Morningstars Star Ratings. Morningstar is an independent group that tracks mutual funds. Their Star Ratings are a quick method to evaluate mutual funds. Morningstar assigns a rating to mutual funds from 1 to 5 stars with 5 representing the most favorable rating. The rating takes into account relative risk adjusted return over multiple time periods including all fees and expenses. Pioneers Star Ratings can be found below in Figure 2. 40% of Pioneers funds were not rated under Morningstars system. This is largely because many of the funds either are too new to have a measurable track record or they are of a unique class that cannot be compared fairly against other groups. Of Pioneers funds that are rated, 42% have either 1 or 2 stars, 46% have 3 stars and 13% have 4 stars. Pioneer does not have any funds with a 5 star rating.  Comparison to Specific Benchmark We compared Pioneers funds against relevant benchmarks specific to their specialty for a 3-year return period (see Figure 4). This results in an apples to apples comparison and is an accurate measurement of how the funds performed Of the 26 funds included in this measurement, 18 under performed their benchmarks and 8 outperformed their benchmarks. The average for the group resulted in an underperformance of over 2.3%. On the low end, two companies under performed by almost 12%. On the high end one company over performed by slightly more than 6.6%.  Conclusion A person looking to choose an ORP from the list provided on the University of Houston website should do their homework on each of the fund options available from all the providers. At a minimum, research the ones that are the most probable choices. We believe that investors should maintain a diversified portfolio in order to minimize the potential exposure to loss inherent with concentration in a small number of investments while maintaining the opportunity for positive returns when the market does well. Each investor must determine their own risk tolerance and make the appropriate asset allocation selection for their specific needs. When Pioneer Funds was originally chosen for this analysis, the group assumed the results would be favorable. Pioneer has been in the mutual fund business for over 75 years and has strong name brand recognition. The organization has numerous investors contributing over $150 billion for their management services. As is apparent from the results of this analysis, Pioneer Funds are not a very wise investment. In general, Pioneers portfolio of funds under performed both the S&P 500 Index and temporal benchmarks. Our results demonstrated that approximately half of Pioneers equity funds produced returns less than the S&P 500 Index based on 3-year returns. The funds that outperformed the index did so because they focused on sectors that were in favor during this time period. Pioneers shortcomings were even more evident when another comparison was performed on a truer and broader number of funds. We looked at specific benchmarks related to Pioneers individual funds over the same 3-year return period. Approximately two-thirds of the funds under performed their specific benchmark, due to a number of the funds under performing by a significant amount. The Efficient Market Hypothesis leads us to believe that the market prices reflect the true intrinsic value based on the information available. If this were true, then fund managers would have a difficult time outperforming an index over a long period of time. Any expense related in running the mutual funds would increase the hurdle rate necessary to beat a funds index. The higher the expense ratios a fund has, the harder it is for a mutual fund to outperform an index over the long term. Pioneers high expense ratios seem to be a large issue working against their performance. The fund familys ratios are significantly higher than the industry average for both their equity and fixed end offerings. Additionally, Pioneer performs poorly when compared with their peers in the Morningstar mutual fund ratings. A few of their funds are slightly above average, but the vast majority are either average or below average. Pioneer Funds is a large well established organization but they have high expenses and generally below average returns. As a result, our recommendation would be to cross this provider off the list of potential choices. A similar analysis should be done on each of the ORP choices available. Only then can a prudent decision be made as to which ORP, or mix of ORPs, should be chosen. An index strategy should be adopted unless there is evidence that the providers can outperform the index results. The analysis was conducted with good faith and diligence, but there are limitations that should be considered. All the data was collected from Morningstar and Pioneers websites. The star ratings were unique to Morningstar, and another website may have provided different results. The group felt that Morningstar was a creditable source, but this is a subjective choice. Pioneer was the only ORP evaluated, and may not be the worst choice depending on the results of the others. Our results tended to support the EMH, but one ORP with 40 funds is a small statistical sample size and is not significant enough to make an assumption on the market as a whole. Removing Pioneer from the list of ORP choices is a strong recommendation. It is feasible that a person could pick Pioneer as their ORP, and then only invest in the funds that are showing good returns. The recommendation is based on the poor performance of the ORP as a whole, and not segmented by its various funds. Also, detailed information was not available about the individuals actually managing the funds. There was no way to account for attrition, expertise, workload, and good or bad luck on behalf of the managers. Finally, the analysis can not explain why a lot of people have already invested in Pioneer funds in spite of the poor results we found. Remember that including Pioneer funds, PGAM manages approximately $35 billion investments in the U.S. with $150 billion worldwide. References AAII:  HYPERLINK "http://www.aaii.com/faqs/mfunds.cfm" http://www.aaii.com/faqs/mfunds.cfm Morningstar:  HYPERLINK "http://www.morningstar.com" http://www.morningstar.com Pioneer:  HYPERLINK "http://www.pioneerfunds.com" http://www.pioneerfunds.com Boehme, Rodney (2004): Managerial Finance Notes (Spring 2004). Chapter 5 How to Value Stocks and Bonds. University of Houston. Brills Mutual Funds Interactive (2005). Mutual Fund Alert.  HYPERLINK "http://www.brill.com/features/wm05052.html" http://www.brill.com/features/wm05052.html Texas Higher Education Coordinating Board Staff (2003). An Overview of TRS and ORP for Employees Eligible to Elect ORP.  HYPERLINK "http://www.thecb.state.tx.us/reports/pdf/0419.pdf#search='orp" http://www.thecb.state.tx.us/reports/pdf/0419.pdf#search='orp University of Houston (2005). Human Resources Section 9 Retiree Benefits.  HYPERLINK "http://www.uh.edu/af/survival/index_files/Page1162.htm" http://www.uh.edu/af/survival/index_files/Page1162.htm Vanguard (2005). Mutual Fund Basics.  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