Fund Evaluator:
Principal Global Macro R-6 (PAFIX)
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Best Performing in Macro Trading Over the Last Year
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Fund Details
Principal Global Macro R-6 Overview
Principal Global Macro R-6 (PAFIX) is an actively managed Alternative Macro Trading fund. Principal Funds launched the fund in 2025.
The investment seeks to achieve long-term capital appreciation while managing portfolio volatility. Under normal market conditions, the fund will have investment exposure to at least three countries (excluding the United States) and combined exposure to foreign securities, foreign currencies, and other foreign investments equal to at least 40% of the fund’s net assets. This foreign exposure includes sovereign debt and emerging market assets.
About Principal Global Macro R-6 (PAFIX)
There are 2 members of the management team with an average tenure of 0.71 years: Yesim Tokat-Acikel (2025), Jessica Jin (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Treasury Bill 1-3 M TR USD index with a weighting of 100% and Bloomberg Global Aggregate TR USD index with a weighting of 100%. Principal Global Macro R-6 has 210 securities in its portfolio. The top 10 holdings constitute 207.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Principal Global Macro R-6 is part of the Alternative Strategies global asset class and is within the Alternative fund group. Principal Global Macro R-6 has 22.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 12.8%. There is 19.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 6.0% (2.9% domestic bond, 3.1% foreign bond and 0.0% convertible bond). Principal Global Macro R-6 has 61.9% of the portfolio in cash.
Assets Under Management
The fund has $170 million in total assets, which is below the $296 million average for the Macro Trading category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PAFIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Principal Global Macro R-6 expense ratio is above average compared to funds in the Macro Trading category. Principal Global Macro R-6 has an expense ratio of 0.79%, which is 50% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for Principal Global Macro R-6. By way of comparison, the average portfolio turnover is 95% for the Macro Trading category.
Recently, in the month of July 2026, Principal Global Macro R-6 returned 1.6%, which earned it a grade of A, as the Macro Trading category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Principal Global Macro R-6 has a trailing yield of 0.00%, which is below the 1.90% category average. The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Principal Global Macro R-6 Grades
Year to date, the fund has returned 11.5%, 6.1 percentage points better than the category, which translates into a grade of A.
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PAFIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PAFIX Return (NAV) | 1.6% | 1.5% | na | na | na | na |
| PAFIX Grade | A | B | na | na | na | na |
| +/- Category | 1.3% | 1.8% | na | na | na | na |
| Macro Trading Avg | 0.3% | -0.2% | 8.3% | 6.5% | 4.9% | 4.8% |
| PAFIX Tax Cost Ratio | na | na | na | na | na | na |
PAFIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PAFIX Return (NAV) | 11.5% | na | na | na | na | na | na | na | na | na | na |
| PAFIX Grade | A | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 6.1% | na | na | na | na | na | na | na | na | na | na |
| Macro Trading Avg | 5.4% | 6.6% | 6.5% | 4.4% | 4.4% | 2.8% | 4.4% | 8.9% | -0.5% | 6.7% | -0.8% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | -- |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $170 Mil |
| Fund Total Assets: | $ 170 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.7 years | |||
| Average Tenure: 0.7 years | |||
| Managers (Year): Tokat-Acikel Yesim (2025), Jin Jessica (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 210 |
| % in Top 10 Holdings: | 207.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 22.4% |
Portfolio Allocation |
|
| Domestic Stock: | 12.8% |
| Foreign Stock: | 19.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 2.9% |
| Foreign Bond: | 3.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 61.9% |
Purchase Information
| Fund Family: | Principal Funds |
| Phone Number: | 800-222-5852 |
| Website: | www.principalfunds.com |
| Status: | Open |
| Inception Date: | November 14, 2025 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.79% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.59% |
| Share Class: | Principal Global Macro R-6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
