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Investment Type: pifretail

Multi-Manager Equity Long/Short Fund (A) (PGMMX)

Class A | Class I

Quick Facts

Long-Short Equity

Investment Strategy

   What's this?
The investment seeks long-term growth of capital with lower volatility than the global equity markets. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities and derivatives on equity securities, at the time of purchase. It has a flexible investment strategy and invests in a broad range of equity securities, exchange-traded funds, and derivatives instruments. The fund invests in U.S. and foreign, including emerging market, securities, particularly in Europe.

Morningstar Style Box™

  as of 03/31/2019
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Investment Style
Stylebox Market Capitalization

Overall Morningstar Star Rating™

  as of 05/31/2019
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Out of 210 Long-Short Equity 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, the investment adviser has contractually agreed to limit the investment option's expenses. Differences also may be due to the investment adviser's decision to pay (through the same dates) certain expenses that would normally be payable by the fund.

Month-End | Quarter-End
Average Annual Total Returns as of 05/31/2019
1 Month3 MonthYTD1 Year3 Year5 Year10 YearSince     
Excluding Sales Charge % -3.99 -2.73 2.30 -5.04 1.90 --- --- 1.96
Including Sales Charge % -9.27 -8.05 -3.36 -10.28 0.01 --- --- 0.16
HFRX Equity Hedge Index % -2.01 -0.58 4.52 -6.18 2.24 0.69 1.14 ---
Long-Short Equity Category % -3.75 -1.44 3.90 -2.93 3.65 2.26 5.73 ---
Morningstar Percentile Rankings** --- --- --- 65 75 --- --- ---
# of Funds in Category 266 266 264 257 210 126 32 ---
**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 05/31/2019
Total Investment Expense - Gross: 9.89%
Total Investment Expense - Net: 2.77%
Contractual Cap Date: 12/30/2019
Maximum Up-front Sales Charge: 5.50%
Contingent Deferred Sales Charge: 1.00%
12b-1 Fee: 0.25%

Inv Manager or Sub-Advisor

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Three Bridges Capital

Sirios Capital Management

Gotham Asset Management

AQR Capital Management, LLC

Portfolio Managers

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Benjamin E. Rotenberg , CFA , CAIA
Since 03/31/2016
B.A. , Pomona College

Marcus W. Dummer , CAIA
Since 03/31/2016
M.B.A. , University of Utah

Jessica S. Bush , CFA
Since 03/31/2016
B.A. , University of Michigan

Jake S. Anonson , CFA
Since 03/31/2016
M.B.A. , Iowa State University

2019 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 Multi-Manager Equity Long/Short 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 are distributed by Principal Funds Distributor, Inc.

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