Investment objective & strategy
As of Dec. 23, 2025 · prospectusObjective. The Fund seeks long-term growth of capital.
Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with small market capitalizations. For this Fund, companies with small market capitalizations are those with market capitalizations within the range of companies in the MSCI World Ex USA Small Cap Index (as of November 30, 2025, this was between approximately $189.3 million and $11.9 billion). The Fund may invest in equity securities regardless of style (growth or value). The Fund invests primarily in foreign equity securities. The Fund typically invests in foreign securities of more than 10 countries but has no limitation on the percentage of assets that is invested in each country or denominated in … Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with small market capitalizations. For this Fund, companies with small market capitalizations are those with market capitalizations within the range of companies in the MSCI World Ex USA Small Cap Index (as of November 30, 2025, this was between approximately $189.3 million and $11.9 billion). The Fund may invest in equity securities regardless of style (growth or value). The Fund invests primarily in foreign equity securities. The Fund typically invests in foreign securities of more than 10 countries but has no limitation on the percentage of assets that is invested in each country or denominated in any currency. Primary consideration is given to securities of corporations of developed areas, such as Japan, Western Europe, Canada, Australia, and New Zealand.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Principal Government Money Market Fund - Class R-6 | — | $11.58M | 2.52% |
| SOJITZ CORP | — | $7.31M | 1.59% |
| FUSO CHEMICAL CO | — | $6.47M | 1.41% |
| MEBUKI FINANCIAL | — | $6.39M | 1.39% |
| BOYD GROUP INC | — | $6.25M | 1.36% |
| OR ROYALTIES INC | — | $6.18M | 1.34% |
| KANDENKO CO LTD | — | $6.16M | 1.34% |
| ORGANO CORP | — | $6.14M | 1.33% |
| KINDEN CORP | — | $6.02M | 1.31% |
| ELIS SA | — | $5.96M | 1.29% |
Portfolio moves
Nov 30, 2025 → Feb 28, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| International Small-Mid Cap Fund · ANTSX, ANTMX | 18% | 0.02% |
| Lord Abbett International Opportunities Fund · LAIEX, LINCX, LINPX, LINYX, LINFX, LINQX, LINRX, LINSX, LINTX, LINVX, LOIEX | 13% | 0.96% |
| Columbia Acorn European Fund · CAEAX, CAEZX | 12% | 1.06% |
Advisers
| Firm | Role |
|---|---|
| Principal Global Investors, LLC | Adviser |
Footnotes
- Expense ratio as of December 23, 2025, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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