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Diversified Real Asset Fund
mutual fund
PDRDX
Payout Change
Pending
Price as of:
$11.21
+0.06
+0.54%
primary theme
N/A
share class
PDRDX (Mutual Fund)
Diversified Real Asset Fund
Payout Change
Pending
Price as of:
$11.21
+0.06
+0.54%
primary theme
N/A
share class
PDRDX (Mutual Fund)
Diversified Real Asset Fund
Payout Change
Pending
Price as of:
$11.21
+0.06
+0.54%
primary theme
N/A
share class
Name
As of 12/24/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
3.2%
1 yr return
2.9%
3 Yr Avg Return
0.4%
5 Yr Avg Return
4.1%
Net Assets
$3.29 B
Holdings in Top 10
18.9%
52 WEEK LOW AND HIGH
$11.2
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.89%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 70.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/24/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
PDRDX - Profile
Distributions
- YTD Total Return 3.2%
- 3 Yr Annualized Total Return 0.4%
- 5 Yr Annualized Total Return 4.1%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.97%
- Dividend Yield 2.1%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameDiversified Real Asset Fund
-
Fund Family NamePrincipal Funds
-
Inception DateMar 17, 2010
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerKelly Grossman
Fund Description
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in investments related to real assets and real asset companies. The Fund allocates its assets among general investment categories related to real assets, which include tangible assets and investments that are expected to perform well in periods of rising or high inflation, such as the following: infrastructure, natural resources, commodities, real estate, inflation-indexed bonds, and floating rate debt. In pursuing these strategies, the Fund invests in equity securities, including growth and value securities, of any market capitalization size (small, medium, large); fixed-income securities, which are not managed to any particular maturity or duration; U.S. and foreign securities; and derivative instruments, such as forwards, futures, swaps, and options. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The Fund concentrates its investments (invests more than 25% of its net assets) in securities of one or more of the following industries: real estate, energy, natural resources, and infrastructure.
In managing the Fund, Principal Global Investors, LLC (“PGI”), the Fund’s investment advisor, determines the Fund’s strategic asset allocation among actively managed and passively managed (index) strategies that are executed by PGI and multiple sub-advisors. PGI has considerable latitude in allocating the Fund’s assets among the general investment categories listed below. The Fund uses strategies and sub-advisors to varying degrees and may change allocations, add new or eliminate existing strategies and sub-advisors, and temporarily or permanently reduce allocations from time to time such that the Fund would have little or no assets allocated to a particular strategy or sub-advisor.
Infrastructure. The Fund invests in companies that own or operate infrastructure assets related to the transportation, communications, water, electricity transmission and distribution, and oil and gas storage, processing, and transportation industries.
Natural Resources. The Fund invests in securities of companies that primarily own, explore, mine, process, or otherwise develop natural resources, renewable energy, or agricultural commodities and products, or that supply goods and services to such companies. These include companies contributing to and/or profiting from, these sectors, especially those active in production, processing, and supply chain services. These also include companies that are developing technologies, processes, products, and services relating to more efficient use, delivery, storage, management, or conversion of natural resources or products derived from natural resources, such as water treatment companies, smart electricity grid companies, companies that focus on creating energy efficiency for industrial processes, and companies focused on renewable energy resources. Natural resources generally include precious metals, such as gold, silver and platinum; ferrous and nonferrous metals, such as iron, aluminum, and copper; strategic metals, such as uranium and titanium; hydrocarbons, such as coal, oil, and natural gas; timber and wood products; and undeveloped real property.
Commodities. Commodities are assets that have tangible properties, such as oil, coal, natural gas, agricultural products, industrial metals, livestock, and precious metals. To gain exposure to the commodities markets without investing directly in physical commodities, the Fund invests in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Cayman Subsidiary”) and fixed-income securities (primarily short-term U.S. Treasury and Agency notes and bonds). In order to gain exposure to the commodity markets within the limitations of certain federal tax law requirements, the Cayman Subsidiary invests in commodity-linked equities, commodity-linked exchange traded funds (ETFs), and commodity-linked derivatives, including commodity-linked swaps, commodity futures, and forward contracts and/or options on commodities, as well as instruments such as fixed-income securities (cash, cash equivalents, and/or U.S. Treasury and Agency notes and bonds), either as investments or to serve as margin or collateral for the Cayman Subsidiary’s derivatives positions.
Real Estate. The Fund invests in equity securities of companies that have at least 50% of their assets, income, or profits derived from products or services related to the real estate industry (“real estate companies”). Real estate companies include real estate investment trusts (“REITs”), REIT-like entities, and companies with substantial real estate holdings such as paper, lumber, hotel, and entertainment companies, as well as building supply manufacturers, mortgage lenders, and mortgage servicing companies.
Inflation-Indexed Bonds. The Fund invests in inflation-indexed bonds issued by the U.S. and non-U.S. governments, their agencies, or instrumentalities and by U.S. and non-U.S. corporations. Inflation-indexed bonds are fixed-income securities that are structured to provide protection against inflation. The value of the bond’s principal or the interest income paid on the bond is adjusted to track changes in an official inflation measure.
Floating Rate Debt. The Fund invests in below-investment-grade (sometimes called “junk”) or comparable unrated floating rate debt (also known as bank loans, syndicated loans, leveraged loans, or senior floating rate interests). Floating rate debt has a variable coupon that resets periodically, with interest payments determined by a representative interest rate index (e.g., SOFR, the federal funds rate, or a similar reference rate) plus a fixed spread. As a result, the coupon payments vary, or “float” with prevailing market interest rates.
PDRDX - Performance
Return Ranking - Trailing
| Period | PDRDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.2% | -23.7% | 16.4% | 10.94% |
| 1 Yr | 2.9% | -8.9% | 48.3% | 11.16% |
| 3 Yr | 0.4%* | -2.2% | 16.4% | 10.91% |
| 5 Yr | 4.1%* | -0.7% | 13.4% | 19.39% |
| 10 Yr | 2.8%* | 0.9% | 11.8% | 80.78% |
* Annualized
Return Ranking - Calendar
| Period | PDRDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 0.6% | -40.8% | 20.6% | 23.06% |
| 2022 | -16.9% | -21.0% | 24.5% | 49.89% |
| 2021 | 9.9% | -24.2% | 27.8% | 59.58% |
| 2020 | 3.4% | -23.1% | 11.7% | 41.04% |
| 2019 | 12.4% | -100.0% | 20.6% | 70.03% |
Total Return Ranking - Trailing
| Period | PDRDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.2% | -23.7% | 16.4% | 10.94% |
| 1 Yr | 2.9% | -12.8% | 48.3% | 10.38% |
| 3 Yr | 0.4%* | -3.4% | 16.4% | 9.61% |
| 5 Yr | 4.1%* | -1.1% | 13.4% | 17.85% |
| 10 Yr | 2.8%* | 0.9% | 11.8% | 80.11% |
* Annualized
Total Return Ranking - Calendar
| Period | PDRDX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.2% | -40.8% | 20.6% | 23.06% |
| 2022 | -6.2% | -21.0% | 24.5% | 49.89% |
| 2021 | 17.3% | -24.2% | 27.8% | 60.75% |
| 2020 | 4.0% | -23.1% | 11.7% | 60.05% |
| 2019 | 15.0% | -2.9% | 23.1% | 88.01% |
NAV & Total Return History
PDRDX - Holdings
Concentration Analysis
| PDRDX | Category Low | Category High | PDRDX % Rank | |
|---|---|---|---|---|
| Net Assets | 3.29 B | 1.12 M | 110 B | 15.77% |
| Number of Holdings | 930 | 2 | 10961 | 8.77% |
| Net Assets in Top 10 | 589 M | -31.7 M | 22 B | 16.91% |
| Weighting of Top 10 | 18.87% | 10.8% | 100.0% | 62.53% |
Top 10 Holdings
- Principal Government Money Market Fund - Class R-6 3.49%
- iShares Global Infrastructure ETF 2.53%
- United States Treasury Bill 2.47%
- Global X US Infrastructure Development ETF 2.03%
- United States Treasury Bill 1.54%
- United States Treasury Bill 1.46%
- Vanguard Real Estate ETF 1.46%
- United States Treasury Bill 1.44%
- NextEra Energy Inc 1.25%
- Welltower Inc 1.20%
Asset Allocation
| Weighting | Return Low | Return High | PDRDX % Rank | |
|---|---|---|---|---|
| Stocks | 64.40% | -45.72% | 98.42% | 22.13% |
| Bonds | 31.28% | -39.76% | 93.84% | 59.92% |
| Cash | 4.07% | -97.12% | 185.58% | 29.44% |
| Preferred Stocks | 0.18% | -0.03% | 14.00% | 66.81% |
| Other | 0.07% | -1.25% | 197.12% | 70.77% |
| Convertible Bonds | 0.00% | 0.00% | 25.49% | 97.49% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | PDRDX % Rank | |
|---|---|---|---|---|
| Utilities | 24.02% | 0.00% | 40.29% | 3.61% |
| Real Estate | 22.59% | 0.00% | 90.14% | 14.01% |
| Energy | 17.55% | 0.00% | 38.61% | 7.86% |
| Industrials | 17.31% | 0.09% | 32.39% | 5.10% |
| Basic Materials | 11.36% | 0.00% | 60.23% | 8.28% |
| Consumer Cyclical | 2.53% | 0.00% | 20.84% | 87.69% |
| Consumer Defense | 2.04% | 0.00% | 31.85% | 88.11% |
| Technology | 1.62% | 0.00% | 39.48% | 86.84% |
| Healthcare | 0.75% | 0.00% | 30.30% | 88.11% |
| Financial Services | 0.20% | 0.00% | 30.34% | 90.23% |
| Communication Services | 0.00% | 0.00% | 28.59% | 99.58% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | PDRDX % Rank | |
|---|---|---|---|---|
| US | 40.01% | -4.82% | 95.75% | 72.03% |
| Non US | 24.40% | -46.69% | 57.06% | 8.98% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | PDRDX % Rank | |
|---|---|---|---|---|
| Government | 55.42% | 0.00% | 98.64% | 18.79% |
| Corporate | 25.93% | 0.00% | 99.90% | 57.83% |
| Cash & Equivalents | 3.98% | 0.10% | 100.00% | 34.24% |
| Securitized | 0.94% | 0.00% | 83.28% | 96.03% |
| Municipal | 0.00% | 0.00% | 31.28% | 95.20% |
| Derivative | -0.02% | 0.00% | 41.88% | 21.29% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | PDRDX % Rank | |
|---|---|---|---|---|
| US | 31.05% | -177.12% | 87.76% | 34.45% |
| Non US | 0.23% | -39.00% | 137.36% | 74.95% |
PDRDX - Expenses
Operational Fees
| PDRDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.89% | 0.16% | 2.71% | 77.04% |
| Management Fee | 0.76% | 0.00% | 1.70% | 88.65% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.70% | N/A |
Sales Fees
| PDRDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.50% | N/A |
Trading Fees
| PDRDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 2.00% | 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.
| PDRDX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 70.00% | 0.00% | 441.00% | 62.68% |
PDRDX - Distributions
Dividend Yield Analysis
| PDRDX | Category Low | Category High | PDRDX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.06% | 0.00% | 10.92% | 96.88% |
Dividend Distribution Analysis
| PDRDX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Annually | Monthly | Monthly |
Net Income Ratio Analysis
| PDRDX | Category Low | Category High | PDRDX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.97% | -5.20% | 6.33% | 33.99% |
Capital Gain Distribution Analysis
| PDRDX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 19, 2024 | $0.057 | OrdinaryDividend |
| Mar 19, 2024 | $0.064 | OrdinaryDividend |
| Dec 27, 2023 | $0.072 | OrdinaryDividend |
| Sep 20, 2023 | $0.069 | OrdinaryDividend |
| Jun 20, 2023 | $0.083 | OrdinaryDividend |
| Mar 17, 2023 | $0.055 | OrdinaryDividend |
| Dec 28, 2022 | $0.304 | OrdinaryDividend |
| Dec 20, 2022 | $0.692 | CapitalGainLongTerm |
| Sep 20, 2022 | $0.296 | OrdinaryDividend |
| Jun 17, 2022 | $0.070 | OrdinaryDividend |
| Mar 17, 2022 | $0.054 | OrdinaryDividend |
| Dec 29, 2021 | $0.314 | OrdinaryDividend |
| Dec 20, 2021 | $0.180 | OrdinaryDividend |
| Sep 20, 2021 | $0.374 | OrdinaryDividend |
| Dec 29, 2020 | $0.062 | OrdinaryDividend |
| Dec 27, 2019 | $0.275 | OrdinaryDividend |
| Dec 27, 2018 | $0.360 | OrdinaryDividend |
| Dec 27, 2017 | $0.258 | OrdinaryDividend |
| Dec 28, 2016 | $0.282 | OrdinaryDividend |
| Dec 28, 2015 | $0.104 | OrdinaryDividend |
| Dec 29, 2014 | $0.129 | OrdinaryDividend |
| Dec 17, 2014 | $0.067 | CapitalGainShortTerm |
| Dec 17, 2014 | $0.067 | CapitalGainLongTerm |
| Dec 27, 2013 | $0.156 | OrdinaryDividend |
| Dec 18, 2013 | $0.072 | CapitalGainShortTerm |
| Dec 18, 2013 | $0.038 | CapitalGainLongTerm |
| Dec 27, 2012 | $0.153 | OrdinaryDividend |
| Dec 19, 2012 | $0.008 | CapitalGainShortTerm |
| Dec 19, 2012 | $0.290 | CapitalGainLongTerm |
| Dec 27, 2011 | $0.044 | OrdinaryDividend |
| Dec 19, 2011 | $0.083 | CapitalGainShortTerm |
| Dec 19, 2011 | $0.192 | CapitalGainLongTerm |
| Dec 31, 2010 | $0.033 | OrdinaryDividend |
| Dec 10, 2010 | $0.023 | CapitalGainShortTerm |
| Dec 10, 2010 | $0.002 | CapitalGainLongTerm |
| Sep 30, 2010 | $0.008 | OrdinaryDividend |
| Jun 30, 2010 | $0.016 | OrdinaryDividend |
PDRDX - Fund Manager Analysis
Managers
Kelly Grossman
Start Date
Tenure
Tenure Rank
Mar 16, 2010
12.22
12.2%
Kelly A. Grossman joined the Principal Financial Group in 1991. She is a Senior Product Manager at Principal and a member of the Principal Funds Investment Committee. Ms. Grossman earned a B.A. in Mathematics and Computer Science from the University of Northern Iowa. She is a fellow of the Society of Actuaries and a member of the American Academy of Actuaries.
Benjamin Rotenberg
Start Date
Tenure
Tenure Rank
Mar 07, 2014
8.24
8.2%
Benjamin E. Rotenberg joined Principal® in 2014. Prior to that, he was employed at Cliffwater LLC as a Managing Director from 2007-2014. Mr. Rotenberg is responsible for the asset allocation and manager selection for Principal Portfolio StrategiesSM. Mr. Rotenberg earned a bachelor’s degree in International Relations and Russian from Pomona College. He has earned the right to use the Chartered Financial Analyst and the Chartered Alternative Investment Analyst designations.
Jessica Bush
Start Date
Tenure
Tenure Rank
Mar 07, 2014
8.24
8.2%
Jessica S. Bush joined Principal® in 2006. Ms. Bush is responsible for the asset allocation and manager selection for Principal Portfolio StrategiesSM. Ms. Bush earned a bachelor’s degree in Business Administration from the University of Michigan. She has earned the right to use the Chartered Financial Analyst designation.
Marcus Dummer
Start Date
Tenure
Tenure Rank
Mar 07, 2014
8.24
8.2%
Marcus W. Dummer joined the Principal Financial Group in 2003. Mr. Dummer is a Senior Portfolio Strategist for Principal and a member Principal Funds Investment Committee. He is responsible for conducting research, assessing risk, and making relative value recommendations relating to the fixed-income component of the Principal Portfolio Construction StrategiesSM (Global Diversified Income Fund, Diversified Real Asset Fund, and Global Multi-Strategy Fund). Mr. Dummer earned a Bachelor’s degree in Finance and an M.B.A. from the University of Utah.
May Tong
Start Date
Tenure
Tenure Rank
May 10, 2021
1.06
1.1%
May Tong has been with Principal® since 2021. Prior to that, Ms. Tong was a Senior Vice President, Portfolio Manager for Franklin Templeton Multi-Asset Solutions since 2018. Prior to that, Ms. Tong was a Portfolio Manager and Head of Portfolio Implementation and Management for Voya Investment Management’s Multi-Asset Strategies and Solutions Team since 2011. Ms. Tong is responsible for the asset allocation and manager selection for Principal Global Asset Allocation. She earned a bachelor’s degree in Accounting and Finance from Boston College and an M.B.A. from Columbia University. She has earned the right to use the Chartered Financial Analyst designation.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.03 | 30.27 | 6.52 | 9.25 |
