High Yield Fund
Principal Funds, Inc · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
High Yield Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
Fund profile
As filed in the prospectus · 2026 Q1
The Fund seeks to provide a high level of current income.
The fund invests at least 80% of assets in below-investment-grade bonds and bank loans rated Ba1 or lower by Moody's or BB+ or lower by S&P Global, selecting securities that meet these thresholds to generate high current income. It also holds investment-grade bank loans and foreign securities. Because security selection depends on ratings assigned by external agencies, the fund's holdings will shift when those ratings change.
| Share class | Gross | Net |
|---|---|---|
| CPHYX | 0.90% | 0.90% |
| CCHIX | 1.69% | 1.69% |
| PHYTX | 0.62% | 0.61% |
| PHYFX | 0.52% | 0.52% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 40.30% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 91.72% |
| Loans | 5.01% |
| Cash & short-term | 4.01% |
| Stocks | 0.03% |
| Derivatives | 0.00% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified. The blend is as of 2025Q4, one or more quarters before the direct holdings (2026Q2).
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 50.0% |
| International | 17.3% |
| Financials | 5.0% |
| Consumer Discretionary | 4.6% |
| 10 smaller | 23.0% |
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: AMC Global Media Inc, Black Pearl Compute LLC, SV RNO Property Owner 1 LLC, Meridian Arc Holdco LLC, TransDigm Inc ×2, PR RNO Property Owner 1 LLC, RXO Inc
Largest exited: United States Treasury Note/Bond, Lightning Power LLC, Archrock Partners LP / Archrock Partners Finance Corp, ams-OSRAM AG, AMC Networks Inc, Vistra Operations Co LLC, The Michaels Cos Inc, Madison IAQ LLC
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 |
|---|---|---|---|---|---|
| +7.34% | +24.09% | +22.32% | 2.88% | -2.33% | |
| +6.35% | +20.98% | +17.45% | 2.83% | -2.43% | |
| +7.54% | +24.87% | +24.01% | 2.86% | -2.30% | |
| +7.66% | +25.25% | +24.58% | 2.84% | -2.29% |
These classes hold the same portfolio, so the 7.13pp spread over 5 years is the cost difference between them — roughly 1.43pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 88.1% |
| Floating rate | 11.6% |
| Zero-coupon or unclassified | 0.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.2% |
| 1-3y | 16.8% |
| 3-5y | 34.4% |
| 5-10y | 41.7% |
| 10y+ | 3.1% |
| Unknown | 2.9% |
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
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.75 yr |
| Investment grade | +0.18 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.05 yr | 2% |
| 1 yr | 0.14 yr | 5% |
| 5 yr | 1.99 yr | 70% |
| 10 yr | 0.63 yr | 22% |
| 30 yr | 0.03 yr | 1% |
| 3 mo | 0.05 yr | 2% |
| 1 yr | 0.14 yr | 5% |
| 5 yr | 2.06 yr | 70% |
| 10 yr | 0.65 yr | 22% |
| 30 yr | 0.03 yr | 1% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.05 | +0.00 | +0.05 | $1.9k | $29.2k |
| 1 yr | +0.14 | +0.01 | +0.13 | $5.5k | $84.9k |
| 5 yr | +1.99 | +0.13 | +1.93 | $80.6k | $1.24m |
| 10 yr | +0.63 | +0.04 | +0.61 | $25.6k | $394.0k |
| 30 yr | +0.03 | +0.00 | +0.03 | $1.3k | $19.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Principal Funds, Inc - Government Money Market Fund - Class R-6 | 1.26% | $80.75M | — |
| — | Energy Transfer LP6.50% floating · due 2056-02-15 | 0.82% | $52.44M | — |
| — | Smyrna Ready Mix Concrete LLC6.00% · due 2028-11-01 | 0.77% | $49.20M | — |
| — | EchoStar Corp10.75% · due 2029-11-30 | 0.76% | $49.01M | — |
| — | Jazz Securities DAC4.38% · due 2029-01-15 | 0.72% | $46.59M | — |
| — | Freedom Mortgage Holdings LLC9.13% · due 2031-05-15 | 0.71% | $45.54M | — |
| — | Victra Holdings LLC / Victra Finance Corp8.75% · due 2029-09-15 | 0.69% | $44.59M | — |
| — | California Buyer Ltd / Atlantica Sustainable Infrastructure PLC6.38% · due 2032-02-15 | 0.68% | $43.49M | — |
| — | Global Aircraft Leasing Co Ltd8.75% · due 2027-09-01 | 0.67% | $43.05M | — |
| — | 1261229 BC Ltd Term Loan B9.90% floating · due 2030-10-08 | 0.66% | $42.51M | — |
Top 10 positions are 7.74% of net assets, top 25 16.43%, across 285 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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