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According to Morningstar, the reason for the large distribution was because of massive redemptions.
"The fund had $6.6 billion in outflows in 2013, losing nearly 40% of its asset base entering the year.
Such massive outflows indirectly punctured the fund's reputation for tax efficiency too. Typically, manager Michael Cuggino's low-turnover approach has kept annual distributions small. But, 2013's redemptions forced him to sell positions with sizable embedded gains, leading to the biggest capital gains distribution since he took over the fund in 2003."
Comments
"The fund had $6.6 billion in outflows in 2013, losing nearly 40% of its asset base entering the year.
Such massive outflows indirectly punctured the fund's reputation for tax efficiency too. Typically, manager Michael Cuggino's low-turnover approach has kept annual distributions small. But, 2013's redemptions forced him to sell positions with sizable embedded gains, leading to the biggest capital gains distribution since he took over the fund in 2003."
The link to the article may not work for those without M* subscription. But here it is:
http://analysisreport.morningstar.com/fund/research?t=PRPFX®ion=usa&referid=A3225&productcode=PREMIUM