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PIREX Principal Real Estate Securities Inst

PIREX - Profile

Vitals

  • YTD Return 26.9%
  • 3 Yr Annualized Return 4.0%
  • 5 Yr Annualized Return 6.5%
  • Net Assets $4.85 B
  • Holdings in Top 10 48.1%

52 WEEK LOW AND HIGH

$27.73
$21.07
$28.07

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.87%

SALES FEES

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

BROKERAGE FEES

  • Turnover 22.70%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$0

IRA

N/A

Fund Classification

PRIMARY CATEGORY

  • Fund Type Open End Mutual Fund
  • Investment Style Real Estate

Distributions

  • YTD Total Return 26.9%
  • 3 Yr Annualized Total Return 4.0%
  • 5 Yr Annualized Total Return 6.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.83%
DIVIDENDS
  • Dividend Yield 0.8%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name Principal Real Estate Securities Fund
  • Fund Family Name Principal Funds
  • Inception Date Mar 01, 2001
  • Shares Outstanding N/A
  • Share Class Inst
  • Currency USD
  • Domiciled Country United States
  • Manager Kelly D. Rush

Fund Description

The Principal Real Estate Securities Fund Institutional Class (PIREX) aims to provide investors with a high rate of total return through capital appreciation and dividends. PIREX does this by betting on a variety of domestic real estate-related equities. These include REITs, real estate developers, property managers and real estate brokers. The fund can invest across the entire market-cap spectrum and holds small-, mid- and large-cap stocks.

With its expenses below the category average, PIREX makes a prime core position in any portfolio. The fund is managed by Principal Management and is subadvised by Principal Real Estate Investors.

PIREX - Performance

Return Ranking - Trailing

Period PIREX Return Category Return Low Category Return High Rank in Category (%)
YTD 26.9% -0.9% 40.7% 19.84%
1 Yr 14.8% -28.7% 17.5% 14.74%
3 Yr 4.0%* -16.0% 10.8% 8.76%
5 Yr 6.5%* -9.9% 9.1% 5.38%
10 Yr 8.0%* -1.5% 9.4% 20.69%

* Annualized


Return Ranking - Calendar

Period PIREX Return Category Return Low Category Return High Rank in Category (%)
2018 -8.0% -44.0% 2.2% 27.16%
2017 5.1% -16.4% 25.4% 9.01%
2016 1.4% -28.0% 12.5% 29.19%
2015 -2.7% -19.4% 2.4% 31.41%
2014 29.2% -3.3% 31.5% 1.21%

Total Return Ranking - Trailing

Period PIREX Return Category Return Low Category Return High Rank in Category (%)
YTD 26.9% -0.9% 40.7% 19.84%
1 Yr 14.8% -27.7% 20.5% 20.72%
3 Yr 4.0%* -15.5% 10.8% 49.31%
5 Yr 6.5%* -8.6% 11.0% 53.23%
10 Yr 8.0%* -1.5% 13.0% 72.41%

* Annualized


Total Return Ranking - Calendar

Period PIREX Return Category Return Low Category Return High Rank in Category (%)
2018 -8.0% -43.3% 3.3% 55.14%
2017 5.1% -13.6% 31.4% 37.39%
2016 1.4% -12.3% 12.5% 75.60%
2015 -2.7% -15.2% 7.7% 68.06%
2014 29.2% -3.3% 32.5% 40.61%

NAV & Total Return History

PIREX - Holdings

Concentration Analysis

PIREX Category Low Category High PIREX % Rank
Net Assets 4.85 B 1.54 M 67.9 B 10.66%
Number of Holdings 46 17 757 51.33%
Net Assets in Top 10 2.33 B 787 K 29.1 B 9.89%
Weighting of Top 10 48.10% 11.4% 159.1% 49.43%

Top 10 Holdings

  1. Prologis Inc 7.21%

  2. Equinix Inc 6.46%

  3. AvalonBay Communities Inc 6.06%

  4. Welltower Inc 5.38%

  5. Invitation Homes Inc 4.86%

  6. Essex Property Trust Inc 4.33%

  7. Alexandria Real Estate Equities Inc 3.89%

  8. Simon Property Group Inc 3.40%

  9. Healthcare Trust of America Inc 3.30%

  10. STORE Capital Corp 3.21%


Asset Allocation

Weighting Return Low Return High PIREX % Rank
Stocks
98.67% 0.00% 118.44% 60.84%
Cash
1.33% -95.08% 16.50% 33.46%
Preferred Stocks
0.00% 0.00% 50.24% 66.54%
Other
0.00% -1.02% 95.39% 67.68%
Convertible Bonds
0.00% 0.00% 6.10% 62.74%
Bonds
0.00% 0.00% 86.36% 65.02%

Stock Sector Breakdown

Weighting Return Low Return High PIREX % Rank
Real Estate
93.56% 2.00% 99.92% 56.08%
Technology
2.55% 0.00% 17.81% 9.80%
Consumer Cyclical
1.59% -1.23% 30.36% 15.29%
Communication Services
0.97% 0.00% 9.46% 45.49%
Utilities
0.00% 0.00% 5.96% 62.75%
Industrials
0.00% 0.00% 8.32% 65.88%
Healthcare
0.00% 0.00% 4.40% 63.14%
Financial Services
0.00% 0.00% 6.14% 66.67%
Energy
0.00% 0.00% 4.06% 62.35%
Consumer Defense
0.00% 0.00% 0.24% 61.96%
Basic Materials
0.00% -0.01% 11.72% 64.71%

Stock Geographic Breakdown

Weighting Return Low Return High PIREX % Rank
US
98.67% 0.00% 118.44% 57.03%
Non US
0.00% 0.00% 21.30% 70.72%

PIREX - Expenses

Operational Fees

PIREX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.87% 0.00% 135.20% 81.97%
Management Fee 0.81% 0.00% 1.50% 67.17%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.47% N/A

Sales Fees

PIREX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.50% 6.50% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

PIREX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.75% 2.00% 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.

PIREX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 22.70% 3.00% 877.00% 21.40%

PIREX - Distributions

Dividend Yield Analysis

PIREX Category Low Category High PIREX % Rank
Dividend Yield 0.78% 0.00% 3.89% 49.43%

Dividend Distribution Analysis

PIREX Category Low Category High Category Mode
Dividend Distribution Frequency Quarterly Quarterly Quarterly Quarterly

Dividend Payout History


Net Income Ratio Analysis

PIREX Category Low Category High PIREX % Rank
Net Income Ratio 1.83% -0.10% 5.36% 46.31%

Capital Gain Distribution Analysis

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

PIREX - Managers

Kelly D. Rush

Manager

Start Date

Tenure

Tenure Rank

Dec 06, 2000

18.75

18.8%

As head of global property securities, Kelly directs the domestic and global real estate investment trust (REIT) activity for Principal Real Estate Investors, the dedicated real estate group of Principal Global Investors. He has experience in both separate account and pooled fund management, and has been managing real estate stock portfolios since 1997. Previously, Kelly participated in structuring commercial mortgage loans for public real estate companies and the analysis of real estate investment trust issued bonds. He has been with the real estate investment area of the firm since 1987. Kelly received an MBA in business administration and a bachelor's degree in finance from the University of Iowa. He has earned the right to use the Chartered Financial Analyst designation. Kelly is a member of the Iowa Society of Financial Analysts and the CFA Institute. Kelly is an active supporter of the Toigo Foundation and is currently serving as a mentor to a 2007 Toigo Fellow. Kelly’s prior speaking engagements include the Institutional Investor Endowments & Foundations Roundtable, the NAREIT Institutional Investor Forum, the National Conference of Public Employee Retirement Systems (NCPERS), and the International Council of Shopping Centers (ICSC) Law Conference.


Anthony Kenkel

Manager

Start Date

Tenure

Tenure Rank

Jun 15, 2012

7.21

7.2%

Anthony is a managing director of real estate securities portfolio management for Principal Real Estate Investors, the dedicated real estate unit of Principal Global Investors. Currently based in Singapore, he is responsible for the firm’s Asia Pacific real estate capability in REITs and listed real estate securities, and has prior experience managing the firm’s Americas real estate capabilities. He also remains active in managing U.S. securities as one of the teams listed U.S. portfolio managers. Anthony joined Principal in 1997. In 2000, he became a real estate consultant for Arthur Andersen before joining GATX Corporation as a senior financial analyst in 2002. Anthony rejoined Principal in 2005 in his current position. He received a bachelor's degree in finance from Drake University and an MBA from the University of Chicago Graduate School of Business. Anthony has earned the right to use the Chartered Financial Analyst and Financial Risk Manager designations.


Keith Bokota

Manager

Start Date

Tenure

Tenure Rank

Nov 22, 2013

5.78

5.8%

Keith is an associate director of real estate securities portfolio management for Principal Real Estate Investors Real Estate, the dedicated real estate group of Principal Global Investors. He is responsible for analyzing real estate investment trusts and is a member of the real estate securities portfolio management team. Keith joined the firm in 2007 as an analyst and moved to his current position in 2013. Before joining Principal Real Estate Investors, Keith worked as an analyst for Jones Lang LaSalle. Keith received his bachelor’s degree in finance and international business from Georgetown University and has earned the right to use the Chartered Financial Analyst designation.


Tenure Analysis

Category Low

0.0

Category High

25.67

Category Average

7.93

Category Mode

13.67