Fund Evaluator:
Principal Capital Appreciation Inst (PWCIX)
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Fund Details
Principal Capital Appreciation Inst Overview
Principal Capital Appreciation Inst (PWCIX) is an actively managed U.S. Equity Large Blend fund. Principal Funds launched the fund in 1999.
The investment seeks to provide long-term growth of capital. The fund invests primarily in equity securities of U.S. companies with any market capitalization, but it has a greater exposure to large market capitalization companies than small or medium market capitalization companies. Those managing its investments seek to invest in securities of businesses that they believe are trading at a discount to their private market value (i.e., the value of the business if it was sold), have a competitive advantage, and/or that have barriers to entry in their respective industries. It is non-diversified.
About Principal Capital Appreciation Inst (PWCIX)
There are 2 members of the management team with an average tenure of 13.53 years: Theodore Jayne (2015), Daniel Coleman (2010). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Russell 1000 TR USD index with a weighting of 100%. Principal Capital Appreciation Inst has 101 securities in its portfolio. The top 10 holdings constitute 37.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Principal Capital Appreciation Inst is part of the Equity global asset class and is within the U.S. Equity fund group. Principal Capital Appreciation Inst has 3.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 95.2%. There is 3.8% 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 Capital Appreciation Inst has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is below the $6 billion average for the Large Blend 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.
PWCIX 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 Capital Appreciation Inst expense ratio is average compared to funds in the Large Blend category. Principal Capital Appreciation Inst has an expense ratio of 0.45%, which is 45% 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 Capital Appreciation Inst has a portfolio turnover rate of 55%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.
Recently, in the month of July 2026, Principal Capital Appreciation Inst returned -1.0%, which earned it a grade of F, as the Large Blend category had an average return of 0.4%. 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 Capital Appreciation Inst has a trailing yield of 0.47%, which is below the 0.56% 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 Capital Appreciation Inst Grades
Year to date, the fund has returned 8.7%, 0.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 16.3% over the past year (grade of D), 18.1% over the past three years (grade of C) and 12.3% per year over the past five years (grade of B) and 14.8% per year over the past 10 years (grade of B).
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PWCIX 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 |
|
| PWCIX Return (NAV) | -1.0% | 3.2% | 16.3% | 18.1% | 12.3% | 14.8% |
| PWCIX Grade | F | D | D | C | B | B |
| +/- Category | -1.4% | -0.9% | -1.2% | 0.8% | 1.2% | 1.1% |
| Large Blend Avg | 0.4% | 4.1% | 17.5% | 17.3% | 11.1% | 13.7% |
| PWCIX Tax Cost Ratio | na | na | 2.0% | 1.2% | 1.3% | 2.3% |
PWCIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PWCIX Return (NAV) | 8.7% | 13.5% | 26.2% | 25.4% | -16.1% | 28.0% | 18.8% | 32.7% | -3.1% | 21.1% | 9.2% |
| PWCIX Grade | D | D | A | C | B | B | B | A | A | C | D |
| +/- Category | -0.6% | -2.3% | 4.2% | 1.7% | 1.2% | 1.4% | 1.3% | 2.8% | 2.7% | -0.2% | -0.9% |
| Large Blend Avg | 9.3% | 15.8% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 13.1% |
| Total Risk Index: | 1.07 - Above Average |
| Category Risk Index: | 0.99 - Average |
| Category Risk Grade: | C (49% Rank) |
| Beta: | 0.99 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.5% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $3927 Mil |
| Fund Total Assets: | $2,315 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 56% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 16.2 years | |||
| Average Tenure: 13.5 years | |||
| Managers (Year): Coleman Daniel (2010), Jayne Theodore (2015) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 101 |
| % in Top 10 Holdings: | 37.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 3.8% |
Portfolio Allocation |
|
| Domestic Stock: | 95.2% |
| Foreign Stock: | 3.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.2% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.8% |
Purchase Information
| Fund Family: | Principal Funds |
| Phone Number: | 800-222-5852 |
| Website: | www.principalfunds.com |
| Status: | Open |
| Inception Date: | June 7, 1999 |
| 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 (%): | 0.45% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | Principal Capital Appreciation A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
