PFUEX — Finisterre Unconstrained Emerging Markets Bond Fund
Data updated: 2026-09-25
PFUEX — Finisterre Unconstrained Emerging Markets Bond Fund. Intermediate Total / Aggregate Bond · $952.66M AUM. Holdings, fees, performance and SEC filings.
PFUEX Fund Overview
PFUEX — Finisterre Unconstrained Emerging Markets Bond Fund is a US mutual fund managed by Principal Funds, Inc., categorised as Intermediate Total / Aggregate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Principal Funds, Inc.
- Category: Intermediate Total / Aggregate Bond
- Assets under management: $952.66M
- 1-year return: -3.8%
- Ticker: PFUEX
- SEC CIK: 0000898745
- SEC series ID: S000054330
- Share class ID: C000170734
PFUEX Investment Objective and Strategy
Finisterre Unconstrained Emerging Markets Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Principal Funds, Inc..
Investment objective
The Fund seeks to generate total returns from current income and capital appreciation.
Principal investment strategy
"Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds and other fixed-income securities that are tied economically to an emerging market country, and in derivatives on such investments. The types of fixed-income securities in which the Fund invests include asset-backed securities (securitized products), convertible bonds, credit- and index-linked securities, non-registered and restricted securities (including those issued in reliance on Rule 144A and Regulation S), securities issued by distressed or bankrupt issuers, and securities issued by the U.S government or U.S. government-sponsored enterprises. The Fund actively trades portfolio securities. The Fund is considered non-diversified, which means it can invest a higher percentage of assets in securities of individual issuers than a diversified fund.
The Fund considers a security to be tied economically to an emerging market country if the issuer of the security has its principal place of business or principal office in an emerging market country, has its principal securities trading market in an emerging market country, or derives a majority of its revenue from emerging market countries. Emerging market countries include frontier market countries. The Fund uses derivatives to enhance return and to hedge and manage investment risks. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. Specifically, the Fund uses forward contracts, futures, options, and swaps. The Fund invests in cash and cash equivalents to support certain of these investments, as well as for other purposes.
The Funds investment process focuses primarily on market level analysis of global markets and political developments and their impact on individual countries and companies in emerging markets. The Fund uses a top-down portfolio construction process, blending both fundamental and technical considerations. The unconstrained nature of the investment strategy provides greater flexibility to identify opportunities across asset classes, capital structures, maturities, and currencies. The Fund invests, without limitation, in high yield securities (also known as junk) rated at the time of purchase Ba1 or lower by Moodys Investors Services, Inc., and BB+ or lower by S&P Global Ratings (""S&P Global"") (if the security has been rated by only one of these agencies, that rating will determine whether the security is below investment grade; if the security has not been rated by either of those agencies, those selecting such investments will determine whether the security is of a quality comparable to those rated below investment grade).
The Fund's holdings range in maturity from overnight to 30 years or more and are not subject to any minimum credit rating standard. During the fiscal year ended October 31, 2017, the average ratings of the Funds fixed-income assets, based on market value at each month-end, were as follows (all ratings are by Moodys): 0.00% in securities rated Aaa 16.55% in securities rated Baa 1.80% in securities rated Caa 0.00% in securities rated D 0.49% in securities rated Aa 29.52% in securities rated Ba 0.47% in securities rated Ca 21.15% in securities not rated 10.82% in securities rated A 19.20% in securities rated B 0.00% in securities rated C"
PFUEX Holdings
Top 10 holdings of Finisterre Unconstrained Emerging Markets Bond Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Principal Funds, Inc - Government Money Market Fund - Class R-6 | 6.08% |
| Hungary Government Bond | 3.97% |
| Czech Republic Government Bond | 3.50% |
| Brazil Notas do Tesouro Nacional Serie F | 3.01% |
| Colombian TES | 2.82% |
| Republic of South Africa Government Bond | 2.32% |
| Republic of Poland Government Bond | 2.14% |
| Romanian Government International Bond | 1.52% |
| Mexican Bonos | 1.44% |
| Petroleos de Venezuela SA | 1.44% |
PFUEX Portfolio Allocation
Asset-class allocation of Finisterre Unconstrained Emerging Markets Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 90.4% |
| Cash & Equivalents | 6.1% |
PFUEX Performance
Total returns for PFUEX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -3.8% |
| 3 years (annualised) | 2.5% |
PFUEX Risk Information
Risk metrics for PFUEX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 4.1%
PFUEX Costs and Fees
PFUEX costs about $121 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.21%
- Gross expense ratio: 2.46%
- Portfolio turnover: 126%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
PFUEX Cashflows
Over the 12 months to 2026-04, Finisterre Unconstrained Emerging Markets Bond Fund had net inflows of $294.91M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | $1.10M |
| 2026-03 | $82.51M |
| 2026-02 | $36.55M |
| 2026-01 | $62.84M |
| 2025-12 | −$338.17K |
| 2025-11 | $1.77M |
PFUEX Debt Constituents
Largest debt holdings of Finisterre Unconstrained Emerging Markets Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Hungary Government Bond | 3.97% |
| Czech Republic Government Bond | 3.50% |
| Brazil Notas do Tesouro Nacional Serie F | 3.01% |
| Colombian TES | 2.82% |
| Republic of South Africa Government Bond | 2.32% |
| Republic of Poland Government Bond | 2.14% |
| Romanian Government International Bond | 1.52% |
| Mexican Bonos | 1.44% |
| Petroleos de Venezuela SA | 1.44% |
| Peruvian Government International Bond | 1.36% |
PFUEX Prospectus and SEC Filings
Official Finisterre Unconstrained Emerging Markets Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-02-27
- Prospectus (485BPOS) — filed 2025-02-26
- Prospectus (485BPOS) — filed 2024-02-27
- Portfolio holdings (N-PORT) — filed 2026-09-25
- Portfolio holdings (N-PORT) — filed 2026-06-25
- Portfolio holdings (N-PORT) — filed 2026-03-25
- Annual census (N-CEN) — filed 2026-01-14
- Annual census (N-CEN) — filed 2025-01-13
Related Funds
Other Intermediate Total / Aggregate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.