Diversified Real Asset Fund
Principal Funds, Inc · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Diversified Real Asset Fund is an actively managed global equity fund.
- Asset class
- Equity
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
Fund profile
As filed in the prospectus · 2025 Q4
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.
| Share class | Gross | Net |
|---|---|---|
| PRDAX | 1.23% | 1.23% |
| PDRDX | 0.92% | 0.87% |
| PDARX | 0.82% | 0.82% |
| PGDRX | 1.39% | 1.39% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 85.90% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| International | 35.7% |
| Real Estate | 14.9% |
| Government | 12.6% |
| Energy | 9.7% |
| 7 smaller | 27.2% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: United States Treasury Bill ×7, Mitsubishi Estate Co Ltd
Largest exited: United States Treasury Bill ×5, Global X MLP & Energy Infrastructure ETF, United Utilities Group PLC, Cellnex Telecom SA
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +27.00% | +35.33% | +39.86% | 9.94% | -8.34% | |
| +27.48% | +36.83% | +42.48% | 9.97% | -8.33% | |
| +27.59% | +36.99% | +42.82% | 9.97% | -8.25% | |
| — | — | — | — | — |
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | Global X US Infrastructure Development ETF | 3.08% | $56.31 | $82.73M | 1.5M |
| — | Principal Funds, Inc - Government Money Market Fund - Class R-6 | 2.67% | — | $71.74M | — |
| — | United States Treasury Bill0.00% · due 2026-06-25 | 2.43% | — | $65.24M | — |
| — | United States Treasury Bill0.00% · due 2026-07-07 | 2.42% | — | $65.20M | — |
| — | United States Treasury Bill0.00% · due 2026-06-18 | 2.04% | — | $54.83M | — |
| — | SPDR Gold MiniShares Trust | 1.83% | $89.93 | $49.09M | 545.8K |
| WELL | Welltower IncWELL | 1.69% | $205.33 | $45.42M | 221.2K |
| PLD | Prologis IncPLD | 1.56% | $143.47 | $41.86M | 291.8K |
| EQIX | Equinix IncEQIX | 1.50% | $1,068.04 | $40.25M | 37.7K |
| ETR | Entergy CorpETR | 1.47% | $109.05 | $39.59M | 363.0K |
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.
Top 10 positions are 20.68% of net assets, top 25 35.33%, across 359 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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