Return Attribution — Principal Global Investors
← Portfolio Analysis
Clone backtest (value-weighted, one-quarter signal lag): each position's contribution = its portfolio weight × next-quarter return. Contribution sums equal the segment return of the clone.
Principal Global Investors (13F portfolio cloned at quarter-end weights) delivered a +0.05% return over the 2026-Q2 → latest period. The clone return is the sum of each position's contribution — portfolio weight times next-quarter price return.
Top drivers in 2026-Q2 → latest: MSFT (+0.99%), NVDA (+0.59%), AAPL (+0.54%). Biggest drags: TDG (-0.20%), BN (-0.17%), VMC (-0.13%). Across all 20 segmented periods, 33 stocks made a positive cumulative contribution and 35 subtracted from performance.
This attribution is a diagnostic tool, not a trading signal. The clone uses end-of-quarter holdings (45+ days after filing, so stale by design), applies quarter-end prices only, and ignores intra-quarter trades, shorts, and derivatives that 13F cannot show.
2026-Q2 → latest segment return
+0.05%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
2.5% |
+39.1% |
+0.99% |
| NVDA |
3.8% |
+15.5% |
+0.59% |
| AAPL |
3.0% |
+17.8% |
+0.54% |
| META |
1.1% |
+28.2% |
+0.32% |
| VEEV |
0.4% |
+60.5% |
+0.26% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| TDG |
1.1% |
-18.2% |
-0.2% |
| BN |
1.2% |
-14.5% |
-0.17% |
| VMC |
0.8% |
-16.4% |
-0.13% |
| AMAT |
0.4% |
-29.7% |
-0.11% |
| LRCX |
0.4% |
-25.9% |
-0.11% |
2026-Q1 → 2026-Q2 segment return
+11.03%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MU |
0.3% |
+236.3% |
+0.67% |
| NVDA |
3.7% |
+14.0% |
+0.52% |
| GOOGL |
1.7% |
+24.3% |
+0.41% |
| AAPL |
2.9% |
+13.4% |
+0.39% |
| AMD |
0.2% |
+182.0% |
+0.37% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| NFLX |
0.6% |
-25.3% |
-0.15% |
| KLAC |
0.2% |
-79.4% |
-0.12% |
| SU |
0.6% |
-18.1% |
-0.11% |
| XOM |
0.6% |
-18.7% |
-0.1% |
| YUMC |
0.6% |
-16.2% |
-0.1% |
2025-Q4 → 2026-Q1 segment return
-3.95%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| EQIX |
0.8% |
+27.9% |
+0.21% |
| SU |
0.4% |
+48.1% |
+0.21% |
| XOM |
0.4% |
+39.7% |
+0.16% |
| ENTG |
0.3% |
+39.3% |
+0.1% |
| HLT |
1.4% |
+5.9% |
+0.08% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
3.7% |
-22.8% |
-0.84% |
| KKR |
1.2% |
-27.3% |
-0.32% |
| CSGP |
0.6% |
-39.8% |
-0.24% |
| NVDA |
3.7% |
-6.2% |
-0.23% |
| AMZN |
2.3% |
-9.3% |
-0.21% |
2025-Q3 → 2025-Q4 segment return
+0.33%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOGL |
1.4% |
+28.8% |
+0.4% |
| GOOG |
0.8% |
+29.2% |
+0.23% |
| LLY |
0.5% |
+42.0% |
+0.2% |
| AAPL |
2.7% |
+7.3% |
+0.2% |
| HLT |
1.4% |
+10.8% |
+0.15% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
3.9% |
-6.1% |
-0.24% |
| ORLY |
1.3% |
-15.4% |
-0.2% |
| CSGP |
0.8% |
-20.3% |
-0.16% |
| NFLX |
0.7% |
-21.5% |
-0.15% |
| VEEV |
0.6% |
-25.1% |
-0.15% |
2025-Q2 → 2025-Q3 segment return
+4.98%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AAPL |
2.3% |
+23.4% |
+0.54% |
| NVDA |
3.0% |
+17.9% |
+0.53% |
| GOOGL |
1.0% |
+37.9% |
+0.37% |
| TSLA |
0.6% |
+42.1% |
+0.27% |
| AVGO |
1.3% |
+20.0% |
+0.26% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| BRO |
0.8% |
-15.4% |
-0.12% |
| IT |
0.3% |
-35.0% |
-0.12% |
| TDG |
1.6% |
-7.4% |
-0.12% |
| NFLX |
0.8% |
-11.0% |
-0.09% |
| ROP |
0.7% |
-12.0% |
-0.09% |
2025-Q1 → 2025-Q2 segment return
+7.54%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
3.2% |
+33.0% |
+1.07% |
| NVDA |
2.1% |
+46.5% |
+0.99% |
| AVGO |
0.8% |
+65.7% |
+0.56% |
| NFLX |
0.8% |
+44.4% |
+0.34% |
| AMZN |
2.1% |
+16.0% |
+0.34% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| UNH |
0.6% |
-40.5% |
-0.22% |
| AAPL |
2.7% |
-7.1% |
-0.19% |
| CPRT |
1.3% |
-13.3% |
-0.17% |
| BRO |
0.9% |
-10.9% |
-0.1% |
| ORLY |
1.4% |
-5.6% |
-0.08% |
2024-Q4 → 2025-Q1 segment return
-3.34%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| ORLY |
1.2% |
+20.8% |
+0.24% |
| WELL |
0.8% |
+22.1% |
+0.18% |
| BRO |
0.7% |
+21.9% |
+0.16% |
| TDG |
1.5% |
+9.2% |
+0.13% |
| PGR |
0.7% |
+18.1% |
+0.12% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
2.6% |
-19.9% |
-0.51% |
| MSFT |
3.6% |
-11.3% |
-0.41% |
| AAPL |
3.0% |
-11.7% |
-0.35% |
| KKR |
1.5% |
-21.7% |
-0.33% |
| AMZN |
2.4% |
-13.9% |
-0.33% |
2024-Q3 → 2024-Q4 segment return
+1.61%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AMZN |
2.1% |
+18.3% |
+0.38% |
| TSLA |
0.5% |
+53.4% |
+0.28% |
| NVDA |
2.4% |
+10.7% |
+0.26% |
| AVGO |
0.7% |
+34.6% |
+0.24% |
| AAPL |
2.8% |
+7.4% |
+0.21% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AMT |
0.8% |
-19.9% |
-0.16% |
| MCHP |
0.4% |
-29.3% |
-0.11% |
| TDG |
1.5% |
-6.2% |
-0.1% |
| DHR |
0.5% |
-17.3% |
-0.08% |
| LEN |
0.3% |
-27.0% |
-0.08% |
2024-Q2 → 2024-Q3 segment return
+4.64%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| BN |
1.5% |
+28.2% |
+0.43% |
| GOOGL |
1.2% |
+34.0% |
+0.41% |
| KKR |
1.4% |
+24.3% |
+0.33% |
| AAPL |
2.6% |
+10.2% |
+0.26% |
| AMT |
1.0% |
+19.6% |
+0.2% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
4.1% |
-4.1% |
-0.17% |
| GOOG |
1.2% |
-9.2% |
-0.11% |
| AMZN |
2.2% |
-3.9% |
-0.09% |
| DPZ |
0.5% |
-16.7% |
-0.08% |
| MCHP |
0.5% |
-12.9% |
-0.07% |
2024-Q1 → 2024-Q2 segment return
+1.4%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
1.9% |
+37.3% |
+0.72% |
| AAPL |
2.1% |
+23.6% |
+0.49% |
| MSFT |
3.8% |
+6.5% |
+0.25% |
| GOOG |
1.0% |
+20.9% |
+0.2% |
| AMZN |
2.1% |
+7.5% |
+0.16% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CSGP |
1.1% |
-23.3% |
-0.26% |
| CPRT |
1.3% |
-6.4% |
-0.09% |
| ORLY |
1.2% |
-6.5% |
-0.08% |
| EQIX |
0.8% |
-8.3% |
-0.07% |
| MA |
0.8% |
-8.3% |
-0.07% |
2023-Q4 → 2024-Q1 segment return
+6.21%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
1.1% |
+82.7% |
+0.95% |
| MSFT |
3.8% |
+11.8% |
+0.44% |
| AMZN |
1.9% |
+18.5% |
+0.35% |
| TDG |
1.5% |
+21.7% |
+0.34% |
| META |
0.7% |
+37.6% |
+0.28% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AAPL |
2.6% |
-10.9% |
-0.28% |
| TSLA |
0.6% |
-29.6% |
-0.17% |
| ADBE |
0.8% |
-15.4% |
-0.12% |
| AMT |
0.9% |
-8.5% |
-0.08% |
| ZTS |
0.3% |
-14.1% |
-0.04% |
2023-Q3 → 2023-Q4 segment return
+8.41%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
3.6% |
+18.9% |
+0.68% |
| BN |
1.4% |
+28.3% |
+0.41% |
| KKR |
1.1% |
+34.8% |
+0.38% |
| TDG |
1.5% |
+24.4% |
+0.37% |
| AMZN |
1.8% |
+19.5% |
+0.35% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| XOM |
0.4% |
-14.6% |
-0.07% |
| CVX |
0.4% |
-11.6% |
-0.05% |
| ACGL |
0.4% |
-6.8% |
-0.02% |
| FNV |
0.1% |
-16.5% |
-0.02% |
| AON |
0.2% |
-10.2% |
-0.02% |
2023-Q2 → 2023-Q3 segment return
-2.17%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| KKR |
0.9% |
+10.3% |
+0.1% |
| GOOG |
0.9% |
+9.1% |
+0.09% |
| LLY |
0.4% |
+14.1% |
+0.06% |
| INTU |
0.4% |
+11.5% |
+0.05% |
| DPZ |
0.4% |
+12.4% |
+0.05% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AAPL |
2.8% |
-11.9% |
-0.34% |
| MSFT |
3.7% |
-7.3% |
-0.27% |
| CSGP |
1.2% |
-13.1% |
-0.15% |
| AMT |
0.9% |
-15.2% |
-0.14% |
| BN |
1.4% |
-8.0% |
-0.11% |
2023-Q1 → 2023-Q2 segment return
+6.0%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
3.5% |
+18.0% |
+0.63% |
| AAPL |
2.6% |
+17.8% |
+0.46% |
| NVDA |
0.8% |
+52.1% |
+0.41% |
| AMZN |
1.5% |
+25.9% |
+0.4% |
| TDG |
1.5% |
+21.3% |
+0.32% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| DG |
0.3% |
-19.1% |
-0.06% |
| A |
0.3% |
-12.8% |
-0.04% |
| ABBV |
0.3% |
-14.7% |
-0.04% |
| AMT |
1.0% |
-3.6% |
-0.04% |
| MSCI |
0.2% |
-16.2% |
-0.03% |
2022-Q4 → 2023-Q1 segment return
+4.1%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
3.0% |
+20.1% |
+0.6% |
| AAPL |
2.1% |
+26.9% |
+0.57% |
| NVDA |
0.4% |
+89.9% |
+0.39% |
| AMZN |
1.3% |
+23.0% |
+0.3% |
| TDG |
1.5% |
+17.1% |
+0.26% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| SCHW |
0.4% |
-36.9% |
-0.13% |
| CSGP |
1.2% |
-10.9% |
-0.13% |
| VZ |
0.3% |
-22.0% |
-0.08% |
| UNH |
0.7% |
-8.5% |
-0.06% |
| JNJ |
0.5% |
-12.3% |
-0.06% |
2022-Q3 → 2022-Q4 segment return
+7.12%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| TDG |
1.4% |
+20.0% |
+0.28% |
| ORLY |
1.1% |
+20.0% |
+0.22% |
| MA |
0.8% |
+22.2% |
+0.17% |
| ROP |
0.8% |
+20.1% |
+0.16% |
| JPM |
0.5% |
+28.3% |
+0.15% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AMZN |
1.9% |
-25.7% |
-0.48% |
| TSLA |
0.7% |
-53.6% |
-0.4% |
| AAPL |
2.5% |
-5.5% |
-0.14% |
| EXR |
0.7% |
-14.8% |
-0.11% |
| ESS |
0.6% |
-12.5% |
-0.07% |
2022-Q2 → 2022-Q3 segment return
-4.67%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CSGP |
0.9% |
+15.3% |
+0.14% |
| TSLA |
0.6% |
+18.6% |
+0.11% |
| ORLY |
0.9% |
+11.3% |
+0.1% |
| AMZN |
1.7% |
+5.9% |
+0.1% |
| NFLX |
0.2% |
+34.7% |
+0.07% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
3.2% |
-9.3% |
-0.29% |
| KMX |
0.7% |
-27.0% |
-0.19% |
| AMT |
1.2% |
-16.0% |
-0.19% |
| ADBE |
0.7% |
-24.8% |
-0.17% |
| VTR |
0.7% |
-21.9% |
-0.15% |
2022-Q1 → 2022-Q2 segment return
-9.09%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| VZ |
0.4% |
+33.4% |
+0.12% |
| MRK |
0.4% |
+12.0% |
+0.05% |
| LLY |
0.3% |
+13.2% |
+0.04% |
| DG |
0.3% |
+10.5% |
+0.03% |
| AMT |
0.9% |
+2.9% |
+0.03% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AMZN |
2.0% |
-34.8% |
-0.7% |
| AAPL |
2.5% |
-21.8% |
-0.55% |
| MSFT |
3.0% |
-17.0% |
-0.5% |
| NVDA |
0.8% |
-44.9% |
-0.35% |
| TSLA |
0.8% |
-37.4% |
-0.28% |
2021-Q4 → 2022-Q1 segment return
-4.43%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CVX |
0.3% |
+38.7% |
+0.13% |
| XOM |
0.2% |
+35.5% |
+0.07% |
| DE |
0.2% |
+21.5% |
+0.05% |
| ABBV |
0.2% |
+21.0% |
+0.04% |
| CTVA |
0.2% |
+21.9% |
+0.04% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| META |
1.0% |
-33.8% |
-0.34% |
| MSFT |
3.1% |
-7.9% |
-0.24% |
| KKR |
1.0% |
-21.3% |
-0.21% |
| NFLX |
0.5% |
-37.8% |
-0.19% |
| PYPL |
0.4% |
-38.5% |
-0.17% |
2021-Q3 → 2021-Q4 segment return
+3.73%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AAPL |
2.2% |
+25.4% |
+0.56% |
| MSFT |
2.9% |
+19.3% |
+0.55% |
| NVDA |
0.8% |
+41.5% |
+0.32% |
| TSLA |
0.6% |
+37.1% |
+0.21% |
| UNH |
0.4% |
+28.4% |
+0.12% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| PYPL |
0.6% |
-27.7% |
-0.18% |
| CSGP |
0.9% |
-8.2% |
-0.07% |
| CRM |
0.7% |
-6.3% |
-0.05% |
| CHTR |
0.3% |
-10.4% |
-0.03% |
| CMCSA |
0.3% |
-10.0% |
-0.03% |
Cumulative Contribution (all segments)