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Investment Type: pifretail

Global Multi-Strategy Fund (A) (PMSAX)

Class A | Class C | Class P

Quick Facts


Investment Strategy

   What's this?
The investment seeks to achieve long-term capital appreciation with an emphasis on positive total returns and relatively low volatility. The fund's investment adviser allocates the fund's assets among one or more of the investment strategies, which are executed by one or more of the fund's sub-advisors. It invests in a broad range of instruments including, but not limited to, equities, bonds, currencies, convertible securities and derivatives such as futures, options, swaps and forwards. The fund can invest a higher percentage of assets in securities of individual issuers than a diversified fund. It is non-diversified.

Morningstar Style Box™

  as of 01/31/2015
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Investment Style
Stylebox Market Capitalization

Overall Morningstar Star Rating™

  as of 02/28/2015
What's this?

Out of 214 Multialternative Funds


Morningstar's Star Ratings reflect risk adjusted performance and are derived from a weighted average of the performance figures associated with its three, five, and ten-year (if applicable) time periods.

Total Returns

Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed, may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown.

Where gross and net expense ratios differ, Principal Management Corporation has contractually agreed to limit the investment option's expenses. Differences also may be due to Principal Management Corporation's decision to pay (through the same dates) certain expenses that would normally be payable by the fund. Returns displayed are based on net total investment expense.

Month-End | Quarter-End
Average Annual Total Returns as of 02/28/2015
1 Month3 MonthYTD1 Year3 Year5 Year10 YearSince     
Excluding Sales Charge % 1.28 1.58 1.92 4.67 4.29 --- --- 4.57
Including Sales Charge % -2.54 -2.26 -1.94 0.77 2.96 --- --- 3.38
Hedge Fund Research, Inc. Fund of Funds Composite Index % 1.63 2.10 1.76 3.89 5.13 3.70 3.07 ---
Multialternative Category % 1.45 1.39 1.72 2.92 3.69 3.99 3.57 ---
Morningstar Percentile Rankings** --- --- --- 32 45 --- --- ---
# of Funds in Category 531 493 520 385 214 128 22 ---
**Morningstar percentile rankings are based on total returns and do not reflect the inclusion of sales charges. If sales charges were reflected, rankings could be lower.


  as of 02/28/2015
Total Investment Expense - Gross: 2.58%
Total Investment Expense - Net: 2.00%
Waiver Date: 12/30/2015
Contractual Cap Date: 12/30/2015
Maximum Up-front Sales Charge: 3.75%
Contingent Deferred Sales Charge: 1.00%
12b-1 Fee: 0.25%

Growth of $10,000

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Represents performance for Class A shares adjusted for the maximum sales charge and assumes the reinvestment of distributions.

Performance assumes reinvestment of all dividends and capital gains. Extended performance is calculated based on the historical performance of the investment option's oldest share class, adjusted for the fees and expenses of the share class shown. Periods of less than one year are not annualized.

Inv Manager or Sub-Advisor

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AQR Capital Management, LLC

Cliffwater, LLC

CNH Partners, LLC

Loomis Sayles & Company

LA Capital Management

Wellington Management Co, LLP

Finisterre Capital LLP

York Capital Management

Graham Capital Management

Portfolio Managers

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Kelly A. Grossman
Since 10/24/2011
B.A. , University of Northern Iowa

James W. Fennessey , CFA
Since 03/07/2014
B.S. , Truman State University

Benjamin E. Rotenberg , CFA
Since 03/07/2014
B.A. , Pomona College

Marcus W. Dummer
Since 03/07/2014
M.B.A. , University of Utah

Jessica S. Bush , CFA
Since 03/07/2014
B.A. , University of Michigan

Jake S. Anonson , CPA , CFA
Since 03/07/2014
M.B.A. , Iowa State University

© 2015 Morningstar, Inc. All Rights Reserved. Part of the mutual fund data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

The full name of this investment option is Principal Global Multi-Strategy Fund (A).

Investors should carefully consider a fund's investment objectives, risks, charges, and expenses prior to investing. A prospectus, or summary prospectus if available, containing this and other information can be obtained by contacting a financial professional, visiting, or calling 800-222-5852. Read the prospectus carefully before investing.

Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc., member of the Principal Financial Group®. Principal Funds Distributor, Principal Shareholder Services, Principal Management Corporation and its affiliates, and Principal Funds, Inc. are collectively referred to as Principal Funds.

Not FDIC Insured
May Lose Value - Not a Deposit - No Bank Guarantee
Not Insured by any Federal Government Agency

The Hedge Fund Research, Inc. Fund of Funds Composite Index is an equal-weighted index composed of over 650 constituent fund of funds, including both domestic and offshore funds.

The risks associated with derivative investments include that the underlying security, interest rate, market index, or other financial asset will not move in the direction the Investment Adviser and/or Sub-Advisor anticipated, the possibility that there may be no liquid secondary market, the risk that adverse price movements in an instrument can result in a loss substantially greater than a fund's initial investment, the possibility that the counterparty may fail to perform its obligations; and the inability to close out certain hedged positions to avoid adverse tax consequences.

This fund utilizes alternative investment strategies such as arbitrage, leverage, derivatives, and shorting securities in addition to traditional investments. Investment risk may be magnified with the use of these alternative strategies. In addition, securities such as bonds, equities, commodities, international and emerging market securities, and currencies are used to implement the investment strategy. These investments are subject to risks associated with market and interest rate movements. The fund is considered non-diversified which may make it more susceptible to price volatility if the fund does not meet its objective. Due to the nature of the investment process, investors should not expect significant outperformance during market rallies. Additional risks are included in the funds prospectus. It is possible to lose money when investing in the fund.