PIFPX: Principal Inflation Protection R3

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PIFPX Principal Inflation Protection R3


Profile

PIFPX - Profile

Vitals

  • YTD Return 7.5%
  • 3 Yr Annualized Return 2.4%
  • 5 Yr Annualized Return 1.7%
  • Net Assets $1.68 B
  • Holdings in Top 10 68.6%

52 WEEK LOW AND HIGH

$8.89
$7.79
$8.94

Expenses

OPERATING RELATED FEES

  • Expense Ratio N/A

SALES FEES

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

BROKERAGE FEES

  • Turnover 68.40%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $0
  • IRA N/A

Fund Classification


Distributions

  • YTD Total Return 7.5%
  • 3 Yr Annualized Total Return 2.4%
  • 5 Yr Annualized Total Return 1.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.22%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    Principal Inflation Protection Fund
  • Fund Family Name
    Principal Funds
  • Inception Date
    Dec 29, 2004
  • Shares Outstanding
    N/A
  • Share Class
    Retirement
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Christopher Allen

Fund Description

The fund invests primarily in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and U.S. and non-U.S. corporations. It normally maintains an average portfolio duration that is within from 80% to 120% of the duration of the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index. The fund also invests in foreign securities, U.S. Treasuries and agency securities.


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Categories

Performance

PIFPX - Performance

Return Ranking - Trailing

Period PIFPX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.5% -3.7% 21.2% 21.74%
1 Yr 6.3% -2.0% 14.8% 23.19%
3 Yr 2.4%* -2.5% 8.4% 33.33%
5 Yr 1.7%* -2.5% 5.4% 44.00%
10 Yr 1.2%* -1.1% 1.6% 20.69%

* Annualized

Return Ranking - Calendar

Period PIFPX Return Category Return Low Category Return High Rank in Category (%)
2019 6.0% 0.8% 11.4% 47.83%
2018 -5.0% -9.2% -1.9% 56.67%
2017 0.4% -2.5% 5.8% 61.40%
2016 2.5% 0.5% 9.4% 68.00%
2015 -3.4% -8.5% -1.9% 27.66%

Total Return Ranking - Trailing

Period PIFPX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.5% -3.7% 21.2% 21.74%
1 Yr 6.3% -2.0% 14.8% 23.19%
3 Yr 2.4%* -2.5% 8.4% 46.67%
5 Yr 1.7%* -2.5% 5.4% 52.00%
10 Yr 1.2%* -1.1% 3.0% 48.28%

* Annualized

Total Return Ranking - Calendar

Period PIFPX Return Category Return Low Category Return High Rank in Category (%)
2019 6.0% 0.8% 11.4% 47.83%
2018 -5.0% -9.2% -0.2% 78.33%
2017 0.4% -2.5% 5.8% 75.44%
2016 2.5% 0.5% 9.4% 74.00%
2015 -3.4% -8.5% -1.1% 34.04%

NAV & Total Return History


Holdings

PIFPX - Holdings

Concentration Analysis

PIFPX Category Low Category High PIFPX % Rank
Net Assets 1.68 B 42.6 M 10.1 B 11.94%
Number of Holdings 734 15 1108 31.34%
Net Assets in Top 10 363 M 398 1.89 B 14.93%
Weighting of Top 10 68.55% 0.0% 98.5% 26.79%

Top 10 Holdings

  1. PAYB CME INTEREST RATE SW_Pay 11.70%
  2. RECV CME INTEREST RATE SW_Receive 9.91%
  3. United States Treasury Notes 0.12% 9.04%
  4. United States Treasury Notes 0.62% 7.57%
  5. 2 Year Interest Rate Swap 6.95%
  6. 2 Year Treasury Note Future Sept 20 6.88%
  7. 2 Year Interest Rate Swap 4.61%
  8. United States Treasury Notes 0.38% 4.11%
  9. United States Treasury Notes 0.25% 3.92%
  10. United States Treasury Notes 0.5% 3.87%

Asset Allocation

Weighting Return Low Return High PIFPX % Rank
Bonds
59.78% 0.00% 149.11% 85.07%
Cash
39.52% -50.26% 100.00% 5.97%
Stocks
0.70% -0.01% 13.55% 8.96%
Preferred Stocks
0.00% 0.00% 0.07% 19.40%
Other
0.00% -12.07% 21.12% 22.39%
Convertible Bonds
0.00% 0.00% 6.26% 46.27%

Bond Sector Breakdown

Weighting Return Low Return High PIFPX % Rank
Government
48.05% 0.00% 99.98% 65.67%
Cash & Equivalents
43.65% 0.00% 100.00% 5.97%
Derivative
8.28% -0.24% 10.13% 2.99%
Securitized
0.02% 0.00% 48.99% 73.13%
Corporate
0.00% 0.00% 46.04% 68.66%
Municipal
0.00% 0.00% 1.28% 32.84%

Bond Geographic Breakdown

Weighting Return Low Return High PIFPX % Rank
US
55.00% 0.00% 155.44% 85.07%
Non US
4.78% -55.96% 28.17% 37.31%

Expenses

PIFPX - Expenses

Operational Fees

PIFPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio N/A 0.18% 22.01% 60.00%
Management Fee 0.38% 0.00% 0.69% 39.13%
12b-1 Fee 0.25% 0.00% 1.00% 45.65%
Administrative Fee 0.07% 0.01% 0.40% 55.56%

Sales Fees

PIFPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 4.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

PIFPX 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.

PIFPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 68.40% 23.00% 519.00% 67.65%

Distributions

PIFPX - Distributions

Dividend Yield Analysis

PIFPX Category Low Category High PIFPX % Rank
Dividend Yield 0.00% 0.00% 0.00% 11.59%

Dividend Distribution Analysis

PIFPX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Monthly Monthly

Net Income Ratio Analysis

PIFPX Category Low Category High PIFPX % Rank
Net Income Ratio 1.22% -0.25% 4.58% 89.86%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

PIFPX - Fund Manager Analysis

Managers

Christopher Allen


Start Date

Tenure

Tenure Rank

Mar 24, 2017

3.36

3.4%

Chris Allen, CFA, is a senior Portfolio Manager for the Fundamental European Bond team within BlackRock's Global Fixed Income Group. He is the Lead Manager on Euro Government and Inflation Linked Strategies and manages Institutional and Retail mandates. He is Co-Portfolio Manager on the BlackRock Global Funds (BGF) Euro Short Duration Bond Fund which is one of the biggest BlackRock funds in the European BGF range. Mr. Allen's service with the firm dates back to 2004, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. Mr. Allen began his career at MLIM as a member of the graduate training program and he initially managed Global Bond mandates before joining the Euro Fixed Income team in 2006. Mr. Allen earned a MA degree, with First Class Honours, in Mathematics from Oxford University in 2004.

Akiva Dickstein


Start Date

Tenure

Tenure Rank

Mar 19, 2018

2.37

2.4%

Akiva Dickstein, Managing Director, is Head of Customized Core Portfolios within BlackRock's Americas Fixed Income Alpha Strategies and a member of the Americas Fixed Income Executive Team. Mr. Dickstein has been the lead portfolio manager on BlackRock's mortgage portfolios since joining BlackRock in 2009. Prior to that, Mr. Dickstein spent eight years at Merrill Lynch, where he served as Managing Director and head of the U.S. Rates & Structured Credit Research Group. He was responsible for the team that produced MBS, ABS, CMBS, Treasuries, swaps, and interest rate derivatives research. Mr. Dickstein's publications on MBS strategy included the weekly Mortgage Investor as well as numerous lengthier articles on topics such as optimal loan modifications, the valuation of credit-sensitive MBS and ABS, and the pricing of mortgage derivatives, options, and pass-throughs. In addition, he developed Merrill's prepayment models for fixed rate and hybrid MBS. From 1993 to 2001, Mr. Dickstein was with Lehman Brothers, most recently as a Senior Vice President in Mortgage Derivatives Trading. In this role, he traded mortgage derivatives and developed Lehman's credit default model. He joined Lehman as a mortgage and asset-backed securities analyst and was named to Institutional Investor's All American Fixed Income Research Team in pass-throughs, non-agency mortgages, and asset-backed securities. Mr. Dickstein earned a BA degree in economics, summa cum laude, from Yale University in 1990, and an MA degree in physics from Princeton University in 1993.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 15.62 4.77 9.26