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Name

As of 04/17/2024

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

Diversified Real Asset Fund

PGDRX | Fund

$10.79

$3.29 B

0.00%

1.35%

Vitals

YTD Return

-1.5%

1 yr return

-1.3%

3 Yr Avg Return

1.0%

5 Yr Avg Return

3.6%

Net Assets

$3.29 B

Holdings in Top 10

18.1%

52 WEEK LOW AND HIGH

$10.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.35%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 70.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/17/2024

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

Diversified Real Asset Fund

PGDRX | Fund

$10.79

$3.29 B

0.00%

1.35%

PGDRX - Profile

Distributions

  • YTD Total Return -1.5%
  • 3 Yr Annualized Total Return 1.0%
  • 5 Yr Annualized Total Return 3.6%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.49%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Diversified Real Asset Fund
  • Fund Family Name
    Principal Funds
  • Inception Date
    Mar 30, 2016
  • Shares Outstanding
    N/A
  • Share Class
    R3
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Kelly Grossman

Fund Description

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in investments related to real assets and real asset companies. The Fund allocates its assets among general investment categories related to real assets, which include tangible assets and investments that are expected to perform well in periods of rising or high inflation, such as the following: infrastructure, natural resources, commodities, real estate, inflation-indexed bonds, and floating rate debt. In pursuing these strategies, the Fund invests in equity securities, including growth and value securities, of any market capitalization size (small, medium, large); fixed-income securities, which are not managed to any particular maturity or duration; U.S. and foreign securities; and derivative instruments, such as forwards, futures, swaps, and options. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The Fund concentrates its investments (invests more than 25% of its net assets) in securities of one or more of the following industries: real estate, energy, natural resources, and infrastructure.
In managing the Fund, Principal Global Investors, LLC (“PGI”), the Fund’s investment advisor, determines the Fund’s strategic asset allocation among actively managed and passively managed (index) strategies that are executed by PGI and multiple sub-advisors. PGI has considerable latitude in allocating the Fund’s assets among the general investment categories listed below. The Fund uses 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.
Infrastructure. The Fund invests in companies that own or operate infrastructure assets related to the transportation, communications, water, electricity transmission and distribution, and oil and gas storage, processing, and transportation industries.
Natural Resources. The Fund invests in securities of companies that primarily own, explore, mine, process, or otherwise develop natural resources, renewable energy, or agricultural commodities and products, or that supply goods and services to such companies. These include companies contributing to and/or profiting from, these sectors, especially those active in production, processing, and supply chain services. These also include companies that are developing technologies, processes, products, and services relating to more efficient use, delivery, storage, management, or conversion of natural resources or products derived from natural resources, such as water treatment companies, smart electricity grid companies, companies that focus on creating energy efficiency for industrial processes, and companies focused on renewable energy resources. Natural resources generally include precious metals, such as gold, silver and platinum; ferrous and nonferrous metals, such as iron, aluminum, and copper; strategic metals, such as uranium and titanium; hydrocarbons, such as coal, oil, and natural gas; timber and wood products; and undeveloped real property.
Commodities. Commodities are assets that have tangible properties, such as oil, coal, natural gas, agricultural products, industrial metals, livestock, and precious metals. To gain exposure to the commodities markets without investing directly in physical commodities, the Fund invests in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Cayman Subsidiary”) and fixed-income securities (primarily short-term U.S. Treasury and Agency notes and bonds). In order to gain exposure to the commodity markets within the limitations of certain federal tax law requirements, the Cayman Subsidiary invests in commodity-linked equities, commodity-linked exchange traded funds (ETFs), and commodity-linked derivatives, including commodity-linked swaps, commodity futures, and forward contracts and/or options on commodities, as well as instruments such as fixed-income securities (cash, cash equivalents, and/or U.S. Treasury and Agency notes and bonds), either as investments or to serve as margin or collateral for the Cayman Subsidiary’s derivatives positions.
Real Estate. The Fund invests in equity securities of companies that have at least 50% of their assets, income, or profits derived from products or services related to the real estate industry (“real estate companies”). Real estate companies include real estate investment trusts (“REITs”), REIT-like entities, and companies with substantial real estate holdings such as paper, lumber, hotel, and entertainment companies, as well as building supply manufacturers, mortgage lenders, and mortgage servicing companies.
Inflation-Indexed Bonds. The Fund invests in inflation-indexed bonds issued by the U.S. and non-U.S. governments, their agencies, or instrumentalities and by U.S. and non-U.S. corporations. Inflation-indexed bonds are fixed-income securities that are structured to provide protection against inflation. The value of the bond’s principal or the interest income paid on the bond is adjusted to track changes in an official inflation measure.
Floating Rate Debt. The Fund invests in below-investment-grade (sometimes called “junk”) or comparable unrated floating rate debt (also known as bank loans, syndicated loans, leveraged loans, or senior floating rate interests). Floating rate debt has a variable coupon that resets periodically, with interest payments determined by a representative interest rate index (e.g., SOFR, the federal funds rate, or a similar reference rate) plus a fixed spread. As a result, the coupon payments vary, or “float” with prevailing market interest rates.
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PGDRX - Performance

Return Ranking - Trailing

Period PGDRX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.5% -23.7% 16.4% 11.16%
1 Yr -1.3% -8.9% 48.3% 12.02%
3 Yr 1.0%* -2.2% 16.4% 14.25%
5 Yr 3.6%* -0.7% 13.4% 30.84%
10 Yr N/A* 0.9% 11.8% 84.40%

* Annualized

Return Ranking - Calendar

Period PGDRX Return Category Return Low Category Return High Rank in Category (%)
2023 0.6% -40.8% 20.6% 24.17%
2022 -16.9% -21.0% 24.5% 51.25%
2021 9.8% -24.2% 27.8% 59.81%
2020 3.3% -23.1% 11.7% 43.78%
2019 12.3% -100.0% 20.6% 70.30%

Total Return Ranking - Trailing

Period PGDRX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.5% -23.7% 16.4% 11.16%
1 Yr -1.3% -12.8% 48.3% 11.23%
3 Yr 1.0%* -3.4% 16.4% 12.45%
5 Yr 3.6%* -1.1% 13.4% 29.52%
10 Yr N/A* 0.9% 11.8% 83.15%

* Annualized

Total Return Ranking - Calendar

Period PGDRX Return Category Return Low Category Return High Rank in Category (%)
2023 2.7% -40.8% 20.6% 24.17%
2022 -6.7% -21.0% 24.5% 51.25%
2021 16.7% -24.2% 27.8% 60.98%
2020 3.4% -23.1% 11.7% 62.03%
2019 14.5% -2.9% 23.1% 88.28%

NAV & Total Return History

PGDRX - Holdings

Concentration Analysis

PGDRX Category Low Category High PGDRX % Rank
Net Assets 3.29 B 1.12 M 110 B 15.55%
Number of Holdings 870 2 10961 8.56%
Net Assets in Top 10 631 M -31.7 M 22 B 16.70%
Weighting of Top 10 18.10% 10.8% 100.0% 62.31%

Top 10 Holdings

  1. United States Treasury Bill 3.58%
  2. United States Treasury Bill 3.31%
  3. Principal Government Money Market Fund - Class R-6 2.16%
  4. United States Treasury Bill 1.73%
  5. United States Treasury Bill 1.39%
  6. NextEra Energy Inc 1.36%
  7. National Grid PLC 1.35%
  8. Enbridge Inc 1.18%
  9. Aena SME SA 1.08%
  10. Enel SpA 0.95%

Asset Allocation

Weighting Return Low Return High PGDRX % Rank
Stocks 		65.39% -45.72% 98.42% 21.92%
Bonds 		32.25% -39.76% 93.84% 59.71%
Cash 		2.76% -97.12% 185.58% 29.23%
Preferred Stocks 		0.40% -0.03% 14.00% 66.60%
Other 		0.05% -1.25% 197.12% 69.10%
Convertible Bonds 		0.00% 0.00% 25.49% 93.32%

Stock Sector Breakdown

Weighting Return Low Return High PGDRX % Rank
Utilities 		24.02% 0.00% 40.29% 3.40%
Real Estate 		22.59% 0.00% 90.14% 13.80%
Energy 		17.55% 0.00% 38.61% 7.64%
Industrials 		17.31% 0.09% 32.39% 4.88%
Basic Materials 		11.36% 0.00% 60.23% 8.07%
Consumer Cyclical 		2.53% 0.00% 20.84% 87.47%
Consumer Defense 		2.04% 0.00% 31.85% 87.90%
Technology 		1.62% 0.00% 39.48% 86.62%
Healthcare 		0.75% 0.00% 30.30% 87.90%
Financial Services 		0.20% 0.00% 30.34% 90.02%
Communication Services 		0.00% 0.00% 28.59% 97.88%

Stock Geographic Breakdown

Weighting Return Low Return High PGDRX % Rank
US 		35.65% -4.82% 95.75% 71.82%
Non US 		29.74% -46.69% 57.06% 8.77%

Bond Sector Breakdown

Weighting Return Low Return High PGDRX % Rank
Government 		55.42% 0.00% 98.64% 18.58%
Corporate 		25.93% 0.00% 99.90% 57.62%
Cash & Equivalents 		2.76% 0.10% 100.00% 34.03%
Securitized 		0.94% 0.00% 83.28% 91.44%
Municipal 		0.00% 0.00% 31.28% 83.51%
Derivative 		-0.09% 0.00% 41.88% 21.09%

Bond Geographic Breakdown

Weighting Return Low Return High PGDRX % Rank
US 		32.21% -177.12% 87.76% 34.24%
Non US 		0.04% -39.00% 137.36% 74.74%

PGDRX - Expenses

Operational Fees

PGDRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.35% 0.16% 2.71% 31.11%
Management Fee 0.76% 0.00% 1.70% 88.01%
12b-1 Fee 0.25% 0.00% 1.00% 46.22%
Administrative Fee N/A 0.01% 0.70% 39.81%

Sales Fees

PGDRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

PGDRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 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.

PGDRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 70.00% 0.00% 441.00% 62.44%

PGDRX - Distributions

Dividend Yield Analysis

PGDRX Category Low Category High PGDRX % Rank
Dividend Yield 0.00% 0.00% 10.92% 84.82%

Dividend Distribution Analysis

PGDRX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Monthly Monthly

Net Income Ratio Analysis

PGDRX Category Low Category High PGDRX % Rank
Net Income Ratio 1.49% -5.20% 6.33% 49.67%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PGDRX - Fund Manager Analysis

Managers

Kelly Grossman

Start Date

Tenure

Tenure Rank

Mar 16, 2010

12.22

12.2%

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.

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.

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.

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
0.03 30.27 6.52 9.25

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