PPREX: Principal Preferred Securities R-6

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PPREX Principal Preferred Securities R-6


Profile

PPREX - Profile

Vitals

  • YTD Return -4.9%
  • 3 Yr Annualized Return -1.8%
  • 5 Yr Annualized Return N/A
  • Net Assets $6.58 B
  • Holdings in Top 10 15.9%

52 WEEK LOW AND HIGH

$9.89
$8.16
$10.60

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.71%

SALES FEES

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

BROKERAGE FEES

  • Turnover 19.80%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $0
  • IRA N/A

Fund Classification


Distributions

  • YTD Total Return -4.9%
  • 3 Yr Annualized Total Return -1.8%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 5.32%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Principal Spectrum Preferred and Capital Securities Income Fund
  • Fund Family Name
    Principal Funds
  • Inception Date
    Jan 03, 2017
  • Shares Outstanding
    N/A
  • Share Class
    Retirement
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    L. Jacoby

Fund Description

The fund invests at least 80% of its net assets, plus any borrowing for investment purposes, in preferred securities and capital securities at the time of purchase. Preferred securities typically include preferred stock and various types of junior subordinated debt and trust preferred securities. It 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 financial services sector.


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Categories

Performance

PPREX - Performance

Return Ranking - Trailing

Period PPREX Return Category Return Low Category Return High Rank in Category (%)
YTD -4.9% -34.7% 23.6% 63.98%
1 Yr -2.6% -33.5% 23.4% 63.69%
3 Yr -1.8%* -15.4% 9.6% 67.14%
5 Yr N/A* -9.9% 6.8% 13.22%
10 Yr N/A* -5.6% 6.8% 10.00%

* Annualized

Return Ranking - Calendar

Period PPREX Return Category Return Low Category Return High Rank in Category (%)
2019 10.8% -8.6% 24.4% 80.13%
2018 -9.6% -15.4% -2.5% 33.33%
2017 N/A -7.8% 15.4% N/A
2016 N/A -4.1% 14.2% N/A
2015 N/A -26.1% 2.5% N/A

Total Return Ranking - Trailing

Period PPREX Return Category Return Low Category Return High Rank in Category (%)
YTD -4.9% -34.7% 23.6% 63.98%
1 Yr -2.6% -33.5% 23.4% 63.69%
3 Yr -1.8%* -12.6% 15.0% 69.29%
5 Yr N/A* -9.3% 11.9% 36.36%
10 Yr N/A* -5.6% 11.7% 30.00%

* Annualized

Total Return Ranking - Calendar

Period PPREX Return Category Return Low Category Return High Rank in Category (%)
2019 10.8% -8.6% 24.4% 80.13%
2018 -9.6% -15.4% 4.5% 67.38%
2017 N/A -1.0% 18.4% N/A
2016 N/A -4.1% 20.1% N/A
2015 N/A -26.1% 6.2% N/A

NAV & Total Return History


Holdings

PPREX - Holdings

Concentration Analysis

PPREX Category Low Category High PPREX % Rank
Net Assets 6.58 B 196 K 8.78 B 7.88%
Number of Holdings 337 38 355 7.88%
Net Assets in Top 10 1.02 B -319 M 1.02 B 4.24%
Weighting of Top 10 15.85% 10.4% 90.3% 89.70%

Top 10 Holdings

  1. JPMorgan Chase & Co Deposit Shs Repr 1/10th Non-Cum Perp Pfd Shs Series -S- 2.49%
  2. Bank of America Corporation 6.5% 1.64%
  3. The Charles Schwab Corporation 5.38% 1.64%
  4. Dominion Energy Inc 4.65% 1.63%
  5. Truist Financial Corporation 4.8% 1.48%
  6. Citigroup Inc. 6.25% 1.45%
  7. HSBC Capital Funding Dollar I L.P. 10.18% 1.41%
  8. Liberty Mutual Group, Inc. 7.8% 1.39%
  9. Nationwide Financial Services, Inc. 6.75% 1.39%
  10. Credit Suisse AG 7.5% 1.33%

Asset Allocation

Weighting Return Low Return High PPREX % Rank
Bonds
53.59% -14.80% 66.31% 11.52%
Convertible Bonds
24.91% 0.00% 108.22% 63.64%
Preferred Stocks
18.52% 0.00% 81.31% 36.97%
Stocks
1.99% -13.86% 47.95% 58.18%
Cash
0.79% -5.59% 29.77% 77.58%
Other
0.20% 0.00% 15.69% 38.18%

Stock Sector Breakdown

Weighting Return Low Return High PPREX % Rank
Financial Services
97.96% 0.00% 100.00% 15.15%
Utilities
1.52% 0.00% 100.00% 72.73%
Industrials
0.29% 0.00% 51.20% 56.82%
Basic Materials
0.12% 0.00% 27.69% 40.91%
Healthcare
0.09% 0.00% 28.33% 59.09%
Real Estate
0.02% 0.00% 100.00% 29.55%
Technology
0.00% 0.00% 29.91% 51.52%
Energy
0.00% 0.00% 100.00% 46.21%
Communication Services
0.00% 0.00% 11.88% 45.45%
Consumer Defense
0.00% 0.00% 7.29% 32.58%
Consumer Cyclical
0.00% 0.00% 14.27% 37.88%

Stock Geographic Breakdown

Weighting Return Low Return High PPREX % Rank
Non US
1.95% -0.08% 5.67% 10.30%
US
0.04% -14.01% 43.83% 63.03%

Bond Sector Breakdown

Weighting Return Low Return High PPREX % Rank
Corporate
95.54% 41.81% 100.00% 51.52%
Cash & Equivalents
2.85% 0.00% 29.37% 56.36%
Government
1.61% 0.00% 34.01% 16.36%
Derivative
0.00% 0.00% 22.11% 30.91%
Securitized
0.00% 0.00% 5.82% 26.06%
Municipal
0.00% 0.00% 0.01% 25.45%

Bond Geographic Breakdown

Weighting Return Low Return High PPREX % Rank
US
37.40% -14.80% 55.61% 12.12%
Non US
16.19% 0.00% 50.04% 15.15%

Expenses

PPREX - Expenses

Operational Fees

PPREX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.71% 0.41% 94.07% 94.34%
Management Fee 0.70% 0.00% 1.42% 55.49%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.55% N/A

Sales Fees

PPREX 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% 5.00% N/A

Trading Fees

PPREX 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.

PPREX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 19.80% 5.00% 175.00% 13.94%

Distributions

PPREX - Distributions

Dividend Yield Analysis

PPREX Category Low Category High PPREX % Rank
Dividend Yield 0.00% 0.00% 6.47% 30.30%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PPREX Category Low Category High PPREX % Rank
Net Income Ratio 5.32% -0.26% 9.30% 15.00%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

PPREX - Fund Manager Analysis

Managers

L. Jacoby


Start Date

Tenure

Tenure Rank

May 01, 2002

18.18

18.2%

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.

Mark Lieb


Start Date

Tenure

Tenure Rank

Jul 01, 2009

11.01

11.0%

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

Dec 31, 2010

9.5

9.5%

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.

Manu Krishnan


Start Date

Tenure

Tenure Rank

Dec 31, 2010

9.5

9.5%

Fernando Diaz


Start Date

Tenure

Tenure Rank

Dec 31, 2010

9.5

9.5%

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.

Kevin Nugent


Start Date

Tenure

Tenure Rank

Dec 01, 2014

5.58

5.6%

Kevin Nugent joined Spectrum in 2012. Previously, Mr. Nugent had been a Guaranteed Introducing Broker with MF Global through Nugent Investment Group, LLC, since 2002. Additionally, since 2007 he has been a portfolio manager at Huntington Bay Capital Management and HFP Investment Management, with an emphasis on trading a proprietary volatility strategy for a hedge fund. He has held senior positions at Smith Barney, UBS and Prudential Securities where he developed low risk market strategies by using a proprietary trading model and statistical analysis. He also has extensive experience in developing various hedging strategies for commercial and institutional clients. Mr. Nugent graduated in 1981 with a Bachelor of Arts degree from Ohio Wesleyan University. He holds a Series 3 (National Commodities Futures) license. He is NASD Series 65 (Uniform Investment Advisor Law Examination) examination qualified.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 35.05 9.14 9.5