PYHIX — High Yield Fund I
Data updated: 2025-03-25
PYHIX — High Yield Fund I. Short Corporate Bond · $503.87M AUM · 0.61% expense ratio · 7.9% 1-yr return. Holdings, fees, performance and SEC filings.
PYHIX Fund Overview
PYHIX — High Yield Fund I is a US mutual fund managed by Principal Funds, Inc., categorised as Short Corporate 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: Short Corporate Bond
- Assets under management: $503.87M
- 1-year return: 7.9%
- Ticker: PYHIX
- SEC CIK: 0000898745
- SEC series ID: S000006996
- Share class ID: C000019079
PYHIX Investment Objective and Strategy
High Yield Fund I describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Principal Funds, Inc..
Investment objective
The Fund seeks high current income.
Principal investment strategy
"Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in below investment grade bonds and bank loans (sometimes called high yield or ""junk"") which are rated, at the time of purchase, Ba1 or lower by Moody's Investors Service, Inc. (""Moody's"") and BB+ or lower by S&P Global Ratings (""S&P Global"") (if the bond or bank loan has been rated by only one of those agencies, that rating will determine whether it is below investment grade; if the bond or bank loan has not been rated by either of those agencies, those selecting such investments will determine whether it is of a quality comparable to those rated below investment grade). The Fund also invests in investment grade bank loans (also known as senior floating rate interests), securities of foreign issuers, and exchange-traded funds (ETFs).
The Fund utilizes derivative strategies for managing fixed income exposure. 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 invests in credit default swaps to increase or decrease, in an efficient manner, exposures to certain sectors or individual issuers. The Fund actively trades portfolio securities. In managing the Fund, Principal Global Investors, LLC, the Funds investment advisor, allocates the Funds assets among multiple sub-advisors that use differing approaches in making their investment decisions, which include actively managed and more passive investment strategies. With respect to the passive strategy, the Fund uses a sampling methodology to purchase securities with generally the same risk and return characteristics as the Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index (the Index) in an attempt to match or exceed the performance of the Index.
Under normal circumstances, the Fund maintains an average portfolio duration that is within 25% of the duration of the Index, which as of December 31, 2017 was 3.86 years . The Fund is not managed to a particular maturity. 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 6.58% in securities rated Baa 8.27% in securities rated Caa 0.02% in securities rated D 0.00% in securities rated Aa 51.49% in securities rated Ba 0.18% in securities rated Ca 0.61% in securities not rated 0.00% in securities rated A 32.85% in securities rated B 0.00% in securities rated C"
PYHIX Holdings
Top 10 holdings of High Yield Fund I by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Principal Government Money Market Fund - Class R-6 | 2.51% |
| Specialty Steel | 1.61% |
| Midcap Financial Issuer Trust | 1.59% |
| Caesars Entertainment Inc | 1.50% |
| AmWINS Group Inc | 1.49% |
| SS&C Technologies Inc | 1.41% |
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.37% |
| TransDigm Inc | 1.34% |
| Post Holdings Inc | 1.27% |
| Belron UK Finance PLC | 1.23% |
PYHIX Portfolio Allocation
Asset-class allocation of High Yield Fund I by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 92.0% |
| Cash & Equivalents | 2.5% |
| Loans | 1.5% |
| Equity | 0.3% |
| Derivatives | 0.1% |
PYHIX Performance
Total returns for PYHIX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 7.9% |
| 3 years (annualised) | 3.7% |
| 5 years (annualised) | 3.8% |
PYHIX Risk Information
Risk metrics for PYHIX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 3.3%
PYHIX Costs and Fees
PYHIX costs about $61 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.61%
- Gross expense ratio: 0.63%
- Portfolio turnover: 35%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
PYHIX Cashflows
Over the 12 months to 2025-01, High Yield Fund I had net outflows of $2.93B, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2025-01 | −$15.04M |
| 2024-12 | −$74.59M |
| 2024-11 | −$3.63M |
| 2024-10 | −$1.41B |
| 2024-09 | −$1.49B |
| 2024-08 | −$374.28M |
PYHIX Debt Constituents
Largest debt holdings of High Yield Fund I by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Specialty Steel | 1.61% |
| Midcap Financial Issuer Trust | 1.59% |
| Caesars Entertainment Inc | 1.50% |
| AmWINS Group Inc | 1.49% |
| SS&C Technologies Inc | 1.41% |
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.37% |
| TransDigm Inc | 1.34% |
| Post Holdings Inc | 1.27% |
| Belron UK Finance PLC | 1.23% |
| Iron Mountain Inc | 1.22% |
PYHIX Prospectus and SEC Filings
Official High Yield Fund I filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-02-27
- Prospectus (485BPOS) — filed 2023-02-27
- Prospectus (485BPOS) — filed 2022-02-24
- Portfolio holdings (N-PORT) — filed 2025-03-25
- Portfolio holdings (N-PORT) — filed 2024-12-23
- Portfolio holdings (N-PORT) — filed 2024-09-24
- Annual census (N-CEN) — filed 2025-01-13
- Annual census (N-CEN) — filed 2024-01-12
Related Funds
Other Short Corporate 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.