Principal Capital Appreciation Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Principal Capital Appreciation Fund held 101 positions with $5.12B in net assets. Its ten largest holdings made up 39.8% of the fund. The CMNWX share class costs 0.73% a year. Over the 12 months to May 2026, CMNWX returned 25.5%, with dividends reinvested. In 2026 Q3 it added 7 new positions and exited 8.
The Fund seeks to provide long-term growth of capital.
The fund seeks long-term capital growth and is non-diversified, meaning it may concentrate a higher percentage of assets in individual issuers than a diversified fund would. Because the fund's value depends on a limited number of holdings, changes in any single investment can produce larger swings in share price.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
NVDANVIDIA Corp | 7.14% | $365.64M | 1.8M | $199.57 |
5.89% | $301.91M | 784.6K | $384.80 | |
AAPLApple Inc | 5.54% | $284.04M | 1.0M | $271.35 |
MSFTMicrosoft Corp | 4.50% | $230.82M | 566.0K | $407.78 |
AMZNAmazon.com Inc | 4.07% | $208.29M | 785.8K | $265.06 |
AVGOBroadcom Inc | 3.20% | $164.05M | 393.0K | $417.43 |
Principal Funds, Inc - Government Money Market Fund - Class R-6 | 2.65% | $135.81M | — | — |
2.43% | $124.65M | 377.9K | $329.84 | |
2.28% | $116.90M | 373.2K | $313.23 | |
2.10% | $107.53M | 130.8K | $822.15 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
All 101 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 | 97.36% |
| Cash & short-term | 2.66% |
By sector
- Information Technology
- 32.7%
- Financials
- 13.2%
- Communication Services
- 9.5%
- Health Care
- 8.7%
- 9 other sectors
- 35.9%
- Information Technology
- 32.7%
- Financials
- 13.2%
- Communication Services
- 9.5%
- Health Care
- 8.7%
- Consumer Discretionary
- 8.5%
- Industrials
- 8.4%
- Consumer Staples
- 4.4%
- International
- 3.7%
- Energy
- 3.7%
- Real Estate
- 2.3%
- Cash
- 2.1%
- Utilities
- 1.5%
- Materials
- 1.4%
How it has done
CMNWX share class · total returns with dividends reinvested
Volatility over the last 12 months: 12.41%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 6 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.73% | +25.51% | +81.83% | +88.53% | -9.16% | |
| 0.45% | +25.89% | +83.49% | +91.40% | -9.10% | |
| — | — | — | — | — | |
| 0.99% | +25.23% | +80.53% | +86.29% | -9.22% | |
| — | — | — | — | — | |
| 0.68% | +25.58% | +82.10% | +89.09% | -9.16% |
Fees & fund details
Principal Capital Appreciation Fund is an actively managed U.S. equity fund. 21% of CMNWX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 96% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Non-diversified
- Expense ratio, by class
- 0.45% – 0.99%· CMNWX 0.73%
- Portfolio turnover
- 55.80% a year · as of 2026 Q1
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.
7 new
8 exited
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — CMNWX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”