Principal Diversified Select Real Asset Fund
PDSYX
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- Principal Real Asset Fund (PDSYX) is a non-diversified interval fund that seeks long-term total return in excess of inflation by investing at least 80% of its net assets, plus any borrowings for investment purposes, in real assets and real asset companies, including direct and indirect exposures through private institutional investment funds. The fund employs a multi-real asset strategy featuring strategic allocations to private real assets such as infrastructure, natural resources, real estate, and commercial mortgage-backed securities (CMBS), alongside opportunistic public real asset investments including global infrastructure via managers like ClearBridge Investments, global REITs through Principal Real Estate-REIT, Principal Asset Allocation strategies, and CMBS via Principal Real Estate-CMBS; private fund allocations are managed entirely through Principal Asset Allocation. It conducts quarterly repurchase offers of no less than 5% of outstanding shares at net asset value, with shares considered illiquid and no secondary market expected, and distributes income quarterly based on underlying investment cash flows, which may include return of capital. Operated by Principal Global Investors with a portfolio management team including Jessica Bush, CFA, Ben Rotenberg, CFA, CAIA, and May Tong, CFA, the fund targets institutional and high-net-worth investors with a minimum investment of $100,000 and features a net expense ratio of 1.33% (gross 2.42%, with expense limit through July 31, 2024). Headquartered in Des Moines, Iowa, as part of Principal Funds, the fund commenced operations on June 25, 2019, with total assets of approximately $144.2 million and gross assets of $144.2 million as of March 2024, maintaining zero leverage. It focuses on diversification and enhanced risk-adjusted returns across economic cycles, with public allocations comprising 35.45% and private allocations 64.55% of the portfolio as of December 31, 2023. In September 2023, the fund underwent a significant rebranding, changing its name from Principal Diversified Select Real Asset Fund to Principal Real Asset Fund. Recent portfolio adjustments include new positions in holdings such as iShares Global Infrastructure ETF (IGF), Sempra (SRE), Global X U.S. Infrastructure Development ETF (PAVE), and others like Williams Inc., Ventas Inc., APA Group, and Entergy Corp, reflecting ongoing active management in infrastructure, energy, and real estate sectors. The fund maintains a distribution policy with quarterly payouts, including a recent income distribution of $0.1314 per share on December 27, 2023, and continues to emphasize manager selection across specialized real asset strategies without reported major partnerships, acquisitions, or funding rounds in the past 1-2 years.