Fund Evaluator:
Principal International Bond R-6 (PIBRX)
Follow This Fund
Best Performing in Global Bond-USD Hedged Over the Last Year
| 4.2% | T. Rowe Price Global Multi-Sector Bd Inv (PRSNX) |
| 2.7% | American Century Global Bond Y (AGBWX) |
| 2.6% | Nuveen International Bond I (TIBNX) |
| 2.6% | Janus Henderson Developed World Bond D (HFADX) |
| 2.5% | Goldman Sachs Global Core Fxd Inc Inv (GBIRX) |
Fund Details
Principal International Bond R-6 Overview
Principal International Bond R-6 (PIBRX) is an actively managed Taxable Bond Global Bond-USD Hedged fund. Principal Funds launched the fund in 2026.
The investment seeks to provide current income and capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds. It invests primarily in non-U.S. dollar-denominated, investment grade bonds of issuers of developed and emerging markets, including China. Bonds include debt obligations of any maturity, such as bonds, notes, bills, and debentures and may be denominated and issued in the local currency or another currency.
About Principal International Bond R-6 (PIBRX)
There are 2 members of the management team with an average tenure of 0.42 years: Jeff Callahan (2026), Chee Sin Koh (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Gbl Agg Ex USD TR USD index with a weighting of 100%. Principal International Bond R-6 has securities in its portfolio. The top 10 holdings constitute 0.0% 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 International Bond R-6 is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Principal International Bond R-6 has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Principal International Bond R-6 has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $327 million in total assets, which is below the $2 billion average for the Global Bond-USD Hedged 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.
PIBRX 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 International Bond R-6 expense ratio is average compared to funds in the Global Bond-USD Hedged category. Principal International Bond R-6 has an expense ratio of 0.52%, which is 29% 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. A portfolio turnover rate cannot be currently calculated for Principal International Bond R-6. By way of comparison, the average portfolio turnover is 195% for the Global Bond-USD Hedged category.
Recently, in the month of July 2026, Principal International Bond R-6 returned 0.0%, which earned it a grade of NA, as the Global Bond-USD Hedged category had an average return of -1.1%. 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 International Bond R-6 has a trailing yield of 0.00%, which is below the 3.99% category average. The fund normally distributes its income quarterly.
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.
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Principal International Bond R-6, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
PIBRX 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 |
|
| PIBRX Return (NAV) | na | na | na | na | na | na |
| PIBRX Grade | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na |
| Global Bond-USD Hedged Avg | -1.1% | 0.2% | 2.3% | 4.4% | 0.4% | 1.8% |
| PIBRX Tax Cost Ratio | na | na | na | na | na | na |
PIBRX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PIBRX Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| PIBRX Grade | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Global Bond-USD Hedged Avg | 0.1% | 5.2% | 3.4% | 7.9% | -12.0% | -1.7% | 6.7% | 8.6% | 0.1% | 4.3% | 4.5% |
| 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: | na |
| Bond Investment Style: | na |
| Yield: | -- |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | |
| Total Assets: | $327 Mil |
| Fund Total Assets: | $ 327 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.4 years | |||
| Average Tenure: 0.4 years | |||
| Managers (Year): Callahan Jeff (2026), Koh Chee Sin (2026) | |||
Portfolio Composition (as of )
| # of Holdings: | |
| % in Top 10 Holdings: | 0.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Fund Family: | Principal Funds |
| Phone Number: | 800-222-5852 |
| Website: | www.principalfunds.com |
| Status: | Open |
| Inception Date: | July 13, 2026 |
| 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 (%): | 0.52% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.73% |
| Share Class: | Principal International Bond R-6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
