Principal Global Investors publishes a number of timely newsletters and research reports that discuss the impact of economic, political and investment trends on stocks, bonds and real estate investments. These publications are written by our in-house investment experts, including our chief global economist, Bob Baur. Here you can find regular Economic Insights and Real Estate Insights newsletters, as well as quarterly and annual real estate reports. Our knowledge center includes the popular “Case For” series on specific asset types, as well as other thought capital.

Economic and Market Commentary	Published
Monthly Economic Insights - January 2010 (431 KB) Despite unmistakable signs of voter anxiety about both government budget deficits and an economic recovery that has thus far shown little ability to create job growth, it is a bit surprising that there is not more discussion about taking a fresh look at the slow rollout and apparent ineffectiveness of the 2009 fiscal stimulus plan.	Jan 31 2010
Through the Looking Glass (332 KB) A look back on 2009 and our outlook for 2010.	Jan 21 2010
Quarterly Economic Insights - 4Q 2009 (314 KB) In 2009, probably no other issue epitomized the pain of the recession, symbolized the difficulty consumers faced or crystallizes the risks of the nascent recovery as the level of unemployment.	Dec 31 2009
Repricing, Rebalancing & Recovery: A New Era for Real Estate (9476 KB) Discussion of the improving state of the global economy and credit markets as the new decade begins, as well as the trajectory of the U.S. recovery and the outlook for the commercial real estate space and capital markets.	Dec 31 2009
Almost Armageddon, 2009 (153 KB) Contrary to strongly held beliefs and widespread headlines, the fi nancial crisis was not caused by greedy bankers, Alan Greenspan or spendthrift consumers. The real story is that economic imbalances began to build on a world scale during the two or three decade advance of globalization.	Nov 09 2009
Global Investment Technology Editorial Spotlight, Sept. 2009 (1127 KB) Principal Global Investors Stands to Reap Dividends From A Strategy of Building a Multi-Boutique, Global Footprint	Sep 30 2009
Market Insights - Sovereign Wealth Funds (97 KB) Why not a U.S. sovereign wealth fund? Randy Mundt, President and CIO of Principal Real Estate Investors, explores this possibility.	Apr 10 2009

Research	Published
Investing in High Yield Bonds (256 KB) Striking a balance between yield and risk is always a concern for investors. The key question is, are they being paid for the risks they are taking?	Jan 21 2010
U.S. Property Account Flash Report 4Q 2009 (298 KB) The fourth quarter of 2009 brought with it the conclusion of a tumultuous year for commercial real estate characterized by asset value depreciation, deteriorating space market fundamentals and depressed levels of investor demand for the asset class.	Dec 31 2009
Opportunities in Real Estate Equity (503 KB) While the current U.S. economic recession has resulted in decreasing commercial real estate values and weak space market fundamentals, now may be the time for the nimble investor to begin acquiring private equity real estate assets.	Nov 12 2009
3Q09 Real Estate Fundamentals (169 KB) Positive signs for the overall economy included rising GDP growth, supported by inventory rebuilding and government stimulus. Our current forecast calls for improving economic conditions to continue into 2010.	Nov 06 2009
Opportunities in Emerging Markets (490 KB) Emerging markets represent over 85% of the world’s population and more than 30% of global economic output. What is notable about many emerging economies has been their ability to bounce back from the devastation of the financial crisis and do so quickly. Not only are they coming out of the crisis more quickly than their developed market counterparts, they are doing so with much healthier economies. Certain emerging countries are projected to become among the world’s largest economies in the decades ahead, with China and India being the most prominent.	Oct 01 2009
Asset Allocation (146 KB) Signs of a synchronized global recovery continue to getstronger, but the strength of this recovery is uneven. At Principal Global Investors, we view asset allocation primarily as a risk management exercise.	Sep 30 2009
U.S. Property Account 3Q 2009 Report (4683 KB) The Principal U.S. Property Account finished the quarter with a total return of -8.45%. Income contributed1.49%, while depreciation, which persisted at a more moderate pace during the quarter, totaled -9.94%.	Sep 30 2009
Opportunities in U.S. High Yield (710 KB) High yield securities have performed exceptionally well over the past few months, staging their biggest gains ever in the second quarter. At this juncture, investors who have been waiting on the sidelines may be asking themselves if they missed the boat and if it is too late to invest in high yield securities?	Sep 17 2009
Opportunities in Investment Grade Corporate Bonds (76 KB) In an environment of prolonged uncertainty in the economy and volatility in the stock market, investors are likely to opt for the relative safety and more reliable returns offered by investment grade corporate bonds.	Aug 27 2009
Opportunities in Global Property Securities (806 KB) We believe global property securities present a compelling opportunity for those investors who have a long-term investment horizon.	Aug 26 2009
Case for Preferred Securities (437 KB) Investors continue to seek diversification while balancing a desire to preserve credit quality and maximize returns. Preferred securities offer an attractive solution for an increasing number of investors.	Aug 06 2009
U.S. Property Account Flash Report 2Q 2009 (301 KB) The second quarter performance return represents moderate slowing in the deterioration of asset values, although real estate fundamentals weakened further and the risk premium associated with the asset class continued to increase.	Jun 30 2009
The Profits of Carry (408 KB) The carry trade has come under sustained pressure during the recent period of increased volatility. Ivan Petej, Director, Portfolio Construction and Quantitative Research Strategist, Macro Currency Group, analyses the source of returns on carry trade strategies and assesses its likely profitability in the current environment.	May 20 2009
U.S. Property Account Flash Report 1Q 2009 (214 KB) The decline in asset values continued within the U.S. Property Accountthroughout the first quarter of 2009, as prolonged recessionary pressure weighed on all sectors of the economy.	Mar 31 2009
The Case for Currency Management (279 KB) During these times of unprecedented market turbulence, there are still areas of opportunity for investors. One of these is currency.	Feb 15 2009
U.S. Property Annual Report 2008 (1816 KB) More than a year into the credit crisis, the market has continued to experience multiple and increasingly severe aftershocks. The past year has been characterized by significant levels of government intervention in the capital markets and the economy in an attempt to restore market stability and investor confidence.	Dec 31 2008
Currency Overlay, Pension Week, September 2008 (115 KB) Establishing a proactive and strategic currency overlay programme can assist pension funds in capturing major currency market turning points.	Sep 30 2008
Currency: In a class of its own, Pension News, July 2008 (34 KB) Over the last decade, currency management has shifted from being viewed as a source of risk to a source of sustainable and uncorrelated returns. As a result, pension funds are considering currency as an asset class in its own right.	Jul 31 2008