PGRVX

Principal Global Real Estate Securities Fund

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    Principal Global Real Estate Securities Fund

    Highlights

    A real estate strategy that strives to deliver strong, risk-adjusted performance

    • Track record of consistent and attractive risk-adjusted returns generated through bottom-up stock selection.
    • “Quality at a reasonable price” investment style favors above average companies trading at average or discounted valuations.
    • Access to extensive Principal resources and in-house insights from all four quadrants across the real estate spectrum.
    Analyst Rating
    as of 11/07/2022
    Category: Global Real Estate

    Fund details

    as of 03/24/2023 unless indicated otherwise
    Fund ticker
    PGRVX
    CUSIP
    74256W766
    Benchmark
    FTSE EPRA/NAREIT Developed NTR Index
    Extended performance inception date
    10/01/2007
    NAV
    $8.34
    Total fund assets
    $2.2B
    Dividend frequency
    Quarterly
    Minimum investment
    —
    Inception date
    03/01/2016
    Morningstar category
    Global Real Estate
    Investment approach
    The investment seeks to generate a total return. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of U.S. and non-U.S. companies principally engaged in the real estate industry at the time of purchase. For the fund's investment policies, a real estate company has at least 50% of its assets, income or profits derived from products or services related to the real estate industry.

    Performance & expenses

    As of 02/28/2023
    Name 1 month 3 month YTD 1 year 3 year 5 year 10 year Since inception Overall
    Total return % -4.48% 0.75% 4.43% -16.26% -1.46% 2.42% 3.97% 2.87% —
    Benchmark performance
    FTSE EPRA/NAREIT Developed NTR Index
    		 -4.41% 1.27% 4.17% -15.11% -1.10% 1.99% 3.03% — —
    Morningstar category average
    Global Real Estate
    		 -4.62% 0.94% 3.75% -15.70% -0.95% 1.98% 3.13% — —
    Morningstar percentile rankings — — — 67 67 53 28 — —
    # of funds in category 199 198 199 191 184 174 108 — 184
    Morningstar rating — — — — —
    Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
    Returns shown for periods of less than one year are not annualized.
    Index performance information: no deductions for fees, expenses or taxes. Indices are unmanaged and individuals cannot invest directly in an index.

    Ratings

    Analyst Rating

    as of 11/07/2022  |  184 funds

    Morningstar Star Ratings

    as of 02/28/2023  |  Category: Global Real Estate
    3 year
    184 funds
    5 year
    174 funds
    10 year
    108 funds
    Overall
    184 funds
    3 year | 184 funds
    5 year | 174 funds
    10 year | 108 funds
    Overall | 184 funds

    Holdings

    Top 10

    as of 02/28/2023
    % of Assets
    % of Assets
    1. Prologis Inc
    4.58%
    2. Extra Space Storage Inc
    3.36%
    3. VICI Properties Inc
    3.17%
    4. AvalonBay Communities Inc
    3.11%
    5. Ventas Inc
    2.97%
    6. Rexford Industrial Realty Inc
    2.83%
    7. Principal Government Money Market Fund - Class R-6
    2.78%
    8. Welltower Inc
    2.65%
    9. Invitation Homes Inc
    2.63%
    10. Sun Hung Kai Properties Ltd
    2.61%
    The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
    May not reflect current holdings or allocations.

    Portfolio characteristics

    # of holdings
    as of 02/28/2023
    80
    Active share
    as of 02/28/2023
    55.10%
    Turnover ratio
    as of 10/31/2022
    16.80%
    Weighted avg mark cap
    as of 02/28/2023
    22,683.81
    Alpha (3-year)
    as of 02/28/2023
    -0.56
    Beta (3-year)
    as of 02/28/2023
    0.96
    R-squared (3-year)
    as of 02/28/2023
    98.64
    Sharpe ratio (3-year)
    as of 02/28/2023
    0.00
    Standard deviation (3-year)
    as of 02/28/2023
    22.56
    Tracking error (3-year)
    as of 02/28/2023
    2.82
    May not reflect current holdings or allocations.

    Portfolio management

    Simon Hedger
    45 years of experience
    Anthony Kenkel, CFA, FRM
    26 years of experience
    Kelly D. Rush, CFA
    39 years of experience

    Literature

    Portfolio holdings

    Investment materials

    Disclosures
    Principal Funds are distributed by Principal Funds Distributor, Inc. ALPS Distributors, Inc. is the distributor of the Principal ETFs. ALPS Distributors, Inc. and the Principal Funds are not affiliated.
    These calculated returns reflect the historical performance of the oldest share class of the Fund, adjusted to reflect the fees and expenses of the share class shown. Please see the Fund's prospectus for more information on specific expenses and see the Fund's most recent shareholder report for the actual date of first sale. Expenses are deducted from income earned by the Fund. As a result, dividends and investment results will differ for each share class.
    The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
    NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE
    International investing involves greater risks such as currency fluctuations, political/social instability, and differing accounting standards.
    Morningstar percentile rankings are based on total returns and do not reflect the inclusion of sales charges. If sales charges were reflected, rankings could be lower.
    REITs are subject to a real estate industry sensitive to interest rates, general and local economic conditions, property tax rates, and other factors.
    Real estate investment options are subject to some risks inherent in real estate and real estate investment trusts (REITs), such as risks associated with general and local economic conditions. Investing in REITs involves special risks, including interest rate fluctuation, credit risks, and liquidity risks, including interest conditions on real estate values and occupancy rates.
    Performance assumes reinvestment of all dividends and capital gains.
    Principal Global Investors is the Investment Adviser of all funds included in the Principal Funds, Inc. Principal Funds are managed by Principal Global Investors, its boutique affiliates, and by many leading sub-advisors.
    To obtain a prospectus, download or call Customer Service at 1.800.222.5852. Carefully consider a fund’s objectives, risks, charges, and expenses. The prospectus, or summary prospectus if available, contains this and other information. Please read it carefully before investing.
    The FTSE EPRA/NAREIT Developed Index is a composite of the existing EPRA Europe Index, EPRA/NAREIT North America Index, and EPRA/NAREIT Asia Index. The index contains publicly quoted real estate companies that meet the EPRA Rules in 21 countries throughout Europe, North America & Asia.
    The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research. For actively managed strategies, people and process each receive a 45% weighting in their analysis, while parent receives a 10% weighting. For passive strategies, process receives an 80% weighting, while people and parent each receive a 10% weighting. For both active and passive strategies, performance has no explicit weight as it is incorporated into the analysis of people and process; price at the share-class level (where applicable) is directly subtracted from an expected gross alpha estimate derived from the analysis of the other pillars. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, the modification by alpha dispersion is not used.
    The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers for active funds. For passive funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will be able to deliver a higher alpha net of fees than the lesser of the relevant Morningstar category median or 0. The level of the rating relates to the level of expected net alpha relative to Morningstar category peers for passive funds. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will deliver a weighted pillar score above a predetermined threshold within its peer group. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months.
    For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.
    The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Group’s expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.