Global Multi-Strategy Fund
Name
As of 04/23/2024Price
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
Vitals
YTD Return
4.4%
1 yr return
9.4%
3 Yr Avg Return
3.4%
5 Yr Avg Return
4.3%
Net Assets
$409 M
Holdings in Top 10
26.9%
52 WEEK LOW AND HIGH
$10.6
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 2.18%
SALES FEES
Front Load 3.75%
Deferred Load N/A
TRADING FEES
Turnover 289.80%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/23/2024Price
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
PMSAX - Profile
Distributions
- YTD Total Return 4.4%
- 3 Yr Annualized Total Return 3.4%
- 5 Yr Annualized Total Return 4.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.30%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameGlobal Multi-Strategy Fund
-
Fund Family NamePrincipal Funds
-
Inception DateOct 24, 2011
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerKelly Grossman
Fund Description
Principal Global Investors, LLC (“PGI”), the Fund’s investment advisor, seeks to combine diversified investment strategies efficiently and systematically so that the Fund generates a positive total return with relatively low volatility and low sensitivity or correlation to market indices. In managing the Fund, PGI allocates the Fund’s assets among the investment strategies described below, which are executed by PGI or one or more of the Fund’s sub-advisors. PGI has considerable latitude in allocating the Fund’s assets. The Fund will use strategies and sub-advisors to varying degrees and may change allocations, add new or eliminate existing strategies and sub-advisors, and temporarily or permanently reduce allocations from time to time such that the Fund would have little or no assets allocated to a particular strategy or sub-advisor.
The Fund invests in a broad range of instruments, including, but not limited to, equities, bonds, currencies, commodities, convertible securities, and bank loans. Under normal market conditions, the Fund invests in securities of issuers located throughout the world, including the U.S., invests at least 30% of its net assets in foreign and emerging market securities, and holds investments tied economically to at least twenty countries.
The Fund invests in equity securities regardless of market capitalization size (small, medium, or large) and style (growth or value). The Fund invests in investment-grade and below-investment-grade bonds (sometimes called “high yield bonds” or “junk bonds”), which are rated at the time of purchase Ba1 or lower by Moody’s Investors Service, Inc. (“Moody’s”) and BB+ or lower by S&P Global Ratings (“S&P Global”). If the bond has been rated by only one of the rating agencies, that rating will determine the bond's rating; if the bond is rated differently by the rating agencies, the highest rating will be used; and if the bond has not been rated by either of the rating agencies, those selecting such investments will determine the bond's quality. The fixed-income portion of the Fund is not managed to a particular maturity or duration. The Fund’s strategies may result in the active and frequent trading of the Fund’s portfolio securities.
The Fund invests in derivative instruments. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The strategies use different types of derivative instruments for various purposes, including to gain exposure to securities and to attempt to reduce risk. The Fund may invest in money market funds in order to provide collateral for certain derivative positions and other financial instruments and to provide asset coverage for certain derivative positions and other financial instruments that create obligations to make future payments to third parties.
The Fund takes long and short positions in securities and derivative instruments. When taking a short position, the Fund may sell an instrument that it does not own and then borrow to meet its settlement obligations. Short positions benefit from a decrease in price of the underlying instrument and lose value if the price of the underlying instrument increases. Long positions profit if the value of the instrument increases. Simultaneously engaging in long investing and short selling reduces the net exposure to general market movements. The Fund also takes relative value positions in an effort capitalize on price differences between similar securities or relative value among securities of the same company. The Fund also invests a portion of the proceeds it receives from short sales into long positions.
Relative Value. This strategy uses a flexible approach to invest primarily in fixed-income securities and instruments related to credit, currencies, and interest rates, while employing risk-management strategies. This strategy uses a variety of techniques to obtain market exposure, such as derivative instruments, including options, futures, forwards, and swaps (including credit default swaps); entering into a series of purchase and sale contracts; purchasing securities on a when-issued, delayed delivery, or forward-commitment basis; and engaging in short sales. This strategy may obtain investment exposure substantially through derivatives instruments, may use such instruments in an effort to minimize volatility, and may use equity futures for hedging purposes.
A portion of this strategy takes long and short positions in selected emerging market issuers when those selecting such investments identify factors (such as macro-economic factors, country-specific factors, or credit-specific factors) that they believe will drive substantial appreciation or depreciation of the particular exposure. The strategy’s geographic focus is derived from economic and political developments and the specific nature of local jurisdictions in the emerging markets.
Equity Long/Short. This strategy provides long and short exposure to a diversified portfolio of U.S. and foreign, including emerging market, equity securities. Those selecting such investments simultaneously invest long in equities they expect to increase in value and either short sell equities they expect to decrease in value, or hedge equity market exposure another way (for example, by using derivatives such as futures, options, or swaps). This strategy uses two methods of analysis: fundamental analysis, which examines a company’s financial statements and operations, especially sales, earnings, products, management, and competition; and quantitative analysis, which uses mathematical models to evaluate a company’s measurable characteristics such as revenue, earnings, margins, and market share.
Event-Driven. This strategy invests in securities on the basis that a specific event or catalyst will affect future prices. This strategy attempts to capitalize on price discrepancies and returns generated by corporate activity, such as merger arbitrage, where the Fund holds a long/short portfolio of securities of companies involved in mergers.
Global Macro. This strategy provides long and short exposure to a broad spectrum of global assets (including equities, currencies, fixed-income securities, bonds, commodities, and interest rates) in an effort to profit from movement in the prices of securities that are highly sensitive to macroeconomic conditions. The managed futures portion of this strategy uses quantitative selection models to help predict movements in these markets. In pursuing this strategy, the Fund, either directly or through its wholly-owned subsidiary organized under the laws of the Cayman Islands (the “Cayman Subsidiary”), invests in commodity-linked derivatives and in instruments such as fixed-income securities, cash and cash equivalents, and/or U.S. government securities, either as investments or to serve as margin or collateral for derivative positions.
Commodities are assets that have tangible properties, such as oil, coal, natural gas, agricultural products, industrial metals, livestock, and precious metals. In pursuing certain commodity strategies, the Fund invests its assets in the Cayman Subsidiary to gain exposure to the commodity markets within the limitations of the federal tax law requirements applicable to regulated investment companies under the Internal Revenue Code. The Fund’s investments in its Cayman Subsidiary at any time will not exceed 25% of the Fund’s net assets.
Market Neutral. This strategy invests in long and short positions across different asset classes (including equity and fixed-income securities) in an effort to neutralize market risk exposure. The fixed-income portion seeks product types that have attractive return characteristics with low volatility. This strategy uses arbitrage, which is the simultaneous purchase and sale of assets in an effort to exploit price differences of identical or similar securities on different markets or in different forms. The fixed-income arbitrage portion seeks to exploit mispricing of various, liquid fixed-income or interest-rate-sensitive securities and provides long and short exposure to developed country bond and currency markets, investment grade and high yield credit markets, and forward mortgage-backed securities trading in the to-be-announced (“TBA”) markets. The convertible arbitrage portion structures trades using multiple securities within a convertible bond issuer’s capital structure. This strategy may also use derivatives to hedge against a decline in interest rates or credit exposure.
PMSAX - Performance
Return Ranking - Trailing
| Period | PMSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.4% | -73.0% | 19.4% | 45.16% |
| 1 Yr | 9.4% | -9.1% | 86.9% | 29.82% |
| 3 Yr | 3.4%* | -9.5% | 16.2% | 51.81% |
| 5 Yr | 4.3%* | -4.9% | 14.4% | 45.29% |
| 10 Yr | 3.1%* | -0.9% | 7.5% | N/A |
* Annualized
Return Ranking - Calendar
| Period | PMSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.9% | -22.7% | 305.1% | 37.78% |
| 2022 | -12.7% | -9.8% | 27.3% | 26.61% |
| 2021 | 1.4% | -20.8% | 10.9% | 82.67% |
| 2020 | 3.4% | -12.4% | 29.4% | 55.94% |
| 2019 | 7.6% | -10.5% | 15.8% | 24.61% |
Total Return Ranking - Trailing
| Period | PMSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.4% | -73.0% | 19.4% | 45.16% |
| 1 Yr | 9.4% | -13.4% | 86.9% | 40.36% |
| 3 Yr | 3.4%* | -9.5% | 16.2% | 64.26% |
| 5 Yr | 4.3%* | -5.3% | 14.4% | 58.30% |
| 10 Yr | 3.1%* | -0.9% | 7.5% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | PMSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.1% | -22.7% | 305.1% | 38.15% |
| 2022 | -2.3% | -9.8% | 27.3% | 27.02% |
| 2021 | 5.1% | -20.8% | 10.9% | 87.11% |
| 2020 | 4.7% | -8.4% | 29.4% | 70.79% |
| 2019 | 7.6% | -10.2% | 18.0% | 34.55% |
NAV & Total Return History
PMSAX - Holdings
Concentration Analysis
| PMSAX | Category Low | Category High | PMSAX % Rank | |
|---|---|---|---|---|
| Net Assets | 409 M | 1.5 M | 5.01 B | 23.25% |
| Number of Holdings | 2585 | 4 | 4478 | 1.41% |
| Net Assets in Top 10 | 122 M | -398 M | 2.55 B | 47.00% |
| Weighting of Top 10 | 26.87% | 13.1% | 100.0% | 33.03% |
Top 10 Holdings
- Principal Government Money Market Fund - Class R-6 19.35%
- Total Return Swaps 1.18%
- Pioneer Natural Resources Co 1.14%
- Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class 1.05%
- Mexican Bonos 0.96%
- Hess Corp 0.83%
- Microsoft Corp 0.69%
- Apple Inc 0.62%
- United States Treasury Note/Bond 0.54%
- Abcam PLC 0.51%
Asset Allocation
| Weighting | Return Low | Return High | PMSAX % Rank | |
|---|---|---|---|---|
| Stocks | 34.82% | -3.75% | 97.95% | 51.59% |
| Bonds | 31.60% | -326.45% | 6347.80% | 0.35% |
| Cash | 29.09% | -6278.21% | 410.43% | 99.29% |
| Other | 4.39% | -21.53% | 148.54% | 54.42% |
| Convertible Bonds | 0.81% | 0.00% | 87.92% | 30.74% |
| Preferred Stocks | 0.10% | -0.12% | 46.97% | 13.43% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | PMSAX % Rank | |
|---|---|---|---|---|
| Technology | 17.01% | 0.00% | 39.58% | 54.33% |
| Financial Services | 16.41% | 0.00% | 59.28% | 61.42% |
| Industrials | 13.54% | 0.00% | 21.45% | 11.02% |
| Consumer Cyclical | 11.72% | 0.00% | 29.09% | 10.63% |
| Healthcare | 11.39% | 0.00% | 45.63% | 61.42% |
| Communication Services | 7.81% | 0.00% | 21.78% | 51.97% |
| Consumer Defense | 6.34% | 0.00% | 13.62% | 33.46% |
| Basic Materials | 4.77% | 0.00% | 27.46% | 28.74% |
| Energy | 4.59% | 0.00% | 100.00% | 48.82% |
| Real Estate | 3.61% | 0.00% | 51.26% | 49.61% |
| Utilities | 2.80% | 0.00% | 9.23% | 70.08% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | PMSAX % Rank | |
|---|---|---|---|---|
| US | 33.23% | -8.85% | 91.88% | 43.82% |
| Non US | 1.59% | -19.62% | 42.11% | 55.12% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | PMSAX % Rank | |
|---|---|---|---|---|
| Cash & Equivalents | 20.45% | 0.27% | 100.00% | 44.52% |
| Corporate | 9.35% | 0.00% | 87.73% | 71.02% |
| Government | 7.78% | 0.00% | 84.29% | 9.54% |
| Securitized | 3.02% | 0.00% | 56.83% | 51.59% |
| Derivative | 0.53% | 0.00% | 88.81% | 65.02% |
| Municipal | 0.00% | 0.00% | 27.33% | 26.50% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | PMSAX % Rank | |
|---|---|---|---|---|
| US | 25.47% | -126.19% | 6311.18% | 0.35% |
| Non US | 6.13% | -382.37% | 121.02% | 3.53% |
PMSAX - Expenses
Operational Fees
| PMSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.18% | 0.29% | 31.15% | 12.59% |
| Management Fee | 1.36% | 0.00% | 2.50% | 85.87% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 22.97% |
| Administrative Fee | N/A | 0.01% | 0.30% | N/A |
Sales Fees
| PMSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 3.75% | 2.50% | 5.75% | 90.38% |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| PMSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | 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.
| PMSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 289.80% | 0.00% | 491.00% | 97.18% |
PMSAX - Distributions
Dividend Yield Analysis
| PMSAX | Category Low | Category High | PMSAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 4.56% | 8.13% |
Dividend Distribution Analysis
| PMSAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annually | Quarterly | Annually |
Net Income Ratio Analysis
| PMSAX | Category Low | Category High | PMSAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.30% | -2.51% | 6.83% | 14.39% |
Capital Gain Distribution Analysis
| PMSAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 27, 2023 | $0.315 | OrdinaryDividend |
| Dec 28, 2022 | $0.554 | OrdinaryDividend |
| Dec 20, 2022 | $0.623 | OrdinaryDividend |
| Dec 29, 2021 | $0.016 | OrdinaryDividend |
| Dec 29, 2020 | $0.137 | OrdinaryDividend |
| Dec 27, 2018 | $0.113 | OrdinaryDividend |
| Dec 27, 2017 | $0.053 | OrdinaryDividend |
| Dec 28, 2015 | $0.056 | OrdinaryDividend |
| Dec 29, 2014 | $0.057 | OrdinaryDividend |
| Dec 27, 2013 | $0.010 | OrdinaryDividend |
PMSAX - Fund Manager Analysis
Managers
Kelly Grossman
Start Date
Tenure
Tenure Rank
Oct 24, 2011
10.61
10.6%
Kelly A. Grossman joined the Principal Financial Group in 1991. She is a Senior Product Manager at Principal and a member of the Principal Funds Investment Committee. Ms. Grossman earned a B.A. in Mathematics and Computer Science from the University of Northern Iowa. She is a fellow of the Society of Actuaries and a member of the American Academy of Actuaries.
Marcus Dummer
Start Date
Tenure
Tenure Rank
Mar 07, 2014
8.24
8.2%
Marcus W. Dummer joined the Principal Financial Group in 2003. Mr. Dummer is a Senior Portfolio Strategist for Principal and a member Principal Funds Investment Committee. He is responsible for conducting research, assessing risk, and making relative value recommendations relating to the fixed-income component of the Principal Portfolio Construction StrategiesSM (Global Diversified Income Fund, Diversified Real Asset Fund, and Global Multi-Strategy Fund). Mr. Dummer earned a Bachelor’s degree in Finance and an M.B.A. from the University of Utah.
Jessica Bush
Start Date
Tenure
Tenure Rank
Mar 07, 2014
8.24
8.2%
Jessica S. Bush joined Principal® in 2006. Ms. Bush is responsible for the asset allocation and manager selection for Principal Portfolio StrategiesSM. Ms. Bush earned a bachelor’s degree in Business Administration from the University of Michigan. She has earned the right to use the Chartered Financial Analyst designation.
Benjamin Rotenberg
Start Date
Tenure
Tenure Rank
Mar 07, 2014
8.24
8.2%
Benjamin E. Rotenberg joined Principal® in 2014. Prior to that, he was employed at Cliffwater LLC as a Managing Director from 2007-2014. Mr. Rotenberg is responsible for the asset allocation and manager selection for Principal Portfolio StrategiesSM. Mr. Rotenberg earned a bachelor’s degree in International Relations and Russian from Pomona College. He has earned the right to use the Chartered Financial Analyst and the Chartered Alternative Investment Analyst designations.
May Tong
Start Date
Tenure
Tenure Rank
May 10, 2021
1.06
1.1%
May Tong has been with Principal® since 2021. Prior to that, Ms. Tong was a Senior Vice President, Portfolio Manager for Franklin Templeton Multi-Asset Solutions since 2018. Prior to that, Ms. Tong was a Portfolio Manager and Head of Portfolio Implementation and Management for Voya Investment Management’s Multi-Asset Strategies and Solutions Team since 2011. Ms. Tong is responsible for the asset allocation and manager selection for Principal Global Asset Allocation. She earned a bachelor’s degree in Accounting and Finance from Boston College and an M.B.A. from Columbia University. She has earned the right to use the Chartered Financial Analyst designation.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.02 | 17.37 | 4.48 | 1.67 |