Diversified Real Asset Fund
Actively managed global stock fund
As of its 2026 Q2 report, Diversified Real Asset Fund held 388 positions with $2.69B in net assets. Its ten largest holdings made up 20.7% of the fund. The PRDAX share class costs 1.23% a year. Over the 12 months to May 2026, PRDAX returned 21.8%, with dividends reinvested. In 2026 Q2 it added 57 new positions and exited 54.
The Fund seeks a long-term total return in excess of inflation.
The fund invests at least 80% of assets in real assets and real asset companies across infrastructure, natural resources, commodities, and real estate, with day-to-day execution delegated to multiple sub-advisors alongside the primary adviser. Commodity exposure is obtained through a wholly-owned Cayman Islands subsidiary that holds commodity-linked derivatives, equities, and ETFs, alongside fixed-income securities held directly by the fund. The fund concentrates more than 25% of assets in one or more of real estate, energy, natural resources, or infrastructure industries.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Global X US Infrastructure Development ETF | 3.08% | $82.73M | 1.5M | $56.31 |
Principal Funds, Inc - Government Money Market Fund - Class R-6 | 2.67% | $71.74M | — | — |
United States Treasury Bill 0.00% · due 2026-06-25 | 2.43% | $65.24M | — | — |
United States Treasury Bill 0.00% · due 2026-07-07 | 2.42% | $65.20M | — | — |
United States Treasury Bill 0.00% · due 2026-06-18 | 2.04% | $54.83M | — | — |
SPDR Gold MiniShares Trust | 1.83% | $49.09M | 545.8K | $89.93 |
WELLWelltower Inc | 1.69% | $45.42M | 221.2K | $205.33 |
PLDPrologis Inc | 1.56% | $41.86M | 291.8K | $143.47 |
EQIXEquinix Inc | 1.50% | $40.25M | 37.7K | $1,068.04 |
ETREntergy Corp | 1.47% | $39.59M | 363.0K | $109.05 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
The 200 largest of 388 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 83.95% |
| Bonds | 13.02% |
| Cash & short-term | 3.46% |
| Other | 0.13% |
| Loans | 0.01% |
| Derivatives | -0.22% |
Look-through blends 4 underlying funds; 2.642% of NAV was not looked through and stays direct-classified.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
By sector
- International
- 35.7%
- Real Estate
- 14.9%
- Government
- 12.6%
- Energy
- 9.7%
- 7 other sectors
- 27.2%
- International
- 35.7%
- Real Estate
- 14.9%
- Government
- 12.6%
- Energy
- 9.7%
- Utilities
- 9.0%
- Other
- 7.8%
- Materials
- 4.9%
- Cash
- 3.3%
- Industrials
- 1.0%
- Consumer Staples
- 0.9%
- Consumer Discretionary
- 0.3%
How it has done
PRDAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 10.75%. Past returns are a record, not a forecast.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.23% | +21.82% | +38.85% | +33.89% | -8.34% | |
| 0.87% | +22.18% | +40.38% | +36.39% | -8.33% | |
| 0.82% | +22.28% | +40.68% | +36.72% | -8.25% | |
| 1.39% | — | — | — | — |
Fees & fund details
Diversified Real Asset Fund is an actively managed global equity fund.
- Asset class
- Equity
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.82% – 1.39%· PRDAX 1.23%
- Portfolio turnover
- 85.90% a year · as of 2025 Q4
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
57 new· the largest 2
54 exited· the largest 4
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Zero-coupon or unclassified | 99.9% |
| Floating rate | 0.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 99.9% |
| 1-3y | 0.1% |
| 3-5y | 0.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Understand how this fund fits with the rest.
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