Spectrum Preferred and Capital Securities Income Fund
Actively managed global bond fund
As of its 2026 Q2 report, Spectrum Preferred and Capital Securities Income Fund held 326 positions with $4.80B in net assets. Its ten largest holdings made up 16.5% of the fund. The PNARX share class costs 1.28% a year. Over the 12 months to May 2026, PNARX returned 6.4%, with dividends reinvested. In 2026 Q2 it added 22 new positions and exited 17.
The Fund seeks to provide current income.
The fund invests at least 80% of assets in preferred securities and capital securities issued by financial institutions and other corporations, selecting issues rated investment-grade or below-investment-grade (up to 55% of assets) at the time of purchase. The fund concentrates more than 25% of assets in the financial services sector, including banking, insurance, and commercial finance. Because the fund's returns depend on the credit quality and payment performance of issuers it selects, credit deterioration or defaults among its holdings will reduce returns.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
The PNC Financial Services Group Inc 6.25% floating | 2.32% | $111.33M | — |
Liberty Mutual Group Inc 7.80% · due 2087-03-07 | 1.78% | $85.31M | — |
ING Groep NV 7.00% floating | 1.74% | $83.33M | — |
Principal Funds, Inc - Government Money Market Fund - Class R-6 | 1.64% | $78.84M | — |
Bank of America Corp 6.25% floating | 1.61% | $77.31M | — |
NatWest Group PLC 8.13% floating | 1.53% | $73.29M | — |
Huntington Bancshares Inc 4.45% floating | 1.50% | $72.26M | — |
Barclays PLC 9.63% floating | 1.47% | $70.41M | — |
Citigroup Inc 6.63% floating | 1.46% | $69.85M | — |
MetLife Inc 10.75% · due 2069-08-01 | 1.45% | $69.36M | — |
The 200 largest of 326 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%.
| Bonds | 85.83% |
| Stocks | 12.33% |
| Cash & short-term | 1.65% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
By sector
- Financials
- 46.4%
- International
- 27.5%
- Other
- 11.2%
- Utilities
- 7.0%
- 6 other sectors
- 7.9%
- Financials
- 46.4%
- International
- 27.5%
- Other
- 11.2%
- Utilities
- 7.0%
- Energy
- 2.1%
- Real Estate
- 1.8%
- Cash
- 1.6%
- Government
- 1.2%
- Communication Services
- 1.0%
- Information Technology
- 0.0%
How it has done
PNARX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.66%. Past returns are a record, not a forecast.
The 9 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.28% | +6.43% | +27.32% | +13.04% | -2.83% | |
| 0.97% | +6.83% | +28.57% | +14.60% | -2.63% | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| 0.81% | +6.97% | +29.17% | +15.58% | -2.69% | |
| 1.00% | +6.76% | +28.31% | +14.40% | -2.72% | |
| 1.05% | +6.62% | +28.21% | +14.12% | -2.72% | |
| 1.82% | +5.81% | +25.23% | +9.77% | -2.92% | |
| 0.71% | +7.10% | +29.44% | +16.17% | -2.67% |
Fees & fund details
Spectrum Preferred and Capital Securities Income Fund is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.71% – 1.82%· PNARX 1.28%
- Portfolio turnover
- 24.80% a year · as of 2025 Q4
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.
22 new· the largest 8
17 exited· the largest 8
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.
| Floating rate | 92.6% |
| Fixed rate | 7.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.1% |
| 1-3y | 0.2% |
| 3-5y | 0.8% |
| 5-10y | 0.3% |
| 10y+ | 35.1% |
| Unknown | 63.5% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
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.
| Interest rates | 50% |
| Credit spreads | 50% |
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.
| Investment grade | +1.95 yr |
| High yield | +0.37 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 | 0.00 yr | 0% |
| 1 yr | 0.06 yr | 3% |
| 5 yr | 0.84 yr | 36% |
| 10 yr | 1.31 yr | 57% |
| 30 yr | 0.10 yr | 4% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.06 yr | 3% |
| 5 yr | 0.84 yr | 36% |
| 10 yr | 1.31 yr | 57% |
| 30 yr | 0.10 yr | 4% |
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 | +0.00 | +0.00 | +0.00 | $1.9k | $362 |
| 1 yr | +0.06 | +0.05 | +0.01 | $26.2k | $5.0k |
| 5 yr | +0.84 | +0.71 | +0.14 | $339.5k | $65.1k |
| 10 yr | +1.31 | +1.10 | +0.21 | $529.0k | $101.5k |
| 30 yr | +0.10 | +0.08 | +0.02 | $38.6k | $7.4k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
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 — PNARX, 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?”