Dividend Investing Ideas Center
Critical Facts You Need to Know About Preferred Stocks
Have you ever wished for the safety of bonds, but the return potential...
Government & High Quality Bond Fund (f/k/a Mortgage Securities Fund)
mutual fund
PMREX
Payout Change
Pending
Price as of:
$8.81
+0.0
+0.0%
primary theme
Intermediate-Term U.S. Treasury Bond
share class
PMREX (Mutual Fund)
Government & High Quality Bond Fund (f/k/a Mortgage Securities Fund)
Payout Change
Pending
Price as of:
$8.81
+0.0
+0.0%
primary theme
Intermediate-Term U.S. Treasury Bond
share class
PMREX (Mutual Fund)
Government & High Quality Bond Fund (f/k/a Mortgage Securities Fund)
Payout Change
Pending
Price as of:
$8.81
+0.0
+0.0%
primary theme
Intermediate-Term U.S. Treasury Bond
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
$8.81
$660 M
3.30%
$0.29
0.76%
Vitals
YTD Return
0.3%
1 yr return
0.5%
3 Yr Avg Return
-2.7%
5 Yr Avg Return
-1.4%
Net Assets
$660 M
Holdings in Top 10
26.6%
52 WEEK LOW AND HIGH
$8.8
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.76%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 343.70%
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
$8.81
$660 M
3.30%
$0.29
0.76%
PMREX - Profile
Distributions
- YTD Total Return 0.3%
- 3 Yr Annualized Total Return -2.7%
- 5 Yr Annualized Total Return -1.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.43%
- Dividend Yield 3.3%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameGovernment & High Quality Bond Fund (f/k/a Mortgage Securities Fund)
-
Fund Family NamePrincipal Funds
-
Inception DateDec 16, 2008
-
Shares OutstandingN/A
-
Share ClassR5
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerBryan Davis
Fund Description
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in debt securities issued by the U.S. government, its agencies, or instrumentalities or debt securities that are rated, at the time of purchase, AAA by S&P Global Ratings (“S&P Global”) or Aaa by Moody’s Investors Service, Inc. (“Moody’s”), including, but not limited to, asset-backed securities (“ABS”), mortgage securities such as agency and non-agency collateralized mortgage obligations, and other obligations that are secured by mortgages or mortgage-backed securities (“MBS”) (also referred to as securitized products). The Fund also invests in ABS and MBS that are rated lower than AAA by S&P Global or Aaa by Moody’s (or of comparable quality), including collateralized mortgage obligations, and in other obligations that are secured by mortgages or MBS. The MBS in which the Fund invests include MBS trading in the to-be-announced (“TBA”) markets. If a security has been rated by only one of the rating agencies, that rating will determine the security’s rating; if the security is rated differently by the rating agencies, the highest rating will be used; and if the security has not been rated by either of the rating agencies, those selecting such investments will determine the security’s quality.
Under normal circumstances, the Fund maintains an average portfolio duration that is within ±50% of the duration of the Bloomberg U.S. Agency Fixed Rate MBS Index, which as of January 31, 2024 was 5.72 years. The Fund is not managed to a particular maturity. The Fund’s strategies may result in the active and frequent trading of the Fund’s portfolio securities.
The Fund invests in derivatives, including Treasury futures and securities delivered in TBA transactions, to manage the fixed-income exposure. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index.
PMREX - Performance
Return Ranking - Trailing
| Period | PMREX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 0.3% | -3.9% | 25.9% | 65.63% |
| 1 Yr | 0.5% | -4.4% | 26.4% | 65.18% |
| 3 Yr | -2.7%* | -8.1% | 11.5% | 51.12% |
| 5 Yr | -1.4%* | -6.0% | 3.4% | 87.26% |
| 10 Yr | 0.3%* | -2.4% | 3.5% | 62.65% |
* Annualized
Return Ranking - Calendar
| Period | PMREX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 1.7% | -1.0% | 22.1% | 20.98% |
| 2022 | -13.4% | -20.4% | -5.8% | 43.05% |
| 2021 | -2.8% | -7.1% | 16.6% | 38.53% |
| 2020 | 0.5% | -1.3% | 8.8% | 99.53% |
| 2019 | 3.5% | 0.3% | 7.1% | 44.02% |
Total Return Ranking - Trailing
| Period | PMREX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 0.3% | -3.9% | 25.9% | 65.63% |
| 1 Yr | 0.5% | -4.4% | 26.4% | 65.18% |
| 3 Yr | -2.7%* | -8.1% | 11.5% | 51.12% |
| 5 Yr | -1.4%* | -6.0% | 3.4% | 87.26% |
| 10 Yr | 0.3%* | -2.4% | 3.5% | 62.65% |
* Annualized
Total Return Ranking - Calendar
| Period | PMREX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 4.9% | -0.5% | 28.8% | 22.77% |
| 2022 | -11.9% | -18.5% | -3.3% | 51.12% |
| 2021 | -1.5% | -4.5% | 25.3% | 47.71% |
| 2020 | 2.8% | -1.3% | 13.0% | 96.70% |
| 2019 | 6.5% | 1.8% | 11.3% | 17.22% |
NAV & Total Return History
PMREX - Holdings
Concentration Analysis
| PMREX | Category Low | Category High | PMREX % Rank | |
|---|---|---|---|---|
| Net Assets | 660 M | 8.74 M | 134 B | 54.91% |
| Number of Holdings | 368 | 13 | 12380 | 48.21% |
| Net Assets in Top 10 | 177 M | 5.7 M | 55.6 B | 57.59% |
| Weighting of Top 10 | 26.61% | 6.2% | 99.3% | 75.89% |
Top 10 Holdings
- Fannie Mae or Freddie Mac 4.03%
- Fannie Mae or Freddie Mac 3.62%
- Ginnie Mae II Pool 3.40%
- Ginnie Mae II Pool 3.01%
- Fannie Mae or Freddie Mac 2.58%
- Ginnie Mae II Pool 2.05%
- Freddie Mac Pool 2.02%
- Ginnie Mae II Pool 2.00%
- Fannie Mae Pool 1.99%
- Ginnie Mae II Pool 1.90%
Asset Allocation
| Weighting | Return Low | Return High | PMREX % Rank | |
|---|---|---|---|---|
| Bonds | 99.72% | 0.03% | 161.75% | 48.21% |
| Other | 23.20% | -20.46% | 42.16% | 3.57% |
| Cash | 0.49% | -20.28% | 28.09% | 81.70% |
| Stocks | 0.00% | 0.00% | 95.39% | 96.88% |
| Preferred Stocks | 0.00% | 0.00% | 0.11% | 96.88% |
| Convertible Bonds | 0.00% | 0.00% | 3.29% | 96.88% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | PMREX % Rank | |
|---|---|---|---|---|
| Securitized | 79.37% | 0.00% | 99.79% | 31.25% |
| Government | 8.02% | 0.00% | 100.00% | 68.75% |
| Cash & Equivalents | 0.49% | 0.00% | 28.09% | 72.32% |
| Derivative | 0.01% | -12.53% | 3.25% | 29.02% |
| Corporate | 0.00% | 0.00% | 9.48% | 97.77% |
| Municipal | 0.00% | 0.00% | 5.24% | 98.21% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | PMREX % Rank | |
|---|---|---|---|---|
| US | 99.72% | 0.03% | 161.75% | 48.21% |
| Non US | 0.00% | 0.00% | 2.20% | 96.88% |
PMREX - Expenses
Operational Fees
| PMREX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.76% | 0.03% | 2.85% | 46.19% |
| Management Fee | 0.49% | 0.00% | 0.85% | 83.93% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.01% | 0.01% | 0.45% | 0.97% |
Sales Fees
| PMREX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.00% | 4.50% | N/A |
| Deferred Load | N/A | 1.00% | 4.50% | N/A |
Trading Fees
| PMREX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 1.00% | 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.
| PMREX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 343.70% | 3.35% | 948.00% | 75.71% |
PMREX - Distributions
Dividend Yield Analysis
| PMREX | Category Low | Category High | PMREX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.30% | 0.00% | 4.94% | 70.54% |
Dividend Distribution Analysis
| PMREX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
| PMREX | Category Low | Category High | PMREX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.43% | -0.80% | 2.96% | 72.65% |
Capital Gain Distribution Analysis
| PMREX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 30, 2024 | $0.024 | OrdinaryDividend |
| Oct 31, 2024 | $0.023 | OrdinaryDividend |
| Sep 30, 2024 | $0.020 | OrdinaryDividend |
| Aug 30, 2024 | $0.023 | OrdinaryDividend |
| Jul 31, 2024 | $0.022 | OrdinaryDividend |
| Apr 30, 2024 | $0.020 | OrdinaryDividend |
| Mar 31, 2024 | $0.021 | OrdinaryDividend |
| Feb 29, 2024 | $0.019 | OrdinaryDividend |
| Jan 31, 2024 | $0.026 | OrdinaryDividend |
| Dec 29, 2023 | $0.026 | OrdinaryDividend |
| Nov 30, 2023 | $0.021 | OrdinaryDividend |
| Oct 31, 2023 | $0.019 | OrdinaryDividend |
| Sep 30, 2023 | $0.021 | OrdinaryDividend |
| Aug 31, 2023 | $0.021 | OrdinaryDividend |
| Jul 31, 2023 | $0.020 | OrdinaryDividend |
| Jun 30, 2023 | $0.022 | OrdinaryDividend |
| May 31, 2023 | $0.021 | OrdinaryDividend |
| Apr 28, 2023 | $0.019 | OrdinaryDividend |
| Mar 31, 2023 | $0.022 | OrdinaryDividend |
| Feb 28, 2023 | $0.018 | OrdinaryDividend |
| Jan 31, 2023 | $0.020 | OrdinaryDividend |
| Dec 30, 2022 | $0.023 | OrdinaryDividend |
| Nov 30, 2022 | $0.019 | OrdinaryDividend |
| Oct 31, 2022 | $0.005 | OrdinaryDividend |
| Sep 30, 2022 | $0.010 | OrdinaryDividend |
| Aug 31, 2022 | $0.012 | OrdinaryDividend |
| Jul 29, 2022 | $0.012 | OrdinaryDividend |
| Jun 30, 2022 | $0.013 | OrdinaryDividend |
| May 31, 2022 | $0.012 | OrdinaryDividend |
| Apr 29, 2022 | $0.013 | OrdinaryDividend |
| Mar 31, 2022 | $0.013 | OrdinaryDividend |
| Feb 28, 2022 | $0.011 | OrdinaryDividend |
| Jan 31, 2022 | $0.011 | OrdinaryDividend |
| Dec 31, 2021 | $0.013 | OrdinaryDividend |
| Nov 30, 2021 | $0.013 | OrdinaryDividend |
| Oct 29, 2021 | $0.010 | OrdinaryDividend |
| Sep 30, 2021 | $0.009 | OrdinaryDividend |
| Aug 31, 2021 | $0.010 | OrdinaryDividend |
| Jul 30, 2021 | $0.009 | OrdinaryDividend |
| Jun 30, 2021 | $0.008 | OrdinaryDividend |
| May 28, 2021 | $0.008 | OrdinaryDividend |
| Apr 30, 2021 | $0.011 | OrdinaryDividend |
| Mar 31, 2021 | $0.009 | OrdinaryDividend |
| Feb 26, 2021 | $0.011 | OrdinaryDividend |
| Jan 29, 2021 | $0.013 | OrdinaryDividend |
| Dec 31, 2020 | $0.016 | OrdinaryDividend |
| Nov 30, 2020 | $0.016 | OrdinaryDividend |
| Oct 30, 2020 | $0.017 | OrdinaryDividend |
| Sep 30, 2020 | $0.016 | OrdinaryDividend |
| Aug 31, 2020 | $0.016 | OrdinaryDividend |
| Jul 31, 2020 | $0.018 | OrdinaryDividend |
| Jun 30, 2020 | $0.017 | OrdinaryDividend |
| May 29, 2020 | $0.020 | OrdinaryDividend |
| Apr 30, 2020 | $0.021 | OrdinaryDividend |
| Mar 31, 2020 | $0.022 | OrdinaryDividend |
| Feb 28, 2020 | $0.021 | OrdinaryDividend |
| Jan 31, 2020 | $0.024 | OrdinaryDividend |
| Dec 31, 2019 | $0.023 | OrdinaryDividend |
| Nov 29, 2019 | $0.023 | OrdinaryDividend |
| Oct 31, 2019 | $0.023 | OrdinaryDividend |
| Sep 30, 2019 | $0.020 | OrdinaryDividend |
| Aug 30, 2019 | $0.024 | OrdinaryDividend |
| Jul 31, 2019 | $0.023 | OrdinaryDividend |
PMREX - Fund Manager Analysis
Managers
Bryan Davis
Start Date
Tenure
Tenure Rank
Oct 17, 2019
2.62
2.6%
Davis is a senior trader/research analyst for Principal Global Investors. He is responsible for trading mortgage-backed securities and developing investment strategies related to mortgages and derivatives. Davis joined the firm in 1993 as a servicing valuation director for Principal Residential Mortgage. He earned a bachelor’s degree in Finance from the University of Iowa. He has earned the right to use the Chartered Financial Analyst esignation and is a member of the CFA Institute.
Zach Gassmann
Start Date
Tenure
Tenure Rank
Oct 17, 2019
2.62
2.6%
Zach Gassmann has been with Principal® since 2007. He received a master’s degree in financial management from Drake University and a bachelor’s degree in accounting from Simpson College. Mr. Gassmann has earned the right to use the Chartered Financial Analyst designation.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.11 | 31.64 | 8.43 | 7.35 |
