Pioneer fund hits the big 8-0

If an investor had invested $1,000 in the Pioneer Fund when it was launched in 1928, his or her heirs would be millionaires today. Pioneer Investments of Boston will mark its 80th anniversary this week when Dario Frigerio, global chief executive of the firm, Daniel K. Kingsbury, chief executive of Pioneer Investment Management USA Inc., and John Carey, manager of the Pioneer Fund, will participate in the closing-bell ceremony at the New York Stock Exchange on Wednesday. The firm was founded by legendary investor Philip Carret of Boston, who died in 1998 at the age of 101. Reportedly, he took what he learned while working as a reporter for Barron's and established the Pioneer Fund with just $25,000. Mr. Carret is known for being one of the first fundamental investors — those who research a company's intrinsic value with a long-term view. Pioneer has stuck with that investment strategy ever since. The flagship Pioneer Fund (PIODX) is a large-capitalization core fund with a value tilt, Mr. Carey said. The all-stock fund, which has about $7 billion in assets and 400,000 shareholders, invests mainly in the United States and also has about 9% of its assets in foreign securities. During Mr. Carey's 21-year tenure at its helm, the Pioneer Fund has produced an average annual return of 11%, according to Morningstar Inc. of Chicago. In its 80 years, the Pioneer Fund has weathered a lot of storms, including the Great Depression, a world war and 16 bear markets. But the fund's manager is focused on the future. "You realize that every day is a challenge, and you must post competitive results," Mr. Carey said. "With its history, it does offer some evidence that a steady long-term approach like this can work." Pioneer Investments has 44 mutual funds.