Company: PDSRX
Filing Date: 2025-05-28
Form Type: N-CSR
Source: 0001756404-25-000011
Chunk: 3

Company: Principal Real Asset Fund
Filing Date: 2025-05-28
Form: N-CSR
Chunk 3
---

global

bonds

in

the

last

twelve

months—The

MSCI

ACWI

Index

recorded

a

7%

gain

year-over-year

while

the

Bloomberg

Global

Aggregate

Corporate

Index

gained

5%.

Within

equities,

emerging

markets

(MSCI

Emerging

Markets

Index)

outperformed

developed

markets

(MSCI

World

Index)

8%

vs.

7%.

Although

the

U.S.

exceptionalism

narrative

may

be

fading,

the

U.S.

(MSCI

U.S.

Index)

outperformed

developed

market

ex-U.S.

(MSCI

World

ex-U.S.

Index)

by

2%.

Elsewhere

within

major

markets,

U.S.

small-cap

(S&P

Small-Cap

600

Index)

was

the

worst

performer

with

a

3%

loss,

while

China

(MSCI

China

Index)

was

the

best

performer

with

a

40%

gain.

The

Bloomberg

U.S.

Treasury

Index

delivered

a

5%

gain

as

the

U.S.

10-year

treasury

yield

remained

the

same

as

a

year

ago

at

4.2%.

Global

high

yield

bonds

(Bloomberg

Global

High

Yield

Index)

outperformed

investment

grade

corporate

bonds

(Bloomberg

Global

Aggregate

Corporate

Index)

and

global

treasury

bonds

(Bloomberg

Global

Treasury

Index)

by

4%

and

7%,

respectively,

year-over-year.

The

DXY

Index,

a

proxy

for

USD

strength,

was

flat

compared

to

the

same

time

last

year.

Commodity

prices

(S&P

GSCI

Total

Return

Index)

gained

4%,

helped

by

a

strong

gold

rally

during

this

period.

Unless

otherwise

stated,

data

sources

are

Bloomberg,

FactSet,

and

Principal

Asset

Allocation.

Data

as

of

March

31,

2025.

1

In

global

PMI

readings,

a

number