SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Principal Financial Group Inc.
Filing Type: Form 13F Information Table (Quarterly Report of Holdings)
Reporting Period: As of September 30, 2022
Context: This filing discloses the equity securities held by Principal Financial Group Inc. at the end of the third quarter of 2022. It details the number of shares, value, and voting authority for a diversified portfolio of common stocks, preferred stocks, and exchange-traded funds (ETFs).
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists hundreds of individual equity positions across various sectors, including Technology, Financials, Healthcare, Consumer Discretionary, and Energy. The data is presented in tabular format with columns for Issuer Name, Title of Class, CUSIP, Value (in thousands), Shares/Principal Amount, and Voting Authority.
- Top Holdings by Value (Selected Examples):
- Microsoft Corp: ~15.25 million shares (Value: ~$3.55 billion)
- Apple Inc: ~21.12 million shares (Value: ~$2.92 billion)
- Amazon.com Inc: ~19.10 million shares (Value: ~$2.16 billion)
- Alphabet Inc (Class C): ~11.93 million shares (Value: ~$1.15 billion)
- Alphabet Inc (Class A): ~10.62 million shares (Value: ~$4.37 billion)
- Visa Inc: ~5.86 million shares (Value: ~$1.04 billion)
- UnitedHealth Group Inc: ~1.60 million shares (Value: ~$806 million)
- Significant ETF Holdings:
- Principal Exchange Traded Fund US Mega Cap ETF: ~23.8 million shares (Value: ~$805 million)
- Principal Exchange Traded Fund Active High Yield: ~3.04 million shares (Value: ~$53 million)
- Voting Authority: The majority of holdings are reported with "DFND" (Discretionary, Non-Discretionary, or Shared) voting authority. Some positions are marked as "SOLE" (Sole voting authority).
Material Changes vs. Prior Period
Comparison Limitation: This filing is a snapshot of holdings as of September 30, 2022. The provided text does not contain the prior quarter's (June 30, 2022) data, making a direct quantitative comparison of changes (buys/sells) impossible within this summary. Investors must compare this table against the Q2 2022 13F filing to identify material changes.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies:
- Market Risk: The portfolio is heavily weighted toward large-cap U.S. equities, exposing the fund to broad market volatility.
- Concentration Risk: Significant exposure to the Technology sector (e.g., Microsoft, Apple, Alphabet, Amazon, NVIDIA, Meta Platforms).
- Liquidity: While most holdings are liquid large-cap stocks, some smaller positions may have lower liquidity.
Important Facts for Investors to Verify
- Total Portfolio Value: Summing the "Value" column (in thousands) across all rows is required to determine the total equity portfolio value managed by Principal Financial Group Inc. as of the reporting date.
- Turnover Analysis: Compare the share counts in this filing against the Q2 2022 filing to calculate the fund's turnover rate and identify significant sector rotations.
- Voting Discretion: Verify the extent of "Shared" vs. "Sole" voting authority to understand the fund's active engagement strategy with portfolio companies.
- ETF Exposure: Review the specific ETF holdings (e.g., Principal, iShares, Vanguard, SPDR) to understand the passive allocation strategy and underlying index exposures.
- Regulatory Compliance: Ensure the filing was submitted within the required 45-day window following the quarter-end (by November 14, 2022).