The Fund Grade · free · no account needed
What grade does PIREX get?
Morningstar rates funds on what they returned. We grade them on where their money sits today: how much of the book overlaps with the converged buys of the top specialist stock pickers.
Fundprints Fund Grade · as of 2026-10-01
Principal Real Estate Securities Fund
#409 of 500 graded active funds · blend · mid segment peer group
The point · specialist footprint
PIREX puts less of its book behind proven specialists than 93% of graded funds.
● Bottom 20%
Bottom 40%
Middle
Top 40%
Top 20%
That has mattered: over the past 2.7 years, funds with this little specialist backing trailed top-rung funds by about 3.8% per quarter and beat the S&P in only 22% of fund-quarters. If it also charges an active fee, the higher-graded alternatives deserve a look.
10,000+ funds tracked · the graded specialists among them drive every read
3 funds in the same segment carry an A. Members see the names and what they charge. See the alternatives →
The grade scores this fund's specialist share, the slice that overlaps what the top 1% of proven funds are building. We ignore index ballast and names outside our edge on purpose: that slice is small, and it's what decides the outcome.
PIREX vs the Honor Roll · share card ↗Conviction exposure
0%
of the book in specialist-converged names
Late-stage weight
39.6%
of the book in Crowded or Fading names
Active share
97.9%
how far it strays from the index
The best grades have beaten the worst by about +5% a year since we began grading. The gap held in 9 out of 10 months. Measured on filings as they were published, no hindsight.
Inside the book: top names by stage · as of 2026-10-20
We email you the day it crosses 50% crowded, and where you stand every month.
Graded monthly from point-in-time filings. A description of where the money sits, not a recommendation. Evidence, not advice.
The read · what to do with it
PIREX grades F and ranks 409 out of 500 funds, with zero specialist backing and 39.6% of the portfolio in late or fading positions. Top holdings EQIX at 10.4% and PLD at 6.0% are both Fading, meaning proven specialists are actively leaving those trades. Higher graded funds exist in this same segment.
→ Watch EQIX closely: at 10.4% of the fund and Fading, specialist exit from this single position is the biggest near-term risk.
→ Compare PIREX against the 3 higher graded funds in the same segment before holding further, given its F grade and zero specialist support.
Support leaving these positions
Same family, higher grade
Read from today's disclosed book. Evidence, not advice.