Principal Real Estate Securities Fund
PIREX
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- Principal Real Estate Securities Fund (PIREX) is a non-diversified mutual fund that seeks total return through investment primarily in equity securities of companies principally engaged in the real estate industry, including real estate investment trusts (REITs), building supply manufacturers, mortgage lenders, mortgage servicing companies, and other related entities; it normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in such securities across all market capitalizations (small, medium, and large), with concentration exceeding 25% of net assets in the real estate sector; the fund may allocate up to 25% of assets to foreign real estate companies. Managed by Principal Management Corporation with a focus on bottom-up stock selection under a "quality at the right price" investment style favoring above-average companies at average or discounted valuations, the fund benefits from Principal Asset Management's extensive resources and in-house insights across real estate quadrants. Incepted on March 1, 2001, with extended performance history from December 6, 2000, PIREX is headquartered in Des Moines, Iowa, as part of Principal Funds, Inc., and operates globally through its holdings while serving institutional and retail investors in the U.S. real estate securities market; as of December 2025, the fund maintains total assets of approximately $6.18 billion, a net asset value of $28.27, quarterly dividend distributions, and a net expense ratio of 0.86% (with expense limit through February 28, 2026). Recent distributions include a long-term capital gain of $0.4618 per share in December 2024 alongside income dividends, with continued quarterly income payments through September 2025; the fund has sustained its core investment approach without noted acquisitions, partnerships, or structural changes in the past 1-2 years, though it maintains a Morningstar Real Estate category placement and benchmarked performance against the U.S. REIT Linked Index.