Fund Evaluator:
Principal SAM Flexible Income R5 (PFIFX)
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Best Performing in Global Conservative Allocation Over the Last Year
| 22.9% | Lincoln Inflation Plus A (LFTAX) |
| 9.3% | TOPS® Conservative ETF 2 () |
| 8.7% | Victory Cornerstone Conservative (USCCX) |
| 8.6% | Fidelity Asset Manager 20% (FASIX) |
| 8.5% | Fidelity Advisor Asset Manager 20% Z (FIKVX) |
Fund Details
Principal SAM Flexible Income R5 Overview
Principal SAM Flexible Income R5 (PFIFX) is an actively managed Allocation Global Conservative Allocation fund. Principal Funds launched the fund in 2007.
The investment seeks to provide a high level of total return (consisting of reinvestment of income with some capital appreciation). The Portfolios operate as funds of funds and invest principally in funds and exchange-traded funds ("ETFs") of Principal Funds, Inc. and Principal Exchange-Traded Funds ("underlying funds"). It generally invests: between 55% and 95% of its assets in fixed-income funds, and less than 40% in any one fixed-income fund; between 5% and 45% of its assets in equity funds, and less than 30% in any one equity fund; less than 20% of its assets in specialty funds, and less than 20% in any one specialty fund.
About Principal SAM Flexible Income R5 (PFIFX)
There are 3 members of the management team with an average tenure of 8.25 years: Todd Jablonski (2010), Yesim Tokat-Acikel (2023), Brody Dass (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 3 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 75%, MSCI ACWI NR USD index with a weighting of 25% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. Principal SAM Flexible Income R5 has 34 securities in its portfolio. The top 10 holdings constitute 75.7% 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 SAM Flexible Income R5 is part of the Allocation global asset class and is within the Allocation fund group. Principal SAM Flexible Income R5 has 27.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 19.2%. There is 8.5% allocated to foreign stock, and 1.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 75.3% (56.3% domestic bond, 19.1% foreign bond and 0.1% convertible bond). Principal SAM Flexible Income R5 has -4.3% of the portfolio in cash.
Assets Under Management
The fund has $7 million in total assets, which is below the $272 million average for the Global Conservative Allocation 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.
PFIFX 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 SAM Flexible Income R5 expense ratio is high compared to funds in the Global Conservative Allocation category. Principal SAM Flexible Income R5 has an expense ratio of 0.95%, which is 7% lower than its category average, making the fund expense ratio grade a C. 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. Principal SAM Flexible Income R5 has a portfolio turnover rate of 23%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 49% for the Global Conservative Allocation category.
Recently, in the month of July 2026, Principal SAM Flexible Income R5 returned -0.5%, which earned it a grade of B, as the Global Conservative Allocation category had an average return of -0.6%. 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 SAM Flexible Income R5 has a trailing yield of 2.93%, which is below the 3.59% category average. The fund normally distributes its income monthly and its capital gains 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 SAM Flexible Income R5 Grades
Year to date, the fund has returned 3.0%, 0.2 percentage points worse than the category, which translates into a grade of B. The fund has returned 7.6% over the past year (grade of C), 7.6% over the past three years (grade of B) and 2.8% per year over the past five years (grade of C) and 4.4% per year over the past 10 years (grade of B).
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PFIFX 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 |
|
| PFIFX Return (NAV) | -0.5% | 0.8% | 7.6% | 7.6% | 2.8% | 4.4% |
| PFIFX Grade | B | B | C | B | C | B |
| +/- Category | 0.0% | 0.3% | -0.3% | 0.6% | 0.0% | 0.4% |
| Global Conservative Allocation Avg | -0.6% | 0.5% | 8.0% | 7.0% | 2.8% | 4.0% |
| PFIFX Tax Cost Ratio | na | na | 1.4% | 1.2% | 1.3% | 1.3% |
PFIFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PFIFX Return (NAV) | 3.0% | 9.6% | 6.4% | 9.1% | -13.3% | 6.5% | 6.7% | 13.0% | -2.4% | 7.9% | 6.5% |
| PFIFX Grade | B | B | A | B | D | A | F | A | B | B | A |
| +/- Category | -0.2% | -0.1% | 1.0% | 0.9% | -1.8% | 2.0% | -1.3% | 1.9% | 0.5% | 0.8% | 1.2% |
| Global Conservative Allocation Avg | 3.2% | 9.7% | 5.4% | 8.2% | -11.5% | 4.5% | 8.0% | 11.1% | -2.9% | 7.1% | 5.3% |
| Risk Measures | |
| Standard Deviation: | 6.4% |
| Total Risk Index: | 0.52 - Below Average |
| Category Risk Index: | 1.13 - High |
| Category Risk Grade: | F (93% Rank) |
| Beta: | 0.66 |
| R-Squared: | 94% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2128 Mil |
| Fund Total Assets: | $ 7 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 24% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 16.6 years | |||
| Average Tenure: 8.3 years | |||
| Managers (Year): Jablonski Todd (2010), Dass Brody (2022), Tokat-Acikel Yesim (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 34 |
| % in Top 10 Holdings: | 75.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 27.5% |
Portfolio Allocation |
|
| Domestic Stock: | 19.2% |
| Foreign Stock: | 8.5% |
| Preferred Stock: | 1.2% |
| Domestic Bond: | 56.3% |
| Foreign Bond: | 19.1% |
| Convertible Bond: | 0.1% |
| Other: | 0.1% |
| Cash: | -4.3% |
Purchase Information
| Fund Family: | Principal Funds |
| Phone Number: | 800-222-5852 |
| Website: | www.principalfunds.com |
| Status: | Open |
| Inception Date: | January 16, 2007 |
| 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 (%): | 0.95% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.02% |
| Share Class: | Principal SAM Flexible Income A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
