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PUSAX Principal Preferred Securities R1

  • Fund
  • PUSAX
  • Price as of: Aug 08, 2016
  • $10.22
  • + $0.02
  • + 0.20%
  • Category
  • Preferred Stock/Convertible Bonds

PUSAX - Profile

Vitals

  • YTD Return 1.7%
  • 3 Yr Annualized Return 6.1%
  • 5 Yr Annualized Return 6.5%
  • Net Assets $5.77 B
  • Holdings in Top 10 16.7%

52 WEEK LOW AND HIGH

$10.22
$9.64
$10.24

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.58%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 16.90%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$0

IRA

N/A

Investment Themes

CATEGORY

Preferred Stock/Convertible Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style Preferred Stock

Distributions

  • YTD Total Return 1.7%
  • 3 Yr Annualized Total Return 6.1%
  • 5 Yr Annualized Total Return 6.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.27%
DIVIDENDS
  • Dividend Yield 0.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Principal Preferred Securities Fund
  • Fund Family Name Principal Funds
  • Inception Date Nov 01, 2004
  • Shares Outstanding N/A
  • Share Class Retirement
  • Currency USD
  • Domiciled Country United States
  • Manager Manu Krishnan

Fund Description

The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in preferred securities at the time of purchase. It concentrates its investments (invests more than 25% of its net assets) in securities in the U.S. and non-U.S. financial services (i.e., banking, insurance and commercial finance,) industry. The fund also regularly invests in the real estate investment trust (i.e. REIT) and utility industries.

PUSAX - Performance

Return Ranking - Trailing

Period PUSAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 1.7% -8.9% 11.1% 74.31% 4
1 Yr 5.1% -11.9% 11.6% 37.61% 2
3 Yr 6.1% * -3.7% 9.2% 34.65% 2
5 Yr 6.5% * 2.8% 10.4% 55.32% 3
10 Yr 5.9% * 4.2% 8.4% 50.68% 3

* Annualized


Return Ranking - Calendar

Period PUSAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -1.2% -17.9% 1.5% 16.67% 1
2014 N/A N/A N/A N/A N/A
2013 N/A N/A N/A N/A N/A
2012 N/A N/A N/A N/A N/A
2011 N/A N/A N/A N/A N/A

Total Return Ranking - Trailing

Period PUSAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 1.7% -8.9% 11.1% 74.31% 4
1 Yr 5.1% -15.9% 11.6% 27.52% 2
3 Yr 6.1% * -4.9% 9.2% 28.71% 2
5 Yr 6.5% * 2.4% 10.4% 48.94% 3
10 Yr 5.9% * 4.2% 8.4% 49.32% 3

* Annualized


Total Return Ranking - Calendar

Period PUSAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -1.2% -17.9% 1.5% 16.67% 1
2014 N/A N/A N/A N/A N/A
2013 N/A N/A N/A N/A N/A
2012 N/A N/A N/A N/A N/A
2011 N/A N/A N/A N/A N/A

NAV & Total Return History

PUSAX - Holdings

Filings data as of: Jun 30, 2016

Concentration Analysis

PUSAX Category Low Category High PUSAX % Rank Quintile
Net Assets 5.77 B 683 K 5.85 B 1.83% 1
Number of Holdings 312 6 312 0.92% 1
Net Assets in Top 10 937 M -62.9 M 1.09 B 1.83% 1
Weighting of Top 10 16.7% 16.4% 102.9% 22.02% 5

Top 10 Holdings

  1. Jpmorgan Chase FRN 2.70%
  2. General Elec FRN 3.18%
  3. Rabobank Nederland 144A FRN 1.48%
  4. Bk New York Mellon FRN 1.34%
  5. Nationwide Finl Svcs FRN 1.32%
  6. Prudential Finl FRN 1.24%
  7. Sompo Japan Ins 144A FRN 1.17%
  8. Centaur Fdg Pfd 144A 1.73%
  9. Wells Fargo & Co, San Francisco Ca Pfd 1.41%
  10. Liberty Mut Grp 144A FRN 1.09%

Asset Allocation

Weighting Category Low Category High PUSAX % Rank Quintile
Preferred Stocks
41.64% 0.00% 69.22% 3.67% 1
Bonds
38.46% -50.44% 51.89% 5.50% 1
Cash
8.57% 0.09% 61.59% 4.59% 1
Stocks
5.46% -7.43% 31.56% 14.68% 4
Convertible Bonds
4.82% 0.00% 96.79% 18.35% 4
Other
1.04% -2.11% 43.47% 10.09% 2

Stock Sector Breakdown

Weighting Category Low Category High PUSAX % Rank Quintile
Financial Services
3.59% -1.12% 7.05% 4.90% 1
Industrials
0.52% -0.97% 3.18% 10.78% 3
Communication Services
0.46% -0.78% 4.45% 5.88% 1
Real Estate
0.07% 0.00% 31.50% 7.84% 2
Utilities
0.05% -0.31% 5.96% 15.69% 4
Healthcare
0.00% -1.18% 2.75% 11.76% 3
Energy
0.00% -0.41% 2.04% 8.82% 3
Technology
0.00% -1.66% 5.93% 6.86% 3
Consumer Defense
0.00% -0.92% 4.50% 13.73% 3
Consumer Cyclical
0.00% -0.99% 5.73% 8.82% 3
Basic Materials
0.00% -0.24% 3.28% 4.90% 2

Stock Geographic Breakdown

Weighting Category Low Category High PUSAX % Rank Quintile
US
3.08% -8.59% 31.56% 17.43% 4
Non US
2.38% 0.00% 4.08% 4.59% 1

Bond Sector Breakdown

Weighting Category Low Category High PUSAX % Rank Quintile
Corporate
84.92% 22.79% 97.94% 12.84% 3
Cash & Equivalents
8.57% 0.00% 65.22% 3.67% 1
Securitized
0.00% 0.00% 2.22% 11.01% 3
Derivative
0.00% -5.64% 4.33% 2.75% 1
Municipal
0.00% 0.00% 0.21% 2.75% 1
Government
0.00% -56.81% 12.39% 5.50% 1

Bond Geographic Breakdown

Weighting Category Low Category High PUSAX % Rank Quintile
US
24.99% -54.82% 31.01% 3.67% 1
Non US
13.47% 0.00% 26.00% 4.59% 1

PUSAX - Expenses

Operational Fees

PUSAX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.58% 0.38% 6.56% 27.52% 4
Management Fee 0.70% 0.36% 1.15% 6.42% 2
12b-1 Fee 0.35% 0.00% 1.00% 9.41% 3
Administrative Fee 0.28% 0.01% 0.40% 7.27% 5

Sales Fees

PUSAX Fees (% of AUM) Category Low Category High PUSAX Rank Quintile
Front Load N/A 2.00% 5.75% N/A N/A
Deferred Load N/A 1.00% 5.00% N/A N/A

Trading Fees

PUSAX Fees (% of AUM) Category Low Category High PUSAX Rank Quintile
Max Redemption Fee N/A 1.00% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PUSAX Fees (% of AUM) Category Low Category High PUSAX Rank Quintile
Turnover 16.90% 16.90% 368.00% 21.10% 1

PUSAX - Distributions

Dividend Yield Analysis

PUSAX Category Low Category High PUSAX % Rank Quintile
Dividend Yield 0.5% 0.03% 1.69% 50.93% 3

Dividend Distribution Analysis

PUSAX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Quarterly Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

PUSAX Category Low Category High PUSAX % Rank Quintile
Net Income Ratio 4.27% -0.80% 5.80% 17.43% 1

Capital Gain Distribution Analysis

PUSAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

PUSAX - Managers

Manu Krishnan

Manager

Start Date

Dec 31, 2010

Tenure

5.59

Tenure Rank

9.4%

Manu Krishnan, CFA - Portfolio Manager and Portfolio Risk Manager Mr. Krishnan is a Portfolio Manager and Portfolio Risk Manager at Spectrum Asset Management. Prior to joining Spectrum in 2004, Manu was an Operational Analyst with the Strategy and Analysis group at Capital One Financial Corporation. Manu also worked as a software development engineer with the MathWorks, Inc. for three years developing algorithms for control and embedded systems. He received an MBA in Finance from Cornell University, an M.S. in Mechanical Engineering from the University of Delaware, a B.S. in Mechanical Engineering from the College of Engineering at Osmania University, India. He has earned the right to use the Chartered Financial Analyst designation.


Roberto Giangregorio

Manager

Start Date

Dec 31, 2010

Tenure

5.59

Tenure Rank

9.4%

Bob Giangregorio - Portfolio Manager Mr. Giangregorio is a Portfolio Manager at Spectrum Asset Management. Mr. Giangregorio joined Spectrum in 2003 after receiving his MBA. Mr. Giangregorio was an intern with the Cayuga MBA Fund LLC where he covered Utility Sector equities. He also worked for the Ford Motor Company for over eight years as an engine design engineer. He received a BS in Mechanical Engineering from S.U.N.Y. at Stony Brook and an MS in Mechanical Engineering from the University of Wisconsin-Madison. He also received an MBA with a distinction in Finance from Cornell University.


Kevin Nugent

Manager

Start Date

Dec 01, 2014

Tenure

1.67

Tenure Rank

15.0%

Kevin Nugent Mr. Nugent has been a Guaranteed Introducing Broker with MF Global through Nugent Investment Group, LLC, since 2002. Additionally, since 2007 he has been a portfolio manager at Huntington Bay Capital Management and HFP Investment Management, with an emphasis on trading a proprietary volatility strategy for a hedge fund.He has held senior positions at Smith Barney, UBS and Prudential Securities where he developed low risk market strategies by using a proprietary trading model and statistical analysis. He also has extensive experience in developing various hedging strategies for commercial and institutional clients. Mr. Nugent graduated in 1981 with a Bachelor of Arts degree from Ohio Wesleyan University. He holds a Series 3 (National Commodities Futures) license. He is NASD Series 65 (Uniform Investment Advisor Law Examination) examination qualified.


Fernando Diaz

Manager

Start Date

Dec 31, 2010

Tenure

5.59

Tenure Rank

9.4%

Fernando “Fred” Diaz - Vice President and Portfolio Manager Mr. Diaz is Vice President and a Portfolio Manager at Spectrum Asset Management. Prior to joining Spectrum in 2000, Mr. Diaz was head of preferred trading at both Spear, Leeds & Kellogg and Pershing, a division of DLJ, where he initiated preferred trading operations at both firms. Mr. Diaz also worked at Goldman Sachs as an analyst in the Investment Banking division and in the Preferred Stock Department as a trader and product analyst.


Mark A. Lieb

Manager

Start Date

Jul 01, 2009

Tenure

7.09

Tenure Rank

7.5%

Mr. Lieb is the President and CEO of Spectrum, and he founded Spectrum in 1987. He earned a B.A. in Economics from Central Connecticut State College and an M.B.A. in Finance from the University of Hartford.


L. Phillip Jacoby

Manager

Start Date

May 01, 2002

Tenure

14.26

Tenure Rank

3.0%

Mr. Jacoby joined Spectrum in 1995 as a Portfolio Manager and most recently held the position of Managing Director and Senior Portfolio Manager until his appointment as CIO on January 1, 2010, following the planned retirement of his predecessor. Prior to joining Spectrum, Mr. Jacoby was a Senior Investment Officer at USL Capital Corporation (a subsidiary of Ford Motor Corporation) and co-manager of the preferred stock portfolio of its US Corporate Financing Division for six years. Mr. Jacoby began his career in 1981 with The Northern Trust Company, Chicago and then moved to Los Angeles to join E.F. Hutton & Co. as a Vice President and Institutional Salesman, Generalist Fixed Income Sales through most of the 1980s. Mr. Jacoby holds a BSBA (Finance) from the Boston University School of Management."


Tenure Analysis

Category Low

0.0

Category High

31.1

Category Average

7.82

Category Mode

1.6