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Trending ETFs

Name

As of 04/12/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.11

$1.11 B

0.00%

0.05%

Vitals

YTD Return

3.7%

1 yr return

12.7%

3 Yr Avg Return

0.2%

5 Yr Avg Return

3.7%

Net Assets

$1.11 B

Holdings in Top 10

21.7%

52 WEEK LOW AND HIGH

$9.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.05%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 14.20%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 04/12/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.11

$1.11 B

0.00%

0.05%

PCSFX - Profile

Distributions

  • YTD Total Return 3.7%
  • 3 Yr Annualized Total Return 0.2%
  • 5 Yr Annualized Total Return 3.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.34%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Capital Securities Fund
  • Fund Family Name
    Principal Funds
  • Inception Date
    Mar 14, 2014
  • Shares Outstanding
    N/A
  • Share Class
    S
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Manu Krishnan

Fund Description

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in capital securities at the time of purchase. Capital securities include Tier 2 subordinated debt securities issued by U.S. and non-U.S. financial institutions (including, but not limited to, banks and insurance companies) and contingent convertible securities (“CoCos”), as well as preferred securities, including preferred stock and junior subordinated debt, issued by U.S. and non-U.S. corporations, financial institutions, and other issuers for purposes of satisfying regulatory capital requirements or obtaining rating agency credit. Capital securities may pay fixed-rate or adjustable-rate distributions and generally have a payment “preference” over common stock, but are junior to the issuer’s senior debt in a liquidation of the issuer’s assets.
CoCos are hybrid debt securities typically issued by banking institutions that have contractual equity conversion or principal write-down features that are triggered by regulatory capital thresholds or regulatory actions calling into question the issuing banking institution’s continued viability as a going-concern if the conversion trigger were not exercised.
Tier 2 and preferred securities purchased by the Fund are issued by companies with senior debt rated at the time of purchase BBB- or higher by S&P Global Ratings (“S&P Global”) or Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”). The Fund may invest up to 100% of its assets in below-investment-grade (sometimes called “junk”) preferred securities, which are rated at the time of purchase Ba1 or lower by Moody’s and BB+ or lower by S&P Global. If the preferred security has been rated by only one of the rating agencies, that rating will determine the preferred security's rating; if the preferred security is rated differently by the rating agencies, the highest rating will be used; and if the preferred security has not been rated by either of the rating agencies, those selecting such investments will determine the preferred security's quality; provided, however, that the issuer of such below-investment-grade preferred securities has senior debt outstanding that is rated at the time of purchase BBB- or higher by S&P Global or Baa3 or higher by Moody’s. The Fund is not managed to a particular maturity or duration.
The Fund concentrates its investments (invests more than 25% of its net assets) in securities in one or more industries (i.e., banking, insurance, and commercial finance) within the U.S. and non-U.S. (foreign) financial services sector.
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PCSFX - Performance

Return Ranking - Trailing

Period PCSFX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.7% -2.6% 4.7% 2.56%
1 Yr 12.7% 2.4% 20.3% 21.79%
3 Yr 0.2%* -8.5% 6.7% 23.61%
5 Yr 3.7%* -5.3% 5.4% 7.58%
10 Yr 4.5%* 0.8% 4.6% 6.67%

* Annualized

Return Ranking - Calendar

Period PCSFX Return Category Return Low Category Return High Rank in Category (%)
2023 0.7% -3.6% 14.2% 52.56%
2022 -16.0% -29.4% -9.6% 34.72%
2021 -0.8% -3.4% 17.2% 55.56%
2020 2.3% -24.8% 9.0% 14.49%
2019 11.0% 6.4% 19.1% 64.62%

Total Return Ranking - Trailing

Period PCSFX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.7% -2.6% 4.7% 2.56%
1 Yr 12.7% 2.4% 20.3% 21.79%
3 Yr 0.2%* -8.5% 6.7% 23.61%
5 Yr 3.7%* -5.3% 5.4% 7.58%
10 Yr 4.5%* 0.8% 4.6% 6.67%

* Annualized

Total Return Ranking - Calendar

Period PCSFX Return Category Return Low Category Return High Rank in Category (%)
2023 6.8% -1.9% 26.5% 35.90%
2022 -11.4% -26.0% -5.8% 31.94%
2021 3.7% -2.5% 27.4% 45.83%
2020 7.7% -19.2% 12.3% 7.25%
2019 17.4% 10.0% 32.0% 56.92%

NAV & Total Return History


PCSFX - Holdings

Concentration Analysis

PCSFX Category Low Category High PCSFX % Rank
Net Assets 1.11 B 24.1 M 14.5 B 43.59%
Number of Holdings 171 45 450 71.79%
Net Assets in Top 10 227 M 7.69 M 1.65 B 53.85%
Weighting of Top 10 21.68% 12.1% 48.1% 43.59%

Top 10 Holdings

  1. US Bancorp 2.36%
  2. Duke Energy Corp 2.33%
  3. Zurich Finance Ireland Designated Activity Co 2.30%
  4. American Express Co 2.17%
  5. Bank of New York Mellon Corp/The 2.16%
  6. Bank of Nova Scotia/The 2.15%
  7. Dominion Energy Inc 2.15%
  8. Charles Schwab Corp/The 2.14%
  9. Discover Financial Services 1.97%
  10. Truist Financial Corp 1.95%

Asset Allocation

Weighting Return Low Return High PCSFX % Rank
Bonds
97.45% 0.00% 98.46% 2.56%
Convertible Bonds
20.77% 0.00% 31.65% 50.67%
Cash
2.40% -0.02% 10.76% 48.72%
Preferred Stocks
0.27% 0.00% 125.53% 98.72%
Stocks
0.13% 0.00% 28.30% 33.33%
Other
0.00% -4.48% 12.19% 75.64%

Stock Sector Breakdown

Weighting Return Low Return High PCSFX % Rank
Utilities
0.00% 0.00% 100.00% 54.17%
Technology
0.00% 0.00% 0.00% 60.42%
Real Estate
0.00% 0.00% 100.00% 20.83%
Industrials
0.00% 0.00% 7.56% 31.25%
Healthcare
0.00% 0.00% 4.02% 31.25%
Financial Services
0.00% 0.00% 100.00% 31.25%
Energy
0.00% 0.00% 11.41% 64.58%
Communication Services
0.00% 0.00% 1.77% 64.58%
Consumer Defense
0.00% 0.00% 0.00% 60.42%
Consumer Cyclical
0.00% 0.00% 0.00% 60.42%
Basic Materials
0.00% 0.00% 0.00% 12.50%

Stock Geographic Breakdown

Weighting Return Low Return High PCSFX % Rank
US
0.13% 0.00% 28.30% 33.33%
Non US
0.00% 0.00% 1.93% 91.03%

Bond Sector Breakdown

Weighting Return Low Return High PCSFX % Rank
Corporate
98.38% 62.31% 100.00% 26.67%
Cash & Equivalents
2.40% 0.00% 10.76% 33.33%
Government
0.17% 0.00% 21.71% 62.67%
Derivative
0.00% -0.63% 12.19% 75.64%
Securitized
0.00% 0.00% 0.00% 88.00%
Municipal
0.00% 0.00% 0.00% 88.00%

Bond Geographic Breakdown

Weighting Return Low Return High PCSFX % Rank
US
97.45% 0.00% 98.46% 2.56%
Non US
0.00% 0.00% 22.53% 93.59%

PCSFX - Expenses

Operational Fees

PCSFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.05% 0.05% 4.46% 100.00%
Management Fee 0.00% 0.00% 1.00% 2.56%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.55% N/A

Sales Fees

PCSFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

PCSFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

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.

PCSFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 14.20% 12.00% 199.00% 13.24%

PCSFX - Distributions

Dividend Yield Analysis

PCSFX Category Low Category High PCSFX % Rank
Dividend Yield 0.00% 0.00% 9.60% 34.62%

Dividend Distribution Analysis

PCSFX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

PCSFX Category Low Category High PCSFX % Rank
Net Income Ratio 4.34% 0.88% 7.54% 37.84%

Capital Gain Distribution Analysis

PCSFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

PCSFX - Fund Manager Analysis

Managers

Manu Krishnan


Start Date

Tenure

Tenure Rank

Mar 14, 2014

8.22

8.2%

Manu Krishnan joined Spectrum in 2004. Mr. Krishnan earned a B.S. in Mechanical Engineering from the College of Engineering, Osmania University, India, an M.S. in Mechanical Engineering from the University of Delaware, and an M.B.A. in Finance from Cornell University. Mr. Krishnan has earned the right to use the Chartered Financial Analyst designation.

Fernando Diaz


Start Date

Tenure

Tenure Rank

Mar 14, 2014

8.22

8.2%

Prior to joining Spectrum in 2000, Mr. Diaz was head of preferred trading at 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 Lieb


Start Date

Tenure

Tenure Rank

Mar 14, 2014

8.22

8.2%

Prior to founding Spectrum in 1987, Mr. Lieb was a Founder, Director and Partner of DBL Preferred Management, Inc., a wholly owned corporate cash management subsidiary of Drexel Burnham Lambert, Inc. Mr. Lieb was instrumental in the formation and development of all aspects of DBL Preferred Management, Inc., including the daily management of preferred stock portfolios for institutional clients, hedging strategies, and marketing strategies. Mr. Lieb's prior employment included the development of the preferred stock trading desk at Mosley Hallgarten & Estabrook. Mr. Lieb holds a BA in Economics from Central Connecticut State College and a MBA (Finance) from the University of Hartford.

Roberto Giangregorio


Start Date

Tenure

Tenure Rank

Mar 14, 2014

8.22

8.2%

Mr. Giangregorio joined Spectrum in 2003. Previously, he 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. Mr. Giangregorio holds a BS (Mechanical Engineering) from S.U.N.Y. at Stony Brook, a MS (Mechanical Engineering) from the University of Wisconsin-Madison and a MBA (Finance) with distinction from Cornell University.

L. Jacoby


Start Date

Tenure

Tenure Rank

Mar 14, 2014

8.22

8.2%

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.

Satomi Yarnell


Start Date

Tenure

Tenure Rank

Aug 02, 2021

0.83

0.8%

Satomi Yarnell joined Spectrum in 2015. Ms. Yarnell earned a M.A. in Economics from Waseda University. Ms. Yarnell has earned the right to use the Chartered Financial Analyst designation and is a Chartered Member of Security Analyst Association of Japan (CMA).

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 30.32 7.8 11.42