Fund Evaluator:
Principal Global Multi-Strategy R-6 (PGLSX)
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Best Performing in Multistrategy Over the Last Year
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Fund Details
Principal Global Multi-Strategy R-6 Overview
Principal Global Multi-Strategy R-6 (PGLSX) is an actively managed Alternative Multistrategy fund. Principal Funds launched the fund in 2017.
The investment seeks to achieve long-term capital appreciation with an emphasis on positive total returns and managing volatility. The fund invests in a broad range of instruments including, but not limited to, equities, bonds, currencies, commodities, convertible securities, and bank loans. Under normal market conditions, it invests in securities of issuers located throughout the world, including the U.S., invests at least 30% of its net assets in foreign and emerging market securities, and holds investments tied economically to at least twenty countries.
About Principal Global Multi-Strategy R-6 (PGLSX)
There are 2 members of the management team with an average tenure of 8.82 years: May Tong (2021), Benjamin Rotenberg (2014). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: HFRX Global Hedge Fund USD index with a weighting of 100% and MSCI ACWI NR USD index with a weighting of 100%. Principal Global Multi-Strategy R-6 has 3221 securities in its portfolio. The top 10 holdings constitute 45.4% 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 Multi-Strategy R-6 is part of the Alternative Strategies global asset class and is within the Alternative fund group. Principal Global Multi-Strategy R-6 has 31.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 25.4%. There is 14.8% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 28.3% (11.6% domestic bond, 16.8% foreign bond and 0.2% convertible bond). Principal Global Multi-Strategy R-6 has 26.7% of the portfolio in cash.
Assets Under Management
The fund has $141 million in total assets, which is below the $511 million average for the Multistrategy 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.
PGLSX 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 Multi-Strategy R-6 expense ratio is high compared to funds in the Multistrategy category. Principal Global Multi-Strategy R-6 has an expense ratio of 1.33%, which is 35% lower than its category average, making the fund expense ratio grade a B. 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 Global Multi-Strategy R-6 has a portfolio turnover rate of 138%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 289% for the Multistrategy category.
Recently, in the month of July 2026, Principal Global Multi-Strategy R-6 returned 0.8%, which earned it a grade of B, as the Multistrategy category had an average return of 0.8%. 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 Multi-Strategy R-6 has a trailing yield of 2.57%, which is below the 2.97% category average. The fund normally distributes its income annually 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 Global Multi-Strategy R-6 Grades
Year to date, the fund has returned 6.1%, 0.8 percentage points better than the category, which translates into a grade of B. The fund has returned 12.7% over the past year (grade of B), 9.2% over the past three years (grade of A) and 6.2% per year over the past five years (grade of A) and 5.2% per year over the past 10 years (grade of A).
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PGLSX 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 |
|
| PGLSX Return (NAV) | 0.8% | 1.8% | 12.7% | 9.2% | 6.2% | 5.2% |
| PGLSX Grade | B | B | B | A | A | A |
| +/- Category | 0.0% | 0.0% | 1.9% | 1.5% | 0.9% | 1.5% |
| Multistrategy Avg | 0.8% | 1.8% | 10.8% | 7.7% | 5.3% | 3.7% |
| PGLSX Tax Cost Ratio | na | na | 2.0% | 1.3% | 1.7% | na |
PGLSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PGLSX Return (NAV) | 6.1% | 10.5% | 9.0% | 6.6% | -1.7% | 5.6% | 5.2% | 8.2% | -4.2% | 6.5% | 3.3% |
| PGLSX Grade | B | B | B | B | B | C | B | B | D | B | B |
| +/- Category | 0.8% | 2.7% | 2.8% | 0.2% | -1.3% | -0.6% | 3.2% | 1.2% | 0.6% | 1.5% | 1.3% |
| Multistrategy Avg | 5.3% | 7.8% | 6.1% | 6.4% | -0.4% | 6.2% | 2.0% | 7.0% | -4.9% | 5.0% | 2.0% |
| Risk Measures | |
| Standard Deviation: | 3.6% |
| Total Risk Index: | 0.30 - Low |
| Category Risk Index: | 0.65 - Below Average |
| Category Risk Grade: | B (23% Rank) |
| Beta: | 0.25 |
| R-Squared: | 76% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.6% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $620 Mil |
| Fund Total Assets: | $ 141 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 139% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 12.4 years | |||
| Average Tenure: 8.8 years | |||
| Managers (Year): Rotenberg Benjamin (2014), Tong May (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 3221 |
| % in Top 10 Holdings: | 45.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 31.6% |
Portfolio Allocation |
|
| Domestic Stock: | 25.4% |
| Foreign Stock: | 14.8% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 11.6% |
| Foreign Bond: | 16.8% |
| Convertible Bond: | 0.2% |
| Other: | 4.5% |
| Cash: | 26.7% |
Purchase Information
| Fund Family: | Principal Funds |
| Phone Number: | 800-222-5852 |
| Website: | www.principalfunds.com |
| Status: | Open |
| Inception Date: | June 12, 2017 |
| 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 (%): | 1.33% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.05% |
| Share Class: | Principal Global Multi-Strategy Instl |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
