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Trending ETFs

Spectrum Preferred and Capital Securities Income Fund (f/k/a Preferred Securities)

mutual fund
PNARX
Payout Change
Pending
Price as of:
$9.18 +0.0 +0.0%
primary theme
Preferred Stock
PNARX (Mutual Fund)

Spectrum Preferred and Capital Securities Income Fund (f/k/a Preferred Securities)

Payout Change
Pending
Price as of:
$9.18 +0.0 +0.0%
primary theme
Preferred Stock
PNARX (Mutual Fund)

Spectrum Preferred and Capital Securities Income Fund (f/k/a Preferred Securities)

Payout Change
Pending
Price as of:
$9.18 +0.0 +0.0%
primary theme
Preferred Stock

Name

As of 12/02/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Vitals

YTD Return

9.5%

1 yr return

12.4%

3 Yr Avg Return

1.4%

5 Yr Avg Return

2.3%

Net Assets

$6 B

Holdings in Top 10

16.7%

52 WEEK LOW AND HIGH

$9.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.27%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 21.60%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/02/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

PNARX - Profile

Distributions

  • YTD Total Return 9.5%
  • 3 Yr Annualized Total Return 1.4%
  • 5 Yr Annualized Total Return 2.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.38%
DIVIDENDS
  • Dividend Yield 5.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Spectrum Preferred and Capital Securities Income Fund (f/k/a Preferred Securities)
  • Fund Family Name
    Principal Funds
  • Inception Date
    Aug 11, 2006
  • Shares Outstanding
    N/A
  • Share Class
    R3
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    L. Jacoby

Fund Description

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowing for investment purposes, in preferred securities and capital securities at the time of purchase. Preferred securities typically include preferred stock and various types of junior subordinated debt and trust preferred securities. Preferred securities may pay fixed-rate or adjustable-rate distributions and generally have a payment “preference” over common stock, but are junior to the issuer’s senior debt in a liquidation of the issuer’s assets. Capital securities include Tier 2 subordinated debt securities issued by U.S. and non-U.S. financial institutions (including, but not limited to, banks and insurance companies), contingent convertible securities (“CoCos”), and certain preferred securities, issued by U.S. and non-U.S. corporations, financial institutions, and other issuers for purposes of satisfying regulatory capital requirements or obtaining rating agency credit. Capital securities may pay fixed-rate or adjustable-rate distributions and generally have a payment “preference” over common stock, but are junior to the issuer’s senior debt in a liquidation of the issuer’s assets. CoCos are hybrid debt securities typically issued by non-US banking institutions that have contractual equity conversion or principal write-down features that are triggered by regulatory capital thresholds or regulatory actions calling into question the issuing banking institution’s continued viability as a going-concern if the conversion trigger were not exercised.
Preferred securities purchased by the Fund are of companies with senior debt rated at the time of purchase BBB- or higher by S&P Global Ratings (“S&P Global”) or Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”). The Fund also invests up to 55% of its assets in below-investment-grade preferred securities and bonds (sometimes called “high yield bonds” or “junk bonds”), which are rated at the time of purchase Ba1 or lower by Moody’s and BB+ or lower by S&P Global. If the security has been rated by only one of the rating agencies, that rating will determine the security's rating; if the security is rated differently by the rating agencies, the highest rating will be used; and if the security has not been rated by either of the rating agencies, those selecting such investments will determine the security's quality. The Fund invests in other debt obligations, including (but not limited to) U.S. Treasury securities and obligations of the U.S. government, its agencies, and instrumentalities. The Fund invests in foreign securities. The Fund is not managed to a particular maturity or duration.
The Fund concentrates its investments (invests more than 25% of its net assets) in securities in one or more industries (i.e., banking, insurance, and commercial finance) within the financial services sector.
The Fund also invests in derivative instruments, such as futures and options, for hedging and for income generation purposes. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index.
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PNARX - Performance

Return Ranking - Trailing

Period PNARX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.5% 4.3% 19.2% 68.42%
1 Yr 12.4% 8.0% 25.9% 73.68%
3 Yr 1.4%* -7.0% 7.3% 41.43%
5 Yr 2.3%* -4.8% 11.1% 56.72%
10 Yr 3.8%* 0.7% 5.2% 50.00%

* Annualized

Return Ranking - Calendar

Period PNARX Return Category Return Low Category Return High Rank in Category (%)
2023 1.0% -3.6% 14.2% 38.16%
2022 -15.4% -29.4% -9.6% 27.14%
2021 -1.3% -3.4% 17.2% 71.43%
2020 0.7% -24.8% 9.0% 55.22%
2019 10.6% 6.4% 19.1% 79.37%

Total Return Ranking - Trailing

Period PNARX Return Category Return Low Category Return High Rank in Category (%)
YTD 9.5% 4.3% 19.2% 68.42%
1 Yr 12.4% 8.0% 25.9% 73.68%
3 Yr 1.4%* -7.0% 7.3% 41.43%
5 Yr 2.3%* -4.8% 11.1% 56.72%
10 Yr 3.8%* 0.7% 5.2% 50.00%

* Annualized

Total Return Ranking - Calendar

Period PNARX Return Category Return Low Category Return High Rank in Category (%)
2023 6.3% -1.9% 26.5% 53.95%
2022 -11.2% -26.0% -5.8% 27.14%
2021 2.6% -2.5% 27.4% 65.71%
2020 5.0% -19.2% 12.3% 62.69%
2019 15.8% 10.0% 32.0% 85.71%

NAV & Total Return History


PNARX - Holdings

Concentration Analysis

PNARX Category Low Category High PNARX % Rank
Net Assets 6 B 24.1 M 14.5 B 18.42%
Number of Holdings 332 49 444 10.53%
Net Assets in Top 10 1.04 B 13.2 M 2.1 B 10.53%
Weighting of Top 10 16.73% 11.1% 48.1% 76.32%

Top 10 Holdings

  1. Principal Government Money Market Fund - Class R-6 2.77%
  2. Dominion Energy Inc 1.96%
  3. JPMorgan Chase Co 1.91%
  4. Wells Fargo Co 1.71%
  5. Charles Schwab Corp/The 1.58%
  6. Intesa Sanpaolo SpA 1.57%
  7. Huntington Bancshares Inc/OH 1.34%
  8. Liberty Mutual Group Inc 1.33%
  9. HSBC Capital Funding Dollar 1 LP 1.29%
  10. Truist Financial Corp 1.26%

Asset Allocation

Weighting Return Low Return High PNARX % Rank
Bonds
88.54% 0.00% 97.75% 27.63%
Convertible Bonds
26.13% 0.00% 31.65% 36.99%
Preferred Stocks
8.02% 0.00% 125.69% 81.58%
Cash
3.08% -0.02% 11.04% 26.32%
Stocks
0.80% 0.00% 29.42% 19.74%
Other
0.00% -4.40% 10.15% 15.79%

Stock Sector Breakdown

Weighting Return Low Return High PNARX % Rank
Utilities
89.03% 0.00% 100.00% 46.43%
Industrials
7.13% 0.00% 7.56% 28.57%
Healthcare
3.84% 0.00% 4.02% 28.57%
Technology
0.00% 0.00% 0.00% 60.71%
Real Estate
0.00% 0.00% 100.00% 67.86%
Financial Services
0.00% 0.00% 100.00% 75.00%
Energy
0.00% 0.00% 11.41% 67.86%
Communication Services
0.00% 0.00% 1.77% 67.86%
Consumer Defense
0.00% 0.00% 0.00% 60.71%
Consumer Cyclical
0.00% 0.00% 0.00% 60.71%
Basic Materials
0.00% 0.00% 0.00% 60.71%

Stock Geographic Breakdown

Weighting Return Low Return High PNARX % Rank
US
0.80% 0.00% 29.42% 19.74%
Non US
0.00% 0.00% 1.93% 75.00%

Bond Sector Breakdown

Weighting Return Low Return High PNARX % Rank
Corporate
97.60% 62.31% 100.00% 60.27%
Cash & Equivalents
3.08% 0.00% 11.04% 25.00%
Government
0.18% 0.00% 21.71% 60.27%
Derivative
0.00% -0.62% 9.46% 15.79%
Securitized
0.00% 0.00% 0.00% 71.23%
Municipal
0.00% 0.00% 0.00% 71.23%

Bond Geographic Breakdown

Weighting Return Low Return High PNARX % Rank
US
88.54% 0.00% 97.61% 26.32%
Non US
0.00% 0.00% 22.53% 88.16%

PNARX - Expenses

Operational Fees

PNARX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.27% 0.05% 4.46% 42.67%
Management Fee 0.70% 0.00% 1.00% 61.84%
12b-1 Fee 0.25% 0.00% 1.00% 51.61%
Administrative Fee N/A 0.01% 0.55% 60.42%

Sales Fees

PNARX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

PNARX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PNARX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 21.60% 12.00% 199.00% 33.33%

PNARX - Distributions

Dividend Yield Analysis

PNARX Category Low Category High PNARX % Rank
Dividend Yield 5.83% 0.00% 9.59% 63.16%

Dividend Distribution Analysis

PNARX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

PNARX Category Low Category High PNARX % Rank
Net Income Ratio 3.38% 0.88% 7.54% 68.06%

Capital Gain Distribution Analysis

PNARX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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PNARX - Fund Manager Analysis

Managers

L. Jacoby


Start Date

Tenure

Tenure Rank

May 01, 2002

20.1

20.1%

Mr. Jacoby joined Spectrum in 1995 as a Portfolio Manager and most recently held the position of Managing Director and Senior Portfolio Manager until his appointment as CIO on January 1, 2010, following the planned retirement of his predecessor. Prior to joining Spectrum, Mr. Jacoby was a Senior Investment Officer at USL Capital Corporation (a subsidiary of Ford Motor Corporation) and co-manager of the preferred stock portfolio of its US Corporate Financing Division for six years. Mr. Jacoby began his career in 1981 with The Northern Trust Company, Chicago and then moved to Los Angeles to join E.F. Hutton & Co. as a Vice President and Institutional Salesman, Generalist Fixed Income Sales through most of the 1980s. Mr. Jacoby holds a BSBA (Finance) from the Boston University School of Management.

Mark Lieb


Start Date

Tenure

Tenure Rank

Jul 01, 2009

12.92

12.9%

Prior to founding Spectrum in 1987, Mr. Lieb was a Founder, Director and Partner of DBL Preferred Management, Inc., a wholly owned corporate cash management subsidiary of Drexel Burnham Lambert, Inc. Mr. Lieb was instrumental in the formation and development of all aspects of DBL Preferred Management, Inc., including the daily management of preferred stock portfolios for institutional clients, hedging strategies, and marketing strategies. Mr. Lieb's prior employment included the development of the preferred stock trading desk at Mosley Hallgarten & Estabrook. Mr. Lieb holds a BA in Economics from Central Connecticut State College and a MBA (Finance) from the University of Hartford.

Roberto Giangregorio


Start Date

Tenure

Tenure Rank

Dec 31, 2010

11.42

11.4%

Mr. Giangregorio joined Spectrum in 2003. Previously, he was an intern with the Cayuga MBA Fund LLC where he covered Utility Sector equities. He also worked for the Ford Motor Company for over eight years as an engine design engineer. Mr. Giangregorio holds a BS (Mechanical Engineering) from S.U.N.Y. at Stony Brook, a MS (Mechanical Engineering) from the University of Wisconsin-Madison and a MBA (Finance) with distinction from Cornell University.

Fernando Diaz


Start Date

Tenure

Tenure Rank

Dec 31, 2010

11.42

11.4%

Prior to joining Spectrum in 2000, Mr. Diaz was head of preferred trading at Spear, Leeds & Kellogg and Pershing, a division of DLJ, where he initiated preferred trading operations at both firms. Mr. Diaz also worked at Goldman Sachs as an analyst in the Investment Banking division and in the Preferred Stock Department as a trader and product analyst.

Manu Krishnan


Start Date

Tenure

Tenure Rank

Dec 31, 2010

11.42

11.4%

Manu Krishnan joined Spectrum in 2004. Mr. Krishnan earned a B.S. in Mechanical Engineering from the College of Engineering, Osmania University, India, an M.S. in Mechanical Engineering from the University of Delaware, and an M.B.A. in Finance from Cornell University. Mr. Krishnan has earned the right to use the Chartered Financial Analyst designation.

Kevin Nugent


Start Date

Tenure

Tenure Rank

Dec 01, 2014

7.5

7.5%

Kevin Nugent joined Spectrum in 2012. Previously, Mr. Nugent had been a Guaranteed Introducing Broker with MF Global through Nugent Investment Group, LLC, since 2002. Additionally, since 2007 he has been a portfolio manager at Huntington Bay Capital Management and HFP Investment Management, with an emphasis on trading a proprietary volatility strategy for a hedge fund. He has held senior positions at Smith Barney, UBS and Prudential Securities where he developed low risk market strategies by using a proprietary trading model and statistical analysis. He also has extensive experience in developing various hedging strategies for commercial and institutional clients. Mr. Nugent graduated in 1981 with a Bachelor of Arts degree from Ohio Wesleyan University. He holds a Series 3 (National Commodities Futures) license. He is NASD Series 65 (Uniform Investment Advisor Law Examination) examination qualified.

Satomi Yarnell


Start Date

Tenure

Tenure Rank

Aug 02, 2021

0.83

0.8%

Satomi Yarnell joined Spectrum in 2015. Ms. Yarnell earned a M.A. in Economics from Waseda University. Ms. Yarnell has earned the right to use the Chartered Financial Analyst designation and is a Chartered Member of Security Analyst Association of Japan (CMA).

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 30.32 7.57 11.42