Fund Evaluator:
Principal Global Listed Inf Inst (PGSLX)
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Best Performing in Infrastructure Over the Last Year
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Fund Details
Principal Global Listed Inf Inst Overview
Principal Global Listed Inf Inst (PGSLX) is an actively managed Sector Equity Infrastructure fund. Principal Funds launched the fund in 2022.
The investment seeks total return. The fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in securities issued by listed infrastructure companies. It invests primarily in equity securities regardless of market capitalization (small, medium, or large) and invests in both value and growth securities. The fund also invests in REITs but only those REITs that are engaged in the development, operation, or management of infrastructure assets.
About Principal Global Listed Inf Inst (PGSLX)
There are 2 members of the management team with an average tenure of 3.18 years: Emily Foshag (2022), Alex Mottershead (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: FTSE Global Core Infra 50/50 NtTx NR USD index with a weighting of 100% and MSCI ACWI NR USD index with a weighting of 100%. Principal Global Listed Inf Inst has 44 securities in its portfolio. The top 10 holdings constitute 42.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Principal Global Listed Inf Inst is part of the Equity global asset class and is within the Sector Equity fund group. Principal Global Listed Inf Inst has 41.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 57.1%. There is 41.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.2% (0.2% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Principal Global Listed Inf Inst has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $107 million in total assets, which is below the $313 million average for the Infrastructure 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.
PGSLX 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 Listed Inf Inst expense ratio is above average compared to funds in the Infrastructure category. Principal Global Listed Inf Inst has an expense ratio of 0.66%, which is 45% 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. Principal Global Listed Inf Inst has a portfolio turnover rate of 36%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 56% for the Infrastructure category.
Recently, in the month of August 2026, Principal Global Listed Inf Inst returned -0.7%, which earned it a grade of A, as the Infrastructure category had an average return of -1.6%. 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 Global Listed Inf Inst has a trailing yield of 1.48%, which is below the 1.96% 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 Listed Inf Inst Grades
Year to date, the fund has returned 9.1%, 0.5 percentage points better than the category, which translates into a grade of C. The fund has returned 12.8% over the past year (grade of B) and 12.8% over the past three years (grade of D).
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PGSLX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PGSLX Return (NAV) | -0.7% | -0.5% | 12.8% | 12.8% | na | na |
| PGSLX Grade | A | C | B | D | na | na |
| +/- Category | 0.9% | 0.6% | 0.6% | -1.2% | na | na |
| Infrastructure Avg | -1.6% | -1.1% | 12.2% | 14.1% | 7.1% | 7.6% |
| PGSLX Tax Cost Ratio | na | na | 0.9% | 1.9% | na | na |
PGSLX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PGSLX Return (NAV) | 9.1% | 16.0% | 6.0% | 4.8% | na | na | na | na | na | na | na |
| PGSLX Grade | C | C | D | C | na | na | na | na | na | na | na |
| +/- Category | 0.5% | -2.3% | -3.0% | 0.6% | na | na | na | na | na | na | na |
| Infrastructure Avg | 8.6% | 18.3% | 9.0% | 4.2% | -6.6% | 14.5% | -0.6% | 27.1% | -7.5% | 17.1% | 8.8% |
| Risk Measures | |
| Standard Deviation: | 12.7% |
| Total Risk Index: | 1.04 - Above Average |
| Category Risk Index: | 0.98 - Average |
| Category Risk Grade: | C (57% Rank) |
| Beta: | 0.49 |
| R-Squared: | 23% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.5% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $107 Mil |
| Fund Total Assets: | $ 108 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 37% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.9 years | |||
| Average Tenure: 3.2 years | |||
| Managers (Year): Foshag Emily (2022), Mottershead Alex (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 44 |
| % in Top 10 Holdings: | 42.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 41.7% |
Portfolio Allocation |
|
| Domestic Stock: | 57.1% |
| Foreign Stock: | 41.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.2% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.0% |
Purchase Information
| Fund Family: | Principal Funds |
| Phone Number: | 800-222-5852 |
| Website: | www.principalfunds.com |
| Status: | Open |
| Inception Date: | September 22, 2022 |
| 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 (%): | 0.66% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.19% |
| Share Class: | Principal Global Listed Inf Inst |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
