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PUSAX Principal Preferred Securities R1

PUSAX - Profile

Vitals

  • YTD Return 9.3%
  • 3 Yr Annualized Return -0.1%
  • 5 Yr Annualized Return -0.3%
  • Net Assets $5.76 B
  • Holdings in Top 10 17.2%

52 WEEK LOW AND HIGH

$10.22
$9.31
$10.22

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.58%

SALES FEES

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

BROKERAGE FEES

  • Turnover 12.30%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

Closed to new investors as of Jan 31, 2017

STANDARD (TAXABLE)

$0

IRA

N/A

Fund Classification

PRIMARY CATEGORY

  • Fund Type Open End Mutual Fund
  • Investment Style Preferred Stock

Distributions

  • YTD Total Return 9.3%
  • 3 Yr Annualized Total Return -0.1%
  • 5 Yr Annualized Total Return -0.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.29%
DIVIDENDS
  • Dividend Yield 2.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Principal Spectrum Preferred and Capital Securities Income Fund
  • Fund Family Name Principal Funds
  • Inception Date Nov 01, 2004
  • Shares Outstanding N/A
  • Share Class Retirement
  • Currency USD
  • Domiciled Country United States
  • Manager L. Phillip 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 the financial services (i.e., banking, insurance and commercial finance) industry.

PUSAX - Performance

Return Ranking - Trailing

Period PUSAX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.3% -4.8% 19.3% 85.07%
1 Yr 3.0% -10.0% 4.3% 19.85%
3 Yr -0.1%* -4.5% 7.3% 83.48%
5 Yr -0.3%* -4.2% 12.2% 61.54%
10 Yr 1.6%* -1.2% 5.9% 81.48%

* Annualized


Return Ranking - Calendar

Period PUSAX Return Category Return Low Category Return High Rank in Category (%)
2018 -9.6% -15.3% -2.5% 33.33%
2017 5.1% -7.8% 15.4% 62.93%
2016 -2.1% -2.1% 14.2% 98.21%
2015 -1.2% -17.9% 2.5% 19.59%
2014 4.0% -6.8% 53.4% 28.89%

Total Return Ranking - Trailing

Period PUSAX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.3% -4.8% 19.3% 85.07%
1 Yr 3.0% -10.0% 8.1% 56.49%
3 Yr -0.1%* -0.2% 12.9% 96.52%
5 Yr -0.3%* -0.4% 17.4% 95.60%
10 Yr 1.6%* 1.5% 14.7% 92.59%

* Annualized


Total Return Ranking - Calendar

Period PUSAX Return Category Return Low Category Return High Rank in Category (%)
2018 -9.6% -15.2% 4.5% 73.33%
2017 5.1% -1.0% 18.4% 90.52%
2016 -2.1% -2.1% 20.1% 98.21%
2015 -1.2% -17.2% 6.2% 39.18%
2014 4.0% 0.7% 56.9% 80.00%

NAV & Total Return History

PUSAX - Holdings

Concentration Analysis

PUSAX Category Low Category High PUSAX % Rank
Net Assets 5.76 B 192 K 8.1 B 6.52%
Number of Holdings 319 37 319 2.17%
Net Assets in Top 10 989 M -8.54 M 1.06 B 6.52%
Weighting of Top 10 17.17% 14.0% 85.5% 85.51%

Top 10 Holdings

  1. JPMorgan Chase & Co Deposit Shs Repr 1/10th Non-Cum Perp Pfd Shs Series -S- 2.66%

  2. Bank of America Corporation 6.5% 1.94%

  3. Centaur Funding Corporation 0% 1.73%

  4. Liberty Mutual Group, Inc. 7.8% 1.72%

  5. Citigroup Inc. 6.25% 1.69%

  6. BB&T Corporation 4.8% 1.65%

  7. Nationwide Financial Services, Inc. 6.75% 1.57%

  8. MetLife Inc. 10.75% 1.41%

  9. Credit Suisse AG 7.5% 1.40%

  10. The Bank of New York Mellon Corporation 4.95% 1.39%


Asset Allocation

Weighting Return Low Return High PUSAX % Rank
Bonds
53.41% -37.51% 75.52% 9.42%
Preferred Stocks
24.44% 0.00% 69.96% 28.99%
Convertible Bonds
19.53% 0.00% 129.37% 75.36%
Cash
1.58% -2.58% 11.35% 51.45%
Stocks
0.82% -0.19% 29.28% 61.59%
Other
0.22% 0.00% 18.36% 38.41%

Bond Sector Breakdown

Weighting Return Low Return High PUSAX % Rank
Corporate
97.11% 62.48% 98.91% 13.77%
Cash & Equivalents
1.58% -2.58% 11.35% 55.80%
Securitized
0.22% 0.00% 1.37% 10.14%
Government
0.06% -0.42% 9.00% 20.29%
Derivative
0.00% -3.15% 1.33% 35.51%
Municipal
0.00% 0.00% 0.00% 31.16%

Bond Geographic Breakdown

Weighting Return Low Return High PUSAX % Rank
US
34.78% -37.51% 71.33% 18.84%
Non US
18.63% 0.00% 27.03% 7.97%

PUSAX - Expenses

Operational Fees

PUSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.58% 0.00% 94.07% 34.35%
Management Fee 0.70% 0.00% 2.87% 49.28%
12b-1 Fee 0.35% 0.00% 1.00% 58.76%
Administrative Fee 0.28% 0.01% 0.55% 89.86%

Sales Fees

PUSAX 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

PUSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

PUSAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 12.30% 7.00% 213.00% 5.19%

PUSAX - Distributions

Dividend Yield Analysis

PUSAX Category Low Category High PUSAX % Rank
Dividend Yield 2.39% 0.00% 5.07% 28.26%

Dividend Distribution Analysis

PUSAX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Quarterly Monthly Quarterly

Dividend Payout History


Net Income Ratio Analysis

PUSAX Category Low Category High PUSAX % Rank
Net Income Ratio 4.29% -0.40% 8.41% 28.24%

Capital Gain Distribution Analysis

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

PUSAX - Managers

L. Phillip Jacoby

Manager

Start Date

Tenure

Tenure Rank

May 01, 2002

17.35

17.4%

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 A. Lieb

Manager

Start Date

Tenure

Tenure Rank

Jul 01, 2009

10.17

10.2%

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.


Manu Krishnan

Manager

Start Date

Tenure

Tenure Rank

Dec 31, 2010

8.67

8.7%


Roberto Giangregorio

Manager

Start Date

Tenure

Tenure Rank

Dec 31, 2010

8.67

8.7%

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.


Fernando Diaz

Manager

Start Date

Tenure

Tenure Rank

Dec 31, 2010

8.67

8.7%

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

Manager

Start Date

Tenure

Tenure Rank

Dec 01, 2014

4.75

4.8%

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

0.16

Category High

34.22

Category Average

8.08

Category Mode

8.67