Investment objective & strategy
As of Oct. 27, 2025 · prospectusObjective. The Fund seeks long-term growth of capital.
Strategy. Under normal circumstances, the Fund primarily invests in equity securities. For security selection and portfolio construction, Principal Global Investors, LLC ("PGI") uses a proprietary quantitative model designed to identify equity securities in the S&P 500 Growth Index that exhibit growth characteristics, including higher quality, growth potential, and pricing power. "Higher quality" means securities that PGI believes possess higher quality characteristics relative to their peers, measured by profitability, earnings quality, balance sheet strength, and solvency. "Pricing power" refers to the extent to which a company can raise the prices of its products without reducing the demand for them. As of September 30, 2025, the market capitalization range of the companies in the S&P 500 Growth Index was between approximately $9.5 billion … Under normal circumstances, the Fund primarily invests in equity securities. For security selection and portfolio construction, Principal Global Investors, LLC ("PGI") uses a proprietary quantitative model designed to identify equity securities in the S&P 500 Growth Index that exhibit growth characteristics, including higher quality, growth potential, and pricing power. "Higher quality" means securities that PGI believes possess higher quality characteristics relative to their peers, measured by profitability, earnings quality, balance sheet strength, and solvency. "Pricing power" refers to the extent to which a company can raise the prices of its products without reducing the demand for them. As of September 30, 2025, the market capitalization range of the companies in the S&P 500 Growth Index was between approximately $9.5 billion and $4.6 trillion. The Fund's holdings are expected to be rebalanced at least annually. However, PGI may make any adjustments to the model and Fund holdings at its discretion. In constructing and revising the model and managing the Funds investments, PGI uses insights from diverse sources, including internal investment research, industry reports, and data from third-party consultants and other service providers, to develop and refine its investment themes and identify and take advantage of trends that may impact the Fund and its holdings. Note: "Standard & Poor's 500" and "S&P 500 " are trademarks of Standard & Poor's Financial Services LLC and have been licensed by Principal. The Fund is not sponsored, endorsed, sold, or promoted by Standard & Poor's Financial Services LLC, and Standard & Poor's Financial Services LLC makes no representation regarding the advisability of investing in the Fund.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| NVIDIA CORP | — | $1.79M | 6.13% |
| APPLE INC | — | $1.53M | 5.24% |
| MICROSOFT CORP | — | $1.04M | 3.56% |
| ALPHABET INC CL C | — | $799.19K | 2.73% |
| AMAZON.COM INC | — | $625.43K | 2.14% |
| VISA INC-CLASS A | — | $592.39K | 2.03% |
| MASTERCARD INC CL A | — | $540.63K | 1.85% |
| APPLIED MATERIALS INC | — | $500.04K | 1.71% |
| GENERAL ELECTRIC CO | — | $455.73K | 1.56% |
| TJX COS INC | — | $433.27K | 1.48% |
Portfolio moves
Dec 31, 2025 → Mar 31, 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. |
|---|---|---|
| Franklin Growth Fund · FKGRX, FRGSX, FCGAX, FGSRX, FIFRX | 40% | 0.46% |
| The Gabelli Growth Fund · GGCAX, GABGX, GGCCX, GGCIX | 38% | 1.10% |
| Gabelli Growth Innovators ETF · GGRW | 38% | 0.00% |
Advisers
| Firm | Role |
|---|---|
| Principal Global Investors, LLC | Adviser |
Footnotes
- Expense ratio as of October 27, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 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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