Pioneer Investments has launched the US Credit Recovery 2014 fund, designed to capture current value in credit markets. It is primarily a buy and hold strategy investing in investment grade corporate bonds with a maturity in 2014.

The objective is to provide income and capital appreciation over a five-year time horizon by primarily investing in a diversified portfolio of US dollar-denominated investment grade corporate debt and debt related instruments. 

It has a limited subscription period designed to lock-in implied yield available at portfolio launch and reduce the effect of dilution on the expected return.

At inception, the fund aims to have 50-70 issuers.